Inhibitor Therapeutics (INTI) 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 12, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	HedgePath Pharmaceuticals, Inc.
Entity Central Index Key	0001042418
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		370,446,185
Entity Address, State or Province	FL

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,025,200	$ 1,108,713
Prepaid expenses	38,007	41,296
Total current assets	2,063,207	1,150,009
Other long-term assets	68,346	82,992
Total assets	2,131,553	1,233,001
Current liabilities:
Accounts payable	195,348	384,829
Dividends payable	99,178	99,945
Other liabilities	10,242	215,876
Total current liabilities	304,768	700,650
Deferred revenue, related party	3,000,000	500,000
Total liabilities	3,304,768	1,200,650
Commitments and contingencies
Stockholders' (deficit) equity:
Common stock, $0.0001 par value; 500,000,000 shares authorized; 370,446,185 and 370,084,064 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	37,045	37,008
Additional paid-in capital	49,327,674	49,015,120
Accumulated deficit	(54,498,800)	(52,980,643)
Total stockholders' (deficit) equity	(1,173,215)	32,351
Total liabilities and stockholders' (deficit) equity	2,131,553	1,233,001
Series A Preferred Stock [Member]
Stockholders' (deficit) equity:
Preferred stock
Series B Convertible, Redeemable, Preferred Stock [Member]
Stockholders' (deficit) equity:
Preferred stock	$ 3,960,866	$ 3,960,866

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,253,623	2,253,623
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	370,446,185	370,084,064
Common Stock, shares outstanding	370,446,185	370,084,064
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible, Redeemable, Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	7,246,377	7,246,377
Preferred stock, shares issued	5,797,102	5,797,102
Preferred stock, shares outstanding	5,797,102	5,797,102

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Expenses:
Research and development	$ 303,596	$ 528,875	$ 500,370	$ 1,202,845
General and administrative	331,904	355,531	926,730	856,377
Total Expenses:	635,500	884,406	1,427,100	2,059,222
Loss from operations	(635,500)	(884,406)	(1,427,100)	(2,059,222)
Interest income	2,809	2,490	8,121	6,712
Net loss	(632,691)	(881,916)	(1,418,979)	(2,052,510)
Preferred stock dividend	(49,863)	(29,918)	(99,178)	(56,548)
Net loss applicable to common stockholders	$ (682,554)	$ (911,834)	$ (1,518,157)	$ (2,109,058)
Basic and diluted net loss applicable to common stockholders per share	$ 0	$ 0	$ 0	$ (0.01)
Weighted average common stock shares outstanding – basic and diluted	370,446,185	369,723,717	370,418,176	369,669,708

