Inhibitor Therapeutics (INTI) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 16, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Inhibitor Therapeutics, Inc.
Entity Central Index Key	0001042418
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Address, State or Province	FL
Entity Common Stock, Shares Outstanding		373,635,873

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 36,707	$ 803,816
Prepaid expenses	35,292	42,450
Total current assets	71,999	846,266
Other long-term assets	31,731	53,700
Total assets	103,730	899,966
Current liabilities:
Accounts payable	251,531	315,940
Dividends payable, related party (Note 7)	50,411	100,822
Note payable (Note 4)	23,111
Other liabilities	133,465	14,339
Total current liabilities	458,518	431,101
Note payable (Note 4)	18,489
Deferred revenue, related party	3,000,000	3,000,000
Total liabilities	3,477,007	3,431,101
Commitments and contingencies (note 6)
Stockholders' deficit:
Preferred stock	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 373,635,873 and 370,446,185 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	37,364	37,045
Additional paid-in capital	49,694,707	49,384,953
Accumulated deficit	(57,066,214)	(55,913,999)
Total stockholders' deficit	(3,373,277)	(2,531,135)
Total liabilities and stockholders' deficit	103,730	899,966
Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred stock	0	0
Series B Convertible, Redeemable, Preferred Stock [Member]
Stockholders' deficit:
Preferred stock	$ 3,960,866	$ 3,960,866

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	373,635,873	370,446,185
Common Stock, shares outstanding	373,635,873	370,446,185
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Expenses:
Research and development	32,468	364,442	182,584	864,812
General and administrative	270,306	318,479	820,676	1,245,209
Total Expenses:	302,774	682,921	1,003,260	2,110,021
Loss from operations	(302,774)	(682,921)	(1,003,260)	(2,110,021)
Interest income	7	4,373	1,182	12,494
Net loss	(302,767)	(678,548)	(1,002,078)	(2,097,527)
Preferred stock dividend	(50,411)	(50,410)	(150,137)	(149,588)
Net loss applicable to common stockholders	$ (353,178)	$ (728,958)	$ (1,152,215)	$ (2,247,115)
Basic and diluted net loss applicable to common stockholders per share	$ 0	$ 0	$ 0	$ 0
Weighted average common stock shares outstanding – basic and diluted	373,150,486	370,446,185	371,354,198	370,427,615

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, 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, related party	(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	(2,097,527)
Ending balance at Sep. 30, 2019	(1,875,056)	$ 3,960,866	$ 37,045	49,354,791	(55,227,758)
Ending balance, shares at Sep. 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, related party	(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
Stock based compensation	27,117			27,117
Preferred stock dividends, related party	(50,410)				(50,410)
Net loss	(678,548)				(678,548)
Ending balance at Sep. 30, 2019	(1,875,056)	$ 3,960,866	$ 37,045	49,354,791	(55,227,758)
Ending balance, shares at Sep. 30, 2019		5,797,102	370,446,185
Beginning balance at Dec. 31, 2019	(2,531,135)	$ 3,960,866	$ 37,045	49,384,953	(55,913,999)
Beginning balance, shares at Dec. 31, 2019		5,797,102	370,446,185
Stock based compensation	16,819			16,819
Preferred stock dividends, related party	(49,863)				(49,863)
Net loss	(384,417)				(384,417)
Ending balance at Mar. 31, 2020	(2,948,596)	$ 3,960,866	$ 37,045	49,401,772	(56,348,279)
Ending balance, shares at Mar. 31, 2020		5,797,102	370,446,185
Beginning balance at Dec. 31, 2019	(2,531,135)	$ 3,960,866	$ 37,045	49,384,953	(55,913,999)
Beginning balance, shares at Dec. 31, 2019		5,797,102	370,446,185
Net loss	(1,002,078)
Ending balance at Sep. 30, 2020	(3,373,277)	$ 3,960,866	$ 37,634	49,694,707	(57,066,214)
Ending balance, shares at Sep. 30, 2020		5,797,102	373,635,873
Beginning balance at Mar. 31, 2020	(2,948,596)	$ 3,960,866	$ 37,045	49,401,772	(56,348,279)
Beginning balance, shares at Mar. 31, 2020		5,797,102	370,446,185
Stock based compensation	42,753			42,753
Preferred stock dividends, related party	(49,863)				(49,863)
Net loss	(314,894)				(314,894)
Ending balance at Jun. 30, 2020	(3,270,600)	$ 3,960,866	$ 37,045	49,444,525	(56,713,036)
Ending balance, shares at Jun. 30, 2020		5,797,102	370,446.185
Issuance of common stock for payment of dividends on Preferred Stock	200,548		$ 319	200,229
Issuance of common stock for payment of dividends on Preferred Stock, Shares			3,189,688
Stock based compensation	49,953			49,953
Preferred stock dividends, related party	(50,411)				(50,411)
Net loss	(302,767)				(302,767)
Ending balance at Sep. 30, 2020	$ (3,373,277)	$ 3,960,866	$ 37,634	$ 49,694,707	$ (57,066,214)
Ending balance, shares at Sep. 30, 2020		5,797,102	373,635,873

