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Quantitative Information about Level 3 Fair Value Measurements

Fair Value at December 31, 2016

Valuation Technique

Unobservable Inputs

Black-Scholes option-pricing model

Expected term

Expected dividends

Anticipated volatility

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Mar. 06, 2017	Jun. 30, 2016
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
Entity Registrant Name	PHARMATHENE, INC
Entity Central Index Key	0001326190
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 133.9
Trading Symbol	PIP
Entity Common Stock, Shares Outstanding		68,815,195

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 153,994,922	$ 15,569,813
Short-term investments	66,810,962	0
Billed accounts receivable	301,824	511,994
Unbilled accounts receivable	697,321	963,345
Prepaid expenses and other current assets	464,797	181,714
Total current assets	222,269,826	17,226,866
Property and equipment, net	120,944	233,694
Other long-term assets and deferred costs	0	53,384
Goodwill	2,348,453	2,348,453
Total assets	224,739,223	19,862,397
Current liabilities:
Accounts payable	926,529	521,122
Dividends payable	197,083,993	0
Accrued expenses and other liabilities	2,083,472	1,248,708
Accrued income taxes payable	3,157,563	0
Accrued restructuring expenses - current	109,126	381,950
Other short-term liabilities	11,588	11,250
Current portion of derivative instruments	1,465,272	16,411
Total current liabilities	204,837,543	2,179,441
Accrued restructuring expenses, less current portion	0	108,641
Other long-term liabilities	442,589	433,407
Derivative instruments, less current portion	0	491,791
Total liabilities	205,280,132	3,213,280
Stockholders' equity:
Common stock, $0.0001 par value; 100,000,000 shares authorized; 67,726,458 and 64,382,086 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	6,773	6,438
Additional paid-in capital	49,323,222	240,366,704
Accumulated other comprehensive loss	(1,052)	0
Accumulated deficit	(29,869,852)	(223,724,025)
Total stockholders' equity	19,459,091	16,649,117
Total liabilities and stockholders' equity	$ 224,739,223	$ 19,862,397

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	67,726,458	64,382,086
Common stock, shares outstanding	67,726,458	64,382,086

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Contract revenue	$ 5,230,196	$ 10,640,660	$ 10,190,205
Operating expenses:
Research and development	4,836,035	5,133,512	9,319,828
General and administrative	11,515,071	6,222,185	10,911,724
Restructuring expense	0	2,546,159	0
Depreciation	143,437	141,604	149,958
Total operating expenses	16,494,543	14,043,460	20,381,510
Loss from operations	(11,264,347)	(3,402,800)	(10,191,305)
Other income (expense):
Interest income (expense), net	168,150	(54,581)	(210,399)
Realization of cumulative translation adjustment	0	(229,192)	0
Change in fair value of derivative instruments	(957,070)	299,477	508,817
Other income - litigation	217,068,969	0	0
Other income (expense)	7,847	8,137	(762)
Total other income (expense)	216,287,896	23,841	297,656
Income (loss) before income taxes	205,023,549	(3,378,959)	(9,893,649)
Income tax provision	(11,169,376)	(61,746)	(61,746)
Net income (loss)	$ 193,854,173	$ (3,440,705)	$ (9,955,395)
Basic net income (loss) per share	$ 2.97	$ (0.05)	$ (0.17)
Diluted net income (loss) per share	$ 2.95	$ (0.05)	$ (0.17)
Weighted-average shares used in calculation of basic net income (loss) per share	65,306,962	63,986,013	57,535,325
Weighted-average shares used in calculation of diluted net income (loss) per share	65,657,802	63,986,013	57,535,325

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income (loss)	$ 193,854,173	$ (3,440,705)	$ (9,955,395)
Other comprehensive income (loss):
Unrealized loss on available-for-sale securities	(1,052)	0	0
Foreign currency translation adjustment	0	336	(10,818)
Realization of cumulative translation adjustment included in net loss	0	229,192	0
Comprehensive income (loss)	$ 193,853,121	$ (3,211,177)	$ (9,966,213)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2013	$ 7,335,712	$ 5,230	$ 217,877,117	$ (218,710)	$ (210,327,925)
Balance (in shares) at Dec. 31, 2013		52,304,246
Net income (loss)	(9,955,395)	$ 0	0	0	(9,955,395)
Unrealized losses on available-for-sale securities	0
Foreign currency translation adjustments	(10,818)	0	0	(10,818)	0
Realization of cumulative translation adjustment	0
Issuance of common stock, net issuance costs	17,686,095	$ 1,052	17,685,043	0	0
Issuance of common stock, net issuance costs (in shares)		10,520,454
Share-based compensation - stock options	1,649,994	$ 0	1,649,994	0	0
Shares issued upon exercise of stock options	455,840	$ 35	455,805	0	0
Shares issued upon exercise of stock options (in shares)		352,718
Shares issued upon exercise of warrants	1,107,064	$ 42	1,107,022	0	0
Shares issued upon exercise of warrants (in shares)		419,218
Employee vesting of restricted shares	5,653	$ 1	5,652	0	0
Employee vesting of restricted shares (in shares)		6,667
Balance at Dec. 31, 2014	18,274,145	$ 6,360	238,780,633	(229,528)	(220,283,320)
Balance (in shares) at Dec. 31, 2014		63,603,303
Net income (loss)	(3,440,705)	$ 0	0	0	(3,440,705)
Unrealized losses on available-for-sale securities	0
Foreign currency translation adjustments	336	0	0	336	0
Realization of cumulative translation adjustment	229,192	0	0	229,192	0
Share-based compensation - stock options	613,017	0	613,017	0	0
Shares issued upon exercise of stock options	973,132	$ 78	973,054	0	0
Shares issued upon exercise of stock options (in shares)		778,783
Balance at Dec. 31, 2015	16,649,117	$ 6,438	240,366,704	0	(223,724,025)
Balance (in shares) at Dec. 31, 2015		64,382,086
Net income (loss)	193,854,173	$ 0	0	0	193,854,173
Unrealized losses on available-for-sale securities	(1,052)	0	0	(1,052)	0
Dividends declared	(197,083,993)	0	(197,083,993)	0	0
Foreign currency translation adjustments	0
Realization of cumulative translation adjustment	0
Share-based compensation - stock options	2,240,015	0	2,240,015	0	0
Shares issued upon exercise of stock options	3,801,720	$ 250	3,801,470	0	0
Shares issued upon exercise of stock options (in shares)		2,492,639
Employee vesting of restricted shares	(889)	$ 85	(974)	0	0
Employee vesting of restricted shares (in shares)		851,733
Balance at Dec. 31, 2016	$ 19,459,091	$ 6,773	$ 49,323,222	$ (1,052)	$ (29,869,852)
Balance (in shares) at Dec. 31, 2016		67,726,458

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income (loss)	$ 193,854,173	$ (3,440,705)	$ (9,955,395)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realization of cumulative translation adjustment	0	229,192	0
Share-based compensation expense	2,240,015	613,017	1,655,647
Change in fair value of derivative instruments	957,070	(299,477)	(508,817)
Depreciation expense	143,437	141,604	149,958
Deferred income taxes	61,822	61,746	61,746
Amortization of premium and discount on short-term investments	35,572	0	0
Non-cash interest expense	15,918	(45,358)	83,021
Restructuring expense related to property and equipment	0	36,981	0
Gain on the disposal of property and equipment	(687)	(7,600)	(5,394)
Changes in operating assets and liabilities:
Accounts receivable	210,170	(401,338)	1,316,457
Unbilled accounts receivable	266,024	(665,914)	1,902,094
Prepaid expenses and other current assets	(283,514)	5,202	(5,367)
Other long-term assets and deferred costs	53,384	0	0
Accounts payable	405,407	129,726	(736,776)
Accrued restructuring expenses	(397,383)	481,761	0
Accrued expenses and other liabilities	789,267	(54,818)	(2,089,493)
Accrued income taxes payable	3,157,563	0	0
Deferred revenue	0	0	(341,723)
Net cash provided by (used in) operating activities	201,508,238	(3,215,981)	(8,474,042)
Investing activities
Purchases of available-for-sale investments	(66,847,586)	0	0
Purchases of property and equipment	(30,687)	(86,507)	(92,269)
Proceeds from the sale of property and equipment	687	7,600	8,000
Net cash used in investing activities	(66,877,586)	(78,907)	(84,269)
Financing activities
Repayment of debt	0	(750,007)	(999,996)
Net repayment of revolving credit agreement	0	0	(1,091,740)
Net proceeds from exercise of warrants	0	0	683,325
Proceeds from issuance of common stock, including exercise of stock options, net of offering costs	3,801,720	973,132	18,141,935
Other	(889)	0	0
Net cash provided by financing activities	3,800,831	223,125	16,733,524
Effects of exchange rates on cash and cash equivalents	(6,374)	(1,775)	(12,841)
Increase (decrease) in cash and cash equivalents	138,425,109	(3,073,538)	8,162,372
Cash and cash equivalents, at beginning of year	15,569,813	18,643,351	10,480,979
Cash and cash equivalents, at end of year	153,994,922	15,569,813	18,643,351
Supplemental disclosure of cash flow information
Cash paid for interest	$ 0	$ 108,391	$ 128,073

Organization and Business

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 - Organization and Business

We have been engaged in the biodefense business through our predecessor entity since our inception in 2001.

We are incorporated under the laws of the State of Delaware and are a biodefense company focused on developing next generation medical countermeasures against biological and chemical threats. We are subject to those risks associated with any biopharmaceutical company that has substantial expenditures for research and development. In addition, we operate in an environment of rapid technological change and are largely dependent on the services and expertise of our employees, consultants and other third parties.

Since 2006, we were engaged in legal proceedings with SIGA Technologies, Inc. (“SIGA”). On December 23, 2015, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s judgment against SIGA which provided an estimated total award of approximately $208.7 million plus additional interest.

On November 17, 2016, the Company’s Board of Directors declared a special one-time cash dividend of $2.91 per share of common stock, payable on February 3, 2017 to holders of record as of January 24, 2017. The special dividend, totaling an aggregate payment of approximately $200 million, which represents approximately 98% of the after tax net cash proceeds received from SIGA, was approved by the Company’s Board of Directors following the Company's receipt of $83.9 million as final payment from SIGA in satisfaction of the judgment owed by it to PharmAthene

On September 9, 2014, we signed a contract with the National Institutes of Allergy and Infectious Diseases (“NIAID") for the development of a next generation lyophilized anthrax vaccine (“SparVax-L”) based on the Company’s proprietary technology platform which contributes the recombinant protective antigen (“rPA”) bulk drug substance that is used in the liquid SparVax^® formulation. The contract is incrementally funded. Over the base period of the contract, we were awarded initial funding of approximately $5.2 million, which includes a cost reimbursement component and a fixed fee component payable upon achievement of certain milestones. NIAID has exercised four options under this agreement to provide additional funding of approximately $8.8 million and an extension of the period of performance through December 31, 2017. The contract has a total value of up to approximately $28.1 million, if all technical milestones are met and all eight contract options are exercised by NIAID. If NIAID exercises all options, the contract would last approximately five years. If NIAID does not exercise any additional options, the contract would expire by its terms on December 31, 2017.

On March 9, 2015, our Board of Directors approved our realignment plan (the “Realignment Plan”) with the goal of preserving and maximizing, for the benefit of our stockholders, the value of the proceeds from our litigation with SIGA and our existing anthrax vaccine programs. We intend to maintain sufficient resources and personnel so that we can seek partners, co-developers or acquirers for our anthrax vaccine programs and continue to execute under our government contract with NIAID.

On July 6, 2015, we signed a license agreement with ImmunoVaccine Technologies (“IMV”) for the exclusive use of the DepoVax^TM vaccine platform (“DPX”), to develop an anthrax vaccine utilizing PharmAthene’s rPA. On June 23, 2016, we terminated this license agreement.

As of December 31, 2016, our cash and cash equivalents balance was $154.0 million, our short-term investments balance was $66.8 million, our accounts receivable (billed and unbilled) balance was $1 million, and our current liabilities, which included dividends payable of $197.1 million, were $204.8 million. Our excess cash balances have been placed in low risk U.S. Government money market funds, short-term U.S. Treasury securities and short-term government-sponsored enterprise securities in an effort to preserve capital and fund the dividend payable when due on February 3, 2017.

