Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Mar. 09, 2017	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	GALT
Entity Registrant Name	GALECTIN THERAPEUTICS INC
Entity Central Index Key	0001133416
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,064,787
Entity Public Float			$ 35.6

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 15,362	$ 25,846
Prepaid expenses and other current assets	432	554
Total current assets	15,794	26,400
Property and equipment, net	0	0
Intangible assets, net	1	8
Total assets	15,795	26,408
Current liabilities:
Accounts payable	910	448
Accrued expenses	2,802	845
Accrued dividends payable	68	67
Total current liabilities	3,780	1,360
Total liabilities	3,780	1,360
Commitments and contingencies (Note 9)
Stockholders' equity:
Undesignated stock, $0.01 par value; 20,000,000 shares authorized at December 31, 2016 and 2015, 14,001,000 shares designated at December 31, 2016 and 2015	0	0
Common stock, $0.001 par value; 50,000,000 shares authorized at December 31, 2016 and 2015, 32,912,942 and 28,825,033 issued and outstanding at December 31, 2016 and 2015, respectively	33	28
Additional paid-in capital	166,721	157,504
Retained deficit	(163,701)	(140,049)
Total stockholders' equity	10,292	18,040
Total liabilities, redeemable convertible preferred stock and stockholders' equity	15,795	26,408
Series B-1 12% redeemable convertible preferred stock
Current liabilities:
Convertible preferred stock, value		1,748
Series B-2 12% redeemable convertible preferred stock
Current liabilities:
Convertible preferred stock, value		3,537
Series C super dividend convertible preferred stock
Current liabilities:
Convertible preferred stock, value	1,723	1,723
Series A 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	557	$ 557
Series B-1 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	1,761
Series B-2 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	3,697
Series B-3 8% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	$ 1,224

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Undesignated stock, par value	$ 0.01	$ 0.01
Undesignated stock, shares authorized	20,000,000	20,000,000
Undesignated stock, shares designated	14,001,000	14,001,000
Convertible preferred stock, shares authorized	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, issued	32,912,942	28,825,033
Common stock, outstanding	32,912,942	28,825,033
Series B-1 12% redeemable convertible preferred stock
Convertible preferred stock, shares authorized		900,000
Convertible preferred stock, shares issued		900,000
Convertible preferred stock, shares outstanding		900,000
Series B-2 12% redeemable convertible preferred stock
Convertible preferred stock, shares authorized		2,100,000
Convertible preferred stock, shares issued		2,100,000
Convertible preferred stock, shares outstanding		2,100,000
Series C super dividend convertible preferred stock
Convertible preferred stock, shares authorized	1,000	1,000
Convertible preferred stock, shares issued	176	176
Convertible preferred stock, shares outstanding	176	176
Convertible preferred stock, redemption value	$ 7,262,000
Convertible preferred stock, liquidation value	$ 1,786,000
Series A 12% convertible preferred stock
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, issued	1,377,500	1,377,500
Convertible preferred stock, outstanding	1,377,500	1,377,500
Convertible preferred stock, liquidation value	$ 1,418,000
Series B-1 12% convertible preferred stock
Convertible preferred stock, shares authorized	900,000
Convertible preferred stock, issued	900,000
Convertible preferred stock, outstanding	900,000
Convertible preferred stock, liquidation value	$ 1,800,000
Series B-2 12% convertible preferred stock
Convertible preferred stock, shares authorized	2,100,000
Convertible preferred stock, issued	2,100,000
Convertible preferred stock, outstanding	2,100,000
Convertible preferred stock, liquidation value	$ 4,200,000
Series B-3 8% convertible preferred stock
Convertible preferred stock, shares authorized	6,000,000
Convertible preferred stock, issued	2,508,000
Convertible preferred stock, outstanding	2,508,000
Convertible preferred stock, liquidation value	$ 2,508,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating expenses:
Research and development	$ 15,325	$ 13,114
General and administrative	6,156	6,965
Total operating expenses	21,481	20,079
Total operating loss	(21,481)	(20,079)
Other income (expense):
Interest income	45	52
Total other income (expense)	45	52
Net loss	(21,436)	(20,027)
Preferred stock dividends	(741)	(868)
Preferred stock accretion	(173)	(229)
Net loss applicable to common stockholders	$ (22,350)	$ (21,124)
Basic and diluted net loss per share	$ (0.76)	$ (0.88)
Shares used in computing basic and diluted net loss per share	29,216	24,120

Consolidated Statement Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series B redeemable convertible preferred stock	Series A 12% convertible preferred stock	Series C super dividend convertible preferred stock	Consultant	Series B-3 8% convertible preferred stock	Series B-1 12% redeemable convertible preferred stock	Series B-1 12% redeemable convertible preferred stock Series B redeemable convertible preferred stock	Series B-2 12% redeemable convertible preferred stock	Series B-2 12% redeemable convertible preferred stock Series B redeemable convertible preferred stock	Series C super dividend convertible preferred stock	Series A 12% convertible preferred stock	Series A 12% convertible preferred stock Series A 12% convertible preferred stock	Series B-1 12% convertible preferred stock	Series B-2 12% convertible preferred stock	Series B-2 12% convertible preferred stock	Series B-2 12% convertible preferred stock Series B-3 8% convertible preferred stock	Common Stock	Common Stock Series A 12% convertible preferred stock	Common Stock Series B-1 12% redeemable convertible preferred stock	Common Stock Series B-2 12% redeemable convertible preferred stock	Common Stock Series C super dividend convertible preferred stock	Common Stock Consultant	Common Stock Series B-3 8% convertible preferred stock	Common Stock Series B-1 12% convertible preferred stock	Common Stock Series B-2 12% convertible preferred stock	Additional Paid-In Capital	Additional Paid-In Capital Series A 12% convertible preferred stock	Additional Paid-In Capital Series B-1 12% redeemable convertible preferred stock	Additional Paid-In Capital Series B-2 12% redeemable convertible preferred stock	Additional Paid-In Capital Series C super dividend convertible preferred stock	Additional Paid-In Capital Consultant	Additional Paid-In Capital Series B-3 8% convertible preferred stock	Additional Paid-In Capital Series B-1 12% convertible preferred stock	Additional Paid-In Capital Series B-2 12% convertible preferred stock	Retained Deficit	Retained Deficit Series B redeemable convertible preferred stock	Retained Deficit Series A 12% convertible preferred stock	Retained Deficit Series B-1 12% redeemable convertible preferred stock	Retained Deficit Series B-2 12% redeemable convertible preferred stock	Retained Deficit Series C super dividend convertible preferred stock	Retained Deficit Series B-3 8% convertible preferred stock	Retained Deficit Series B-1 12% convertible preferred stock	Retained Deficit Series B-2 12% convertible preferred stock
Stockholders' Equity, Balance (in shares) at Dec. 31, 2014												1,402,500						22,277,283
Stockholders' Equity, Balance at Dec. 31, 2014	$ 21,195											$ 567						$ 22									$ 139,531									$ (118,925)
Temporary Equity, Balance at Dec. 31, 2014							$ 1,731		$ 3,325		$ 1,723
Temporary Equity, Balance (in shares) at Dec. 31, 2014							900,000		2,100,000		176
Accretion of redeemable convertible preferred stock		$ (173)						$ 17		$ 156																											$ (173)
Accretion of beneficial conversion feature for Series B-2	(56)								$ 56																											(56)
Convertible preferred stock dividend																												$ (80)	$ (208)	$ (479)	$ (101)							$ 80	$ 208	$ 479	$ 101
Convertible preferred stock dividend (in shares)																			28,000	88,195	205,788	36,910
Issuance of redeemable convertible preferred stock (in shares)			25,000										(25,000)					4,167	4,167
Issuance of redeemable convertible preferred stock													$ (10)															10
Issuance of common stock	13,701				$ 71													$ 6									13,695					$ 71
Issuance of common stock (in shares)																		6,059,116					30,000
Stock-based compensation expense	3,329																										3,329
Net loss	(20,027)																																			(20,027)
Stockholders' Equity, Balance (in shares) at Dec. 31, 2015												1,377,500						28,825,033
Stockholders' Equity, Balance at Dec. 31, 2015	$ 18,040											$ 557						$ 28									157,504									(140,049)
Temporary Equity, Balance at Dec. 31, 2015				$ 1,723			$ 1,748		$ 3,537		$ 1,723
Temporary Equity, Balance (in shares) at Dec. 31, 2015				176			900,000		2,100,000		176
Issuance of common stock upon exercise of options							$ 0		$ 0		$ 0
Issuance of common stock upon exercise of options	95,574																	95,574
Accretion of redeemable convertible preferred stock	$ (132)						13		119																											(132)
Accretion of beneficial conversion feature for Series B-2	(41)								41																											(41)
Reclassification of Series B-1 and B-2 convertible stock to stockholders' equity upon elimination of redemption feature	5,458						$ (1,761)		$ (3,697)					$ 1,761	$ 3,697
Reclassification of convertible preferred stock, shares							900,000		2,100,000					900,000	2,100,000
Convertible preferred stock dividend																										$ (1)		$ (34)			$ (38)		$ (31)	$ (192)	$ (446)			$ 34			$ 38	$ 31	$ 192	$ 447
Convertible preferred stock dividend (in shares)																			27,550			29,938		32,289	155,020	361,713
Issuance of common stock and warrants in private placements	3,000																	$ 3									2,997
Issuance of common stock and warrants in private placements (in shares)																		2,814,230
Issuance of common stock	$ 416					$ 2,508											$ 1,224										416						$ 2,585									$ (1,301)
Issuance of common stock (in shares)	2,814,000																2,508,000	329,234
Issuance of common stock upon vesting of stock grants to directors																		$ 1									(1)
Issuance of common stock upon vesting of stock grants to directors (in shares)																		337,935
Stock-based compensation expense	$ 2,479																										2,479
Net loss	(21,436)																																			(21,436)
Stockholders' Equity, Balance (in shares) at Dec. 31, 2016												1,377,500		900,000	2,100,000	2,508,000		32,912,942
Stockholders' Equity, Balance at Dec. 31, 2016	$ 10,292											$ 557		$ 1,761	$ 3,697	$ 1,224		$ 33									$ 166,721									$ (163,701)
Temporary Equity, Balance at Dec. 31, 2016				$ 1,723							$ 1,723
Temporary Equity, Balance (in shares) at Dec. 31, 2016				176							176

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (21,436)	$ (20,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7	7
Stock-based compensation expense	2,479	3,400
Changes in operating assets and liabilities:
Prepaid expenses and other assets	122	(21)
Accounts payable and accrued expenses	2,419	(342)
Net cash from operating activities	(16,409)	(16,983)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash from investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock and warrants	5,925	13,701
Net cash from financing activities	5,925	13,701
NET DECREASE IN CASH AND CASH EQUIVALENTS	(10,484)	(3,282)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	25,846	29,128
CASH AND CASH EQUIVALENTS, END OF PERIOD	15,362	25,846
NONCASH FINANCING ACTIVITIES:
Payment of preferred stock dividends in common stock	$ 741	$ 868

Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2016

Nature of Business and Basis of Presentation

1.	Nature of Business and Basis of Presentation

Galectin Therapeutics Inc. (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.

The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011. On March 23, 2012, the Company effected a one-for-six reverse stock split. All common share and per share amounts in these financial statements have been adjusted to reflect the effect of the reverse split.

The Company has operated at a loss since its inception and has had no revenues. The Company anticipates that losses will continue for the foreseeable future. At December 31, 2016, the Company had $15,362,000 of unrestricted cash and cash equivalents available to fund future operations. Additionally, from January 1, 2017 through March 1, 2017, the Company raised $1,247,000 in net proceeds from the issuance of common stock under its At the Market sales arrangement (See Note 5). On February 28, 2017, the Company closed a transactions with individual investors through private placements of common stock and warrants. In total, the Company issued 102,368 shares of common stock for proceeds of $200,000. The Company also issued, to the investors, warrants to purchase 76,776 shares of common stock at $5.00 per share. The Company believes there is sufficient cash to fund currently planned operations through December 31, 2017.

The Company is subject to a number of risks similar to those of clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research operations, need for regulatory approval of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations is dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of revenues adequate to support the Company’s cost structure. There are no assurances that the Company will be able to obtain additional financing on favorable terms, or at all, or successfully market its products.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”).

Basis of Consolidation. The consolidated financial statements include the accounts of the Company and Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December 23, 2003 and Galectin Sciences LLC (see Note 10). All intercompany transactions have been eliminated.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management’s estimates and judgments include assumptions used in stock option and warrant liability valuations, useful lives of property and equipment and intangible assets, accrued liabilities, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.

Fair Value Measurements. The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. There were no Level 2 or 3 assets or liabilities at December 31, 2016 or 2015.

Cash and Cash Equivalents. The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December 31, 2016 or 2015.

Prepaid Expenses and Other Current Assets. Prepaid expenses and other assets consist principally of prepaid insurance.

Property and Equipment. Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized using the straight-line method over the estimated useful lives of the related assets of generally three years for computers and office equipment, five years for furniture and fixtures and the shorter of the useful life or life of the lease for leasehold improvements.

Security Deposit. At December 31, 2016 and 2015, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets.

Intangible Assets. Intangible assets include patent costs, consisting primarily of related capitalized legal fees, which are amortized over an estimated useful life of five years from issuance. Amortization expense in 2016 and 2015 was approximately $7,000 and $7,000, respectively. Gross intangible assets at December 31, 2016 and 2015 totaled $78,000 each year, and accumulated amortization at December 31, 2016 and 2015 totaled $76,000 and $69,000, respectively.

Long-Lived Assets. The Company reviews all long-lived assets for impairment whenever events or circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of assets to be held or used is measured by comparison of the carrying value of the asset to the future undiscounted net cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset exceeds the discounted future cash flows expected to be generated by the asset.