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2017	$ 166,563		$ 36,960	$ 48,403,523	$ (48,273,920)
Beginning balance, shares at Dec. 31, 2017			369,599,266
Sale of Preferred Stock and common stock warrants to related party, net		$ 2,360,866
Sale of Preferred Stock and common stock warrants to related party, net, Shares		3,478,261
Stock based compensation	208,243		$ 7	208,236
Stock based compensation, Shares			75,000
Preferred stock dividends	(26,630)				(26,630)
Net loss	(1,170,594)				(1,170,594)
Ending balance at Mar. 31, 2018	(822,418)	$ 2,360,866	$ 36,967	48,611,759	(49,471,144)
Ending balance, shares at Mar. 31, 2018		3,478,261	369,674,266
Beginning balance at Dec. 31, 2017	166,563		$ 36,960	48,403,523	(48,273,920)
Beginning balance, shares at Dec. 31, 2017			369,599,266
Net loss	(2,052,510)
Ending balance at Jun. 30, 2018	(1,638,299)	$ 2,360,866	$ 36,977	48,707,702	(50,382,978)
Ending balance, shares at Jun. 30, 2018		3,478,261	369,774,266
Beginning balance at Mar. 31, 2018	(822,418)	$ 2,360,866	$ 36,967	48,611,759	(49,471,144)
Beginning balance, shares at Mar. 31, 2018		3,478,261	369,674,266
Issuance of common stock upon warrant exercise	12,000		$ 10	11,990
Issuance of common stock upon warrant exercise, shares			100,000
Stock based compensation	83,953			83,953
Preferred stock dividends	(29,918)				(29,918)
Net loss	(881,916)				(881,916)
Ending balance at Jun. 30, 2018	(1,638,299)	$ 2,360,866	$ 36,977	48,707,702	(50,382,978)
Ending balance, shares at Jun. 30, 2018		3,478,261	369,774,266
Beginning balance at Dec. 31, 2018	32,351	$ 3,960,866	$ 37,008	49,015,120	(52,980,643)
Beginning balance, shares at Dec. 31, 2018		5,797,102	370,084,064
Issuance of common stock for payment of dividends on Preferred Stock	99,946		$ 37	99,909
Issuance of common stock for payment of dividends on Preferred Stock, Shares			362,121
Stock based compensation	131,031			131,031
Preferred stock dividends	(49,315)				(49,315)
Net loss	(786,288)				(786,288)
Ending balance at Mar. 31, 2019	(572,275)	$ 3,960,866	$ 37,045	49,246,060	(53,816,246)
Ending balance, shares at Mar. 31, 2019		5,797,102	370,446,185
Beginning balance at Dec. 31, 2018	32,351	$ 3,960,866	$ 37,008	49,015,120	(52,980,643)
Beginning balance, shares at Dec. 31, 2018		5,797,102	370,084,064
Net loss	(1,418,979)
Ending balance at Jun. 30, 2019	(1,173,215)	$ 3,960,866	$ 37,045	49,327,674	(54,498,800)
Ending balance, shares at Jun. 30, 2019		5,797,102	370,446,185
Beginning balance at Mar. 31, 2019	(572,275)	$ 3,960,866	$ 37,045	49,246,060	(53,816,246)
Beginning balance, shares at Mar. 31, 2019		5,797,102	370,446,185
Stock based compensation	81,614			81,614
Preferred stock dividends	(49,863)				(49,863)
Net loss	(632,691)				(632,691)
Ending balance at Jun. 30, 2019	$ (1,173,215)	$ 3,960,866	$ 37,045	$ 49,327,674	$ (54,498,800)
Ending balance, shares at Jun. 30, 2019		5,797,102	370,446,185

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net loss	$ (1,418,979)	$ (2,052,510)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	212,645	292,196
Changes in assets and liabilities:
Prepaid expense and other assets	17,935	35,243
Accounts payable and other current liabilities	(395,114)	(196,151)
Net cash used in operating activities	(1,583,513)	(1,921,222)
Financing activities:
Proceeds from the exercise of common stock warrants		12,000
Proceeds from the sale of preferred stock and common stock warrants, related party, net (note 1)		2,360,866
Proceeds from advances of royalties, related party	2,500,000
Net cash provided by financing activities	2,500,000	2,372,866
Net change in cash and cash equivalents	916,487	451,644
Cash and cash equivalents at beginning of period	1,108,713	344,113
Cash and cash equivalents at end of period	2,025,200	795,757
Non-cash financing activities:
Issuance of common stock for payment of preferred stock dividend	99,946
Accrued, but unpaid dividends	$ 99,178	$ 56,548