Historically, the Company has performed under government contracts and grants and raised funds from investors (including additional debt and equity issued in 2015 and 2014) to sustain our operations. The Company has spent substantial funds in the research, development, clinical and preclinical testing in excess of revenues, to support the Company’s product candidates and to market and sell its products. We have incurred losses since we commenced operations, and have an accumulated deficit of $29.9 million as of December 31, 2016. The Company’s accumulated losses have been reduced by the SIGA related payments received in 2016.

We believe, based on the operating cash requirements and capital expenditures expected for 2017, the Company’s cash on hand at December 31, 2016, excluding amounts allocated to pay the one-time special dividend, is adequate to fund operations for at least twelve months from the date of this report.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

Our consolidated financial statements include the accounts of PharmAthene, Inc. and its wholly owned subsidiary. All significant intercompany transactions and balances have been eliminated in consolidation. Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We currently operate in one business segment.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Our consolidated financial statements include significant estimates for share-based compensation, deferred tax assets, liabilities and valuation allowances, the expected economic life and value of our tangible assets and value of our indefinite lived intangible asset, and the value of our financial instruments, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.

Foreign Currency Translation

The functional currency of our wholly owned foreign subsidiary, PharmAthene UK Limited, is its local currency. Assets and liabilities of our foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period. Income and expense items are translated at the weighted-average exchange rates prevailing during the reporting period. Translation adjustments for subsidiaries that have not been sold, substantially liquidated or otherwise disposed of are accumulated in other comprehensive loss, a component of stockholders’ equity. Transaction gains or (losses) are included in the determination of net income or loss.

In June 2015, we substantially liquidated PharmAthene UK Limited, which we had acquired in 2008. Prior to substantially liquidating the UK subsidiary, currency fluctuations were recorded as foreign currency translation adjustments, a component of other comprehensive income. As a result of the substantial liquidation, we realized a loss of approximately $0.2 million in our consolidated statements of operations for the year ended December 31, 2015, which represents the amount of previously recorded foreign currency translation adjustments related to our UK subsidiary.

Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

Comprehensive income (loss) includes the total of our net income (loss) and all other changes in equity, other than transactions with owners, which includes changes in equity for unrealized losses on available-for-sale securities and cumulative translation adjustments resulting from the consolidation of foreign subsidiaries, as the financial statements of the subsidiary located outside of the United States are accounted for using the local currency as the functional currency for the periods prior to its substantial liquidation.

Cash and Cash Equivalents

Cash and cash equivalents are stated at cost which approximates fair value and include investments in U.S. Government money market. We consider all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. The Company maintains cash balances with financial institutions in excess of insured limits. The Company does not anticipate any losses on such cash balances.

Short-Term Investments

Investments are classified as available-for-sale pursuant to the accounting standards for investments in debt and equity securities. Investments with maturities of less than one year are classified as short-term and consist of investment grade U.S. Treasury debt securities and government-sponsored enterprise debt securities, all of which are due within six months. Investments are carried at fair value with unrealized gains and losses included as a component of other comprehensive income (loss), until such gains and losses are realized. If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is transferred from other comprehensive income to the statement of operations. Management reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. We assess the risk of impairment related to securities held in our investment portfolio on a regular basis. There were no investments with a fair value that was significantly lower than the amortized cost basis as of December 31, 2016.

Cash and cash equivalents and short-term investments consist of the following:

	Amortized Cost				Fair Value
	December 31,		Unrealized		December 31,
Description	2016		(Losses) Gains		2016
Cash and cash equivalents:
Cash and money market funds	$	12,125,898	$	-	$	12,125,898
Government-sponsored enterprise securities (original maturities within three months)		141,869,024		-		141,869,024
Total cash and cash equivalents	$	153,994,922	$	-	$	153,994,922
Short-term investments:
U.S. Treasury securities	$	20,018,323	$	(1,273)	$	20,017,050
Government-sponsored enterprise securities (original maturities within six months)		46,793,691		221		46,793,912
Total short-term investments	$	66,812,014	$	(1,052)	$	66,810,962
Total cash, cash equivalents and short-term investments	$	220,806,936	$	(1,052)	$	220,805,884

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, short-term investments, and billed and unbilled accounts receivable. We maintain our cash and cash equivalents in the form of U.S. Government money market accounts, U.S. Treasury Bills and U.S. government-sponsored enterprise debt. Because our billed and unbilled accounts receivable consist of amounts due from the U.S. Government, there is minimal credit risk.

Significant Customers and Accounts Receivable

For the years ended December 31, 2016 and 2015, our primary customer was NIAID and the Biomedical Advanced Research and Development Authority (“BARDA”). As of December 31, 2016 and 2015, the Company’s billed and unbilled receivable balances were comprised solely of receivables from NIAID. The receivable balances are reported at amounts expected to be collected in future periods. No allowance for doubtful accounts is necessary given the circumstances.

Property and Equipment

Property and equipment consist of leasehold improvements, furniture and office equipment and computer and other equipment and are recorded at cost. Leasehold improvements are amortized over the economic life of the asset or the lease term, whichever is shorter. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows:

Asset Category		Estimated Useful Life (in Years)

Leasehold improvements		8-10
Furniture and office equipment		5
Computer and other equipment		3-5

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimating of undiscounted cash flows is done at the lowest possible level for which we can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of assets exceeds the fair value of the assets.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net identifiable assets associated with acquisitions. We review the recoverability of goodwill annually at the end of our fiscal year and whenever events or changes in circumstances indicate that it is more likely than not that impairment exists. Recoverability of goodwill is reviewed by comparing our market value (as measured by our stock price multiplied by the number of outstanding shares as of the assessment date) to the net book value of our equity. If our market value exceeds our net book value, no further analysis is required. We completed our annual impairment assessment of goodwill on December 31, 2016 and determined that there was no impairment as of that date. Changes in our business strategy or adverse changes in market conditions could impact the impairment analyses and require the recognition of an impairment charge equal to the excess of the carrying value over its estimated fair value.

Accrued Restructuring Expense

The remaining accrued liability relating to our restructuring expense as of December 31, 2016 is as follows:

	Balance as of						Balance as of
	December 31,		Paid		Amortized		December 31,
Description	2015		2016		2016		2016

Accrued severance expense	$	131,822	$	131,822	$	-	$	-
Accrued sublease expense		358,769		-		249,643		109,126
Total accrued restructuring expense	$	490,591	$	131,822	$	249,643	$	109,126

Fair Value of Financial Instruments

Our financial instruments, and/or embedded features contained in those instruments, often are classified as derivative liabilities and are recorded at their fair values. The determination of fair value of these instruments and features requires estimates and judgments. Some of our stock purchase warrants are considered to be derivative liabilities due to the presence of net settlement features and/or non-standard anti-dilution provisions; the fair value of our warrants is determined based on the Black-Scholes option-pricing model. Use of the Black-Scholes option pricing model requires the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. See Note 3 – Fair Value Measurements for further details.

Revenue Recognition

Our revenue for the years presented is generated from cost-plus-fee contracts and fixed price contracts.

Revenue on cost-plus-fee contracts is recognized in an amount equal to the costs incurred during the period plus an estimate of the applicable fee earned. The estimate of the applicable fee earned is determined by reference to the contract: if the contract defines the fee in terms of risk-based milestones and specifies the fees to be earned upon the completion of each milestone, then the fee is recognized when the related milestones are earned, as further described below; otherwise, we estimate the fee earned in a given period by using a proportional performance method based on costs incurred during the period as compared to total estimated project costs and application of the resulting fraction to the total project fee specified in the contract.

Under the milestone method of revenue recognition, milestone payments (including milestone payments for fees) contained in research and development arrangements are recognized as revenue when: (i) the milestones are achieved; (ii) no further performance obligations with respect to the milestone exist; (iii) collection is reasonably assured; and (iv) substantive effort was necessary to achieve the milestone.

Milestones are considered substantive if all of the following conditions are met:

it is commensurate with either our performance to meet the milestone or the enhancement of the value of the delivered item or items as a result of a specific outcome resulting from our performance to achieve the milestone

it relates solely to past performance, and

the value of the milestone is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement.

If a milestone is deemed not to be substantive, the Company recognizes the portion of the milestone payment as revenue that correlates to work already performed using the proportional performance method; the remaining portion of the milestone payment is deferred and recognized as revenue as the Company completes its performance obligations.

Revenue on fixed price contracts (without substantive milestones as described above) is recognized on the percentage-of-completion method. The percentage-of-completion method recognizes income as the contract progresses (generally related to the costs incurred in providing the services required under the contract). The use of the percentage-of-completion method depends on the ability to make reasonable dependable estimates and the fact that circumstances may necessitate frequent revision of estimates does not indicate that the estimates are unreliable for the purpose for which they are used.

Revenue on fixed price contracts with substantive milestones as described above is recognized as each milestone is achieved. Revenue may be recognized upon completion of the contract, when substantive delivery is achieved, transfer of title takes place and payment is reasonably assured.

As a result of our revenue recognition policies and the billing provisions contained in our contracts, the timing of customer billings may differ from the timing of recognizing revenue. Amounts invoiced to customers in excess of revenue recognized are reflected on the balance sheet as deferred revenue. Amounts recognized as revenue in excess of amounts billed to customers are reflected on the balance sheet as unbilled accounts receivable.

Collaborative Arrangements

Even though most of our products are being developed in conjunction with support by the U.S. Government, we are an active participant in that development, with exposure to significant risks and rewards of commercialization relating to the development of these pipeline products. In collaborations where we are deemed to be the principal participant of the collaboration, we recognize costs and revenues generated from third parties using the gross basis of accounting; otherwise, we use the net basis of accounting. Cost paid to us by other collaborative arrangement members are recognized pursuant to their terms.

Research and Development

Research and development costs are expensed as incurred; up-front payments are deferred and expensed as performance occurs. Research and development costs include salaries, facilities expense, overhead expenses, material and supplies, preclinical expense, clinical trials and related clinical manufacturing expenses, share-based compensation expense, contract services and other outside services.

Share-Based Compensation

We expense the estimated fair value of share-based awards granted to employees, non-employee directors and consultants under our stock compensation plans.

The fair value of stock options granted to employees and non-employee directors is determined at the grant date using the Black-Scholes option-pricing model, which considers, among other factors, the expected life of the award and the expected volatility of our stock price. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the employee’s requisite service period.

The fair value of stock options granted to consultants is determined at the grant date using the Black-Scholes option-pricing model and remeasured at each quarterly reporting date over their requisite service period. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over their requisite service period.

The fair value of restricted stock grants granted to employees and non-employee directors is determined based on the closing price of our common stock on the award date and is recognized as expense ratably over the requisite service period.

The fair value of restricted stock grants granted to consultants is determined based on the closing price of our common stock on the award date, is remeasured at each quarterly reporting date and is recognized as expense ratably over the requisite service period.

Share-based compensation expense in 2016, 2015 and 2014 is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures.

Share-based compensation expense for 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016		2015		2014

Research and development	$	146,489	$	122,412	$	452,870
General and administrative		2,093,526		544,346		1,202,777
Restructuring benefit		-		(53,741)		-
Total share-based compensation expense	$	2,240,015	$	613,017	$	1,655,647

During the year ended December 31, 2016, 805,994 shares of restricted stock and options to purchase 70,000 shares of common stock vested as a result of the achievement of performance conditions. In addition, options to purchase 385,330 shares of common stock vested as a result of the November 17, 2016 declaration of a special one-time cash dividend.

As a result of the restructuring and termination of employees, during the year ended December 31, 2015, we recognized approximately $75,000 of share-based compensation expense resulting from our agreement to extend the exercise period of the vested stock options for several of the executives who were terminated. In addition, approximately $129,000 of previously recognized share-based compensation expense was reversed for unvested stock options forfeited as a result of the restructuring and termination of employees. The $53,741 net reversal of share-based compensation expense is reflected in restructuring benefit in the above table.

During the years ended December 31, 2016, 2015 and 2014, we received proceeds of approximately $3.8 million, $1.0 million and $0.5 million from stock options exercised, respectively.

Income Taxes

We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits.

Income tax expense was approximately $11.2 million for the year ended December 31, 2016. The receipt of the award from SIGA generated substantial taxable income to the Company, a portion of which was offset by the Company's domestic net operating loss carryforwards. Due to 382 limitations, approximately $1 million of the Company's domestic NOL was limited and could not be used to offset current year income. As of December 31, 2016, we recognized a valuation allowance of $6.9 million on our remaining net domestic and foreign deferred tax assets until such point in time the likelihood of realization of our tax deferred assets would not meet the more likely than not threshold. See Note 9 - Income Taxes for further information.