Accrued Expenses. As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include contract service fees in conjunction with clinical trials, professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.

Warrants Modification. The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. Certain warrants were accounted for as derivative liabilities at fair value. Such warrants did not meet the accounting criteria that a contract should not be considered a derivative instrument if it is (1) indexed to its own stock and (2) classified in stockholders’ equity. Changes in fair value of derivative liabilities are recorded in the consolidated statement of operations under the caption “Change in fair value of warrant liabilities.” Warrants that are not considered derivative liabilities are accounted for at fair value at the date of issuance in additional paid-in capital. The fair value of warrants was determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. There were no warrant liabilities as of December 31, 2016 or 2015.

Research and Development Expenses. Costs associated with research and development are expensed as incurred. Research and development expenses include, among other costs, salaries and other personnel-related costs, and costs incurred by outside laboratories and other accredited facilities in connection with clinical trials and preclinical studies.

Income Taxes. The Company accounts for income taxes in accordance with the accounting rules that requires an asset and liability approach to accounting for income taxes based upon the future expected values of the related assets and liabilities. Deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and for tax loss and credit carry forwards, and are measured using the expected tax rates estimated to be in effect when such basis differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will, more likely than not, be realized.

Concentration of Credit Risk. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and certificates of deposit. The Company maintains cash and cash equivalents and certificates of deposit with well-capitalized financial institutions. At times, those amounts may exceed federally insured limits. The Company has no significant concentrations of credit risk.

Stock-Based Compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the service period, which generally represents the vesting period. For awards that have performance based vesting conditions the Company recognizes the expense over the estimated period that the awards are expected to be earned. The Company generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. For options that only vest upon the achievement of market conditions, the Company values the options using a Monte Carlo model to calculate the grant date fair value of the stock options. The expense related to options that vest based on market conditions is not reversed should those options not ultimately vest. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited. Stock options issued to non-employees are accounted for in accordance with the provisions of ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which requires valuing the stock options using an option pricing model (the Company uses Black-Scholes) and measuring such stock options to their current fair value when they vest.

New Accounting Pronouncements. In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The standard applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company has adopted this standard for its year ended December 31, 2016 financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to recognize the most leases on the balance sheet. The provisions of this guidance are effective for the annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on the our financial position or results of operations.

Property and Equipment

12 Months Ended

Dec. 31, 2016

Property and Equipment

3.	Property and Equipment

Property and equipment consists of the following at December 31:


	2016			2015
	(in thousands)
Leasehold improvements	$	2		$	2
Computer and office equipment		13			13
Furniture and fixtures		59			59

Total		74			74
Less accumulated depreciation and amortization		(74	)		(74	)

Property and equipment—net	$	—		$	—

Depreciation and amortization expense for the years ended December 31, 2016 and 2015 was $0 and $1,000, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity

5.	Stockholders’ Equity

At December 31, 2016, the Company had 50,000,000 shares of common stock and 20,000,000 undesignated shares authorized. As of December 31, 2016, 5,000,000 shares have been designated for Series A 12% Convertible Preferred Stock, 900,000 shares have been designated for Series B-1 Convertible Preferred Stock, 2,100,000 shares have been designated for Series B-2 Convertible Preferred Stock, 1,000 shares have been designated for Series C Super Dividend Convertible Preferred Stock, 6,000,000 shares have been designated for Series B-3 Convertible Preferred Stock and 5,999,000 remain undesignated.

At Market Issuances of Common Stock

On March 30, 2014, the Company entered into an At Market Issuance Sales Agreement (the “2014 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2014 At Market Agreement. In 2016 and 2015, the Company issued 329,234 and 1,297,216 shares of common stock for net proceeds of approximately $416,000 and $4,571,000, respectively, under the 2014 At Market Agreement.

2015 Registered Direct Offering

On November 25, 2015, the Company completed an offering of 4,761,900 shares of common stock to three institutional investors at $2.06 per share for net proceeds of approximately $9,130,000. The Company also issued, to the three investors, warrants to purchase 3,571,425 shares of common stock at $2.50 per share. The warrants have an expiration date of May 25, 2021. The warrants are exercisable beginning on May 25, 2016. The warrants provide for cashless exercise if at any time during the term of the warrants if there is no effective registration statement for the issuance or resale of the underlying warrant shares. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event. The warrants were valued at $5,893,000 as of the issuance date of November 25, 2015, using the closing price of $2.28, a life of 5.5 years, a volatility of 93% and a risk free interest rate of 1.84%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” the Company has determined that warrants issued in connection with this financing transaction were not derivative liabilities and therefore, were recorded as additional paid-in capital.

2016 Private Placement

In December 2016, the Company closed two transactions with individual investors through private placements of common stock and warrants. In total, the Company issued approximately 2,814,000 shares of common stock for proceeds of $3,000,000. The Company also issued, to the two investors, warrants to purchase 2,110,672 shares of common stock at $5.00 per share. The warrants have an expiration date in late December 2023. The warrants are exercisable beginning in late June 2017. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event. The warrants were valued at $1,258,000 as of the issuance dates in late December 2016, using a weighted average closing price of $0.97, a life of 7 years, a volatility of 96% and a risk free interest rate of 1.90%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” the Company has determined that warrants issued in connection with this financing transaction were not derivative liabilities and therefore, were recorded as additional paid-in capital.

Series A 12% Convertible Preferred Stock — February 4, 2008 Private Placement

On February 4, 2008, the Company closed a private placement begun in October 2007 of its Series A 12% Convertible Preferred Stock (“Series A”) and related warrants. In this transaction, the Company sold units of securities at $6.00 per unit, each unit comprised of (i) one share of Series A Preferred, (ii) a warrant to purchase one share of common stock for $9.00, and (iii) a warrant to purchase one share of common stock for $12.00. Each share of the Series A is entitled to dividends at the rate of 12% per annum payable at the Company’s option in cash or shares of common stock valued at the higher of $6.00 per share or 100% of the value weighted average price of the Company’s share price for the 20 consecutive trading days prior to the applicable dividend payment date. Dividends are payable semi-annually on March 30 and September 30. The dividend paid on the initial dividend payment date is calculated from the date the Company deposited each subscription advance.

The shares of Series A are entitled to vote as a class with the Company’s common stock and each share of Series A is convertible at any time to one-sixth of a share of common stock, subject to adjustment in the event of a stock dividend, stock split or combination, reclassification or similar event. The Company has the right to require conversion if the closing price of the common stock exceeds $18.00 for 15 consecutive trading days and a registration statement covering the resale of the shares of common stock issuable upon conversion of the Series A is then in effect. Each warrant is exercisable solely for cash beginning August 3, 2008 and expired on February 4, 2012. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event.

As of December 31, 2007, the Company had received subscription advances of $1,667,500 for Series A. In 2008, the Company received additional subscription advances of $75,000 resulting in total gross proceeds of $1,742,500. On February 4, 2008 the Company closed the private placement. The Company incurred $52,000 of cash transaction costs resulting in net cash proceeds of $1,691,000. In addition, the Company incurred $3,000 of costs for 1,400 warrants exercisable at $9.00 issued to placement agents. Proceeds of $984,000 were allocated to investor warrants using the Black-Scholes method with the following assumptions as of February 4, 2008: risk free interest rate 2.51%, volatility 95%, fair market value of the Company’s common stock on February 4, 2008, and the share price on the closing date of the transaction of $3.54. The warrants were originally accounted for as freestanding derivative instruments in the consolidated balance sheet formerly under the caption “Warrant Liabilities”. These warrants were originally classified as a liability because the February 2006 warrants contain an anti-dilution provision in the event of a subsequent dilutive issuance and the potential number of shares issuable exceeded the Company’s authorized shares. Changes in fair value were recognized as either a gain or loss in the consolidated statement of operations under the caption “Change in fair value of warrant liabilities”. In the second quarter of 2008, the warrants were reclassified to equity as a result of an amendment to the Company’s articles of incorporation approved at the May 21, 2008 annual meeting of shareholders increasing the Company’s authorized common. Through May 21, 2008, these warrants were marked to market resulting in a reduction in warrant liabilities in the balance sheet and an offsetting credit to change in fair value of warrant liabilities in the statement of operations in the amount of $100,000. The remaining fair value of $502,000 was credited to additional paid-in capital in the balance sheet.

In 2015, 25,000 shares of Series A were converted into 4,167 shares of common stock. Prior to 2015, a total of 340,000 shares of Series A had been converted into 56,721 shares of common stock.

Series B Redeemable Convertible Preferred Stock

On February 12, 2009, the Company entered into a securities purchase agreement (the “10X Agreement”) pursuant to which it agreed to issue and sell to 10X Fund LP, at two or more closings, up to: (i) 3,000,000 shares its Series B-1 and B-2 convertible preferred stock with an aggregate stated value of $6.0 million and convertible into 2,000,000 shares of common stock at December 31, 2011 and (ii) warrants to purchase 6,000,000 shares of common stock.

Through a series of closings from February 2009 through May 2010, the Company issued and sold, pursuant to the 10X Agreement, a total of (i) 900,000 shares of Series B-1 convertible preferred stock (“Series B-1 convertible preferred stock” or “Series B-1”) and related common stock warrants for 1,800,000 shares of common stock and (ii) 2,100,000 shares of Series B-2 convertible preferred stock (“Series B-2 convertible preferred stock” or “Series B-2”) and related warrants for 4,200,000 shares of common stock for total net proceeds of $5,483,000.

On September 22, 2016, the Company entered into a securities purchase agreement (the “B-3 Agreement”) pursuant to which it agreed to issue and sell to 10X Fund LP: (i) 1.500,000 shares its Series B-3 convertible preferred stock (“Series B-3 preferred stock” or “Series B-3”) with an aggregate stated value and proceeds of $1.5 million and convertible into 892,349 shares of common stock, and (ii) warrants to purchase up to 669,262 shares of common stock. Also, pursuant to agreements signed on September 22, 2016 with 10X Fund LP, the Company issued 875,000 warrants to purchase common stock in exchange in exchange for the 10X Fund LP agreeing not to sell any shares of common or preferred stock in the Company for 18 months, except in limited circumstances. Additionally, as previously agreed to by the 10X Fund LP, the sole holder of the Company’s Series B-1, Series B-2 and Series B-3 preferred stock (collectively, with the Series B-1 and Series B-2, the “Series B”), in the Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series B preferred stock we removed the ability of the holders of the Series B to cause a redemption of their shares of Series B. Accordingly, the Company accounted for the removal of this redemption feature as a modification and reclassified the Series B-1 and Series B-2 preferred stock into permanent equity at September 30, 2016 and forward.

On December 23, 2016, the Company and 10X Fund LP amended the B-3 Agreement whereby the Company agreed to issue and sell to 10X Fund LP an additional (i) 1,008,000 shares of its B-3 preferred stock with an aggregate stated value and proceeds of $1.0 million and convertible into 896,997 shares of common stock, and (ii) warrants to purchase up to 924,780 shares of common stock.

The terms of the Series B are as follows:

Dividends. Holders of the Series B will be entitled to receive cumulative dividends at the rate of 12% for Series B-1 and B-2 and 8% for Series B-3 per annum (compounding monthly) payable quarterly which may, at the Company’s option, be paid in cash or common stock. Pursuant to an agreement with the holder of all shares of Series B, on January 26, 2011, the Company amended and restated the Certificate of Designation of Preferences, Rights and Limitations for the Series B-1 and Series B-2, to provide that dividends are payable in cash or shares of Common Stock valued at 100% of the volume weighted average price of the Common Stock for the 20 consecutive trading days prior to the dividend payment date on and after September 30, 2011. If the Company does not pay any dividend on the Series B, dividends will accrue at the rate of 15% per annum (compounding monthly).

Conversion Rights. Each share of Series B-1 and B-2 is convertible into two-thirds (approximately 0.667) shares of common stock at the conversion price of $3.00 per share at the option of the holder, at any time. The shares of Series B-3 are convertible into 1,789,346 shares of common stock at the option of the holder, at any time.

Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series B-1 and B-2 will receive $2 per share and holders of B-3 will receive $1 per share plus accrued and unpaid dividends, payable prior and in preference to any distributions to the holders of Common Stock but pari passu with the holders of the Series A 12% Convertible Preferred Stock.

Voting Rights. Except as noted below, the holder of each share of Series B-3 shall be entitled to the number of votes equal to the number of shares of Common Stock into which such share of Series B-3 would be convertible, and shall otherwise have voting rights and powers equal to the voting rights and powers of the Common Stock. With respect to the election of directors, the holders of the Series B-3, together with the holders of Series B-1 and Series B-2, shall vote together as a separate class to elect two (2) members of the Board of Directors (the “Series B Directors”), and the Company shall take all reasonably necessary or desirable actions within its control (including, without limitation, calling special meetings of the Board of Directors, nominating such persons designated by the holders of the Series B as directors on the applicable proxy statements and recommending their election) to permit the holders of the Series B to appoint three additional (3) members of the Board of Directors (the “Series B Nominees”), who shall be subject to election by all shares of voting stock of the Company voting together as a single group,) until there are no longer any shares of Series B outstanding. The holders of Series B shall vote together with the holders of Common Stock and other voting capital stock of the Company to elect all other members of the Board of Directors.