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net loss	$ (1,002,078)	$ (2,097,527)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	109,525	239,762
Changes in assets and liabilities:
Prepaid expense and other assets	29,127	12,605
Accounts payable and other current liabilities	54,717	(292,189)
Net cash used in operating activities	(808,709)	(2,137,349)
Financing activities:
Advances of royalties, related party	0	2,500,000
Payment of cash dividend	0	(99,178)
Proceeds from notes payable (Note 4)	41,600	0
Net cash provided by financing activities	41,600	2,400,822
Net change in cash and cash equivalents	(767,109)	263,473
Cash and cash equivalents at beginning of period	803,816	1,108,713
Cash and cash equivalents at end of period	36,707	1,372,186
Non-cash financing activities:
Issuance of common stock for payment of Preferred Stock dividend	200,348	99,946
Accrued, but unpaid dividends	$ 50,411	$ 50,410

Corporate overview

Corporate overview	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Corporate overview	1. Corporate overview: Overview The accompanying unaudited condensed financial statements of Inhibitor Therapeutics, Inc., a Delaware corporation (the “Company”, “INTI”, “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 September 30, 2020, 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, 2019, 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 nine month periods ended September 30, 2020 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 2019 Annual Report and the Company’s other filings with the SEC. Nature of the Business and Background The Company is a pharmaceutical development company that is focused on developing and ultimately commercializing innovative therapeutics for patients with certain cancers and certain non-cancerous The Company’s current primary focus is on the development of therapies initially for prostate and lung cancer in the U.S. market utilizing SUBA-Itraconazole, a patented, oral formulation of the drug itraconazole currently approved by the U.S. Food and Drug Administration (“FDA”) and marketed as an anti-fungal, which the Company holds an exclusive U.S. license in the licensed field from the Company’s majority stockholder, Mayne Pharma Ventures Pty Ltd. (“Mayne Pharma”). SUBA-Itraconazole is currently licensed to the Company by Mayne Pharma on an exclusive basis in the United States in the field of certain cancers (prostate and lung cancer) and certain non-cancerous The Company demonstrated in its previous Phase 2b trial for SUBA-Itraconazole 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 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 In November 2019, the Company filed an Investigational New Drug Application (“IND”) to commence Phase 2b testing of SUBA-Itraconazole as a treatment for late-stage, castrate resistant prostate cancer (this product candidate is referred to as SUBA-Itraconazole Prostate). In December 2019, the Company received authorization from FDA to launch such Phase 2b of SUBA-Itraconazole Prostate. The Company’s goal for SUBA-Itraconazole Prostate is (assuming it obtains adequate funding and assuming no material delays due to the novel coronavirus outbreak or any recurrences of such outbreak) to commence the human testing of SUBA-Itraconazole Prostate in conjunction with chemotherapy for the treatment of late-stage prostate cancer. Manufacturing and Product Supply and Relationship with Mayne Pharma The Company does not have any production facilities or manufacturing personnel. The Third Amended 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 Amended 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