The Company recognized income tax expense of $0.1 million for each of the years ended December 31, 2015 and 2014, relating exclusively to the generation of a deferred tax liability associated with the tax amortization of goodwill, which is included as a component of other long-term liabilities on our consolidated balance sheets.

We file a U.S. federal income tax return as well as returns for various state and foreign jurisdictions. Our income taxes have not been examined by any tax jurisdiction since our inception. Uncertain tax positions taken on our tax returns are accounted for as liabilities for unrecognized tax benefits. We recognize interest and penalties, if any, related to unrecognized tax benefits in other income (expense) in the consolidated statements of operations.

An excess tax expense (“shortfall”) for the Company’s share-based awards is recorded as an additional provision expense to additional paid-in-capital, rather than an income tax benefit from continuing operations. A windfall benefit occurs when the tax deduction is in excess of the share-based compensation expense recognized in the financial statements.

Basic and Diluted Net Income (Loss) Per Share

Income (loss) per share: Basic income (loss) per share is computed by dividing consolidated net income (loss) by the weighted-average number of common shares outstanding during the period, excluding unvested restricted stock.

For periods of net income when the effects are not anti-dilutive, diluted earnings per share is computed by dividing our net income by the weighted average number of shares outstanding and the impact of all potential dilutive common shares, consisting primarily of stock options, unvested restricted stock and stock purchase warrants. The dilutive impact of our dilutive potential common shares resulting from stock options and stock purchase warrants is determined by applying the treasury stock method.

For the periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses.

Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities. There were no unvested restricted shares outstanding as of December 31, 2016, and therefore there were no participating securities included in the computation.

A reconciliation of the numerators and denominators of the basic and diluted per share computations for the year ended December 31, 2016 is as follows (a reconciliation is not required for the years ended December 31, 2015 and 2014 since the Company recorded a net loss for those years):

	Year Ended
	December 31, 2016

Numerator

Net income	$	193,854,173
Net income allocated to participating securities		-
Numerator for basic income per share		193,854,173
Incremental allocation of net income to participating securities		-
Change in fair value of dilutive warrants		-
Numerator for diluted income per share	$	193,854,173

Denominator

Weighted-average outstanding common shares for basic income per share		65,306,962
Dilutive effect of stock options		350,840
Dilutive effect of warrants		-
Denominator for diluted income per share		65,657,802

For the year ended December 31, 2016, outstanding stock options to purchase approximately 1.5 million shares of common stock and warrants to purchase approximately 0.8 million shares of common stock were excluded from the calculation of basic and diluted net income per share, because their inclusion would be anti-dilutive.

Approximately 6.5 million and 11.9 million potentially dilutive securities have been excluded from the calculation of diluted net loss per share in 2015 and 2014, respectively, because their inclusion would be anti-dilutive.

Recent Accounting Pronouncements Adopted

In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements, Going Concern (Subtopic 205-40) which requires management to evaluate on a regular basis whether any conditions or events have arisen that could raise substantial doubt about the entity's ability to continue as a going concern. The guidance 1) provides a definition for the term “substantial doubt,” 2) requires an evaluation every reporting period, interim periods included, 3) provides principles for considering the mitigating effect of management's plans to alleviate the substantial doubt, 4) requires certain disclosures if the substantial doubt is alleviated as a result of management's plans, 5) requires an express statement, as well as other disclosures, if the substantial doubt is not alleviated, and 6) requires an assessment period of one year from the date the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company adopted this pronouncement as of December 31, 2016; however, have concluded this pronouncement did not have an impact on our financial statement disclosures.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles, Goodwill and Other Internal-Use Software which includes guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for reporting periods beginning after December 15, 2015, and can be adopted on either a prospective or retrospective basis. The Company adopted this guidance during the first quarter ended March 31, 2016, on a prospective basis. The adoption of this new guidance did not have a material impact on the Company's financial statements.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes, or ASU No. 2015-17. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We have adopted ASU No. 2015-17 on our consolidated financial statements. However the adoption had no impact on the current or prior presentation, as our recorded deferred tax liability was a noncurrent liability.

Recent Accounting Pronouncements Pending Adoption

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 supersedes the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. In March 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations for reporting revenue gross rather than net, with the same deferred effective date. In April 2016, the FASB issued guidance to clarify the identification of performance obligations and licensing arrangements. In May 2016, the FASB issued guidance to clarify the collectability criterion, the presentation of sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition, and required disclosures for entities that retrospectively apply Topic 606 to each prior reporting period. In preparation for the adoption of the new standard, we have begun to evaluate our existing arrangement; however, have not yet determined the impact of the new standard on our consolidated financial statements or whether we will adopt on a prospective or retrospective basis.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exemptions. The guidance in this Update supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For public companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact of adopting ASU No. 2016-02 on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation simplifying the accounting for and financial statement disclosure of stock-based compensation awards. Under the guidance, all excess tax benefits and tax deficiencies related to stock-based compensation awards are to be recognized as income tax expenses or benefits in the income statement and excess tax benefits should be classified along with other income tax cash flows in the operating activities section of the statement of cash flows. Under the guidance, companies can also elect to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. In addition, the guidance amends some of the other stock-based compensation awards guidance to more clearly articulate the requirements and cash flow presentation for withholding shares for tax-withholding purposes. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted, though all amendments of the guidance must be adopted in the same period. The adoption of certain amendments of the guidance must be applied prospectively, and adoption of the remaining amendments must be applied either on a modified retrospective basis or retrospectively to all periods presented. We are currently evaluating the impact that this guidance will have on our consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments affect entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. For public companies that are SEC filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact of adopting ASU No. 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued amended guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. The guidance is effective for reporting periods beginning after December 15, 2017 and early adoption is permitted. The guidance must be adopted on retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact, if any, that this guidance will have on our consolidated financial statements.

In January 2017, the FASB issued amended guidance on the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The guidance is effective for reporting periods beginning after December 15, 2020 and early adoption is permitted. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact, if any, that this guidance will have on our consolidated financial statements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 3 - Fair Value Measurements

The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, short-term investments, accounts receivable (billed and unbilled), and accounts payable, approximate their fair values due to their short-term maturities. We define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We report assets and liabilities that are measured at fair value using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

⋅

Level 1 - Quoted prices in active markets for identical assets or liabilities.

⋅

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

⋅

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, we perform a detailed analysis of our assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table represents the fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis:

	As of December 31, 2016
	Level 1		Level 2		Level 3		Balance

Financial Assets
Cash equivalents	$	11,972,733	$	141,869,024	$	-	$	153,841,757
Short-term investments		-		66,810,962		-		66,810,962
Total financial assets measured at fair value	$	11,972,733	$	208,679,986	$	-	$	220,652,719

Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	$	-	$	-	$	1,465,272	$	1,465,272
Total financial liabilities measured at fair value	$	-	$	-	$	1,465,272	$	1,465,272

	As of December 31, 2015
	Level 1		Level 2		Level 3		Balance

Financial Assets
Cash equivalents	$	6,430,561	$	-	$	-	$	6,430,561
Total financial assets measured at fair value	$	6,430,561	$	-	$	-	$	6,430,561

Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	$	-	$	-	$	16,411	$	16,411
Non-current portion of derivative instruments related to stock purchase warrants		-		-		491,791		491,791
Total financial liabilities measured at fair value	$	-	$	-	$	508,202	$	508,202

The Company’s cash equivalents are comprised of U.S. Treasury money market funds and government-sponsored enterprise debt securities with original maturities of three months or less when purchased. The Company’s short-term investments are comprised of U.S. Treasury securities and government-sponsored enterprise securities, which at the time of purchase, had a maturity of greater than three months. These investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period, utilizing other market observable data.

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the years ended December 31, 2016, 2015 and 2014:

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		Losses		Warrants		December 31,
Description	2015		2016		2016		2016
Derivative liabilities related to stock purchase warrants	$	508,202	$	957,070	$	-	$	1,465,272

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		(Gains)		Warrants		December 31,
Description	2014		2015		2015		2015
Derivative liabilities related to stock purchase warrants	$	807,679	$	(299,477)	$	-	$	508,202

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		(Gains)		Warrants		December 31,
Description	2013		2014		2014		2014
Derivative liabilities related to stock purchase warrants	$	1,740,235	$	(508,817)	$	(423,739)	$	807,679

At December 31, 2016, 2015 and 2014, derivative liabilities are comprised of warrants to purchase 903,996, 1,275,419 and 1,775,419 shares of common stock, respectively. Warrants to purchase 371,423 shares of common stock expired during the year ended December 31, 2016 without being exercised, all of which were classified as derivative liabilities.

The warrants are considered to be derivative liabilities due to the presence of net settlement features and/or non-standard anti-dilution provisions, and as a result, are recorded at fair value at each balance sheet date. The fair value of our warrants is determined based on the Black-Scholes option-pricing model. Use of the Black-Scholes option-pricing model requires the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. Changes in any of the assumptions related to the unobservable inputs identified above may change the stock purchase warrants’ fair value; increases in expected term, anticipated volatility and expected dividends generally result in increases in fair value, while decreases in the unobservable inputs generally result in decreases in fair value. Gains and losses on the fair value adjustments for these derivative instruments are classified in other income (expense) as the change in fair value of derivative instruments in our consolidated statements of operations.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. During the year ended December 31, 2015, the Company recorded an impairment charge for property and equipment in the amount of $36,981, and included as part of restructuring expense. These assets were written down to their fair value of $0 in conjunction with the sublease of the Company’s leased office space (see Note 7 – Commitments and Contingencies – Leases). As of December 31, 2016 and 2015, the Company had no other assets or liabilities that were measured at fair value on a nonrecurring basis. No such fair value impairment was recognized in the years ended December 31, 2016 or 2014.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 4 - Property and Equipment

Property and equipment consisted of the following:

	December 31,
	2016		2015

Leasehold improvements	$	593,739	$	593,739
Furniture and office equipment		234,018		234,018
Computer and other equipment		1,285,350		1,263,193
		2,113,107		2,090,950
Less accumulated depreciation		(1,992,163)		(1,857,256)
Property and equipment, net	$	120,944	$	233,694

Included in Computer and other equipment is approximately $0.04 million of unamortized computer software costs. Depreciation expense was $0.1 million for each of the years ended December 31, 2016, 2015 and 2014.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2016

Accrued Liabilities and Other Liabilities [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 5 - Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:

	December 31,
	2016		2015

Accrued research and development expenses	$	895,438	$	451,805
Accrued professional fees		987,426		600,390
Accrued employee and payroll related expenses		159,554		102,632
Other		41,054		93,881
Accrued expenses and other liabilities	$	2,083,472	$	1,248,708

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 6 - Debt

Term Loan and Revolving Line of Credit

On March 30, 2012, the Company entered into a Loan Agreement with GE Capital. The Loan Agreement provided for a senior secured debt facility including a $2.5 million term loan and a revolving line of credit of up to $5.0 million based on our outstanding qualified accounts receivable.

On September 3, 2015, we satisfied in full our remaining obligations under the GE Capital Loan Agreement. The Loan Agreement was scheduled to terminate on September 29, 2015. The termination of the Loan Agreement released PharmAthene from further obligations under the Loan Agreement, which were collateralized by a security interest in substantially all of our assets.

In connection with the Loan Agreement, in 2012 we issued to GE Capital a warrant to purchase 46,584 shares of the Company’s common stock at an exercise price of $1.61 per share. The warrant, which expires in March 2022, was not affected by the termination. The warrant was exercisable immediately and subject to customary and standard anti-dilution adjustments. The warrant is classified in equity and, as a result, the fair value of the warrant was charged to additional paid-in-capital resulting in a debt discount at the date of issuance. The debt discount was amortized over the term of the Loan Agreement using the effective interest method.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 7 - Commitments and Contingencies

Leases

We lease our office in Maryland under a 10 year operating lease, which commenced on May 1, 2007 and will end on May 31, 2017. Remaining annual minimum payments of approximately $0.4 million are due in 2017. Minimum payments have not been reduced by the minimum sublease rentals of $0.1 million due in the future under noncancellable subleases.

For the years ended December 31, 2016, 2015 and 2014, total rent expense under the operating lease agreement approximated $0.8 million, $0.7 million and $0.8 million, respectively. Total rent expense is allocated to research and development and general and administrative expenses on the consolidated statements of operations.