Other Restrictions. So long as any shares of the Series B remain outstanding, the Company may not, without the approval of the holders of a majority of the shares of Series B outstanding, among other things, (i) change the size of the Company’s Board of Directors; (ii) amend or repeal the Company’s Articles of Incorporation or Bylaws or file any articles of amendment designating the preferences, limitations and relative rights of any series of preferred stock, that would alter or change the preferences, rights, privileges or powers of, or restriction provided for the benefit of the Series B; (iii) create or increase the authorized amount of any additional class or series of shares of stock that is equal to or senior to Series B; (iv) increase or decrease the authorized number of shares of the Series B; (v) purchase, redeem or otherwise acquire for value any shares of any class of capital stock; (vi) merge or consolidate the Company into or with any other corporation or sell, assign, lease, pledge, encumber or otherwise dispose of all or substantially all of the Company’s assets or those of any subsidiary; (vii) voluntarily or involuntarily liquidate, dissolve or wind up the Company or the Company’s business; (viii) pay or declare dividends on any capital stock other than the Preferred Stock, unless the Series B share ratably in such dividend and all accrued dividends payable with respect to the Series B have been paid prior to the payment or declaration of such dividend; (ix) acquire an equitable interest in, or the assets or business of any other entity in any form of transaction; (x) create or commit us to enter into a joint venture, licensing agreement or exclusive marketing or other distribution agreement with respect to the Company’s products, other than in the ordinary course of business; (xi) permit the Company or any subsidiary to sell or issue any security of such subsidiary to any person or entity other than the Company; (xii) enter into, create, incur, assume or guarantee any indebtedness for borrowed money of any kind (other than indebtedness existing on the initial closing date and approved by Series B shareholders); (xiii) enter into, create, incur or assume any liens of any kind (other than certain permitted liens); (xiv) issue any common stock or common stock equivalents; (xv) increase the number of shares of the Company’s common stock that may be issued pursuant to options, warrants or rights to employees, directors, officers, consultants or advisors above the number of shares that were authorized for issuance under our 2001 Stock Incentive Plan, 2003 Non-Employee Director Stock Incentive Plan and 2009 Incentive Compensation Plan as of September 9, 2016.

Warrants. Each Series B-1 or B-2 related warrant is exercisable at $3.00 per share of common stock at any time on or after the date of issuance until the fifth anniversary of the respective issue date. The Company may, upon 30 days’ notice and so long as an effective registration statement regarding the underlying shares of common stock is in effect, issue a termination notice with respect to (i) each Class A-1 warrant on any trading day on which the market value of the common stock for each of the 15 previous trading days exceeded $7.50 per share and (ii) each Class A-2 warrant on any trading day on which the market value of the common stock for each of the 15 previous trading days exceeded $10.50 per share. All Class A-1 warrants were exercised for cash proceeds of $3,000,000 in 2011 and 500,000 of the Class A-2 warrants were exercised for cash proceeds of $1,500,000 in 2013. Subsequently, in January 2014, the remaining 500,000 Class A-2 warrants were exercised for cash proceeds of $1,500,000.

The fair value of the warrants issued in connection with the Series B-1 was $1,296,000 at the date of issuance based on the following assumptions: an expected life of 5 years, volatility of 118%, risk free interest rate of 1.79% and zero dividends. The Company allocated the gross proceeds based on the relative fair value of the Series B-1 and the related warrants, resulting in $1,105,000 of the proceeds being allocated to additional paid-in capital. The Company analyzed the Series B-1, post-allocation of the gross proceeds, and determined that there was no beneficial conversion feature at the date of issuance. The issuance costs of the Series B-1 and the amounts allocated to warrants were recorded as a reduction to the carrying value of the Series B-1 when issued, and are accreted to the redemption value of the Series B-1 through the earliest redemption date. Due to the redemption feature, the Company has presented the Series B-1 outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2015. As noted above, the Series B-1 preferred was reclassified to permanent equity as of September 30, 2016 and forward and accretion was ended.

The fair value of the warrants issued during the year ended December 31, 2010 in connection with the Series B-2 was $4,148,000 at the dates of issuance based on the following assumptions: an expected life of 5 years, volatility of 126% to 129%, risk free interest rates of 2.27% to 2.43% and zero dividends. The fair value of the warrants issued during the year ended December 31, 2009 in connection with the Series B-2 was $5,333,000 at the dates of issuance based on the following assumptions: an expected life of 5 years, volatility of 124% to 127%, risk free interest rates of 1.98% to 2.70% and zero dividends. The Company allocated the gross proceeds based on the relative fair value of the Series B-2 and the related warrants, resulting in $1,028,000 and $1,732,000 of the proceeds being allocated to additional paid-in capital for the years ended December 31, 2010 and 2009, respectively. The issuance costs of the Series B-2 and the amounts allocated to warrants were recorded as a reduction to the carrying value of the Series B-2 when issued, and are accreted to the redemption value of the Series B-2 through the earliest redemption dates. Due to the redemption feature, the Company has presented the Series B-2 outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2015. As noted above, the Series B-2 preferred was reclassified to permanent equity as of September 30, 2016 and forward and accretion was ended.

The Company analyzed the Series B-2, post-allocation of the gross proceeds, and determined that there was a beneficial conversion feature at the dates of issuance. Because the closing price of the common stock on the closing date was greater than the effective conversion price, $388,000 and $628,000 of the proceeds (limited to the allocation of the proceeds) during the years ended December 31, 2010 and 2009, respectively, were allocated to an embedded beneficial conversion feature of the Series B-2. The amount allocated to the beneficial conversion feature was recorded as a discount to the Series B-2 is being accreted, with such accretion being charged through the earliest redemption dates. As noted above, the Series B-2 preferred was reclassified to permanent equity as of September 30, 2016 and forward and accretion was ended.

All warrants issued in the Series B-3 transaction are exercisable at $3.00 per share of common stock at any time on or after the date of issuance until the seventh anniversary of the respective issue date.

The fair value of the warrants issued in connection with the September 22, 2016, Series B-3 was $2,262,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 95%, risk free interest rate of 1.42% and zero dividends. The Company allocated the gross proceeds of $1.5 million based on the relative fair value of the Series B-3 and the related warrants, resulting in $890,000 of the proceeds being allocated to additional paid-in capital and $610,000 being allocated to the Series B-3.

The Company analyzed the September 22, 2016, Series B-3, post-allocation of the gross proceeds, and determined that there was a beneficial conversion feature at the dates of issuance. Because the closing price of the common stock on the closing date was greater than the effective conversion price, an embedded beneficial conversion feature of the Series B-3 amounting to $991,000 was charged to additional paid in capital and accumulated deficit.

The fair value of the warrants issued in connection with the December 23, 2016, Series B-3 was $658,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 96%, risk free interest rate of 2.35% and zero dividends. The Company allocated the gross proceeds of $1.008 million based on the relative fair value of the Series B-3 and the related warrants, resulting in $394,000 of the proceeds being allocated to additional paid-in capital and $614,000 being allocated to the Series B-3.

The Company analyzed the December 23, 2016, Series B-3, post-allocation of the gross proceeds, and determined that there was a beneficial conversion feature at the dates of issuance. Because the closing price of the common stock on the closing date was greater than the effective conversion price, an embedded beneficial conversion feature of the Series B-3 amounting to $310,000 was charged to additional paid in capital and accumulated deficit.

Series C 6% Super Dividend Convertible Preferred Stock

On December 29, 2010, the Company designated and authorized the sale and issuance of up to 1,000 shares of Series C Super Dividend Convertible Preferred Stock (“Series C”) with a par value of $0.01 and a stated value equal to $10,000 (the “Stated Value”).

On December 30, 2010, the Company sold and issued 212 shares of Series C at a price of $10,000 per share for gross proceeds of $2,120,000. The Company incurred $47,000 of cash transaction costs resulting in net cash proceeds of $2,073,000. In addition, the Company issued 500 warrants exercisable at $7.20 to a placement agent which had a de minimis value. Additionally, in January 2011, the Company sold and issued 13 shares of Series C at a price of $10,000 per share for gross proceeds of $130,000.

The terms of the Series C are as follows:

Conversion Rights. Each holder of Series C may convert all, but not less than all, of his Series C shares plus accrued and unpaid dividends into Common Stock at the price of $6.00 per share of Common Stock (“Conversion Price”), such that approximately 1,667 shares of Common Stock will be issued per each converted share of Series C (accrued and unpaid dividends will be issued as additional shares). At December 31, 2016 and 2015, the 176 outstanding shares of Series C were convertible into a total of approximately 293,340 shares of Common Stock.

Subject to the continuing obligation to pay post conversion dividends, the Company may convert all, but not less than all, of the Series C (plus all accrued and unpaid dividends) into Common Stock, at the Conversion Price, upon such time that the closing price of the Common Stock is no less than $18.00 per share for 15 consecutive trading days.

Dividends. Holders of Series C shall be entitled to receive cumulative non-compounding dividends at the rate per share of Series C equal to the greater of (i) 6% per annum of the Stated Value (also defined as the “Floor”) or (ii) 2.5% of net sales until the total dividends paid is equal to the initial investment and 1.25% of net sales thereafter. The maximum amount each Series C shareholder will receive in dividend payments is equal to $100,000 (the “Maximum Payout”). For purposes of this dividend calculation, net sales shall mean gross revenues actually received by the Company, from the sale or licensing of the product DAVANAT^® (GM-CT-01), less chargebacks, returns, expenses attributable to product recalls, duties, customs, sales tax, freight, insurance, shipping expenses, allowances and other customary deductions.

The dividend shall be payable in arrears semiannually on March 31 and September 30, beginning with the first such date after the original issue date; provided, however, that all dividends and all other distributions shall cease, and no further dividends or other distributions shall be paid, in respect of each share of Series C from and after such time that the Maximum Payout has been paid in respect of such share of Series C. Such dividends shall be payable at the Company’s option either in cash or in duly authorized, fully paid and non-assessable shares of Common Stock valued at the higher of (i) $3.00 per share or (ii) the average of the Common Stock trading price for the ten (10) consecutive trading days ending on the trading day that is immediately prior to the dividend payment date.

Series C Post Conversion Dividend Right. In the event that any share of Series C is converted into Common Stock before the Maximum Payout is paid in respect of such converted share of Series C, then the holder shall have the right to continue to receive dividends in respect of such converted share of Series C equal to the remaining payout (the “Series C Preferred Stock Post Conversion Dividend Right”) which shall be equal to the Maximum Payout less the cumulative dividends received through the conversion date. One share of Series C Preferred Stock Post Conversion Dividend Right shall be issued for each such converted share of Series C. The holder of each Series C Preferred Stock Post Conversion Dividend Right shall receive the remaining payout on an equal basis and in conjunction with the then outstanding shares of Series C and all the other then outstanding Series C Post Conversion Dividend Rights, in the same manner and subject to the same terms and conditions as applicable to the payment of dividends on each share of Series C, except that for purposes of calculating the dividend the Floor shall not apply. The Series C Preferred Stock Post Conversion Dividend Right shall have no stated value, liquidation preference or right to any dividends or distributions other than the remaining payout. The Series C Preferred Stock Post Conversion Right is subject to redemption in the same manner as outstanding Series C shares.

At the date of issuance, the Series C have an embedded dividend right to continue to receive dividend payments after conversion to common stock (the Series C Post Conversion Dividend Right) which requires bifurcation. The value of this post conversion dividend right on the date of issuance was determined to be de minimis due to the fact that the payment of a dividend stream other than the 6% dividend and conversion of Series C prior to the Company achieving sales of GM-CT-01 was deemed improbable at that time. Upon a conversion of the Series C, the Company will be required to record a liability and the related expense during the period of conversion.

In July 2011, 5 shares of Series C were converted into 8,334 shares of common stock and 5 Series C Post Conversion Dividend Rights (Dividend Rights) were issued. In 2013, 24 shares of Series C were converted into 40,193 shares of common stock and 24 Dividend Rights were issued. In 2014, 20 shares of Series C were converted into 33,756 shares of common stock and 20 Dividend Rights were issued. Per the terms of the Series C, these Dividend Rights shall continue to participate in dividends, however the Floor shall not apply. At December 31, 2016 and 2015, these Dividend Rights were determined to have a de minimis value, as the payment of a dividend is considered improbable at this time. The Company will continue to evaluate and assess the Series C Post Conversion Dividend Right for each reporting period.

Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series C will receive $10,000 per share plus accrued and unpaid dividends, payable prior and in preference to any distributions to the holders of Common Stock but after and subordinate to the Series A 12% Convertible Preferred Stock (“Series A”), Series B-1 and Series B-2, subject to the Maximum Payout.

Redemption. Upon a sale of the Company, the Company shall redeem all of the then outstanding shares of Series C and Series C Preferred Stock Post Conversion Rights within thirty (30) days after the transaction constituting the sale of the Company is closed and such closing is fully funded. The price to redeem a share of Series C and each redeemed Series C Preferred Stock Post Conversion Redemption Right shall be equal to (i) (A) the applicable return on investment (“ROI”) percentage, multiplied by (B) $10,000, minus (ii) the cumulative dividends received through the redemption date. The redemption price shall be payable at the Company’s option either in cash or in shares of common stock valued at the higher of (i) $3.00 per share or (ii) the average market price for the ten consecutive trading days ending immediately prior to the date of redemption. The ROI Percentage shall mean the percentage that applies as of the redemption date, as follows:

ROI Percentage


200%		before the second anniversary of the date of issuance;
250%		on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance;
300%		on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance;
350%		on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance;
400%		on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance;
450%		on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance;
500%		on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and
550%		on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.

Due to the redemption feature, the Company has presented the Series C outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2016 and 2015. At December 31, 2016, the Series C redemption value was $7,262,000.

Voting Rights. The Series C shares have no voting rights.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Warrants

12 Months Ended

Dec. 31, 2016

Warrants

6. Warrants

Warrant activity is summarized as follows:


Outstanding at December 31, 2014	5,470,995
Issued	3,571,425
Cancelled	(133,834	)
Exercised	—

Outstanding at December 31, 2015	8,908,586

Issued	4,579,710
Cancelled	—
Exercised	—

Outstanding at December 31, 2016	13,488,296

The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2016.