Corporate overview

Corporate overview	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Corporate overview	1. Corporate overview: Overview The accompanying unaudited condensed financial statements of HedgePath Pharmaceuticals, Inc., a Delaware corporation (the “Company”, “HPPI”, “we”, “us” or similar terminology), have been prepared by the Company without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of June 30, 2019, and for all periods presented, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2018, which are included in the Company’s Annual Report on Form 10-K As used herein, the term “Common Stock” means the Company’s common stock, $0.0001 par value per share. The results of operations for the three and six month periods ended June 30, 2019 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Readers of this Quarterly Report are strongly encouraged to review the risk factors relating to the Company which are set forth in the 2018 Annual Report and our other filings with the SEC. Nature of the Business and Background The Company is a pharmaceutical development company that is seeking to discover, develop and ultimately commercialize innovative therapeutics for patients with certain cancers and certain non-cancerous The Company’s primary proposed therapy is based upon the use of SUBA ™ -Itraconazole, which is a patented, oral formulation of the currently marketed anti-fungal drug itraconazole. SUBA-Itraconazole is licensed to the Company by Mayne Pharma on an exclusive basis in the United States in the field of certain cancers (including prostate and lung cancer) and certain non-cancerous proliferation disorders pursuant to the Third Amended and Restated Supply and License Agreement between the Company and Mayne Pharma, dated December , (the “Third SLA”). The Company demonstrated in its previous Phase 2b trial in BCCNS that the dosing of oral capsules of SUBA-Itraconazole affects the Hedgehog signaling pathway, a major regulator of many fundamental cellular processes, which, in turn, can impact the development and growth of cancers such as basal cell carcinoma. Itraconazole has been approved by the U.S. Food and Drug Administration (“FDA”) for, and has been extensively used to, treat fungal infections and has an extensive history of safe and effective use in humans. The Company has developed, optioned and licensed intellectual property and know-how Manufacturing and Product Supply and Relationship with Mayne Pharma The Company does not have any production facilities or manufacturing personnel. The Third SLA provides for the supply to the Company of specially formulated capsules of SUBA-Itraconazole, manufactured by Mayne Pharma under cGMP (current good manufacturing practice) standards, for use by the Company in its clinical trials and for the future commercial supply following FDA approvals, if obtained. Pursuant to the Third SLA, Mayne Pharma is obligated to supply the Company with its patented formulation of SUBA-Itraconazole in a particular oral dose formulation for the treatment of human patients with certain cancers and non-cancerous Overview of December 2018 Transactions with Mayne Pharma On December 17, 2018 (the “Effective Date”), the Company entered into the following related agreements (collectively, the “Transaction Documents”): • An agreement, by and among the Company, and Mayne Pharma, and Mayne Pharma International, an affiliate of Mayne Pharma (the “Agreement”); • The Third Amended SLA, which amended and restated the Company’s Second Amended and Restated Supply and License Agreement with Mayne Pharma, dated as of May 15, 2015 (as amended immediately prior to the Effective Date, the “Second Amended SLA”); and • Amended and Restated Sublicense Agreement, by and between the Company and Mayne Pharma International, which amends and restates that certain Sublicense Agreement, dated August 31, 2015, between the Company and Mayne Pharma International, as amended. In addition, pursuant to the terms of the Agreement, the Company and Mayne Pharma agreed to vote in favor of the adoption of an Amended and Restated Certificate of Designation (the “Amended and Restated COD”) for the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”), which amended