On September 2, 2015, the Company entered into a sublease agreement with a third party with respect to a portion of its leased office space at an amount less than the Company’s leased amount. As a result, we realized a loss of $0.4 million in restructuring expense on our consolidated statements of operations for the year ended December 31, 2015.

The present value at December 31, 2016 of the Company’s remaining net lease liability for the subleased office space (net of the sublease rental income) is approximately $0.1 million and is reflected on the balance sheet as accrued restructuring expenses – current.

License Agreements

In connection with an acquisition in 2008, we acquired license agreements with The Defence Science and Technology Laboratory of the United Kingdom Ministry of Defence, or DSTL, for the rights to certain technologies. These agreements allow for the licensing of certain patents and technology necessary to perform development of the rPA vaccine program as required under the Company’s government contracts. Upon commercialization, the license agreements require that we make royalty payments equal to a specified percentage of future sales of products for both government procurement and commercial markets. No royalty payments on these licenses have been incurred.

In 2012 we entered into a commercial licensing agreement allowing for the licensing of certain patent and other intellectual property rights from a research company related to BChE. The agreement includes certain annual maintenance and other development milestone payments. Upon commercialization, the license agreement requires royalty payments equal to a specified percentage of future sales of products for both government procurement and commercial market sales subject to the license through the expiration of the licensed patents. Maintenance fees of $0.1 million were incurred during each of the years ended December 31, 2015 and 2014. Maintenance fees of $0.04 million were incurred during the year ended December 31, 2013. This agreement was terminated in 2015.

SIGA Litigation

In December 2006, we filed a complaint against SIGA in the Delaware Court of Chancery. The complaint alleged, among other things, that we have the right to license exclusively the development and marketing rights for SIGA’s drug candidate, Tecovirimat, also known as ST-246^®, pursuant to a merger agreement between the parties that was terminated in 2006. The complaint also alleged that SIGA failed to negotiate in good faith the terms of such a license pursuant to the terminated merger agreement with us.

In September 2014, SIGA filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). SIGA’s petition for bankruptcy initiated a process whereby its assets were protected from creditors, including PharmAthene.

In January 2015, after years of litigation, the Delaware Court of Chancery issued a Final Order and Judgment, finding that we were entitled to receive a lump sum award of $194.6 million, or the Total Judgment, comprised of (1) expectation damages of $113.1 million for the value of the Company’s lost profits for Tecovirimat, plus (2) pre-judgment interest on that amount from 2006 and varying percentages of the Company’s reasonable attorneys’ and expert witness fees, totaling $81.5 million. Under the Final Order and Judgment, PharmAthene was also entitled to post-judgment simple interest.

On December 23, 2015, the Delaware Supreme Court affirmed the Delaware Court of Chancery's decision as a result of which, with additional post-judgment interest, if calculated based on the original decision, would provide for an estimated total award in excess of $205 million.

On April 8, 2016, the Bankruptcy Court entered an order confirming SIGA’s Plan effective April 12, 2016 which provides for among other things, the process by which SIGA may emerge from bankruptcy, which includes the process by which our Judgment may be satisfied.

We received approximately $217.1 million from SIGA during the year ended December 31, 2016, comprised of principal payments of approximately $208.7 million as final satisfaction of the judgment and approximately $8.4 million of payments calculated by SIGA as interest on the judgment, all of which has been recorded in other income – litigation on the consolidated statement of operations.

Government Contracting

Payments to the Company on cost-plus-fee contracts are provisional. The accuracy and appropriateness of costs charged to U.S. Government contracts are subject to regulation, audit and possible disallowance by the Defense Contract Audit Agency, or DCAA, and other government agencies such as BARDA. Accordingly, costs billed or billable to U.S. Government customers are subject to potential adjustment upon audit by such agencies. We have finalized incurred cost audits with DCAA for 2006 through 2011. BARDA audited indirect costs or rates charged by us on the SparVax^® contract for the years 2008 through 2014. As a result of the BARDA audits, we recorded additional revenue of $0.8 million and $5.8 million during the years ended December 31, 2016 and 2015, respectively.

Changes in government policies, priorities or funding levels through agency or program budget reductions by the U.S. Congress or executive agencies could materially adversely affect the Company’s financial condition or results of operations. Furthermore, contracts with the U.S. Government may be terminated or suspended by the U.S. Government at any time, with or without cause. Such contract suspensions or terminations could result in unreimbursable expenses or charges or otherwise adversely affect the Company’s financial condition and/or results of operations.

Registration Rights Agreements

We entered into a Registration Rights Agreement with the investors who participated in the July 2009 private placement of convertible notes and related warrants. We subsequently filed two registration statements on Form S-3 with the Securities and Exchange Commission to register the resale of the shares issuable upon conversion of the convertible notes and exercise of the related warrants, which have been declared effective. We are obligated to maintain the registration statements effective until the date when such shares (and any other securities issued or issuable with respect to or in exchange for such shares) have been sold or are eligible for resale without restrictions under Rule 144. The convertible notes were converted or extinguished in 2010. The warrants expired on January 28, 2015.

We have separate registration rights agreements with investors, under which we have obligations to keep the corresponding registration statements effective until the registrable securities (as defined in each agreement) have been sold, and under which we may have separate obligations to file registration statements in the future on either a demand or “piggy-back” basis or both.

Under the terms of the convertible notes, which were converted or extinguished in 2010, if after the 2nd consecutive business day (other than during an allowable blackout period) on which sales of all of the securities required to be included on the registration statement cannot be made pursuant to the registration statement (a “Maintenance Failure”), we will be required to pay to each selling stockholder a one-time payment of 1.0% of the aggregate principal amount of the convertible notes relating to the affected shares on the initial day of a Maintenance Failure. Our total maximum obligation under this provision at December 31, 2016, which is not probable of payment, would be approximately $0.2 million.

Following a Maintenance Failure, we will also be required to make to each selling stockholder monthly payments of 1.0% of the aggregate principal amount of the convertible notes relating to the affected shares on every 30th day after the initial day of a Maintenance Failure, in each case prorated for shorter periods and until the failure is cured. Our total maximum obligation under this provision, which is not probable of payment, would be approximately $0.2 million for each month until the failure, if it occurs, is cured.

Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 8 - Stockholders’ Equity

Dividend

Stockholder Rights Plan

On November 25, 2015, the Company’s Board of Directors adopted a stockholder rights plan (“Rights Plan”) in an effort to preserve the value of its net operating loss carryforwards (“NOLs”) under Section 382 of the Internal Revenue Code (the “Code”). The description and terms of the rights are set forth in a Section 382 Rights Agreement, dated as of November 25, 2015 (the “Section 382 Rights Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as Rights Agent.

In connection with the adoption of the Rights Plan, on November 25, 2015 (the “Rights Dividend Declaration Date”), the Board declared a non-taxable dividend distribution of one share purchase right (“Right”) for each outstanding share of common stock to the Company's stockholders of record as of the close of business on December 9, 2015. The Section 382 Rights Plan is intended to act as a deterrent to any person (an “Acquiring Person”) acquiring (together with all affiliates and associates of such person) beneficial ownership of 4.99% or more of the Company’s outstanding common stock within the meaning of Section 382 of the Code, without the approval of the Board of Directors. Stockholders who beneficially owned 4.99% or more of the Company’s outstanding common stock as of the Rights Dividend Declaration Date are not be deemed to be an Acquiring Person, but such person will be deemed an Acquiring Person if such person (together with all affiliates and associates of such person) becomes the beneficial owner of securities representing a percentage of the Company’s common stock that exceeds by 0.5% or more the lowest percentage of beneficial ownership of the Company’s common stock that such person had at any time since the Rights Dividend Declaration Date. In its discretion, the Board may exempt certain persons whose acquisition of securities is determined by the Board not to jeopardize the availability to the Company's NOLs or other tax benefits and may also exempt certain transactions.

Controlled Equity Offering

On March 25, 2013, we entered into a controlled equity offering sales agreement with a sales agent, and filed with the SEC a prospectus supplement, dated March 25, 2013 to our prospectus dated July 27, 2011, or the 2011 Prospectus, pursuant to which we could offer and sell, from time to time, through the agent shares of our common stock having an aggregate offering price of up to $15.0 million.

On May 23, 2014, we entered into an amendment, or the 2014 Amendment, to the controlled equity offering sales agreement with the sales agent, pursuant to which we may offer and sell, from time to time, through the agent shares of our common stock having an aggregate offering price of up to an additional $15.0 million. On that day, we filed a prospectus supplement to the 2011 Prospectus for use in any sales of these additional shares of common stock through July 26, 2014, the date the underlying registration statement (File No. 333-175394) expired. As a result of this expiration, the 2011 Prospectus, as supplemented on March 25, 2013 and May 23, 2014, may no longer be used for the sale of shares of common stock under the controlled equity offering sales agreement, as amended. On May 23, 2014, we also filed a new universal shelf registration statement (File No. 333-196265) containing, among other things, a prospectus, or the 2014 Prospectus, for use in sales of the common stock under the 2014 Amendment. This registration statement was declared effective on May 30, 2014. Since the expiration of the 2011 Prospectus, all sales under the controlled equity offering sales agreement, as amended, are being effected under the 2014 Prospectus.

Under the controlled equity offering sales agreement, as amended, the agent may sell shares by any method permitted by law and deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on NYSE MKT, or any other existing trading market for our common stock or to or through a market maker. Subject to the terms and conditions of that agreement, the agent will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of NYSE MKT, to sell shares from time to time based upon our instructions. We are not obligated to sell any shares under the arrangement. We are obligated to pay the agent a commission of 3.0% of the aggregate gross proceeds from each sale of shares under the arrangement.

As of December 31, 2016, shares having an aggregate offering price of $3.0 million remained available under the controlled equity offering sales agreement, as amended. During the years ended December 31, 2016 and 2015, we did not sell any shares of our common stock under this arrangement. During the year ended December 31, 2014, we sold 10,520,454 shares of our common stock under this arrangement resulting in net proceeds to us of approximately $17.8 million. During the year ended December 31, 2014, we incurred offering costs of approximately $0.1 million in connection with the controlled equity offering sales agreement, as amended.

Long-Term Incentive Compensation Plan

In 2007, the Company’s stockholders approved the 2007 Long-Term Incentive Compensation Plan (the “2007 Plan”) which provides for the granting of incentive and non-qualified stock options, stock appreciation rights, performance units, restricted stock awards and performance bonuses (collectively “awards”) to Company officers and employees. Additionally, the 2007 Plan authorizes the granting of non-qualified stock options and restricted stock awards to Company directors and to independent consultants.

In 2008, our stockholders approved amendments to the 2007 Plan, increasing from 3.5 million shares to 4.6 million shares the maximum number of shares authorized for issuance under the plan and adding an evergreen provision pursuant to which the number of shares authorized for issuance under the plan would increase automatically in each year, beginning in 2009, in accordance with certain limits set forth in the 2007 Plan. Under the terms of the evergreen provision, the annual increases were to continue through 2015, subject, however, to an aggregate limitation on the number of shares that could be authorized for issuance pursuant to such increases. This aggregate limitation was reached on January 1, 2014, so that the number of shares authorized for issuance under the plan did not automatically increase on January 1, 2015. At December 31, 2016, there are approximately 10.3 million shares approved for issuance under the 2007 Plan, of which approximately 3.4 million shares are available for grant. The Board of Directors in conjunction with management determines who receives awards, the vesting conditions and the exercise price. Options may have a maximum term of ten years.

The following table summarizes the activity of the 2007 Plan for options:

					Weighted-Average
			Weighted-Average		Remaining
	Shares		Exercise Price		Contractual Term

Options
Outstanding, December 31, 2013		5,974,039	$	2.52		6.5
Granted		2,547,585		1.81
Exercised		(352,718)		1.29
Forfeited		(635,424)		2.61
Expired		(143,588)		3.04
Outstanding, December 31, 2014		7,389,894	$	2.31		6.9
Granted		369,814		1.66
Exercised		(778,783)		1.25
Forfeited		(2,712,613)		2.43
Expired		(77,308)		3.26
Outstanding, December 31, 2015		4,191,004	$	2.36		6.0
Granted		200,000		2.20
Exercised		(2,492,639)		1.70
Forfeited		(166,000)		1.69
Expired		(12,336)		3.80
Outstanding, December 31, 2016		1,720,029	$	3.36		4.2

Exercisable, December 31, 2016		1,348,842	$	3.80		3.2
Vested and expected to vest, December 31, 2016		1,675,487	$	3.40		4.1

The aggregate intrinsic value is calculated as the difference between (i) the closing price of the common stock at December 31, 2016 and (ii) the exercise price of the underlying awards, multiplied by the number of options that had an exercise price less than the closing price on the last trading day. Our outstanding and exercisable options had an aggregate intrinsic value of approximately $0.3 million and $0.7 million as of December 31, 2016 and 2015, respectively.