Issued in Connection With	Number Issued		Exercise Price		Exercisable Date		Expiration Date
February 12, 2009 Series B-1 Transaction
$3.00 Investor Warrants—Class B		1,200,000	$	3.00		February 12, 2009		February 12, 2019
May 13, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		600,000	$	3.00		May 13, 2009		May 13, 2019
June 30, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		333,333	$	3.00		June 30, 2009		June 30, 2019
August 12, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		200,000	$	3.00		August 12, 2009		August 12, 2019
September 30, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,666	$	3.00		September 30, 2009		September 30, 2019
November 4, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		206,666	$	3.00		November 4, 2009		November 4, 2019
December 8, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,667	$	3.00		December 8, 2009		December 8, 2019
January 29, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,667	$	3.00		January 29, 2010		January 29, 2020
March 8, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		223,334	$	3.00		March 8, 2010		March 8, 2020
April 30, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		206,667	$	3.00		April 30, 2010		April 30, 2020
May 10, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		380,000	$	3.00		May 10, 2010		May 10, 2020
March 28, 2012 Offering Warrants		1,317,161	$	5.63		March 28, 2012		March 28, 2017
October 30, 2014 Consultant Warrants		20,000	$	5.45		October 30, 2014		October 30, 2017
November 25, 2015 Offering Warrants		3,571,425	$	2.50		May 25, 2016		May 25, 2021
September 22, 2016 Series B-3 Transaction
$3.00 Investor Warrants		698,158	$	3.00		September 22, 2016		September 22, 2023
September 29, 2016 Series B-3 Transaction
$3.00 Investor Warrants		846,100	$	3.00		September 29, 2016		September 29, 2023
December 22, 2016 Private placement warrants		1,466,204	$	5.00		December 22, 2016		December 23, 2023
December 23, 2016 Series B-3 Transaction
$3.00 Investor Warrants		924,780	$	3.00		December 23, 2016		December 23, 2023
December 28, 2016 Private placement warrants		644,468	$	5.00		December 28, 2016		December 28, 2023

Total outstanding warrants		13,488,296

Consultant Warrants

In October 2014, the Company granted warrants to a consultant for the purchase of 20,000 shares of common stock at an exercise price of $5.45 per share. The warrants were valued at $76,000 on issuance based on the following assumptions: an expected life of 3 years, volatility of 117%, risk free interest rate of 0.91% and zero dividends. The warrants vested immediately and the Company recognized an expense of $76,000 related to these warrants during the year ended December 31, 2014. These warrants remain outstanding at December 31, 2016.

Offering Warrants

On March 28, 2012, the Company sold and issued 1,333,361 Units (2,666,722 shares of common stock and related $5.63 warrants to purchase 1,333,361 shares of common stock) for gross proceeds of $12.0 million (net cash proceeds of $10,403,000 after the underwriting discount and offering costs). The warrants were valued at $4,445,000 as of the issuance date of March 28, 2012, using the closing price of $4.20, a life of 5 years, a volatility of 119% and a risk free interest rate of 1.05%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” the Company has determined that warrants issued in connection with this financing transaction were not derivative liabilities and therefore, were recorded as additional paid-in capital. At December 31, 2016, 1,317,161 of these warrants remain outstanding and have an expiration date of March 28, 2017.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Stock-Based Compensation

7. Stock-Based Compensation

Summary of Stock-Based Compensation Plans

At December 31, 2016, the Company has a stock-based compensation plan where the Company’s common stock has been made available for equity-based incentive grants as part of the Company’s compensation programs. In February 2009, the Company adopted the 2009 Incentive Compensation Plan (the “2009 Plan”) which originally provided for the issuance of up to 3,333,334, which was subsequently increased to 4,733,334 in May 2014, shares of the Company’s common stock in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. At December 31, 2016, 166 shares were available for future grant under the 2009 Plan.

In addition, the Company has awarded 1,477,379 non-plan stock option grants to employees and non-employees. These non-plan grants have vesting periods and expiration dates similar to those options granted under the Incentive Plans. At December 31, 2016, 1,416,669 non-plan grants were outstanding.

Stock-Based Compensation

Following is the stock-based compensation expense related to common stock options, restricted common stock and common stock warrants:


	Year Ended December 31,
	2016		2015
Research and development	$	831	$	1,018
General and administrative		1,648		2,382

Total stock-based compensation expense	$	2,479	$	3,400

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:


	2016			2015
Risk-free interest rate		1.49	%		1.65	%
Expected life of the options		6 years			6 years
Expected volatility of the underlying stock		96	%		101	%
Expected dividend rate		0	%		0	%

As noted above, the fair value of stock options is determined by using the Black-Scholes option pricing model. For all options granted since January 1, 2006 the Company has generally used option terms of between 5 to 10 years, generally with 5 to 6 years representing the estimated life of options granted to employees. The volatility of the common stock is estimated using historical volatility over a period equal to the expected life at the date of grant. The risk-free interest rate used in the Black-Scholes option pricing model is determined by reference to historical U.S. Treasury constant maturity rates with terms equal to the expected terms of the awards. An expected dividend yield of zero is used in the option valuation model, because the Company does not expect to pay any cash dividends in the foreseeable future. At December 31, 2016, the Company does not anticipate any option awards will be forfeited in the calculation of compensation expense due to the limited number of employees that receive stock option grants and the Company’s historical employee turnover.

The following table summarizes the stock option activity in the stock based compensation plans:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2014		3,332,617		$	5.79
Granted		454,000			3.23
Forfeited/Cancelled		(348,718	)		4.42
Exercised		(95,574	)		1.80

Outstanding, December 31, 2015		3,342,325		$	5.70
Granted		1,434,750			0.97
Forfeited/Cancelled		(120,187	)		3.41
Exercised		—			—

Outstanding, December 31, 2016		4,656,888		$	4.30		6.83	$	120

Exercisable, December 31, 2016		3,384,238		$	5.44		5.78	$	22

The aggregate intrinsic value in the table above represents the total pre-tax amount, net of exercise price, which would have been received by option holders if all option holders had exercised all options with an exercise price lower than the market price on December 31, 2016, based on the closing price of the Company’s common stock of $0.98 on that date.

The weighted-average grant-date fair values of options granted during 2016 and 2015 were $0.97 and $2.57, respectively. As of December 31, 2016 and 2015, there were unvested options to purchase 1,272,650 and 801,026 shares of common stock, respectively. Total expected unrecognized compensation cost related to such unvested options is $1,194,000 at December 31, 2016, which is expected to be recognized over a weighted-average period of 1.14 years.

During the year ended December 31, 2015, the Company issued shares totaling 95,574 upon the exercise of options valued at $146,000. During the year ended December 31, 2015, the Company received $0 for the exercise of stock options. During 2015, 212,501 options were exercised on a cashless basis resulting in the issuance of 95,574 shares. The intrinsic value of options exercised during the year ended December 31, 2015, was $313,000. There were no options exercised during the year ended December 31, 2016.

During the years ended December 31, 2016 and 2015, 963,126 and 535,692 options became vested, respectively. The total grant date fair value of options vested during the years ended December 31, 2016 and 2015 was $3,682,000 and $2,753,000, respectively.

The following table summarizes additional information regarding outstanding and exercisable options under our stock based compensation plans at December 31, 2016:


	Options Outstanding						Options Exercisable
Exercise Price (Range)	Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
			(in years)
$0.87 – 1.00		1,157,250		9.9	$	0.88		206,250	$	0.88
$1.37 – 1.83		341,668		8.2		1.45		197,147		1.51
$2.08 – 2.79		810,000		6.0		2.28		703,999		2.21
$3.45 – 4.41		564,517		7.3		3.82		498,712		3.87
$6.24 – 7.56		1,466,953		4.2		6.99		1,466,953		7.00
$13.38		316,500		7.0		13.38		311,177		13.38

		4,656,888		6.8	$	4.30		3,384,238	$	5.44

The following table summarizes the restricted stock grant activity in the Company’s equity incentive plans from December 31, 2014 through December 31, 2016:


	Shares
Outstanding, December 31, 2014		416,670
Granted		337,935
Exercised		—
Options forfeited/cancelled		—

Outstanding, December 31, 2015		754,605
Granted		—
Exercised		—
Options forfeited/cancelled		—

Outstanding, December 31, 2016		754,605

On March 12, 2015, the Company granted 81,352 shares of restricted stock to non-employee directors as a component of their compensation. A total of 77,784 shares were issued to seven directors representing non-cash compensation cost of $280,000 which will be recognized on a straight-line basis from the grant date through December 15, 2016, when the restricted shares vested in full. A total of 3,568 shares were issued to two directors, who were not nominated for reelection, representing non-cash compensation cost of $12,845 that will be recognized on a straight-line basis from the grant date through December 15, 2016, when the restricted shares vested in full.

On April 8, 2015, the Company granted 177,618 shares of restricted stock to non-employee directors in exchange for cancelation of 222,615 stock options. As the exchange was made at fair value, there was no additional non-cash compensation expense recorded in accordance with FASB ASC 718-20. Additionally, on April 8, 2015, the Company granted 71,378 shares of restricted stock to one non-employee director representing $236,975 of non-cash compensation expense which was recorded on a straight-line basis from grant date to December 15, 2016, when the restricted shares vested in full. Also, in April and May 2015, the Company granted a total of 7,587 shares of restricted stock to four non-employee directors for service as committee chairs or lead independent director representing $23,500 of non-cash compensation expense which was be recorded on a straight-line basis from grant date to December 15, 2016, when the restricted shares vested in full.

Other Stock Based Compensation Transactions

In October 2015, the Company entered into an agreement with a consultant that provided for the grant of 30,000 shares of common stock. The Company recognized an expense of $71,000, representing the fair value of the common stock at issuance, during the fourth quarter of 2015.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Loss Per Share

12 Months Ended

Dec. 31, 2016

Loss Per Share

8. Loss Per Share

Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of in-the-money stock options and warrants and potential common shares related to the conversion of the preferred stock. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.


	Year Ended December 31,
	(in thousands, except share and per share amounts)
	2016			2015
Net loss	$	(21,436	)	$	(20,027	)
Preferred stock dividends		(741	)		(868	)
Preferred stock accretion		(173	)		(229	)

Net loss applicable to common stockholders	$	(22,350	)	$	(21,124	)

Basic and diluted net loss per share	$	(0.76	)	$	(0.88	)
Shares used in computing basic and diluted net loss per share		29,216			24,120

Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:


	Year Ended December 31,
	2016 (Shares)		2015 (Shares)
Warrants to purchase shares of common stock		13,488,296		8,908,586
Options to purchase shares of common stock		4,656,888		3,342,325
Shares of common stock issuable upon conversion preferred stock		4,312,282		2,522,936

		22,457,466		14,807,681

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies

9. Commitments and Contingencies

Lease Commitments

In September 2012, the Company entered into an operating lease for office space in Norcross, GA for a term of twenty-six months, beginning on October 1, 2012 and ending November 30, 2014 at a rate of approximately $3,000 per month. In June 2014, the Company signed an amendment to the lease extending the term through November 30, 2017 with a base monthly rental of approximately $3,300 through the extended term. The original lease provided for free rent for the first two months of the lease and required a security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata share of the operating expenses for the building.

Rent expense under this operating lease was $50,000 and $47,000 for the years ended December 31, 2016 and 2015, respectively. Future minimum payments under this lease as of December 31, 2016 are as follows (in thousands):


Year ended December 31,
2017		41

Total	$	41

Shareholder Class Actions and Derivative Lawsuits

Between July 30, 2014, and August 6, 2014, three putative class action complaints were filed in the United States District Court for the District of Nevada (the “Nevada District Court”) alleging claims for purported violations of the federal securities laws against the Company and certain of its officers and directors on behalf of all persons who purchased or otherwise acquired the Company’s stock between January 6, 2014 and July 28, 2014. On August 22, 2014, the Nevada District Court entered an order consolidating the three cases, relieving the defendants of any obligation to respond to the complaints then on file, and providing that defendants may respond to a consolidated amended complaint to be filed by a lead plaintiff(s) to be appointed pursuant to the Private Securities Litigation Reform Act of 1995. On January 5, 2015, the Nevada District Court granted Defendants’ motion to transfer the consolidated putative securities class action to the United States District Court for the Northern District of Georgia. On March 24, 2015, the Court appointed a lead plaintiff (“Plaintiff’). Plaintiff filed his Consolidated Class Action Complaint (the “Complaint”) on May 8, 2015. The Complaint asserts claims on behalf of a putative class of all persons who purchased or otherwise acquired the Company’s common stock between October 25, 2013 and July 28, 2014. The Complaint alleges that the Company and certain of its officers and directors (the “Class Action Individual Defendants”) violated Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 10b-5 through allegedly false or misleading statements in certain SEC filings, press releases and other public statements. The Complaint further alleges that the Class Action Individual Defendants and one of the Company’s shareholders face liability for the alleged Section 10(b) and Rule 10b-5 violations pursuant to Section 20(a) of the Exchange Act. The Complaint seeks class certification, unspecified monetary damages, costs, and attorneys’ fees. The Company disputes the allegations and filed a motion to dismiss the Complaint on June 26, 2015. On December 30, 2015, the Court dismissed the putative class action with prejudice and entered a final judgment in favor of the defendants. Plaintiff filed a notice of appeal seeking review of the dismissal order and final judgment. Following full briefing and oral argument of the appeal, the United States Court of Appeals for the Eleventh Circuit entered an order on December 15, 2016, affirming the judgment dismissing all claims against the defendants with prejudice.