and restated the terms of the Series B Preferred Stock (originally issued to Mayne Pharma on January 8, 2018) to remove the redemption rights of the Series B Preferred Stock as described below. At June 30, 2019, all 5,797,102 outstanding shares the Series B Preferred Stock are held by Mayne Pharma. The Transaction Documents resulted from negotiations regarding the existing right of Mayne Pharma under the Second Amended SLA to elect to assume control of the regulatory and clinical development program for SUBA-Itraconazole for the treatment of BCCNS (such product candidate “SUBA-Itraconazole BCCNS”) in exchange for a royalty on any future net sales of SUBA-Itraconazole BCCNS by Mayne Pharma in the United States if an FDA New Drug Application (“NDA”) was not accepted for filing by FDA by December 31, 2018 (subject to limited extension if the NDA were filed in December 2018). Based on unforeseen requirements imposed by FDA in September 2018, the Company determined that it would be unable to responsibly file the SUBA-Itraconazole BCCNS NDA by this deadline, and thus the Company commenced negotiations with Mayne Pharma to transfer SUBA-Itraconazole BCCNS in advance of December 31, 2018 on negotiated terms deemed beneficial to the Company. The Transaction Documents were negotiated and approved on behalf of the Company by a special committee of disinterested, independent members of the Company’s Board of Directors (the “Board”) which was formed on October 26, 2018 for such purpose. The special Board committee consisted of three members of the Board who were each disinterested with respect to Mayne Pharma. December 2018 Agreement with Mayne Pharma Pursuant to the terms of the Agreement, on the Effective Date, Mayne Pharma (in its capacity as the holder of more than 50% of the outstanding voting securities of the Company) executed and delivered to the Company a stockholder consent which consented to the taking of the following actions: (a) the adoption of the Amended and Restated COD; (b) the election of each E. Brendan Magrab, W. Mark Watson, Dr. R. Dana Ono, Stefan J. Cross and Robert D. Martin (each a current member of the Board, except Brendan Magrab, who resigned effective June 30, 2019) to serve on the Board for a one-year In addition, pursuant to the Agreement, for the period beginning on the Effective Date and ending three (3) years from the Effective Date, in the event that the Company asks its stockholders (whether at a meeting of stockholders or pursuant to a written consent of stockholders) to vote on or approve a proposal to effect a reverse split of the Company capital stock for the purpose of uplisting the common stock to a U.S. national securities exchange (a “Reverse Stock Split Proposal”), Mayne Pharma (on behalf of itself and its affiliates) agreed to vote or cause to be voted (in person, by proxy or by action by written consent, as applicable) all shares of the Company’s voting capital stock that either Mayne Pharma then owns or over which Mayne Pharma has voting control in favor of the adoption and approval of any such Reverse Stock Split Proposal. No assurances are given that the Company will seek an uplisting to a U.S. national securities exchange or implement a reverse stock split of its Common Stock. Also, pursuant to the Agreement, Mayne Pharma consented and agreed (under the terms of agreements previously executed with the Company) to an increase in the number of shares of common stock that the Company may issue under the EIP to shares from the previous limit of shares, with the agreement and understanding that such increase will be utilized by the Company during the period from the Effective Date through December , . December 2018 - Third Amended and Restated Supply and License Agreement with Mayne Pharma Pursuant to the Third Amended SLA, as of the Effective Date, Mayne Pharma assumed control of the regulatory and clinical development program for SUBA-Itraconazole BCCNS and immediately assumed responsibility for all expenses related to exploiting the SUBA-Itraconazole product in the BCCNS field, provided that the Company continues to be responsible for all liabilities related to the product in the United States prior to the Effective Date. The