At December 31, 2016, total compensation costs for unvested stock option awards outstanding approximated $0.4 million, net of estimated forfeitures, which we expect to recognize as stock compensation expense over a weighted-average period of 1.7 years.

Valuation assumptions used to determine fair value of share-based compensation

The weighted-average grant date fair value for options granted in 2016, 2015 and 2014 was $1.28, $1.13 and $1.30, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was approximately $2.8 million, $0.3 million and $0.2 million, respectively. The total fair value of awards vested during 2016, 2015 and 2014 was approximately $0.9 million, $0.8 million and $1.4 million, respectively.

The fair value for the 2016, 2015 and 2014 awards were estimated at the date of grant using the Black-Scholes option-pricing model using the following assumptions:

	December 31,
	2016			2015			2014

Weighted-average volatility		65	%		70	%		84	%
Risk-free rate		1.45% - 1.59	%		1.50% - 2.25	%		1.51% - 2.25	%
Expected annual dividend yield		-			-			-
Expected weighted-average life, in years		5.8			5.7			6.1

The following table summarizes the activity of the 2007 Plan for restricted shares:

			Weighted-
			Average
			Grant Date		Aggregate
	Shares		Fair Value		Intrinsic Value

Restricted shares
Outstanding, December 31, 2013		6,667	$	1.59	$	12,401
Granted		-		-
Vested		(6,667)		1.59
Forfeited or expired		-		-
Outstanding, December 31, 2014		-	$	-	$	-
Granted		877,244		1.77
Vested		-		-
Forfeited or expired		(25,000)		1.71
Outstanding, December 31, 2015		852,244	$	1.78	$	1,619,264
Vested		(852,244)		1.76
Outstanding, December 31, 2016		-	$	-	$	-

During the year ended December 31, 2016, 852,244 shares of restricted stock vested. The shares vested upon the earliest to occur of (i) certain performance conditions or (ii) service conditions. The service conditions either vest in full two years from the grant date or 50% vest annually starting one year from the grant date. At December 31, 2016 all shares of restricted stock awards were vested based on the achievement of the performance conditions and we had no unrecognized share-based compensation related to these shares.

Warrants

At December 31, 2016 there were warrants outstanding to purchase 1,051,358 shares of our common stock. At December 31, 2015 and 2014, there were warrants outstanding to purchase 1,422,781 and 4,495,556 shares of our common stock, respectively. The warrants outstanding as of December 31, 2016 were as follows:

Number of Common Shares
Underlying Warrants			Issue Date/Exercisable Date	Exercise Price		Expiration Date

	100,778	⁽¹⁾	March 2007/March 2007	$	3.97	March 2017
	903,996	⁽²⁾	July 2010/January 2011	$	1.63	January 2017
	46,584	⁽¹⁾	March 2012/March 2012	$	1.61	March 2022
	1,051,358

⁽¹⁾

These warrants to purchase common stock are classified as equity.

⁽²⁾

Because of the presence of net settlement provisions, these warrants to purchase common stock are classified as derivative liabilities. The fair value of these liabilities (see Note 3 – Fair Value Measurements) is remeasured at the end of every reporting period and the change in fair value is reported in the accompanying consolidated statements of operations as other income (expense).

Warrants to purchase 371,423 shares of common stock expired during the year ended December 31, 2016 without being exercised, all of which were classified as derivative liabilities.

- 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

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-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 9 - Income Taxes

The provision for income taxes consists of the following:

	Year ended December 31,
	2016		2015		2014

Current taxes
Federal	$	8,595,085	$	-	$	-
State		2,512,469		-		-
Foreign		-		-		-
Total current taxes		11,107,554		-		-

Deferred taxes
Federal		53,240		53,221		53,221
State		8,582		8,525		8,525
Foreign		-		-		-
Total deferred taxes		61,822		61,746		61,746

Total tax provision	$	11,169,376	$	61,746	$	61,746

A reconciliation of the U.S. statutory rate with the effective tax rate is as follows:

	Year Ended December 31,
	2016			2015			2014

Statutory federal tax provision (benefit)	$	71,758,245		$	(1,148,846)		$	(3,363,841)
State income tax (benefit), net of federal benefit		10,323,810			(124,626)			(450,656)
Other permanent differences		6,211			6,909			(6,274)
Foreign rate differential		4,150			68,482			7,913
Write-off of expired/forfeited options and conversion of notes		181,958			1,049,765			380,689
Rate change		(1,429,996)			1,218			794,807
Lobbying costs		198,491			1,047			57,517
Write-off of tax basis in UK subsidiary		(6,288,553)			-			-
Research and development tax credit		(817,832)			-			-
Other prior year adjustments		-			2,949			(308)
Subtotal		73,936,484			(143,102)			(2,580,153)
(Decrease) increase in valuation allowance		(62,767,108)			204,848			2,641,899
Income tax provision	$	11,169,376		$	61,746		$	61,746

Federal statutory rate		35	%		34	%		34	%

Our effective tax rate for 2016 differs from the U.S. federal statutory rate of 35% due principally to $6.3 million of discrete tax benefits primarily associated with a worthless stock deduction related to the dissolution of one of the Company’s international subsidiaries for tax purposes and $0.8 million of discrete tax benefits recognized upon the completion of a research and development tax credit study that determined federal tax credits available for all open tax years.

For December 31, 2016, the reconciliation to the Federal statutory rate includes a change from using a Federal statutory rate of 34% to 35%. Deferred tax assets have been recorded historically at the Federal statutory tax rate of 34% and, based on the expected lack of taxable income at a level sufficient to warrant the 35% tax rate in years after 2016, the deferred tax assets and liabilities continue to be valued using the Federal statutory rate of 34%. As a result of our significant income during 2016, our usage of net operating losses provided a benefit at a Federal statutory rate of 35%. The reconciling item accounts for the current benefit of 35% on previously deferred tax items valued at 34%. In addition to the U.S. Federal statutory rate change, the UK income tax rate will reduce in 2017 from 20% to 19% and, as a result, deferred tax assets on net operating losses carrying forward in the UK have been revalued to reflect the new tax rate.

Deferred tax assets and liabilities are comprised of the following:

	Year Ended December 31,
	2016		2015		2014

Deferred tax assets:
Net operating loss ("NOLs") carryforwards	$	3,405,069	$	65,635,003	$	64,361,842
Fixed assets		149,099		139,883		166,205
Research and development credits/loss carryforwards		6,849		8,900		3,834
Share-based compensation		1,407,280		2,352,660		3,458,334
Intangible asset		1,139,746		218,300		251,524
Accrued expenses and other		817,080		253,655		434,294
Total deferred tax assets		6,925,123		68,608,401		68,676,033

Deferred tax liabilities:
Intangibles		(442,589)		(380,777)		(319,021)
Total deferred tax liabilities		(442,589)		(380,777)		(319,021)
Net deferred tax assets		6,482,534		68,227,624		68,357,012
Less: Valuation allowance		(6,925,123)		(68,608,401)		(68,676,033)
Net deferred tax liabilities	$	(442,589)	$	(380,777)	$	(319,021)

The classification of deferred tax assets and liabilities for 2015 and 2014 have been conformed to be consistent with the 2016 presentation in the table above.

During the year ended December 31, 2016, previously unrecognized deferred tax assets, primarily related to net operating loss carryforwards, were recognized and utilized against current taxable income generated by payments received from the SIGA lawsuit. Due to the Company’s history of net operating losses and the nonrecurring nature of payments received from SIGA, a valuation allowance of $6.9 million continues to be recorded on remaining net deferred tax assets until such point in time the likelihood of realization would not meet the more likely than not threshold.

Due to prior changes in the stock ownership of the Company, net operating losses are subject to a limitation under Section 382 of the U.S. Internal Revenue Code. As a result of this limitation, approximately $1 million of net operating losses were not available to offset current year taxable income and must be carryforward for use in future years. These losses will begin to expire in 2023. The Company’s UK net operating loss carryforwards of approximately $16 million may be carried forward indefinitely.

Accounting Standard Update 2015-17 requires that all deferred tax assets and deferred tax liabilities be classified as noncurrent. Previous to adopting this accounting standard, we have only reported a non-current deferred tax liability on our balance sheet; therefore, the application of this standard had no effect on our current or historic financials statements.

We have analyzed tax positions in all jurisdictions where the Company is required to file an income tax return and have concluded that we do not have any material unrecognized tax benefits. As such, we believe that any of our uncertain tax positions would not result in adjustments to our effective income tax rate.

Supplemental Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

Note 10 - Supplemental Financial Information (Unaudited)

Quarterly financial information for the years ended December 31, 2016 and 2015 is presented in the following tables:

	Three Months Ended
	March 31,		June 30,		September 30,		December 31,

Fiscal year 2016
Revenue	$	1,005,694	$	2,111,254	$	993,885	$	1,119,363
Loss from operations		(1,254,436)		(507,744)		(3,989,789)		(5,512,378)
Net income (loss)		(1,226,906)		8,044,474		109,235,013		77,801,592
Net income (loss) per share, basic		(0.02)		0.12		1.68		1.16
Net income (loss) per share, diluted		(0.02)		0.12		1.67		1.15
Cash dividends declared per share		-		-		-		2.91

Fiscal year 2015
Revenue	$	7,068,746	$	1,149,570	$	1,155,839	$	1,266,505
Income (loss) from operations		1,161,084		(1,964,867)		(1,658,548)		(940,469)
Net income (loss)		1,463,395		(2,340,932)		(1,324,768)		(1,238,400)
Net income (loss) per share, basic		0.02		(0.04)		(0.02)		(0.02)
Net income (loss) per share, diluted		0.02		(0.04)		(0.02)		(0.02)

Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 11 – Subsequent Events

Merger Agreement

On January 18, 2017, PharmAthene, entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which its wholly owned subsidiary, Mustang Merger Sub, Inc., will be merged with and into Altimmune, Inc., a Delaware corporation (“Altimmune”), with Altimmune as the surviving subsidiary (“Merger 1”), and immediately thereafter, Altimmune will be merged with and into Mustang Merger Sub LLC, with Mustang Merger Sub LLC as the surviving entity in such merger (“Merger 2”, and together with Merger 1, the “Mergers”). Following the consummation of the Mergers, PharmAthene will change its name to “Altimmune, Inc.”.

Pursuant to the terms and conditions of the Merger Agreement, at the effective time of Merger 1 (the “Effective Time”), each of Altimmune’s outstanding shares of common stock and preferred stock (excluding Altimmune treasury shares, shares of Altimmune owned by PharmAthene or its subsidiaries or dissenting shares) will be converted into the right to receive a number of shares of PharmAthene common stock such that the holders of outstanding equity of Altimmune immediately prior to the Effective Time will own 58.2% of the outstanding equity of PharmAthene immediately following the Effective Time and holders of outstanding equity of PharmAthene immediately prior to the Effective Time will own 41.8% of the outstanding equity of PharmAthene immediately following the Effective Time (the “Exchange Ratio”), in each case, on an as converted and fully diluted basis. No fractional shares of PharmAthene common stock will be issued in connection with the Mergers as a result of the conversion described above, and any fractional share of PharmAthene common stock that would thereby be issuable will be rounded up to the next whole share. In addition, all outstanding Altimmune options, as well as Altimmune’s 2001 Employee Stock Option Plan and its Non-Employee Stock Option Plan, each as amended from time to time, will be assumed by PharmAthene. Each option or warrant to purchase one share of Altimmune common stock will be converted into an option or warrant, as the case may be, to purchase a number of shares of PharmAthene common stock representing the number of Altimmune shares for which the exchanged option or warrant was exercisable multiplied by the Exchange Ratio. The exercise price will be proportionately adjusted.

The Merger Agreement provides that at, and immediately after, the Effective Time the size of PharmAthene’s Board of Directors (the “Board”) will initially consist of seven directors. This Board will be comprised of four directors designated by Altimmune and three directors designated by PharmAthene. Altimmune’s current Chief Executive Officer, Bill Enright, is expected to serve as the Chief Executive Officer of the combined company, and Altimmune’s current Chief Financial Officer, Elizabeth Czerepak, is expected to serve as its Chief Financial Officer.