On August 1 and 25, 2014, persons claiming to be Galectin shareholders filed putative shareholder derivative complaints in the Nevada District Court, seeking recovery on behalf of the Company against certain of the Company’s directors and officers. On September 10, 2014, the Nevada District Court entered an order consolidating the two cases, relieving the defendants of any obligation to respond to the initial complaints, and providing that defendants may respond to a consolidated complaint to be filed by the plaintiffs. On January 5, 2015, the Nevada District Court granted Defendants’ motion to transfer the consolidated putative derivative litigation to the United States District Court for the Northern District of Georgia (hereinafter referred to as the “Georgia Federal Derivative Action.”). The plaintiffs filed a consolidated complaint on February 27, 2015. On April 6, 2015, the Company and defendants filed motions to dismiss the consolidated complaint. Rather than respond to those motions, the plaintiffs sought and obtained leave to file an amended complaint. Plaintiffs filed their amended complaint (the “Complaint”) on May 26, 2015. The Complaint alleges that certain of the Company’s directors and officers (the “Derivative Action Individual Defendants”) breached their fiduciary duties to the Company’s shareholders by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s financial and business prospects. The Complaint also alleges that the Derivative Action Individual Defendants violated the federal securities laws by allegedly making false or misleading statements of material fact in the Company’s proxy filings, committed waste of corporate assets, were unjustly enriched, and that certain defendants breached their fiduciary duties through allegedly improper sales of Galectin stock. In addition, the Complaint alleges that the Derivative Action Individual Defendants and one of the Company’s shareholders aided and abetted the alleged breaches of fiduciary duties. The Complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, costs, and attorneys’ and experts’ fees. The Company and defendants filed motions to dismiss the Complaint on July 8, 2015. On December 30, 2015, the United States District Court for the Northern District of Georgia dismissed the Georgia Federal Derivative Action with prejudice and entered a final judgment in favor of the defendants. Plaintiffs filed a notice of appeal seeking review of the dismissal order and final judgment. On July 7, 2016, the United States Court of Appeals for the Eleventh Circuit dismissed the appeal as the Plaintiffs failed to timely file their appeal brief. In September 2016, the Board received a demand letter from one of the plaintiffs in the Georgia Federal Derivative Action. The demand letter, among other things, requests that the Board investigate the conduct alleged in the Complaint and implement certain remedial measures purportedly designed to address the alleged conduct. It is expected that the Board will consider the demand letter in due course and in light of the related pending shareholder litigation described herein.

On August 29, 2014, another alleged Galectin shareholder filed a putative shareholder derivative complaint in state court in Las Vegas, Nevada, seeking recovery on behalf of the Company against the same Galectin directors and officers who are named as defendants in the derivative litigation pending in the Georgia Federal Derivative Action. The plaintiff in the Nevada action subsequently filed first and second amended complaints. The second amended complaint alleges claims for breach of fiduciary duties, unjust enrichment, and waste of corporate assets, based on allegations that are substantially similar to those asserted in the Georgia Federal Derivative Action (except that the Nevada action does not allege violations of the federal securities laws and does not assert any claim against the Galectin shareholder named as a defendant in the Georgia Federal Derivative Action), and seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, costs, and attorneys’ and experts’ fees. The Company and defendants filed motions to dismiss the second amended complaint on April 22, 2015. On April 29, 2015, the plaintiffs in the Georgia Federal Derivative Action (the “Intervenor Plaintiffs”) filed a motion to intervene in the Nevada action which, among other things, raised questions regarding the Nevada plaintiff’s standing. Thereafter, the Nevada plaintiff filed a motion to join additional plaintiffs. At a hearing held on June 11, 2015, the Nevada court: (i) granted the Intervenor Plaintiffs’ motion to intervene; (ii) directed the Intervenor Plaintiffs to file a complaint in intervention; (iii) directed the Nevada plaintiff to file a motion for leave to file a further amended complaint to add additional plaintiffs; (iv) stated that the defendants’ motions to dismiss the second amended complaint were denied “at this point;” (v) ordered the Nevada action stayed until December 11 , 2015; and (vi) directed the parties to submit a status report on December 11, 2015, updating the court on the progress and status of the Georgia Federal Derivative Action. On July 9, 2015, pursuant to the Nevada State Court’s instruction, the Intervenor Plaintiffs filed a complaint-in-intervention in Nevada State Court, asserting similar claims to the ones they alleged in the Georgia Federal Derivative Action described above. On December 11, 2015, further to the Nevada State Court’s instruction, the parties submitted status reports detailing the status of the Georgia Federal Derivative Action. On January 5, 2016, the Nevada State Court held a status conference during which the dismissal of the Georgia Federal Derivative Action was discussed. Subsequent to that conference, on January 19, 2016, the defendants filed a motion to dismiss the Nevada State Court litigation based on the dismissal of the similar Georgia Federal Derivative Action, among other grounds. Following full briefing and a hearing on March 3, 2016, the Nevada State Court granted dismissal of the Nevada State Court litigation. Notice of Entry of the Nevada State Court’s order dismissing the Nevada State Court litigation was docketed on June 21, 2016. The Nevada plaintiff and Intervenor Plaintiffs (“Appellants”) have filed notices of appeal seeking review of the Nevada State Court’s dismissal order. It is expected that the appeal will be fully briefed by May 2017.

Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, are in the early stages of the proceedings, and are subject to appeal. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above. Based on information currently available, the Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to the Company’s results of operations or financial condition. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

Other Legal Proceedings

The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable and the related damages are estimable. There are no other pending legal proceedings except as noted above.

Galectin Sciences LLC

12 Months Ended

Dec. 31, 2016

Galectin Sciences LLC

10. Galectin Sciences LLC

In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture co-owned by SBH Sciences, Inc. (“SBH”), to research and develop small organic molecule inhibitors of galectin-3 for oral administration. The LLC was initially capitalized with a $400,000 cash investment to fund future research and development activities, which was provided by the Company, and specific in-process research and development (“IPR&D”) contributed by SBH. The estimated fair value of the IPR&D contributed by SBH, on the date of contribution, was $400,000. Initially, the Company and SBH have a 50% equity ownership interest in the LLC, with neither party having control over the LLC. Accordingly from inception through the fourth quarter of 2014, the Company accounted for its investment in the LLC using the equity method of accounting. Under the equity method of accounting, the Company’s investment was initially recorded at cost with subsequent adjustments to the carrying value to recognize additional investments in or distributions from the Investee, as well as the Company’s share of the Investee’s earnings, losses and/or changes in capital. The estimated fair value of the IPR&D contributed to the LLC was immediately expensed upon contribution as there was no alternative future use available at the point of contribution. The operating agreement provides that if either party does not desire to contribute its equal share of funding required after the initial capitalization, then the other party, providing all of the funding, will have its ownership share increased in proportion to the total amount contributed from inception. In the fourth quarter of 2014, after the LLC had expended the $400,000 in cash, SBH decided not to contribute its share of the funding required. As a result, the Company contributed the $73,000 needed for the fourth quarter of 2014 expenses of the LLC. The Company contributed $659,000 and $687,000 for the LLC expenses in 2016 and 2015, respectively, and SBH contributed $50,000 in 2016. As of December 31, 2016, the Company’s ownership percentage in the LLC was 80.3%. The Company accounts for the interest in the LLC as a consolidated, less than wholly owned subsidiary. Because the LLC’s equity is immaterial, the value of the non-controlling interest is also deemed to be immaterial. The Company’s portion of the LLC’s net loss for 2014, prior to the change in accounting discussed previously, was $400,000, which includes the Company’s proportionate share of the non-cash charge associated with the contributed IPR&D of $200,000.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Taxes

11. Income Taxes

The components of the net deferred tax assets are as follows at December 31:


	2016			2015
	(in thousands)
Operating loss carryforwards	$	44,219		$	37,152
Tax credit carryforwards		1,195			1,195
Other temporary differences		5,707			5,048

		51,121			43,395
Less valuation allowance		(51,121	)		(43,395	)

Net deferred tax asset	$	—		$	—

The primary factors affecting the Company’s income tax rates were as follows:


	2015		2014
Tax benefit at U.S. statutory rates		(34%)		(34%)
State tax benefit		(3.7%)		(5.3%)
Permanent differences		2.3%		5.4%
Expiring state NOL’s		1.6%		1.4%
Changes in valuation allowance		33.8%		32.5%

		0%		0%

As of December 31, 2016, the Company has federal and state net operating loss carryforwards totaling $135,945,000 and $97,530,000 respectively, which expire through 2035. The net operating losses include Federal and State excess benefits related to stock options of $707,000 that will be charged to additional paid-in capital when utilized. In addition, the Company has federal and state research and development credits of $998,000 and $196,000, respectively, which expire through 2034. Ownership changes, as defined by Section 382 of the Internal Revenue Code, may have limited the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income. Subsequent ownership changes could further affect the limitation in future years. Because of the Company’s limited operating history and its recorded losses, management has provided, in each of the last two years, a 100% valuation allowance against the Company’s net deferred tax assets.

The Company is subject to taxation in the U.S. and various states. Based on the history of net operating losses all jurisdictions and tax years are open for examination until the operating losses are utilized or the statute of limitations expires. As of December 31, 2016 and 2015, the Company does not have any significant uncertain tax positions.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2016
Basis of Consolidation	Basis of Consolidation. The consolidated financial statements include the accounts of the Company and Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December 23, 2003 and Galectin Sciences LLC (see Note 10). All intercompany transactions have been eliminated.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management’s estimates and judgments include assumptions used in stock option and warrant liability valuations, useful lives of property and equipment and intangible assets, accrued liabilities, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.
Fair Value Measurements	Fair Value Measurements. The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. There were no Level 2 or 3 assets or liabilities at December 31, 2016 or 2015.
Cash and Cash Equivalents	Cash and Cash Equivalents. The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December 31, 2016 or 2015.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets. Prepaid expenses and other assets consist principally of prepaid insurance.
Property and Equipment	Property and Equipment. Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized using the straight-line method over the estimated useful lives of the related assets of generally three years for computers and office equipment, five years for furniture and fixtures and the shorter of the useful life or life of the lease for leasehold improvements.
Security Deposit	Security Deposit. At December 31, 2016 and 2015, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets.
Intangible Assets	Intangible Assets. Intangible assets include patent costs, consisting primarily of related capitalized legal fees, which are amortized over an estimated useful life of five years from issuance. Amortization expense in 2016 and 2015 was approximately $7,000 and $7,000, respectively. Gross intangible assets at December 31, 2016 and 2015 totaled $78,000 each year, and accumulated amortization at December 31, 2016 and 2015 totaled $76,000 and $69,000, respectively.
Long-Lived Assets	Long-Lived Assets. The Company reviews all long-lived assets for impairment whenever events or circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of assets to be held or used is measured by comparison of the carrying value of the asset to the future undiscounted net cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset exceeds the discounted future cash flows expected to be generated by the asset.
Accrued Expenses	Accrued Expenses. As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include contract service fees in conjunction with clinical trials, professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.
Warrants Modification	Warrants Modification. The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. Certain warrants were accounted for as derivative liabilities at fair value. Such warrants did not meet the accounting criteria that a contract should not be considered a derivative instrument if it is (1) indexed to its own stock and (2) classified in stockholders’ equity. Changes in fair value of derivative liabilities are recorded in the consolidated statement of operations under the caption “Change in fair value of warrant liabilities.” Warrants that are not considered derivative liabilities are accounted for at fair value at the date of issuance in additional paid-in capital. The fair value of warrants was determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. There were no warrant liabilities as of December 31, 2016 or 2015.
Research and Development Expenses	Research and Development Expenses. Costs associated with research and development are expensed as incurred. Research and development expenses include, among other costs, salaries and other personnel-related costs, and costs incurred by outside laboratories and other accredited facilities in connection with clinical trials and preclinical studies.
Income Taxes	Income Taxes. The Company accounts for income taxes in accordance with the accounting rules that requires an asset and liability approach to accounting for income taxes based upon the future expected values of the related assets and liabilities. Deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and for tax loss and credit carry forwards, and are measured using the expected tax rates estimated to be in effect when such basis differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will, more likely than not, be realized.
Concentration of Credit Risk	Concentration of Credit Risk. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and certificates of deposit. The Company maintains cash and cash equivalents and certificates of deposit with well-capitalized financial institutions. At times, those amounts may exceed federally insured limits. The Company has no significant concentrations of credit risk.
Stock-Based Compensation	Stock-Based Compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the service period, which generally represents the vesting period. For awards that have performance based vesting conditions the Company recognizes the expense over the estimated period that the awards are expected to be earned. The Company generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. For options that only vest upon the achievement of market conditions, the Company values the options using a Monte Carlo model to calculate the grant date fair value of the stock options. The expense related to options that vest based on market conditions is not reversed should those options not ultimately vest. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited. Stock options issued to non-employees are accounted for in accordance with the provisions of ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which requires valuing the stock options using an option pricing model (the Company uses Black-Scholes) and measuring such stock options to their current fair value when they vest.
New Accounting Pronouncements	New Accounting Pronouncements. In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The standard applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company has adopted this standard for its year ended December 31, 2016 financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to recognize the most leases on the balance sheet. The provisions of this guidance are effective for the annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on the our financial position or results of operations.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property and Equipment

Property and equipment consists of the following at December 31:


	2016			2015
	(in thousands)
Leasehold improvements	$	2		$	2
Computer and office equipment		13			13
Furniture and fixtures		59			59

Total		74			74
Less accumulated depreciation and amortization		(74	)		(74	)

Property and equipment—net	$	—		$	—

Warrants (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financings and Consultants

Warrant activity is summarized as follows:


Outstanding at December 31, 2014	5,470,995
Issued	3,571,425
Cancelled	(133,834	)
Exercised	—

Outstanding at December 31, 2015	8,908,586

Issued	4,579,710
Cancelled	—
Exercised	—

Outstanding at December 31, 2016	13,488,296

The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2016.