Third Amended SLA will continue in effect on an exclusive basis in the United States on substantially the same terms as were provided for under the Second Amended SLA, except as described below. In consideration of the transfer to Mayne Pharma of the SUBA-Itraconazole BCCNS clinical data and regulatory rights, the Company will receive the following consideration: (a) a 9% quarterly cash royalty (the “Royalty”) on future net sales, if any, of SUBA-Itraconazole product in the BCCNS field in the United States, from which certain royalties owed by the Company to Mayne Pharma for access to certain patents would also be funded. (b) Mayne Pharma’s agreement to advance funds to the Company in an aggregate amount of up to $5 million on the following terms and conditions: (i) As of the Effective Date, Mayne Pharma shall make an Advance to the Company of $500,000 (the Company received this first Advance on December 18, 2018); (ii) Within three (3) business days following the completion of the agreed upon activities associated with transferring the SUBA-Itraconazole BCCNS product to Mayne Pharma, Mayne Pharma must make an Advance to the Company of $1 million (the Company received this second Advance on January 22, 2019); (iii) If, and only if, the Company’s Phase 2b clinical trial data have been provided to Mayne Pharma in all material respects so as to allow Mayne Pharma to assume control of SUBA-Itraconazole BCCNS in the United States, upon the earlier of June 30, 2019 or the acceptance for filing by FDA of an NDA for the SUBA-Itraconazole BCCNS, Mayne Pharma must make an Advance to the Company of $1,500,000 (the Company received this third Advance on June 26, 2019); and (iv) If the Company raises aggregate gross proceeds of more than $3 million from the sale of new common stock, preferred stock equity subordinate to the Series B Preferred Stock held by Mayne Pharma or warrants to third parties (“New Securities”) in one or more equity financings by June 30, 2021 (the “Equity Funding Achievement”), the Company may request additional Advances of up to an amount equal to $2 million less the amount of aggregate gross proceeds received by the Company from Mayne Pharma from the sale of New Securities if Mayne Pharma elects to participate in such equity financings pursuant to contractual pro rata participation rights contained in the Third Amended SLA. (c) The field covered by the Third Amended SLA was amended to specifically include only the following indications: (i) any prostate cancer, prostatic intraepithelial neoplasia and benign prostatic hyperplasia, (ii) any lung cancer and atypical adenomatous hyperplasia, and (iii) familial adenomatous polyposis, colorectal polyps and Barett’s esophagus (the “Field”). The Company’s work on these indications will no longer be tied to the achievement of clinical or commercial target dates as they were under the Second Amended SLA. (d) Mayne Pharma will continue to provide quantities of SUBA-Itraconazole drug and placebo oral capsules without charge for the Company’s SUBA-Itraconazole Prostate clinical studies and quantities for future indications as agreed to by the parties. (e) Pursuant to the Third Amended SLA, Mayne Pharma has licensed to the Company the right to use all pre-clinical With respect to each Advance made by Mayne Pharma prior to the receipt of FDA approval of an NDA for SUBA-Itraconazole BCCNS, each $0.75 increment of each such Advance will be credited and set off against each $1.00 increment of Royalty owed to the Company, and with respect to each Advance made by Mayne Pharma following the receipt of FDA approval of an NDA for SUBA-Itraconazole BCCNS, each $0.85 increment of each such Advance will be credited and set off against each $1.00 increment of Royalty owed to the Company. non-exclusive December 2018 Amended and Restated Sublicense Agreement The Amended and Restated Sublicense Agreement amends and replaces a similar agreement entered into between the Company and Mayne Pharma International, dated as of May 15, 2015, under which Mayne Pharma International sublicensed to the Company the exclusive U.S. rights to two certain third-party patents relating to the use of itraconazole as a treatment for cancer and age-related