The Merger Agreement also obligates PharmAthene to submit to its stockholders, at a special stockholder meeting, a proposal to approve the Mergers, approve and adopt an amendment to its Certificate of Incorporation to authorize its Board of Directors to effect a reverse stock split prior to the Effective Time at a reverse stock split ratio in the range mutually agreed to by Altimmune and PharmAthene’s Board of Directors, and approve certain other related proposals specified in the Merger Agreement.

Warrant Exercise

Warrants to purchase 903,996 shares of common stock were exercised on January 6, 2017 at an exercise price of $1.63 per share. The fair value of the exercised warrants, which were classified as derivative liabilities, was approximately $1.6 million at the date of exercise.

Dividend Payment

On November 17, 2016, PharmAthene declared a special one-time cash dividend of $2.91 per share of common stock. The special dividend was paid on February 3, 2017 to stockholders of record as of January 24, 2017. The one-time special dividend was funded with approximately 98% of the after tax net cash proceeds that the Company received from SIGA in satisfaction of a judgment owed to PharmAthene by SIGA. In total, PharmAthene received payment of approximately $217.1 million (including interest) from SIGA in connection with the judgment.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Investment, Policy [Policy Text Block]

Short-Term Investments

Cash and cash equivalents and short-term investments consist of the following:

	Amortized Cost				Fair Value
	December 31,		Unrealized		December 31,
Description	2016		(Losses) Gains		2016
Cash and cash equivalents:
Cash and money market funds	$	12,125,898	$	-	$	12,125,898
Government-sponsored enterprise securities (original maturities within three months)		141,869,024		-		141,869,024
Total cash and cash equivalents	$	153,994,922	$	-	$	153,994,922
Short-term investments:
U.S. Treasury securities	$	20,018,323	$	(1,273)	$	20,017,050
Government-sponsored enterprise securities (original maturities within six months)		46,793,691		221		46,793,912
Total short-term investments	$	66,812,014	$	(1,052)	$	66,810,962
Total cash, cash equivalents and short-term investments	$	220,806,936	$	(1,052)	$	220,805,884

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

Major Customers, Policy [Policy Text Block]

Significant Customers and Accounts Receivable

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Asset Category		Estimated Useful Life (in Years)

Leasehold improvements		8-10
Furniture and office equipment		5
Computer and other equipment		3-5

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]

Accrued Restructuring Expense

The remaining accrued liability relating to our restructuring expense as of December 31, 2016 is as follows:

	Balance as of						Balance as of
	December 31,		Paid		Amortized		December 31,
Description	2015		2016		2016		2016

Accrued severance expense	$	131,822	$	131,822	$	-	$	-
Accrued sublease expense		358,769		-		249,643		109,126
Total accrued restructuring expense	$	490,591	$	131,822	$	249,643	$	109,126

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Our revenue for the years presented is generated from cost-plus-fee contracts and fixed price contracts.

Milestones are considered substantive if all of the following conditions are met:

it relates solely to past performance, and

the value of the milestone is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement.

Collaborative Arrangement, Accounting Policy [Policy Text Block]

Collaborative Arrangements

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-Based Compensation

We expense the estimated fair value of share-based awards granted to employees, non-employee directors and consultants under our stock compensation plans.

Share-based compensation expense in 2016, 2015 and 2014 is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures.

Share-based compensation expense for 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016		2015		2014

Research and development	$	146,489	$	122,412	$	452,870
General and administrative		2,093,526		544,346		1,202,777
Restructuring benefit		-		(53,741)		-
Total share-based compensation expense	$	2,240,015	$	613,017	$	1,655,647

During the years ended December 31, 2016, 2015 and 2014, we received proceeds of approximately $3.8 million, $1.0 million and $0.5 million from stock options exercised, respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

Basic and Diluted Net Loss Per Share, policy [Policy Text Block]

Basic and Diluted Net Income (Loss) Per Share

For the periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses.

	Year Ended
	December 31, 2016

Numerator

Net income	$	193,854,173
Net income allocated to participating securities		-
Numerator for basic income per share		193,854,173
Incremental allocation of net income to participating securities		-
Change in fair value of dilutive warrants		-
Numerator for diluted income per share	$	193,854,173

Denominator

Weighted-average outstanding common shares for basic income per share		65,306,962
Dilutive effect of stock options		350,840
Dilutive effect of warrants		-
Denominator for diluted income per share		65,657,802

Recent Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Pending Adoption

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Cash, Cash Equivalents and Investments [Table Text Block]

Cash and cash equivalents and short-term investments consist of the following:

	Amortized Cost				Fair Value
	December 31,		Unrealized		December 31,
Description	2016		(Losses) Gains		2016
Cash and cash equivalents:
Cash and money market funds	$	12,125,898	$	-	$	12,125,898
Government-sponsored enterprise securities (original maturities within three months)		141,869,024		-		141,869,024
Total cash and cash equivalents	$	153,994,922	$	-	$	153,994,922
Short-term investments:
U.S. Treasury securities	$	20,018,323	$	(1,273)	$	20,017,050
Government-sponsored enterprise securities (original maturities within six months)		46,793,691		221		46,793,912
Total short-term investments	$	66,812,014	$	(1,052)	$	66,810,962
Total cash, cash equivalents and short-term investments	$	220,806,936	$	(1,052)	$	220,805,884

Property And Equipment Estimated Useful Lives [Table Text Block]

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows:

Asset Category		Estimated Useful Life (in Years)

Leasehold improvements		8-10
Furniture and office equipment		5
Computer and other equipment		3-5

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

The remaining accrued liability relating to our restructuring expense as of December 31, 2016 is as follows:

	Balance as of						Balance as of
	December 31,		Paid		Amortized		December 31,
Description	2015		2016		2016		2016

Accrued severance expense	$	131,822	$	131,822	$	-	$	-
Accrued sublease expense		358,769		-		249,643		109,126
Total accrued restructuring expense	$	490,591	$	131,822	$	249,643	$	109,126

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Share-based compensation expense for 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016		2015		2014

Research and development	$	146,489	$	122,412	$	452,870
General and administrative		2,093,526		544,346		1,202,777
Restructuring benefit		-		(53,741)		-
Total share-based compensation expense	$	2,240,015	$	613,017	$	1,655,647

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year Ended
	December 31, 2016

Numerator

Net income	$	193,854,173
Net income allocated to participating securities		-
Numerator for basic income per share		193,854,173
Incremental allocation of net income to participating securities		-
Change in fair value of dilutive warrants		-
Numerator for diluted income per share	$	193,854,173

Denominator

Weighted-average outstanding common shares for basic income per share		65,306,962
Dilutive effect of stock options		350,840
Dilutive effect of warrants		-
Denominator for diluted income per share		65,657,802

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table represents the fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis:

	As of December 31, 2016
	Level 1		Level 2		Level 3		Balance

Financial Assets
Cash equivalents	$	11,972,733	$	141,869,024	$	-	$	153,841,757
Short-term investments		-		66,810,962		-		66,810,962
Total financial assets measured at fair value	$	11,972,733	$	208,679,986	$	-	$	220,652,719

Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	$	-	$	-	$	1,465,272	$	1,465,272
Total financial liabilities measured at fair value	$	-	$	-	$	1,465,272	$	1,465,272

	As of December 31, 2015
	Level 1		Level 2		Level 3		Balance

Financial Assets
Cash equivalents	$	6,430,561	$	-	$	-	$	6,430,561
Total financial assets measured at fair value	$	6,430,561	$	-	$	-	$	6,430,561

Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	$	-	$	-	$	16,411	$	16,411
Non-current portion of derivative instruments related to stock purchase warrants		-		-		491,791		491,791
Total financial liabilities measured at fair value	$	-	$	-	$	508,202	$	508,202

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the years ended December 31, 2016, 2015 and 2014:

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		Losses		Warrants		December 31,
Description	2015		2016		2016		2016
Derivative liabilities related to stock purchase warrants	$	508,202	$	957,070	$	-	$	1,465,272

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		(Gains)		Warrants		December 31,
Description	2014		2015		2015		2015
Derivative liabilities related to stock purchase warrants	$	807,679	$	(299,477)	$	-	$	508,202

					Exercised
	Balance as of		Unrealized		Stock Purchase		Balance as of
	December 31,		(Gains)		Warrants		December 31,
Description	2013		2014		2014		2014
Derivative liabilities related to stock purchase warrants	$	1,740,235	$	(508,817)	$	(423,739)	$	807,679

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment consisted of the following:

	December 31,
	2016		2015

Leasehold improvements	$	593,739	$	593,739
Furniture and office equipment		234,018		234,018
Computer and other equipment		1,285,350		1,263,193
		2,113,107		2,090,950
Less accumulated depreciation		(1,992,163)		(1,857,256)
Property and equipment, net	$	120,944	$	233,694

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses and other liabilities consisted of the following:

	December 31,
	2016		2015

Accrued research and development expenses	$	895,438	$	451,805
Accrued professional fees		987,426		600,390
Accrued employee and payroll related expenses		159,554		102,632
Other		41,054		93,881
Accrued expenses and other liabilities	$	2,083,472	$	1,248,708

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes the activity of the 2007 Plan for options:

					Weighted-Average
			Weighted-Average		Remaining
	Shares		Exercise Price		Contractual Term

Options
Outstanding, December 31, 2013		5,974,039	$	2.52		6.5
Granted		2,547,585		1.81
Exercised		(352,718)		1.29
Forfeited		(635,424)		2.61
Expired		(143,588)		3.04
Outstanding, December 31, 2014		7,389,894	$	2.31		6.9
Granted		369,814		1.66
Exercised		(778,783)		1.25
Forfeited		(2,712,613)		2.43
Expired		(77,308)		3.26
Outstanding, December 31, 2015		4,191,004	$	2.36		6.0
Granted		200,000		2.20
Exercised		(2,492,639)		1.70
Forfeited		(166,000)		1.69
Expired		(12,336)		3.80
Outstanding, December 31, 2016		1,720,029	$	3.36		4.2

Exercisable, December 31, 2016		1,348,842	$	3.80		3.2
Vested and expected to vest, December 31, 2016		1,675,487	$	3.40		4.1

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value for the 2016, 2015 and 2014 awards were estimated at the date of grant using the Black-Scholes option-pricing model using the following assumptions:

	December 31,
	2016			2015			2014

Weighted-average volatility		65	%		70	%		84	%
Risk-free rate		1.45% - 1.59	%		1.50% - 2.25	%		1.51% - 2.25	%
Expected annual dividend yield		-			-			-
Expected weighted-average life, in years		5.8			5.7			6.1

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

The following table summarizes the activity of the 2007 Plan for restricted shares:

			Weighted-
			Average
			Grant Date		Aggregate
	Shares		Fair Value		Intrinsic Value

Restricted shares
Outstanding, December 31, 2013		6,667	$	1.59	$	12,401
Granted		-		-
Vested		(6,667)		1.59
Forfeited or expired		-		-
Outstanding, December 31, 2014		-	$	-	$	-
Granted		877,244		1.77
Vested		-		-
Forfeited or expired		(25,000)		1.71
Outstanding, December 31, 2015		852,244	$	1.78	$	1,619,264
Vested		(852,244)		1.76
Outstanding, December 31, 2016		-	$	-	$	-

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Number of Common Shares
Underlying Warrants			Issue Date/Exercisable Date	Exercise Price		Expiration Date

	100,778	⁽¹⁾	March 2007/March 2007	$	3.97	March 2017
	903,996	⁽²⁾	July 2010/January 2011	$	1.63	January 2017
	46,584	⁽¹⁾	March 2012/March 2012	$	1.61	March 2022
	1,051,358

⁽¹⁾

These warrants to purchase common stock are classified as equity.

