Deferred Revenue |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue |
In May 2015, the Company received $1,250,000 upon signing the CFFT award agreement and in the fourth quarter of 2015, the Company received $1,250,000 from the CFFT upon the achievement of a milestone for dosing the first patient. In August 2016, the Company received a third payment from the CFFT for achieving a milestone in July 2016 related to dosing the median clinical trial patient as per the terms of the Award in the amount of $1,000,000. In January 2017, the Company received a fourth payment from the CFFT for achieving a milestone in December 2016 related to completing the final visit for the final patient as per the terms of the Award in the amount of $1,000,000 (See Note 3 and Note 14), which was billed by the Company to CFFT in December 2016 and was classified in grants receivable as of December 31, 2016. The Company recorded these four milestone payments received from the CFFT totaling $4,500,000 as deferred revenue and is amortizing the deferred revenue and recognizing revenue on a straight-line basis over the performance period for the development program under the Award, which is expected to conclude during the second quarter of 2017. The Company recorded $1,911,424 and $648,382 of revenue during the year ended December 31, 2016 and 2015, respectively. Deferred revenue consists of the following:
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