Liquidity and management's plan

Liquidity and management's plans	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Liquidity and management's plans	2. Liquidity and management’s plans: The Company had cash and cash equivalents of approximately $1.6 The Company intends to finance additional research and development, commercialization and distribution efforts and its working capital needs primarily through: • proceeds from public and private financings (including, most recently, financing from our majority shareholder, Mayne Pharma) and, potentially, from other strategic transactions; • royalty revenue from Mayne Pharma from sales in the U.S. of SUBA-Itraconazole BCCNS upon and assuming approval by FDA (after earned royalties have been applied to any advances due under Third Amended SLA); • proceeds from the exercise of outstanding warrants previously issued in private financings to investors (including, potentially, warrants held by our majority shareholder, Mayne Pharma); • potential partnerships with other pharmaceutical companies to assist in the supply, manufacturing and distribution of our products for which we would expect to receive upfront milestone and royalty payments; • potential licensing and joint venture arrangements with third parties, including other pharmaceutical companies where we would receive funding based on out-licensing • government or private foundation grants or loans which would be awarded to us to further develop our current and future anti-cancer therapies. However, there is a risk that none of these plans will be implemented in a manner necessary to sustain the Company for an extended period of time and that the Company will be unable to obtain additional financing when needed on commercially reasonable terms, if at all. If adequate funds are not available when needed, the Company may be required to significantly reduce or refocus operations or to obtain funds through arrangements that may require the Company to relinquish rights to technologies or potential markets, any of which could have a material adverse effect on the Company, its viability, its financial condition and its results of operations beyond the third quarter of 2020. In addition, a lack of adequate funds may force the Company to cease operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies: Estimates The preparation of condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Revenue Recognition The Company currently has no ongoing source of revenues. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the related royalty is earned. Currently, all deferred revenue is related to the SUBA-Itraconazole BCCNS product, which is yet to be approved by FDA. As such, the Company has determined that 100% of the advances of the royalty received by Mayne Pharma should be classified as a non-current liability. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in excess of Federal Deposit Insurance Corporation insured amounts which is $250,000 for substantially all depository accounts. As of June 30, 2019, the Company had approximately $1.8 million in excess of the amount covered by Federal Deposit Insurance Corporation with one financial institution. Research and Development Expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties who conduct research and development activities on behalf of the Company and purchased in-process Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees In applying the Black-Scholes option pricing model for options issued in February 2019 and June 2019 that vest in February 2020, the assumptions were as follows: expected price volatility of 85.4% and 85.33%, respectively; risk-free interest rate of 2.51% and 1.83%, respectively; weighted average expected life in years of 6 and 5 years, respectively; and no Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. These differences occur primarily in share-based compensation. Recent accounting pronouncements: In February 2016, the FASB issued ASU 2016-02, rights-of-use, Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a significant impact on the Company’s financial statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity [Abstract]
Stockholders' Equity	4. Stockholders’ Equity: Employee Stock Plans On February 3, 2019, Board members were awarded approximately 3.0 million stock options pursuant to the EIP with an exercise price of $0.076 and grant date fair value of $0.054 that vest on the first anniversary of the grant date. The grant date fair value of common stock options was determined using the Black-Scholes model on the date of issuance and the number of shares expected to vest. The total grant date fair value of the February 3, 2019 stock option grants was approximately $0.2 million. On June 3, 2019, the Company issued 25,000 stock options to its newly appointed Chairman of the Board pursuant to the EIP with an exercise price of $0.073 and grant date fair value of $0.05 that vest on February 3, 2020. The grant date fair value of common stock options was determined using the Black-Scholes model on the date of issuance and the number of shares expected to vest. Total stock-based compensation for the six months ended June 30, 2019 was approximately $0.2 million and is related to common stock options issued pursuant to the EIP in 2018 and 2019. The expense is classified as general and administrative expense in the accompanying condensed statements of operations. As of June 30, 2019, there were 5,422,685 outstanding common stock options under the EIP of which 3,424,000 were vested. There was approximately $0.1 million in unamortized stock-based compensation at June 30, 2019.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	5. Legal Proceedings: Subsequent to the period end, on July 9, 2019, Hedgepath, LLC (“HPLLC”), a stockholder of the Company, filed a civil action captioned Hedgepath, LLC v. Magrab, et al The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Estimates	Estimates The preparation of condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Revenue Recognition The Company currently has no ongoing source of revenues. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the related royalty is earned. Currently, all deferred revenue is related to the SUBA-Itraconazole BCCNS product, which is yet to be approved by FDA. As such, the Company has determined that 100% of the advances of the royalty received by Mayne Pharma should be classified as a non-current liability.
Revenue Recognition	Revenue Recognition The Company currently has no ongoing source of revenues. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the SUBA-Itraconazole BCCNS product which is yet to be approved by FDA, the Company has determined that 100% of the advances of the royalty received by Mayne Pharma should be classified as non-current.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in excess of Federal Deposit Insurance Corporation insured amounts which is $250,000 for substantially all depository accounts. As of June 30, 2019, the Company had approximately $1.8 million in excess of the amount covered by Federal Deposit Insurance Corporation with one financial institution.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties who conduct research and development activities on behalf of the Company and purchased in-process
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees In applying the Black-Scholes option pricing model for options issued in February 2019 and June 2019 that vest in February 2020, the assumptions were as follows: expected price volatility of 85.4% and 85.33%, respectively; risk-free interest rate of 2.51% and 1.83%, respectively; weighted average expected life in years of 6 and 5 years, respectively; and no Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. These differences occur primarily in share-based compensation.
Income taxes	Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. These differences occur primarily in share-based compensation.
Recent accounting pronouncements	Recent accounting pronouncements: In February 2016, the FASB issued ASU 2016-02, rights-of-use, Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a significant impact on the Company’s financial statements.