⁽²⁾

- 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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes consists of the following:

	Year ended December 31,
	2016		2015		2014

Current taxes
Federal	$	8,595,085	$	-	$	-
State		2,512,469		-		-
Foreign		-		-		-
Total current taxes		11,107,554		-		-

Deferred taxes
Federal		53,240		53,221		53,221
State		8,582		8,525		8,525
Foreign		-		-		-
Total deferred taxes		61,822		61,746		61,746

Total tax provision	$	11,169,376	$	61,746	$	61,746

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets and liabilities are comprised of the following:

	Year Ended December 31,
	2016		2015		2014

Deferred tax assets:
Net operating loss ("NOLs") carryforwards	$	3,405,069	$	65,635,003	$	64,361,842
Fixed assets		149,099		139,883		166,205
Research and development credits/loss carryforwards		6,849		8,900		3,834
Share-based compensation		1,407,280		2,352,660		3,458,334
Intangible asset		1,139,746		218,300		251,524
Accrued expenses and other		817,080		253,655		434,294
Total deferred tax assets		6,925,123		68,608,401		68,676,033

Deferred tax liabilities:
Intangibles		(442,589)		(380,777)		(319,021)
Total deferred tax liabilities		(442,589)		(380,777)		(319,021)
Net deferred tax assets		6,482,534		68,227,624		68,357,012
Less: Valuation allowance		(6,925,123)		(68,608,401)		(68,676,033)
Net deferred tax liabilities	$	(442,589)	$	(380,777)	$	(319,021)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the U.S. statutory rate with the effective tax rate is as follows:

	Year Ended December 31,
	2016			2015			2014

Statutory federal tax provision (benefit)	$	71,758,245		$	(1,148,846)		$	(3,363,841)
State income tax (benefit), net of federal benefit		10,323,810			(124,626)			(450,656)
Other permanent differences		6,211			6,909			(6,274)
Foreign rate differential		4,150			68,482			7,913
Write-off of expired/forfeited options and conversion of notes		181,958			1,049,765			380,689
Rate change		(1,429,996)			1,218			794,807
Lobbying costs		198,491			1,047			57,517
Write-off of tax basis in UK subsidiary		(6,288,553)			-			-
Research and development tax credit		(817,832)			-			-
Other prior year adjustments		-			2,949			(308)
Subtotal		73,936,484			(143,102)			(2,580,153)
(Decrease) increase in valuation allowance		(62,767,108)			204,848			2,641,899
Income tax provision	$	11,169,376		$	61,746		$	61,746

Federal statutory rate		35	%		34	%		34	%

Supplemental Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Quarterly financial information for the years ended December 31, 2016 and 2015 is presented in the following tables:

	Three Months Ended
	March 31,		June 30,		September 30,		December 31,

Fiscal year 2016
Revenue	$	1,005,694	$	2,111,254	$	993,885	$	1,119,363
Loss from operations		(1,254,436)		(507,744)		(3,989,789)		(5,512,378)
Net income (loss)		(1,226,906)		8,044,474		109,235,013		77,801,592
Net income (loss) per share, basic		(0.02)		0.12		1.68		1.16
Net income (loss) per share, diluted		(0.02)		0.12		1.67		1.15
Cash dividends declared per share		-		-		-		2.91

Fiscal year 2015
Revenue	$	7,068,746	$	1,149,570	$	1,155,839	$	1,266,505
Income (loss) from operations		1,161,084		(1,964,867)		(1,658,548)		(940,469)
Net income (loss)		1,463,395		(2,340,932)		(1,324,768)		(1,238,400)
Net income (loss) per share, basic		0.02		(0.04)		(0.02)		(0.02)
Net income (loss) per share, diluted		0.02		(0.04)		(0.02)		(0.02)

Organization and Business (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
Organization and Business (Details Textual) - USD ($)	Nov. 17, 2016	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 09, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Retained Earnings (Accumulated Deficit), Total			$ (29,869,852)	$ (223,724,025)
Cash and Cash Equivalents, at Carrying Value, Total			153,994,922	15,569,813	$ 18,643,351		$ 10,480,979
Liabilities, Current, Total			204,837,543	2,179,441
Initial Fund Value						$ 5,200,000
Additional Fund Value						8,800,000
Receivables, Long-term Contracts or Programs						$ 28,100,000
Loss Contingency, Damages Awarded, Value		$ 194,600,000
Dividends Payable, Amount Per Share	$ 2.91
Dividends Payable			197,100,000
Billed Contracts Receivable			301,824	511,994
Unbilled Contracts Receivable			697,321	963,345
Dividend Declared [Member]
Restructuring Cost and Reserve [Line Items]
Percentage of Aggregate Payment On After Tax Net Cash Proceeds	98.00%
Dividends Payable, Amount Per Share	$ 2.91
Dividends Payable	$ 200,000,000
SIGA Technologies, Inc [Member]
Restructuring Cost and Reserve [Line Items]
Proceeds From Interest On Legal Settlement Claims			8,400,000
Loss Contingency, Damages Awarded, Value				$ 208,700,000
Proceeds from Legal Settlements	$ 83,900,000		217,100,000
Litigation Settlement, Amount			$ 208,700,000

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash and cash equivalents:
Cash Equivalents, at Amorized Cost	$ 153,994,922
Cash Equivalents, Unrealized (Losses) Gains	0
Cash Equivalents, at Fair Value	153,994,922
Short-term investments:
Available-for-sale Securities, Short-term Investments, Amortized Cost	66,812,014
Cash And Cash Equivalents And Short Term Investments Amortized Cost	220,806,936
Available-for-sale Securities, Gross Unrealized Gain	(1,052)
Short-term Investments	66,810,962	$ 0
Short term investment Unrealized (Losses) Gains	(1,052)
Cash, Cash Equivalents, and Short-term Investments	220,805,884
Cash And Money Market Funds [Member]
Cash and cash equivalents:
Cash Equivalents, at Amorized Cost	12,125,898
Cash Equivalents, Unrealized (Losses) Gains	0
Cash Equivalents, at Fair Value	12,125,898
US Government Corporations and Agencies Securities [Member]
Cash and cash equivalents:
Cash Equivalents, at Amorized Cost	141,869,024
Cash Equivalents, Unrealized (Losses) Gains	0
Cash Equivalents, at Fair Value	141,869,024
Short-term investments:
Available-for-sale Securities, Short-term Investments, Amortized Cost	46,793,691
Available-for-sale Securities, Gross Unrealized Gain	221
Short-term Investments	46,793,912
US Treasury Securities [Member]
Short-term investments:
Available-for-sale Securities, Short-term Investments, Amortized Cost	20,018,323
Available-for-sale Securities, Gross Unrealized Gain	(1,273)
Short-term Investments	$ 20,017,050

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
Summary of Significant Accounting Policies (Details 1)	Dec. 31, 2016
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member] \| Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] \| Computer and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] \| Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	8 years
Minimum [Member] \| Computer and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Summary of Significant Accounting Policies (Details 2)	12 Months Ended
Summary of Significant Accounting Policies (Details 2)	Dec. 31, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	$ 490,591
Paid 2016	131,822
Amortized 2016	249,643
Balance as of December 31, 2016	109,126
Accrued severance expense [Member]
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	131,822
Paid 2016	131,822
Amortized 2016	0
Balance as of December 31, 2016	0
Accrued sublease expense [Member]
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	358,769
Paid 2016	0
Amortized 2016	249,643
Balance as of December 31, 2016	$ 109,126

Summary of Significant Accounting Policies (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 2,240,015	$ 613,017	$ 1,655,647
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	2,093,526	544,346	1,202,777
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	146,489	122,412	452,870
Restructuring Benefit [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 0	$ (53,741)	$ 0

Summary of Significant Accounting Policies (Details 4) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net income	$ 77,801,592	$ 109,235,013	$ 8,044,474	$ (1,226,906)	$ (1,238,400)	$ (1,324,768)	$ (2,340,932)	$ 1,463,395	$ 193,854,173	$ (3,440,705)	$ (9,955,395)
Net income allocated to participating securities									0
Numerator for basic income per share									193,854,173
Incremental allocation of net income to participating securities									0
Change in fair value of dilutive warrants									0
Numerator for diluted income per share									$ 193,854,173
Denominator
Weighted-average outstanding common shares for basic income per share									65,306,962	63,986,013	57,535,325
Dilutive effect of stock options									350,840
Dilutive effect of warrants									0
Denominator for diluted income per share									65,657,802	63,986,013	57,535,325

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	$ 0	$ (229,192)	$ 0
Share Based Compensation Extension Of Exercise Period		75,000
Share Based Compensation Reversal From Stock Option Forfeitures		129,000
Share Based Compensation Reversal Net		$ 53,741
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		6,500,000	11,900,000
Proceeds from Stock Options Exercised	3,800,000	$ 1,000,000	$ 500,000
Current Income Tax Expense (Benefit), Total	$ 11,107,554	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	805,994
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	70,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	385,330
Operating Loss Carryforwards, Amount of Limitations on Use	$ 1,000,000
Deferred Tax Assets, Valuation Allowance	$ 6,925,123	$ 68,608,401	$ 68,676,033
Warrant [Member]
Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	800,000
Employee Stock Option [Member]
Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,500,000

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Financial Assets
Short-term investments	$ 66,810,962	$ 0
Financial Liabilities
Non-current portion of derivative instruments related to stock purchase warrants	0	491,791
Fair Value, Measurements, Recurring [Member]
Financial Assets
Total financial assets measured at fair value	220,652,719	6,430,561
Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	1,465,272	16,411
Non-current portion of derivative instruments related to stock purchase warrants		491,791
Total financial liabilities measured at fair value	1,465,272	508,202
Fair Value, Measurements, Recurring [Member] \| Short Term Investment [Member]
Financial Assets
Short-term investments	66,810,962
Fair Value, Measurements, Recurring [Member] \| Cash Equivalents [Member]
Financial Assets
Cash equivalents	153,841,757	6,430,561
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Financial Assets
Total financial assets measured at fair value	11,972,733	6,430,561
Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	0	0
Non-current portion of derivative instruments related to stock purchase warrants		0
Total financial liabilities measured at fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Short Term Investment [Member]
Financial Assets
Short-term investments	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Financial Assets
Cash equivalents	11,972,733	6,430,561
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Financial Assets
Total financial assets measured at fair value	208,679,986	0
Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	0	0
Non-current portion of derivative instruments related to stock purchase warrants		0
Total financial liabilities measured at fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Short Term Investment [Member]
Financial Assets
Short-term investments	66,810,962
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cash Equivalents [Member]
Financial Assets
Cash equivalents	141,869,024	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Financial Assets
Total financial assets measured at fair value	0	0
Financial Liabilities
Current portion of derivative instruments related to stock purchase warrants	1,465,272	16,411
Non-current portion of derivative instruments related to stock purchase warrants		491,791
Total financial liabilities measured at fair value	1,465,272	508,202
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Short Term Investment [Member]
Financial Assets
Short-term investments	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Cash Equivalents [Member]
Financial Assets
Cash equivalents	$ 0	$ 0

Fair Value Measurements (Details 1) - USD ($)	12 Months Ended
Fair Value Measurements (Details 1) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized (Gains) Losses	$ (957,070)	$ 299,477	$ 508,817
Ending Balance	1,465,272
Fair Value, Inputs, Level 3 [Member] \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning Balance	508,202	807,679	1,740,235
Unrealized (Gains) Losses	957,070	(299,477)	(508,817)
Exercised Stock Purchase Warrants	0	0	(423,739)
Ending Balance	$ 1,465,272	$ 508,202	$ 807,679

Fair Value Measurements (Details 2)	Dec. 31, 2016 USD ($)
Fair Value Measurements [Line Items]
Derivatives	$ 1,465,272

Fair Value Measurements (Details Textual) - USD ($)	12 Months Ended
Fair Value Measurements (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements [Line Items]
Impairment of Long-Lived Assets Held-for-use		$ 36,981
Property Subject to or Available for Operating Lease, Net, Total	$ 0
Class of Warrant or Right Outstanding Warrants Expired	371,423
Derivative Liabilities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements [Line Items]
Class of Warrant or Right, Outstanding	903,996	1,275,419	1,775,419

Property and Equipment (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	$ 2,113,107	$ 2,090,950
Less accumulated depreciation	(1,992,163)	(1,857,256)
Property and equipment, net	120,944	233,694
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	593,739	593,739
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	234,018	234,018
Computer and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	$ 1,285,350	$ 1,263,193

Property and Equipment (Details Textual) - USD ($)	12 Months Ended
Property and Equipment (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation, Total	$ 143,437	$ 141,604	$ 149,958
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Capitalized Computer Software, Gross	$ 40,000

Accrued Expenses and Other Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued Expenses And Other Liabilities [Line Items]
Accrued research and development expenses	$ 895,438	$ 451,805
Accrued professional fees	987,426	600,390
Accrued employee and payroll related expenses	159,554	102,632
Other	41,054	93,881
Accrued expenses and other liabilities	$ 2,083,472	$ 1,248,708