Liquidity and management's plan

Liquidity and management's plans	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Liquidity and management's plans	2. Liquidity and management’s plans: The Company had cash and cash equivalents of $36,707 as of September 30, 2020. As such, the Company has very little cash resources and has been unable for some time to secure additional funding, due in significant part to an ongoing litigations against the Company (below and see note 6). Based on the Company’s current operational plan and budget, the Company expects that it has sufficient cash to manage its business into the f irst 1 • proceeds from public and private financings and, potentially, from other strategic transactions (including potential royalty-related financing transactions), although the Company’s attempts over the last year to secure such financing have not been successful; • royalty revenue from Mayne Pharma from sales of SUBA-Itraconazole BCCNS upon and assuming approval by FDA (after earned royalties have been applied to any royalties advanced under Third Amended SLA, although it is uncertain if and when such FDA approval will be obtained); • proceeds from the exercise of outstanding warrants previously issued in private financings to investors; • 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 therapies, or government payroll protection or similar programs available as a result of the novel coronavirus outbreak. However, there is a significant risk that none of these plans will be implemented in a manner necessary to sustain the Company as anticipated and that the Company will be unable to obtain additional financing when needed on commercially reasonable terms, if at all. In particular, the Company is presently subject to shareholder litigation (see Note 6 – Legal Proceedings). The existence of the Action and the Class Action (as defined in Note 6) and the uncertainty surrounding their outcome has impeded the Company’s ability to secure additional funding and may continue to do so for so long as the outcome of the Action and the Class Action is uncertain. On June 4, 2020, the Delaware Court of Chancery held a hearing at which the separate motions of the Individual Defendants and Mayne Pharma to dismiss the Complaint were presented. At the conclusion of the hearing, the Court issued an oral ruling in which it denied the motions and declined to dismiss all counts alleged in the Complaint. Accordingly, the Action is anticipated to proceed in the course typical for such litigation. This ruling creates additional uncertainties which could continue to materially impair the Company’s ability to raise capital. In addition, on January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (“WHO”) declared the novel coronavirus outbreak a public health emergency of international concern and on March 12, 2020 the WHO announced the outbreak was a pandemic. On January 31, 2020 the U.S. Health and Human Services Secretary declared a public health emergency, and subsequently state and local governments have imposed various restrictions on public activity. The Company has maintained operations virtually during the outbreak, but the impact of the outbreak currently is unknown and rapidly evolving. The related health crisis has adversely affected the U.S. and global economy, resulting in an economic downturn that has impacted the financial markets and the Company’s ability to raise capital. Approximately 90% of the Company’s current liabilities are amounts that are expected to be forgiven under a United States federal program (see Note 4) or are amounts due to the Company’s Board of Directors for past fees, legal counsel for accrued legal fees, and majority shareholder, Mayne Pharma, for Preferred Stock dividends which are payable in stock at the Company’s election. The remaining balance of current liabilities is unsecured accounts payable. As a result of the foregoing circumstances, there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements included herein do not include any adjustments relating to the recoverability or classification of asset carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. If adequate funds are not available when needed, the Company may be required to significantly further 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. In addition, the inability of the Company to secure additional funding in the near future could cause the Company to wind down or discontinue operations. The Company’s Chief Executive Officer and the Company’s Chief Financial Officer currently receive no cash compensation. The Chief Financial Officer serves the Company on a part-time basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 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 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 September 30, 2020, the Company had no excess of the amount covered by Federal Deposit Insurance Corporation. 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 March 2020 that vest on the first anniversary of the grant date, the assumptions were as follows: expected price volatility of 97.4%; risk-free interest rate of 0.52%; weighted average expected life in years of 5.5; and no dividend yield. The value of these awards is based upon their grant-date fair value. That cost is recognized over the period during which the employee is required to provide service in exchange for the award. In applying the Black-Scholes option pricing model for options issued in September 2020 that vested on the grant date, the assumptions were as follows: expected price volatility of 86.98%; risk-free interest rate of 0.28%; weighted average expected life in years of 5.0; and no dividend yield. The value of these awards is based upon their grant-date fair value. That cost was recognized as expense on the grant date. 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: Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a material impact on the Company’s financial statements.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
Notes Payable	4. Notes Payable On May 3, 2020, the Company received loan proceeds of $41,600 (the “PPP Loan”) from Citibank, N.A. pursuant to the Small Business Administration Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan, which was in the form of a promissory note dated May 2, 2020, matures on May 2, 2022 and bears interest at a rate of 1% per annum. No payments are due on the PPP Loan until November 3, 2020, although interest will continue to accrue during the deferment period. The Company may prepay the PPP Loan at any time prior to maturity with no prepayment penalties. The promissory note contains events of default and other provisions customary for a loan of this type. Under the terms of the CARES Act, PPP Loan participants can apply for and be granted forgiveness for all or a portion of loans provided under the CARES Act. Under the terms of the CARES Act, PPP loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight week period. The Company has used the loan proceeds for purposes consistent with the CARES Act, and anticipates that all of the loan amount will be forgiven, but there is no assurance provided that the Company will obtain forgiveness of the PPP Loan in whole or part.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity [Abstract]