Corporate Overview - Additional

Corporate Overview - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 18, 2018	Dec. 31, 2018	Jan. 08, 2018
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, par value	$ 0.0001		$ 0.0001
Preferred stock, shares outstanding	0		0
Royalty rate on future net sales	9.00%
Description of royalty payment	With respect to each Advance made by Mayne Pharma prior to the receipt of FDA approval of an NDA for SUBA-Itraconazole BCCNS, each $0.75 increment of each such Advance will be credited and set off against each $1.00 increment of Royalty owed to the Company, and with respect to each Advance made by Mayne Pharma following the receipt of FDA approval of an NDA for SUBA-Itraconazole BCCNS, each $0.85 increment of each such Advance will be credited and set off against each $1.00 increment of Royalty owed to the Company.
Fair value inputs value royalty rate	(70.00%)
Series B Convertible Redeemable Preferred Stock [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Preferred stock, shares outstanding	5,797,102
Mayne Pharma [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Voting right percentage	50.00%
Consideration in advance funds of clinical data and regulatory rights	$ 5,000,000	$ 500,000
Gross proceeds from sale of new common stock, preferred stock equity subordinate | $	3,000,000
Mayne Pharma [Member] | Available-for-sale Securities [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Consideration in advance funds of clinical data and regulatory rights	$ 2,000,000
Mayne Pharma [Member] | Equity Incentive Plan [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares authorized to be issued	6,624,000
Number of shares of common stock issued	17,624,000
Mayne Pharma [Member] | Equity Incentive Plan [Member] | 2014 [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Increase in equity incentive plan	11,000,000
Shares authorized to be issued	32,583,475
Number of shares of common stock issued	43,583,475
Mayne Pharma [Member] | Upon Fda Approval [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Consideration in advance funds of clinical data and regulatory rights	$ 1,500,000
Mayne Pharma [Member] | SUBA Itraconazole BCCNS [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Consideration in advance funds of clinical data and regulatory rights	$ 1,000,000
Mayne Pharma [Member] | Series B Convertible Redeemable Preferred Stock [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Preferred stock, shares outstanding				5,797,102

Liquidity and Management's Pl_2

Liquidity and Management's Plans - Additional Information (Detail) - USD ($)	Aug. 12, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and cash equivalents [Line Items]
Cash and cash equivalents		$ 2,025,200	$ 1,108,713	$ 795,757	$ 344,113
Subsequent Event [Member]
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 1,600,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 28, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Cash, FDIC insured amount		$ 250,000
Cash balance in excess of amount covered by Federal Deposit Insurance Corporation		1,800,000
Deferred revenue			$ 500,000
Royalty [Member]
Accounting Policies [Line Items]
Deferred revenue		$ 3,000,000
Black-Scholes Option Pricing Model [Member] | Options vesting grant date [Member]
Accounting Policies [Line Items]
Volatility rate	85.40%	85.33%
Risk-free interest rate	2.51%	1.83%
Weighted average expected life (in years)	6 years	5 years
Dividend yield	0.00%	0.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jun. 03, 2019	Feb. 03, 2019	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock based compensation expense			$ 212,645	$ 292,196
Two Thousand Fourteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock based compensation expense			200,000
Unamortized stock-based compensation			$ 100,000
Stock-based compensation outstanding common stock options			5,422,685
Stock-based compensation vested common stock options			3,424,000
Two Thousand Fourteen Equity Incentive Plan [Member] | Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded, Shares		3
Stock option exercise price		$ 0.076
Two Thousand Fourteen Equity Incentive Plan [Member] | Board of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded, Shares	25,000
Stock option exercise price	$ 0.073
Black-Scholes value	$ 0.05	$ 0.054
Stock options awarded, Value	$ 1,250	$ 200,000