Debt (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2012	Mar. 30, 2012
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5.0
Loans Payable [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 2.5
Warrants issued to purchase common stock, in connection with loan agreement	46,584
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.61

Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 17, 2016	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 23, 2015
Commitment And Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		$ 113,100,000
Loss Contingency, Damages Awarded, Value		194,600,000
Litigation Settlement, Expense		$ 81,500,000
Warrant Expiration Date			Jan. 28, 2015
Restructuring Charges, Total			$ 0	$ 2,546,159	$ 0
Operating Leases, Rent Expense			800,000	700,000	800,000
Maintenance Costs				100,000	$ 100,000	$ 40,000
Government Contract Receivable, Progress Payments Offset			$ 800,000	5,800,000
Operating Lease Term			10 years
Operating Leases, Future Minimum Payments Due, Next Twelve Months			$ 400,000
Accrued Rent, Current			$ 100,000
Lease Expiration Date			May 31, 2017
Estimated Litigation Settlement, Including Interest							$ 205,000,000
Sublease Agreement [Member]
Commitment And Contingencies [Line Items]
Restructuring Charges, Total			$ 100,000	400,000
SIGA Technologies, Inc [Member]
Commitment And Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value				$ 208,700,000
Litigation Settlement Interest			8,400,000
Proceeds from Legal Settlements	$ 83,900,000		217,100,000
Litigation Settlement, Amount			$ 208,700,000
Group Three [Member]
Commitment And Contingencies [Line Items]
Percentage Of Aggregate Principal Amount Redemption			1.00%
Notes Payable Aggregate Principal Repayment Amount			$ 200,000
Group Four [Member]
Commitment And Contingencies [Line Items]
Percentage Of Aggregate Principal Amount Redemption			1.00%
Notes Payable Aggregate Principal Repayment Amount			$ 200,000

Stockholders' Equity (Details) - $ / shares	12 Months Ended
Stockholders' Equity (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shares
Granted	385,330
Weighted Average Remaining Contractual Term
Vested and expected to vest	5 years 9 months 18 days	5 years 8 months 12 days	6 years 1 month 6 days
Employee Stock Option [Member]
Shares
Outstanding, Beginning balance	4,191,004	7,389,894	5,974,039
Granted	200,000	369,814	2,547,585
Exercised	(2,492,639)	(778,783)	(352,718)
Forfeited	(166,000)	(2,712,613)	(635,424)
Expired	(12,336)	(77,308)	(143,588)
Outstanding, Ending balance	1,720,029	4,191,004	7,389,894	5,974,039
Exercisable, December 31, 2016	1,348,842
Vested and expected to vest, December 31, 2016	1,675,487
Weighted-Average Exercise Price
Outstanding, beginning balance	$ 2.36	$ 2.31	$ 2.52
Granted	2.20	1.66	1.81
Exercised	1.70	1.25	1.29
Forfeited	1.69	2.43	2.61
Expired	3.80	3.26	3.04
Outstanding, ending balance	3.36	$ 2.36	$ 2.31	$ 2.52
Exercisable, December 31, 2016	3.80
Vested and expected to vest, December 31, 2016	$ 3.40
Weighted Average Remaining Contractual Term
Outstanding	4 years 2 months 12 days	6 years	6 years 10 months 24 days	6 years 6 months
Exercisable	3 years 2 months 12 days
Vested and expected to vest	4 years 1 month 6 days

Stockholders' Equity (Details 1)	12 Months Ended
Stockholders' Equity (Details 1)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average volatility	65.00%	70.00%	84.00%
Risk-free rate, Minimum	1.45%	1.50%	1.51%
Risk-free rate, Maximum	1.59%	2.25%	2.25%
Expected annual dividend yield	0.00%	0.00%	0.00%
Expected weighted-average life, in years	5 years 9 months 18 days	5 years 8 months 12 days	6 years 1 month 6 days

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
Stockholders' Equity (Details 2) - $ / shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shares
Vested	(805,994)
Restricted Stock [Member]
Shares
Outstanding, Beginning balance	852,244	0	6,667
Granted	852,244	877,244	0
Vested	(852,244)	0	(6,667)
Forfeited or expired		(25,000)	0
Outstanding, Ending balance	0	852,244	0
Weighted-Average Grant Date Fair Value
Outstanding, Beginning balance	$ 1.78	$ 0	$ 1.59
Granted		1.77	0
Vested	1.76	0	1.59
Forfeited		1.71	0
Outstanding, Ending balance	0	1.78	0
Aggregate Intrinsic Value
Outstanding	$ 0	$ 1,619,264	$ 0	$ 12,401

Stockholders' Equity (Details 3) - $ / shares

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of Common Shares Underlying Warrants

1,051,358

1,422,781

4,495,556

Expiration Date

Jan. 28, 2015

3.97 [Member] | Warrant [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of Common Shares Underlying Warrants

^[1]

100,778

Mar. 01, 2007

Mar. 01, 2007

$ 3.97

Mar. 01, 2017

1.63 [Member] | Derivative Instrument Warrants [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of Common Shares Underlying Warrants

^[2]

903,996

Jul. 01, 2010

Jan. 01, 2011

$ 1.63

Jan. 01, 2017

1.61 [Member] | Warrant [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of Common Shares Underlying Warrants

^[1]

46,584

Mar. 01, 2012

Mar. 01, 2012

$ 1.61

Mar. 01, 2022

[1]	These warrants to purchase common stock are classified as equity.
[2]	Because of the presence of net settlement provisions, these warrants to purchase common stock are classified as derivative liabilities. The fair value of these liabilities (see Note 3 – Fair Value Measurements) is remeasured at the end of every reporting period and the change in fair value is reported in the accompanying consolidated statements of operations as other income (expense).

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended			12 Months Ended
Stockholders' Equity (Details Textual) - USD ($)	Nov. 25, 2015	May 23, 2014	Mar. 25, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 17, 2016	Dec. 31, 2008
Stockholders Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,051,358	1,422,781	4,495,556
Common Stock Aggregate Amount Equity Offering		$ 15,000,000	$ 15,000,000
Stock Sales Agent Commission Percentage				3.00%
Equity Offering Remaining Aggregate Sales Available				$ 3,000,000
Proceeds from Issuance of Common Stock				3,801,720	$ 973,132	$ 18,141,935
Offering Costs In Connection With Controlled Equity Offering Sales Agreement						100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				2,800,000	300,000	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value				300,000	700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options				$ 400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value				$ 900,000	$ 800,000	$ 1,400,000
Fair Value Assumptions, Weighted Average Volatility Rate				50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 1.28	$ 1.13	$ 1.30
Beneficial Ownership Percentage Held By Affiliates	4.99%
Additional Amount to Declare Stockholder as an Acquiring Person Percentage	0.50%
Dividends Payable, Amount Per Share							$ 2.91
Equity [Member]
Stockholders Equity [Line Items]
Proceeds from Issuance of Common Stock						$ 17,800,000
Restricted Stock [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				852,244	877,244	0
Warrant [Member]
Stockholders Equity [Line Items]
Number of common shares expired underlying stock purchase warrants				371,423
Common Stock [Member]
Stockholders Equity [Line Items]
Stock Issued During Period, Shares, New Issues						10,520,454
2007 Long Term Incentive Plan [Member]
Stockholders Equity [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance								3,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				10,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				3,400,000
2007 Long Term Incentive Plan [Member] \| Maximum [Member]
Stockholders Equity [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance								4,600,000

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current taxes
Federal	$ 8,595,085	$ 0	$ 0
State	2,512,469	0	0
Foreign	0	0	0
Total current taxes	11,107,554	0	0
Deferred taxes
Federal	53,240	53,221	53,221
State	8,582	8,525	8,525
Foreign	0	0	0
Total deferred taxes	61,822	61,746	61,746
Income tax provision	$ 11,169,376	$ 61,746	$ 61,746

Income Taxes (Details 1) - USD ($)	12 Months Ended
Income Taxes (Details 1) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Statutory federal tax provision (benefit)	$ 71,758,245	$ (1,148,846)	$ (3,363,841)
State income tax (benefit), net of federal benefit	10,323,810	(124,626)	(450,656)
Other permanent differences	6,211	6,909	(6,274)
Foreign rate differential	4,150	68,482	7,913
Write-off of expired/forfeited options and conversion of notes	181,958	1,049,765	380,689
Rate change	(1,429,996)	1,218	794,807
Lobbying costs	198,491	1,047	57,517
Write-off of tax basis in UK subsidiary	(6,288,553)	0	0
Research and development tax credit	(817,832)	0	0
Other prior year adjustments	0	2,949	(308)
Subtotal	73,936,484	(143,102)	(2,580,153)
Decrease (increase) in valuation allowance	(62,767,108)	204,848	2,641,899
Income tax provision	$ 11,169,376	$ 61,746	$ 61,746
Federal statutory rate	35.00%	34.00%	34.00%

Income Taxes (Details 2) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating loss ("NOLs") carryforwards	$ 3,405,069	$ 65,635,003	$ 64,361,842
Fixed assets	149,099	139,883	166,205
Research and development credits/loss carryforwards	6,849	8,900	3,834
Share-based compensation	1,407,280	2,352,660	3,458,334
Intangible asset	1,139,746	218,300	251,524
Accrued expenses and other	817,080	253,655	434,294
Total deferred tax assets	6,925,123	68,608,401	68,676,033
Deferred tax liabilities:
Intangibles	(442,589)	(380,777)	(319,021)
Total deferred tax liabilities	(442,589)	(380,777)	(319,021)
Net deferred tax assets	6,482,534	68,227,624	68,357,012
Less: Valuation allowance	(6,925,123)	(68,608,401)	(68,676,033)
Net deferred tax liabilities	$ (442,589)	$ (380,777)	$ (319,021)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Jan. 01, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	34.00%	34.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	$ 817,832	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance	6,925,123	$ 68,608,401	$ 68,676,033
United States [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	1,000,000
United Kingdom [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 16,000,000
United Kingdom [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	20.00%
United Kingdom [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	19.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount	$ 6,300,000
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	$ 800,000

Supplemental Financial Information (Unaudited) (Details) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended
	Nov. 17, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Financial Information Unaudited [Line Items]
Revenue		$ 1,119,363	$ 993,885	$ 2,111,254	$ 1,005,694	$ 1,266,505	$ 1,155,839	$ 1,149,570	$ 7,068,746	$ 5,230,196	$ 10,640,660	$ 10,190,205
Loss from operations		(5,512,378)	(3,989,789)	(507,744)	(1,254,436)	(940,469)	(1,658,548)	(1,964,867)	1,161,084	(11,264,347)	(3,402,800)	(10,191,305)
Net income (loss)		$ 77,801,592	$ 109,235,013	$ 8,044,474	$ (1,226,906)	$ (1,238,400)	$ (1,324,768)	$ (2,340,932)	$ 1,463,395	$ 193,854,173	$ (3,440,705)	$ (9,955,395)
Net income (loss) per share, basic		$ 1.16	$ 1.68	$ 0.12	$ (0.02)	$ (0.02)	$ (0.02)	$ (0.04)	$ 0.02	$ 2.97	$ (0.05)	$ (0.17)
Net income (loss) per share, diluted		1.15	1.67	0.12	(0.02)	$ (0.02)	$ (0.02)	$ (0.04)	$ 0.02	$ 2.95	$ (0.05)	$ (0.17)
Cash dividends declared per share	$ 2.91	$ 2.91	$ 0	$ 0	$ 0

Subsequent Events (Details Textual) - USD ($)		1 Months Ended	3 Months Ended				12 Months Ended
Subsequent Events (Details Textual) - USD ($)	Feb. 03, 2017	Nov. 17, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 18, 2017	Jan. 06, 2017
Subsequent Event [Line Items]
Special One Time Cash Dividend Payable Per Share, Common Stock		$ 2.91	$ 2.91	$ 0	$ 0	$ 0
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,051,358				1,051,358	1,422,781	4,495,556
Derivative Liability			$ 1,465,272				$ 1,465,272
Proceeds from Stock Options Exercised							$ 3,800,000	$ 1,000,000	$ 500,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of Aggregate Payment On After Tax Net Cash Proceed from SIGA	98.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights											903,996
Class of Warrant or Right, Exercise Price of Warrants or Rights											$ 1.63
Derivative Liability											$ 1,600,000
Proceeds from Stock Options Exercised	$ 217,100,000
Subsequent Event [Member] \| Exchange Ratio [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage										41.80%
Subsequent Event [Member] \| Altimmune Inc [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage										58.20%