Issued in Connection With	Number Issued		Exercise Price		Exercisable Date		Expiration Date
February 12, 2009 Series B-1 Transaction
$3.00 Investor Warrants—Class B		1,200,000	$	3.00		February 12, 2009		February 12, 2019
May 13, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		600,000	$	3.00		May 13, 2009		May 13, 2019
June 30, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		333,333	$	3.00		June 30, 2009		June 30, 2019
August 12, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		200,000	$	3.00		August 12, 2009		August 12, 2019
September 30, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,666	$	3.00		September 30, 2009		September 30, 2019
November 4, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		206,666	$	3.00		November 4, 2009		November 4, 2019
December 8, 2009 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,667	$	3.00		December 8, 2009		December 8, 2019
January 29, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		216,667	$	3.00		January 29, 2010		January 29, 2020
March 8, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		223,334	$	3.00		March 8, 2010		March 8, 2020
April 30, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		206,667	$	3.00		April 30, 2010		April 30, 2020
May 10, 2010 Series B-2 Transaction
$3.00 Investor Warrants—Class B		380,000	$	3.00		May 10, 2010		May 10, 2020
March 28, 2012 Offering Warrants		1,317,161	$	5.63		March 28, 2012		March 28, 2017
October 30, 2014 Consultant Warrants		20,000	$	5.45		October 30, 2014		October 30, 2017
November 25, 2015 Offering Warrants		3,571,425	$	2.50		May 25, 2016		May 25, 2021
September 22, 2016 Series B-3 Transaction
$3.00 Investor Warrants		698,158	$	3.00		September 22, 2016		September 22, 2023
September 29, 2016 Series B-3 Transaction
$3.00 Investor Warrants		846,100	$	3.00		September 29, 2016		September 29, 2023
December 22, 2016 Private placement warrants		1,466,204	$	5.00		December 22, 2016		December 23, 2023
December 23, 2016 Series B-3 Transaction
$3.00 Investor Warrants		924,780	$	3.00		December 23, 2016		December 23, 2023
December 28, 2016 Private placement warrants		644,468	$	5.00		December 28, 2016		December 28, 2023

Total outstanding warrants		13,488,296

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants

Following is the stock-based compensation expense related to common stock options, restricted common stock and common stock warrants:


	Year Ended December 31,
	2016		2015
Research and development	$	831	$	1,018
General and administrative		1,648		2,382

Total stock-based compensation expense	$	2,479	$	3,400

Weighted Average Assumptions Used to Determine Fair Value of Options Granted

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:


	2016			2015
Risk-free interest rate		1.49	%		1.65	%
Expected life of the options		6 years			6 years
Expected volatility of the underlying stock		96	%		101	%
Expected dividend rate		0	%		0	%

Summary of Stock Option Activity

The following table summarizes the stock option activity in the stock based compensation plans:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2014		3,332,617		$	5.79
Granted		454,000			3.23
Forfeited/Cancelled		(348,718	)		4.42
Exercised		(95,574	)		1.80

Outstanding, December 31, 2015		3,342,325		$	5.70
Granted		1,434,750			0.97
Forfeited/Cancelled		(120,187	)		3.41
Exercised		—			—

Outstanding, December 31, 2016		4,656,888		$	4.30		6.83	$	120

Exercisable, December 31, 2016		3,384,238		$	5.44		5.78	$	22

Summary of Additional Information Regarding Outstanding and Exercisable Options under Stock Based Compensation Plans

The following table summarizes additional information regarding outstanding and exercisable options under our stock based compensation plans at December 31, 2016:


	Options Outstanding						Options Exercisable
Exercise Price (Range)	Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
			(in years)
$0.87 – 1.00		1,157,250		9.9	$	0.88		206,250	$	0.88
$1.37 – 1.83		341,668		8.2		1.45		197,147		1.51
$2.08 – 2.79		810,000		6.0		2.28		703,999		2.21
$3.45 – 4.41		564,517		7.3		3.82		498,712		3.87
$6.24 – 7.56		1,466,953		4.2		6.99		1,466,953		7.00
$13.38		316,500		7.0		13.38		311,177		13.38

		4,656,888		6.8	$	4.30		3,384,238	$	5.44

Summary of Restricted Stock Grant Activity

The following table summarizes the restricted stock grant activity in the Company’s equity incentive plans from December 31, 2014 through December 31, 2016:


	Shares
Outstanding, December 31, 2014		416,670
Granted		337,935
Exercised		—
Options forfeited/cancelled		—

Outstanding, December 31, 2015		754,605
Granted		—
Exercised		—
Options forfeited/cancelled		—

Outstanding, December 31, 2016		754,605

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Computation of Diluted Net Loss Per Share does not Assume Issuance of Common Shares that have an Anti-dilutive Effect on Net Loss Per Share

The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.


	Year Ended December 31,
	(in thousands, except share and per share amounts)
	2016			2015
Net loss	$	(21,436	)	$	(20,027	)
Preferred stock dividends		(741	)		(868	)
Preferred stock accretion		(173	)		(229	)

Net loss applicable to common stockholders	$	(22,350	)	$	(21,124	)

Basic and diluted net loss per share	$	(0.76	)	$	(0.88	)
Shares used in computing basic and diluted net loss per share		29,216			24,120

Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation


	Year Ended December 31,
	2016 (Shares)		2015 (Shares)
Warrants to purchase shares of common stock		13,488,296		8,908,586
Options to purchase shares of common stock		4,656,888		3,342,325
Shares of common stock issuable upon conversion preferred stock		4,312,282		2,522,936

		22,457,466		14,807,681

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Future Minimum Payments of Operating Lease

Future minimum payments under this lease as of December 31, 2016 are as follows (in thousands):


Year ended December 31,
2017		41

Total	$	41

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Net Deferred Tax Assets

The components of the net deferred tax assets are as follows at December 31:


	2016			2015
	(in thousands)
Operating loss carryforwards	$	44,219		$	37,152
Tax credit carryforwards		1,195			1,195
Other temporary differences		5,707			5,048

		51,121			43,395
Less valuation allowance		(51,121	)		(43,395	)

Net deferred tax asset	$	—		$	—

Primary Factors Affecting Income Tax Rates

The primary factors affecting the Company’s income tax rates were as follows:


	2015		2014
Tax benefit at U.S. statutory rates		(34%)		(34%)
State tax benefit		(3.7%)		(5.3%)
Permanent differences		2.3%		5.4%
Expiring state NOL’s		1.6%		1.4%
Changes in valuation allowance		33.8%		32.5%

		0%		0%

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($)			3 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 30, 2010	Mar. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 25, 2015	Dec. 31, 2014
Basis of Presentation [Line Items]
Unrestricted cash and cash equivalents				$ 15,362,000	$ 25,846,000		$ 29,128,000
Warrants issued		500		2,110,672		3,571,425
Warrants issued, per share price						$ 2.50
Net proceeds from issuance of common stock				$ 5,925,000	$ 13,701,000	$ 9,130,000
Shares of common stock issued				2,814,000		4,761,900
Proceeds from sale of common stock				$ 3,000,000
Subsequent Event
Basis of Presentation [Line Items]
Warrants issued	76,776
Warrants issued, per share price	$ 5.00
Net proceeds from issuance of common stock			$ 1,247,000
Shares of common stock issued	102,368
Proceeds from sale of common stock	$ 200,000

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Cash equivalents	$ 0	$ 0
Security deposit for leased office space	$ 6,000	6,000
Estimated useful lives of intangible assets	5 years
Amortization expense of intangible assets	$ 7,000	7,000
Gross intangible assets	78,000	78,000
Accumulated amortization of intangible assets	76,000	69,000
Level 2
Significant Accounting Policies [Line Items]
Fair value of assets	0	0
Fair value of liabilities	0	0
Level 3
Significant Accounting Policies [Line Items]
Fair value of assets	0	0
Fair value of liabilities	$ 0	$ 0
Computer and office equipment
Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Furniture and fixtures
Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	5 years

Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 74	$ 74
Less accumulated depreciation and amortization	(74)	(74)
Property and equipment-net	0	0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2	2
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13	13
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59	$ 59

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 0	$ 1,000

Accrued Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Accrued Liabilities [Line Items]
Legal and accounting fees	$ 14	$ 123
Accrued compensation	614	626
Accrued research and development costs and other	2,174	96
Total	$ 2,802	$ 845