Stockholders' Equity	5. Stockholders’ Equity: Employee Stock Plans On March 20, 2020, members of the Company’s Board of Directors were awarded 4.5 million stock options pursuant to the 2014 Equity Incentive Plan (the “EIP”) with an exercise price of $0.05 and a Black-Scholes value of $0.038 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 Black-Scholes value of the March 20, 2020 stock options grants was approximately $0.2 million. On September 17, 2020, the Company’s management was awarded 200,000 stock options pursuant to the EIP with an exercise price of $.054 and a Black-Scholes value of $0.036 that vested on the grant date. The total Black-Scholes value of this grant was $7,206. Total stock-based compensation for the nine months ended September 30, 2020 was approximately $0.1 million and is related to common stock options issued pursuant to the EIP in 2019 and 2020. The expense is classified as general and administrative expense in the accompanying condensed statements of operations. As of September 30, 2020, there were 9,702,685 outstanding common stock options under the EIP of which 5,002,685 were vested. There was approximately $0.1 million in unamortized stock-based compensation at September 30, 2020. Preferred Stock Dividend Payment in Shares On July 15, 2020, the Company paid the June 30, 2020 dividends payable balance of $200,548 to Mayne Pharma by issuing 3,189,688 shares of the Company’s common stock, resulting in Mayne Pharma’s ownership of common stock outstanding increasing to 54.0% and Mayne Pharma’s fully-diluted ownership to increasing to 54.8%.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	6. Legal Proceedings: The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business. Except as discussed below, the Company is not the subject of any pending legal proceedings. On July 9, 2019, Hedgepath, LLC (“HPLLC”), a significant minority stockholder of the Company and an investment vehicle associated with the Company’s former Executive Chairman, filed a civil action captioned Hedgepath, LLC v. Magrab, et al. Number 2019-0529-JTL, On December 3, 2019, HPLLC filed the Verified Amended and Supplemental Complaint. In the Complaint in the Action, purportedly brought directly and derivatively on behalf of the Company, HPLLC alleges claims for breach of fiduciary duty, declaratory judgement, and dilution of stockholder equity, against the Individual Defendants and Mayne Pharma in connection with (i) the previously announced issuance of certain Company equity securities to Mayne Pharma on or about January 8, 2018, (ii) Mayne Pharma’s alleged influence over the timing and conduct of the previous clinical trial of SUBA-Itraconazole for the treatment of BCCNS, and (iii) previously announced amendments to the Supply and License Agreement, as amended (presently memorialized at the Third Amended SLA), between the Company and Mayne Pharma and certain transactions contemplated thereby. The Complaint also alleges claims for breach of fiduciary duty and fraudulent misrepresentation in connection with allegedly false and misleading statements included in Company press releases and filings with the SEC. The Complaint seeks unspecified damages, equitable and other relief from the defendants. Legal costs associated directly with the Company as a nominal defendant will be payable by the Company until certain retention amounts are reached. Such costs are included in general and administrative expenses for the current period and are currently covered by the Company’s insurance policy. On January 10, 2020, the Individual Defendants and Mayne Pharma each filed a motion to dismiss the Complaint. A hearing on those motions was scheduled on March 26, 2020, but was postponed to June 2020 due to the coronavirus outbreak. On June 4, 2020, the Delaware Court of Chancery held a hearing at which the separate motions of the Individual Defendants and Mayne Pharma to dismiss the Complaint were presented. At the conclusion of the hearing, the Court issued an oral ruling in which it denied the motions and declined to dismiss all counts alleged in the Complaint. Accordingly, the Action is anticipated to proceed in the course typical for such litigation. The Company believes the Action is legally and factually baseless, and the Individual Defendants intend to defend themselves vigorously. Additionally, on March 23, 2020, a Stockholder Class Action Complaint was filed in the Delaware Court of Chancery by a Company stockholder and purported class representative Samuel P. Sears, commencing litigation captioned Sears v. Magrab et al., C.A. No. 2020-0215-JTL claims-one Defendants-and The Company believes the Class Action is legally and factually baseless, and the Individual Defendants intend to defend themselves vigorously.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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	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 September 30, 2020, the Company had no excess of the amount covered by Federal Deposit Insurance Corporation.
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 March 2020 that vest on the first anniversary of the grant date, the assumptions were as follows: expected price volatility of 97.4%; risk-free interest rate of 0.52%; weighted average expected life in years of 5.5; and no dividend yield. The value of these awards is based upon their grant-date fair value. That cost is recognized over the period during which the employee is required to provide service in exchange for the award. In applying the Black-Scholes option pricing model for options issued in September 2020 that vested on the grant date, the assumptions were as follows: expected price volatility of 86.98%; risk-free interest rate of 0.28%; weighted average expected life in years of 5.0; and no dividend yield. The value of these awards is based upon their grant-date fair value. That cost was recognized as expense on the grant date.
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: Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a material impact on the Company’s financial statements.

