Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 35,369,000 $ 20,608,000
Marketable securities, available for sale 1,103,000 1,061,000
Royalty receivables 2,975,000 1,537,000
Other current assets 38,000 196,000
Total Current Assets 39,485,000 23,402,000
OTHER ASSETS:    
Deferred tax assets 1,874,000 4,958,000
Patent, net of accumulated amortization 1,294,000 2,002,000
Security deposits 19,000 19,000
Total Other Assets 3,187,000 6,979,000
TOTAL ASSETS 42,672,000 30,381,000
CURRENT LIABILITIES:    
Accounts payable 147,000 139,000
Accrued expenses 1,684,000 1,552,000
TOTAL LIABILITIES 1,831,000 1,691,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at June 30, 2016 and December 31, 2015
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,317,946 and 23,211,149 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 233,000 232,000
Additional paid-in capital 61,351,000 61,249,000
Accumulated deficit (20,751,000) (32,756,000)
Accumulated other comprehensive income (loss) 8,000 (35,000)
TOTAL STOCKHOLDERS' EQUITY 40,841,000 28,690,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,672,000 $ 30,381,000