Stockholders' Equity - Additional Information (Detail)							1 Months Ended			12 Months Ended										16 Months Ended
Stockholders' Equity - Additional Information (Detail)	Dec. 23, 2016 USD ($) shares	Sep. 22, 2016 USD ($) shares	Dec. 30, 2010 USD ($) $ / shares shares	Feb. 12, 2009 USD ($) shares	May 21, 2008 USD ($)	Feb. 04, 2008 USD ($) $ / shares shares	Jan. 31, 2014 USD ($) shares	Jul. 31, 2011 shares	Jan. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) Director $ / shares shares	Dec. 31, 2015 USD ($) shares	Nov. 25, 2015 USD ($) Investors $ / shares shares	Dec. 31, 2014 shares	Dec. 31, 2013 USD ($) shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)	Dec. 31, 2007 USD ($)	May 31, 2010 USD ($) shares	Oct. 31, 2014 $ / shares	Mar. 30, 2014 USD ($)	Dec. 29, 2010 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized										50,000,000	50,000,000
Undesignated stock, shares authorized										20,000,000	20,000,000
Series A 12% convertible preferred stock, shares authorized										5,000,000
Undesignated stock, undesignated										5,999,000
Shares of common stock issued										2,814,000		4,761,900
Net proceeds from issuance of common stock \| $										$ 5,925,000	$ 13,701,000	$ 9,130,000
Number of institutional investors \| Investors												3
Price of common stock per share \| $ / shares												$ 2.06
Warrants issued			500							2,110,672		3,571,425
Warrants issued, per share price \| $ / shares												$ 2.50
Warrants exercisable beginning date												May 25, 2016
Warrants expiration date												May 25, 2021
Fair value of warrants \| $						$ 984,000						$ 5,893,000
Fair market value of common stock per share \| $ / shares						$ 3.54				$ 0.98		$ 2.28
Fair value assumptions, term of warrants										7 years		5 years 6 months
Fair value assumptions, volatility rate						95.00%				96.00%		93.00%
Fair value assumptions, risk free interest rate						2.51%				1.90%		1.84%
Proceeds from sale of common stock \| $										$ 3,000,000
Exercise price of warrant \| $ / shares			$ 7.20			$ 9.00				$ 5.00
Issuance of warrants, value \| $										$ 1,258,000
Warrants issued						1,400
Change in fair value of warrant liabilities \| $					$ 100,000
Warrant liability credited to additional paid in capital \| $					$ 502,000
Warrants issuable				6,000,000
Aggregate stated value and proceeds \| $	$ 1,008,000	$ 1,500,000
Private Placement 2016
Class of Stock [Line Items]
Fair market value of common stock per share \| $ / shares										$ 0.97
Series B Warrants
Class of Stock [Line Items]
Exercise price of warrant \| $ / shares															$ 3.00
Series A One Warrant
Class of Stock [Line Items]
Number of consecutive trading days															15 days
Market value of common stock \| $ / shares															$ 7.50
Cash proceeds from warrant exercises \| $															$ 3,000,000
Series A Two Warrant
Class of Stock [Line Items]
Market value of common stock \| $ / shares															$ 10.50
Cash proceeds from warrant exercises \| $							$ 1,500,000							$ 1,500,000
Number of warrants exercised							500,000								500,000
Series B Directors
Class of Stock [Line Items]
Number of board of directors \| Director										2
Series B Nominees
Class of Stock [Line Items]
Number of board of directors \| Director										3
Additional Paid-In Capital
Class of Stock [Line Items]
Aggregate stated value and proceeds \| $	394,000	890,000
Warrant
Class of Stock [Line Items]
Exercise price of warrant \| $ / shares																					$ 5.45
Stock issuance costs \| $						$ 3,000
Termination notice period															30 days
Number of warrants exercised										0	0
Common Stock
Class of Stock [Line Items]
Shares of common stock issued										329,234	6,059,116
Conversion of Series A to common stock											4,167		56,721
Series B-3 8% convertible preferred stock
Class of Stock [Line Items]
Series A 12% convertible preferred stock, shares authorized										6,000,000
Fair value of warrants \| $	$ 658,000	$ 2,262,000
Fair value assumptions, term of warrants	7 years	7 years
Fair value assumptions, volatility rate	96.00%	95.00%
Fair value assumptions, risk free interest rate	2.35%	1.42%
Exercise price of warrant \| $ / shares										$ 3.00
Preferred stock, dividend rate										8.00%
Aggregate stated value and proceeds \| $	$ 614,000	$ 610,000
Number of common stock issued upon conversion										1,789,346
Liquidation preference per share after series A preferred stock \| $ / shares										$ 1
Fair value assumptions, dividend rate	0.00%	0.00%
Embedded beneficial conversion feature \| $	$ (310,000)	$ (991,000)
Series B-1 12% convertible preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized										900,000
Shares of common stock issued																				900,000
Warrants issued																				1,800,000
Fair value of warrants \| $											$ 1,296,000
Fair value assumptions, term of warrants											5 years
Fair value assumptions, volatility rate											118.00%
Fair value assumptions, risk free interest rate											1.79%
Preferred stock issuable				3,000,000
Preferred stock value \| $				$ 6,000,000
Common shares issuable upon conversion of preferred stock				2,000,000
Fair value assumptions, dividend rate											0.00%
Series B-1 12% convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Proceeds from issuance of equity \| $											$ 1,105,000
Series B-2 12% convertible preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized										2,100,000
Shares of common stock issued																				2,100,000
Warrants issued																				4,200,000
Fair value of warrants \| $																$ 4,148,000	$ 5,333,000
Fair value assumptions, term of warrants																5 years	5 years
Proceeds from issuance of equity \| $																				$ 5,483,000
Preferred stock issuable				3,000,000
Preferred stock value \| $				$ 6,000,000
Common shares issuable upon conversion of preferred stock				2,000,000
Fair value assumptions, dividend rate																0.00%	0.00%
Series B-2 12% convertible preferred stock \| Maximum
Class of Stock [Line Items]
Fair value assumptions, volatility rate																129.00%	127.00%
Fair value assumptions, risk free interest rate																2.43%	2.70%
Series B-2 12% convertible preferred stock \| Minimum
Class of Stock [Line Items]
Fair value assumptions, volatility rate																126.00%	124.00%
Fair value assumptions, risk free interest rate																2.27%	1.98%
Series B-2 12% convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Proceeds from issuance of equity \| $																$ 1,028,000	$ 1,732,000
Series B-2 12% convertible preferred stock \| Beneficial Conversion Feature
Class of Stock [Line Items]
Proceeds from issuance of equity \| $																$ 388,000	$ 628,000
Series C super dividend convertible preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized										1,000	1,000												1,000
Shares of common stock issued			212						13
Fair market value of common stock per share \| $ / shares															$ 3.00
Preferred stock, dividend rate															6.00%
Stock price per share \| $ / shares			$ 10,000						$ 10,000
Number of consecutive trading days prior to dividend payment date															10 days
Number of consecutive trading days for conversion of preferred stock															15 days
Stock issuance costs \| $			$ 47,000
Common shares issuable upon conversion of preferred stock															1,667
Aggregate stated value and proceeds \| $			2,120,000						$ 130,000
Convertible stock conversion price \| $ / shares															$ 6.00
Liquidation preference per share after series A preferred stock \| $ / shares															$ 10,000
Preferred stock, par value \| $ / shares																							$ 0.01
Preferred stock, stated value \| $ / shares																							$ 10,000
Proceeds from issuance of preferred stock, net \| $			$ 2,073,000
Convertible preferred shares								5		176	176		20	24
Common stocks issued upon conversion of Preferred Stock								8,334		293,340	293,340		33,756	40,193
Post conversion dividend rights issued								5					20	24
Post conversion redemption right, return on investment multiplier amount \| $															$ 10,000
Preferred stock redemption price \| $ / shares															$ 3.00
Number of trading days ending immediately prior to the date of redemption															10 days
Convertible preferred stock, redemption value \| $										$ 7,262,000
Series C super dividend convertible preferred stock \| First Payment
Class of Stock [Line Items]
Dividend payable date															--03-31
Series C super dividend convertible preferred stock \| Second Payment
Class of Stock [Line Items]
Dividend payable date															--09-30
Series C super dividend convertible preferred stock \| Series A Preferred Stock
Class of Stock [Line Items]
Dividend as percentage of net sales															2.50%
Series C super dividend convertible preferred stock \| Series B One Preferred Stock
Class of Stock [Line Items]
Dividend as percentage of net sales															1.25%
Series C super dividend convertible preferred stock \| Maximum
Class of Stock [Line Items]
Convertible preferred stock dividend \| $															$ 100,000
Redemption period															30 days
Series C super dividend convertible preferred stock \| Minimum
Class of Stock [Line Items]
Minimum closing price of the common stock to require conversion \| $ / shares															$ 18.00
Series C super dividend convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Convertible preferred stock dividend \| $										$ (38,000)	$ (101,000)
Series B-2 12% convertible preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized										6,000,000
Series A 12% convertible preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate						12.00%									12.00%
Stock price per share \| $ / shares						$ 6.00
Share of Series A Preferred in each unit issued						1
Number of warrant to purchase one share of common stock in each unit issued						1
Dividend, percentage of value weighted average share price						10000.00%
Number of consecutive trading days prior to dividend payment date						20 days
Convertible stock conversion ratio						0.1667
Number of consecutive trading days for conversion of preferred stock						15 days
Subscription advances received \| $																		$ 1,742,500
Stock issuance costs \| $						$ 52,000
Proceeds from issuance of equity \| $						$ 1,691,000
Conversion of Series A to common stock											25,000		340,000
Series A 12% convertible preferred stock \| Scenario 1
Class of Stock [Line Items]
Stock price per share \| $ / shares						$ 9.00
Series A 12% convertible preferred stock \| Scenario 2
Class of Stock [Line Items]
Stock price per share \| $ / shares						$ 12.00
Series A 12% convertible preferred stock \| First Payment
Class of Stock [Line Items]
Dividend payable date						--03-30
Series A 12% convertible preferred stock \| Second Payment
Class of Stock [Line Items]
Dividend payable date						--09-30
Series A 12% convertible preferred stock \| Period 1
Class of Stock [Line Items]
Subscription advances received \| $																			$ 1,667,500
Series A 12% convertible preferred stock \| Period 2
Class of Stock [Line Items]
Subscription advances received \| $																		$ 75,000
Series A 12% convertible preferred stock \| Minimum
Class of Stock [Line Items]
Dividend per share \| $ / shares						$ 6.00
Minimum closing price of the common stock to require conversion \| $ / shares						$ 18.00
Series A 12% convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Convertible preferred stock dividend \| $										$ (34,000)	$ (80,000)
Series A 12% convertible preferred stock \| Common Stock
Class of Stock [Line Items]
Conversion of Series A to common stock											4,167
Series B-1 12% convertible preferred stock
Class of Stock [Line Items]
Series A 12% convertible preferred stock, shares authorized										900,000
Preferred stock, dividend rate										12.00%
Convertible stock conversion ratio										0.667
Convertible stock conversion price \| $ / shares										$ 3.00
Liquidation preference per share after series A preferred stock \| $ / shares										$ 2
Series B-1 12% convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Convertible preferred stock dividend \| $										$ (192,000)
Series B-2 12% convertible preferred stock
Class of Stock [Line Items]
Series A 12% convertible preferred stock, shares authorized										2,100,000
Preferred stock, dividend rate										12.00%
Convertible stock conversion ratio										0.667
Convertible stock conversion price \| $ / shares										$ 3.00
Liquidation preference per share after series A preferred stock \| $ / shares										$ 2
Series B-2 12% convertible preferred stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Convertible preferred stock dividend \| $										$ (446,000)
Series B-2 12% convertible preferred stock \| Common Stock
Class of Stock [Line Items]
Convertible preferred stock dividend \| $										$ (1,000)
Series B redeemable convertible preferred stock
Class of Stock [Line Items]
Dividend, percentage of value weighted average share price										100.00%
Number of consecutive trading days prior to dividend payment date										20 days
Dividends accrue rate										15.00%
B Three Securities Purchase Agreement
Class of Stock [Line Items]
Warrants to purchase common stock issued in agreeing not to sell any share for 18 months		875,000
B Three Securities Purchase Agreement \| Maximum
Class of Stock [Line Items]
Warrants to purchase common stock		669,262
B Three Securities Purchase Agreement \| Series B-3 8% convertible preferred stock
Class of Stock [Line Items]
Number of shares agreed to issue and sell		1,500,000
Aggregate stated value and proceeds \| $		$ 1,500,000
Number of common stock issued upon conversion		892,349
2014 At Market Agreement
Class of Stock [Line Items]
Aggregate offering price \| $																						$ 30,000,000
Commission to sales agent as a percentage of gross proceeds																						3.00%
Shares of common stock issued										329,234	1,297,216
Net proceeds from issuance of common stock \| $										$ 416,000	$ 4,571,000
Amended B Three Securities Purchase Agreement \| Maximum
Class of Stock [Line Items]
Warrants to purchase common stock	924,780
Amended B Three Securities Purchase Agreement \| Series B-3 8% convertible preferred stock
Class of Stock [Line Items]
Number of shares agreed to issue and sell	1,008,000
Aggregate stated value and proceeds \| $	$ 1,000,000
Number of common stock issued upon conversion	896,997

Return on Investment (Detail)	12 Months Ended
Return on Investment (Detail)	Dec. 31, 2016	Dec. 31, 2011
Period 1
Class of Stock [Line Items]
ROI Percentage		200.00%
Redemption date	before the second anniversary of the date of issuance;
Period 2
Class of Stock [Line Items]
ROI Percentage		250.00%
Redemption date	on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance;
Period 3
Class of Stock [Line Items]
ROI Percentage		300.00%
Redemption date	on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance;
Period 4
Class of Stock [Line Items]
ROI Percentage		350.00%
Redemption date	on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance;
Period 5
Class of Stock [Line Items]
ROI Percentage		400.00%
Redemption date	on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance;
Period 6
Class of Stock [Line Items]
ROI Percentage		450.00%
Redemption date	on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance;
Period 7
Class of Stock [Line Items]
ROI Percentage		500.00%
Redemption date	on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and
Period 8
Class of Stock [Line Items]
ROI Percentage		550.00%
Redemption date	on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.

Summary of Warrant Activity (Detail) - Warrant - shares	12 Months Ended
Summary of Warrant Activity (Detail) - Warrant - shares	Dec. 31, 2016	Dec. 31, 2015
Shares
Beginning Balance	8,908,586	5,470,995
Issued	4,579,710	3,571,425
Cancelled		(133,834)
Exercised	0	0
Ending Balance	13,488,296	8,908,586

Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financing and Consultants (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Nov. 25, 2015	Dec. 30, 2010	Feb. 04, 2008
Equity [Line Items]
Number Issued	13,488,296
Exercise Price	$ 5.00		$ 7.20	$ 9.00
Exercisable Date		May 25, 2016
Expiration Date		May 25, 2021
February 12, 2009 Series B-1 Transaction
Equity [Line Items]
Number Issued	1,200,000
Exercise Price	$ 3.00
Exercisable Date	Feb. 12, 2009
Expiration Date	Feb. 12, 2019
May 13, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	600,000
Exercise Price	$ 3.00
Exercisable Date	May 13, 2009
Expiration Date	May 13, 2019
June 30, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	333,333
Exercise Price	$ 3.00
Exercisable Date	Jun. 30, 2009
Expiration Date	Jun. 30, 2019
August 12, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	200,000
Exercise Price	$ 3.00
Exercisable Date	Aug. 12, 2009
Expiration Date	Aug. 12, 2019
September 30, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	216,666
Exercise Price	$ 3.00
Exercisable Date	Sep. 30, 2009
Expiration Date	Sep. 30, 2019
November 4, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	206,666
Exercise Price	$ 3.00
Exercisable Date	Nov. 04, 2009
Expiration Date	Nov. 04, 2019
December 8, 2009 Series B-2 Transaction
Equity [Line Items]
Number Issued	216,667
Exercise Price	$ 3.00
Exercisable Date	Dec. 08, 2009
Expiration Date	Dec. 08, 2019
January 29, 2010 Series B-2 Transaction
Equity [Line Items]
Number Issued	216,667
Exercise Price	$ 3.00
Exercisable Date	Jan. 29, 2010
Expiration Date	Jan. 29, 2020
March 8, 2010 Series B-2 Transaction
Equity [Line Items]
Number Issued	223,334
Exercise Price	$ 3.00
Exercisable Date	Mar. 08, 2010
Expiration Date	Mar. 08, 2020
April 30, 2010 Series B-2 Transaction
Equity [Line Items]
Number Issued	206,667
Exercise Price	$ 3.00
Exercisable Date	Apr. 30, 2010
Expiration Date	Apr. 30, 2020
May 10, 2010 Series B-2 Transaction
Equity [Line Items]
Number Issued	380,000
Exercise Price	$ 3.00
Exercisable Date	May 10, 2010
Expiration Date	May 10, 2020
October 30, 2014 Consultant Warrants
Equity [Line Items]
Number Issued	20,000
Exercise Price	$ 5.45
Exercisable Date	Oct. 30, 2014
Expiration Date	Oct. 30, 2017
November 25, 2015 Offering Warrants
Equity [Line Items]
Number Issued	3,571,425
Exercise Price	$ 2.50
Exercisable Date	May 25, 2016
Expiration Date	May 25, 2021
September 22, 2016 Series B-3 Transaction
Equity [Line Items]
Number Issued	698,158
Exercise Price	$ 3.00
Exercisable Date	Sep. 22, 2016
Expiration Date	Sep. 22, 2023
September 29, 2016 Series B-3 Transaction
Equity [Line Items]
Number Issued	846,100
Exercise Price	$ 3.00
Exercisable Date	Sep. 29, 2016
Expiration Date	Sep. 29, 2023
September 29, 2016 Series B-3 Transaction
Equity [Line Items]
Number Issued	1,466,204
Exercise Price	$ 5.00
Exercisable Date	Dec. 22, 2016
Expiration Date	Dec. 23, 2023
December 23, 2016 Series B-3 Transaction
Equity [Line Items]
Number Issued	924,780
Exercise Price	$ 3.00
Exercisable Date	Dec. 23, 2016
Expiration Date	Dec. 23, 2023
December 28, 2016 Private Placement Warrants
Equity [Line Items]
Number Issued	644,468
Exercise Price	$ 5.00
Exercisable Date	Dec. 28, 2016
Expiration Date	Dec. 28, 2023
March 28, 2012 Offering Warrants
Equity [Line Items]
Number Issued	1,317,161
Exercise Price	$ 5.63
Exercisable Date	Mar. 28, 2012
Expiration Date	Mar. 28, 2017

Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financing and Consultants (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Nov. 25, 2015
Equity [Line Items]
Warrant issued price per share		$ 2.50
February 12, 2009 Series B-1 Transaction
Equity [Line Items]
Warrant issuance date	Feb. 12, 2009
Warrant issued price per share	$ 3.00
May 13, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	May 13, 2009
Warrant issued price per share	$ 3.00
June 30, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Jun. 30, 2009
Warrant issued price per share	$ 3.00
August 12, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Aug. 12, 2009
Warrant issued price per share	$ 3.00
September 30, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Sep. 30, 2009
Warrant issued price per share	$ 3.00
November 4, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Nov. 04, 2009
Warrant issued price per share	$ 3.00
December 8, 2009 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Dec. 08, 2009
Warrant issued price per share	$ 3.00
January 29, 2010 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Jan. 29, 2010
Warrant issued price per share	$ 3.00
March 8, 2010 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Mar. 08, 2010
Warrant issued price per share	$ 3.00
April 30, 2010 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	Apr. 30, 2010
Warrant issued price per share	$ 3.00
May 10, 2010 Series B-2 Transaction
Equity [Line Items]
Warrant issuance date	May 10, 2010
Warrant issued price per share	$ 3.00
October 30, 2014 Consultant Warrants
Equity [Line Items]
Warrant issuance date	Oct. 30, 2014
November 25, 2015 Offering Warrants
Equity [Line Items]
Warrant issuance date	Nov. 25, 2015
September 22, 2016 Series B-3 Transaction
Equity [Line Items]
Warrant issuance date	Sep. 22, 2016
Warrant issued price per share	$ 3.00
September 29, 2016 Series B-3 Transaction
Equity [Line Items]
Warrant issuance date	Sep. 29, 2016
Warrant issued price per share	$ 3.00
September 29, 2016 Series B-3 Transaction
Equity [Line Items]
Warrant issuance date	Dec. 22, 2016
December 23, 2016 Series B-3 Transaction
Equity [Line Items]
Warrant issuance date	Dec. 23, 2016
Warrant issued price per share	$ 3.00
December 28, 2016 Private Placement Warrants
Equity [Line Items]
Warrant issuance date	Dec. 28, 2016

Warrants - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
Warrants - Additional Information (Detail) - USD ($)	Mar. 28, 2012	Feb. 04, 2008	Oct. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Nov. 25, 2015	Dec. 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrant		$ 9.00		$ 5.00			$ 7.20
Expected life				6 years	6 years
Expected volatility of the underlying stock				96.00%	101.00%
Risk-free interest rate				1.49%	1.65%
Expected dividend rate				0.00%	0.00%
Stock-based compensation expense				$ 2,479,000	$ 3,400,000
Shares of common stock issued				2,814,000		4,761,900
Warrant issued price per share						$ 2.50
Fair value assumptions, term of warrants				7 years		5 years 6 months
Fair value assumptions, volatility rate		95.00%		96.00%		93.00%
Fair value assumptions, risk free interest rate		2.51%		1.90%		1.84%
Outstanding Warrants				13,488,296
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase shares of common stock			20,000
Exercise price of warrant			$ 5.45
Value of warrants			$ 76,000
Expected life			3 years
Expected volatility of the underlying stock			117.00%
Risk-free interest rate			0.91%
Expected dividend rate			0.00%
Stock-based compensation expense			$ 76,000
Warrant Fourteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued	1,333,361
Shares of common stock issued	2,666,722
Warrants to purchase shares of common stock issued	1,333,361
Warrant issued price per share	$ 5.63
Gross proceeds from issuance of warrants	$ 12,000,000
Net cash proceeds from issuance of warrants	10,403,000
Value of warrants	$ 4,445,000
Fair value assumptions, warrants exercise price	$ 4.20
Fair value assumptions, term of warrants	5 years
Fair value assumptions, volatility rate	119.00%
Fair value assumptions, risk free interest rate	1.05%
Outstanding Warrants				1,317,161
Warrants expiration date				Mar. 28, 2017

Stock-Based Compensation - Additional Information (Detail)			1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 08, 2015 USD ($) Director shares	Mar. 12, 2015 USD ($) Director shares	Oct. 31, 2015 shares	May 31, 2015 USD ($) Director shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Nov. 25, 2015 $ / shares	Dec. 31, 2014 shares	May 31, 2014 shares	Feb. 08, 2009 shares	Feb. 04, 2008 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-plan grants outstanding					3,342,325	4,656,888	3,342,325		3,332,617
Expected life						6 years	6 years
Expected dividend yield used in the option valuation model						0.00%	0.00%
Common stock price \| $ / shares						$ 0.98		$ 2.28				$ 3.54
Weighted-average grant-date fair values of options granted \| $ / shares						$ 0.97	$ 2.57
Unvested option					801,026	1,272,650	801,026
Unrecognized compensation cost \| $						$ 1,194,000
Unrecognized compensation cost, recognition period						1 year 1 month 21 days
Number of shares issued upon stock options exercised							95,574
Options vested						963,126	535,692
Total fair value of options vested \| $						$ 3,682,000	$ 2,753,000
Stock-based compensation expense \| $						$ 2,479,000	$ 3,400,000
Non Qualified Options Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-plan stock option grants to employees and non-employees						1,477,379
Non-plan grants outstanding						1,416,669
Incentive Compensation Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock for issuance upon exercise of grants										4,733,334	3,333,334
Stock awards, available for future grant						166
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life						5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life						10 years
Consultant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock options granted, shares			30,000
Fair market value of shares \| $					$ 71,000
Stock-based compensation expense \| $					$ 71,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted	177,618	81,352					337,935
Non-cash stock-based compensation expense to be recognized \| $	$ 0
Restricted stock awards cancelled	222,615
Restricted Stock \| Non Employees Seven Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted		77,784
Number of non-employee directors \| Director		7
Non-cash stock-based compensation expense to be recognized \| $		$ 280,000
Share based compensation, cliff vest in full date		Dec. 15, 2016
Restricted Stock \| Non Employees Two Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted		3,568
Number of non-employee directors \| Director		2
Non-cash stock-based compensation expense to be recognized \| $		$ 12,845
Share based compensation, cliff vest in full date		Dec. 15, 2016
Restricted Stock \| Non Employee Board Of Directors Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted	71,378
Number of non-employee directors \| Director	1
Non-cash stock-based compensation expense to be recognized \| $	$ 236,975
Share based compensation, cliff vest in full date	Dec. 15, 2016
Restricted Stock \| Non Employee Board Of Directors Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted	7,587			7,587
Number of non-employee directors \| Director	4			4
Non-cash stock-based compensation expense to be recognized \| $	$ 23,500			$ 23,500
Share based compensation, cliff vest in full date	Dec. 15, 2016			Dec. 15, 2016
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued upon stock options exercised							95,574
Stock options exercised \| $							$ 146,000
Proceeds from exercise of stock options \| $							0
Number of stock options exercised \| $							212,501
Intrinsic value of options exercised \| $						$ 0	$ 313,000
Stock Options \| Cashless
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued upon stock options exercised							95,574

Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,479	$ 3,400
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	831	1,018
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,648	$ 2,382

Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.49%	1.65%
Expected life of the options	6 years	6 years
Expected volatility of the underlying stock	96.00%	101.00%
Expected dividend rate	0.00%	0.00%

Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Shares
Beginning Balance	3,342,325	3,332,617
Granted	1,434,750	454,000
Forfeited/Cancelled	(120,187)	(348,718)
Exercised		(95,574)
Ending Balance	4,656,888	3,342,325
Exercisable, December 31, 2016	3,384,238
Weighted Average Exercise Price
Beginning Balance	$ 5.70	$ 5.79
Granted	0.97	3.23
Forfeited/Cancelled	3.41	4.42
Exercised		1.80
Ending Balance	4.30	$ 5.70
Exercisable, December 31, 2016	$ 5.44
Weighted Average Remaining Contractual Life (Years)
Outstanding, December 31, 2016	6 years 9 months 29 days
Exercisable, December 31, 2016	5 years 9 months 11 days
Stock Options Aggregate Intrinsic Value
Outstanding, December 31, 2016	$ 120
Exercisable, December 31, 2016	$ 22

Summary of Additional Information Regarding Outstanding and Exercisable Options under Stock Based Compensation Plans (Detail)	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Number of Shares \| shares	4,656,888
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 9 months 29 days
Options Outstanding, Weighted Average Exercise Price	$ 4.30
Options Exercisable, Number of Shares \| shares	3,384,238
Options Exercisable, Weighted Average Exercise Price	$ 5.44
$0.87-$1.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	0.87
Maximum Exercise Price	$ 1.00
Options Outstanding, Number of Shares \| shares	1,157,250
Options Outstanding, Weighted Average Remaining Contractual Life	9 years 10 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 0.88
Options Exercisable, Number of Shares \| shares	206,250
Options Exercisable, Weighted Average Exercise Price	$ 0.88
$1.37-$1.83
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	1.37
Maximum Exercise Price	$ 1.83
Options Outstanding, Number of Shares \| shares	341,668
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 1.45
Options Exercisable, Number of Shares \| shares	197,147
Options Exercisable, Weighted Average Exercise Price	$ 1.51
$2.08-$2.79
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	2.08
Maximum Exercise Price	$ 2.79
Options Outstanding, Number of Shares \| shares	810,000
Options Outstanding, Weighted Average Remaining Contractual Life	6 years
Options Outstanding, Weighted Average Exercise Price	$ 2.28
Options Exercisable, Number of Shares \| shares	703,999
Options Exercisable, Weighted Average Exercise Price	$ 2.21
$3.45 - $4.41
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	3.45
Maximum Exercise Price	$ 4.41
Options Outstanding, Number of Shares \| shares	564,517
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 3.82
Options Exercisable, Number of Shares \| shares	498,712
Options Exercisable, Weighted Average Exercise Price	$ 3.87
$6.24-$7.56
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	6.24
Maximum Exercise Price	$ 7.56
Options Outstanding, Number of Shares \| shares	1,466,953
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 6.99
Options Exercisable, Number of Shares \| shares	1,466,953
Options Exercisable, Weighted Average Exercise Price	$ 7.00
$13.38
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Exercise Price	$ 13.38
Options Outstanding, Number of Shares \| shares	316,500
Options Outstanding, Weighted Average Remaining Contractual Life	7 years
Options Outstanding, Weighted Average Exercise Price	$ 13.38
Options Exercisable, Number of Shares \| shares	311,177
Options Exercisable, Weighted Average Exercise Price	$ 13.38

Summary of Restricted Stock Grant Activity (Detail) - Restricted Stock - shares			12 Months Ended
	Apr. 08, 2015	Mar. 12, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance			754,605	416,670
Granted	177,618	81,352		337,935
Exercised			0	0
Options forfeited/cancelled			0	0
Ending Balance			754,605	754,605

Computation of Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net loss	$ (21,436)	$ (20,027)
Preferred stock dividends	(741)	(868)
Preferred stock accretion	(173)	(229)
Net loss applicable to common stockholders	$ (22,350)	$ (21,124)
Basic and diluted net loss per share	$ (0.76)	$ (0.88)
Shares used in computing basic and diluted net loss per share	29,216	24,120

Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	22,457,466	14,807,681
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	13,488,296	8,908,586
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	4,656,888	3,342,325
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	4,312,282	2,522,936

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended		12 Months Ended
	Aug. 06, 2014 LegalMatter	Jun. 30, 2014 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Commitment And Contingencies [Line Items]
Rent expense under operating leases				$ 50,000	$ 47,000
Number of putative class action complaints filed \| LegalMatter	3
Norcross
Commitment And Contingencies [Line Items]
Operating lease agreements, period			26 months
Operating lease agreements, Expiry date		Nov. 30, 2017	Nov. 30, 2014
Base rent		$ 3,300	$ 3,000
Operating lease agreements, Security Deposit			$ 6,000

Future Minimum Payments of Operating Lease (Detail) $ in Thousands	Dec. 31, 2016 USD ($)
Operating Leased Assets [Line Items]
2017	$ 41
Total	$ 41

Galectin Science LLC - Additional Information (Detail) - Galectin Sciences, LLC - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]
Equity method investment in Galectin Sciences LLC	$ 400,000
Subsequent capital contribution		$ 73,000	$ 659,000	$ 687,000
Equity Method Investment, Ownership Percentage	50.00%		80.30%
Loss from equity method investment in Galectin Sciences, LLC					$ (400,000)
Non-cash charge for in-process research and development					$ 200,000
SBH Sciences, Inc
Investments in and Advances to Affiliates [Line Items]
Subsequent capital contribution			$ 50,000
Ownership Percentage			80.30%
SBH Sciences, Inc \| In Process Research and Development
Investments in and Advances to Affiliates [Line Items]
Estimated fair value of the IPR&D Contributed by SBH	$ 400,000

Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Components Of Deferred Tax Assets And Liabilities [Line Items]
Operating loss carryforwards	$ 44,219	$ 37,152
Tax credit carryforwards	1,195	1,195
Other temporary differences	5,707	5,048
Deferred Tax Assets, Gross, Total	51,121	43,395
Less valuation allowance	(51,121)	(43,395)
Net deferred tax asset	$ 0	$ 0

Primary Factors Affecting Income Tax Rates (Detail)	12 Months Ended
Primary Factors Affecting Income Tax Rates (Detail)	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Statutory Tax Rate [Line Items]
Tax benefit at U.S. statutory rates	(34.00%)	(34.00%)
State tax benefit	(3.70%)	(5.30%)
Permanent differences	2.30%	5.40%
Expiring state NOL's	1.60%	1.40%
Changes in valuation allowance	33.80%	32.50%
Effective Income Tax Rate Reconciliation, Percent	(0.00%)	(0.00%)

Income Taxes - Additional Information (Detail)	12 Months Ended
Income Taxes - Additional Information (Detail)	Dec. 31, 2016 USD ($)
Income Taxes [Line Items]
Benefits related to stock options	$ 707,000
Deferred tax asset valuation allowance percentage in each of the last two years	100.00%
Internal Revenue Service (IRS)
Income Taxes [Line Items]
Net operating loss carryforwards	$ 135,945,000
Operating loss carryforwards, expiration year	2035
Research and development credits	$ 998,000
Research and development credits, expiration year	2034
State and Local Jurisdiction
Income Taxes [Line Items]
Net operating loss carryforwards	$ 97,530,000
Operating loss carryforwards, expiration year	2035
Research and development credits	$ 196,000
Research and development credits, expiration year	2034