Corporate Overview - Additional

Corporate Overview - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Royalty rate on future net sales	9.00%

Liquidity and Management's Pl_2

Liquidity and Management's Plans - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 36,707	$ 803,816	$ 1,372,186	$ 1,108,713

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Line Items]
Cash, FDIC insured amount	$ 250,000
Royalty [Member]
Accounting Policies [Line Items]
Deferred revenue	$ 3,000,000		$ 3,000,000
Black-Scholes Option Pricing Model [Member] | Options vesting on first anniversary of grant date [Member]
Accounting Policies [Line Items]
Volatility rate	86.98%	97.40%
Risk-free interest rate	0.28%	0.52%
Weighted average expected life (in years)	5 years	5 years 6 months
Dividend yield	0.00%	0.00%

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	May 03, 2020	May 02, 2020	Sep. 30, 2020	Sep. 30, 2019
Disclosure Of Long Term Notes Payable [Line Items]
Proceeds from notes payable			$ 41,600	$ 0
Citibank [Member] | Paycheck Protection Program Loan [Member]
Disclosure Of Long Term Notes Payable [Line Items]
Proceeds from notes payable	$ 41,600
Debt instrument maturity date		May 2, 2022
Debt instrument stated interest rate		1.00%
Debt instrument moratorium end date		Nov. 3, 2020

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Sep. 17, 2020	Jul. 15, 2020	Mar. 20, 2020	Sep. 30, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense						$ 109,525	$ 239,762
Dividend payable paid through issuance of common stock value				$ 200,548	$ 99,946
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend payable paid through issuance of common stock value				$ 319	$ 37
Dividend payable paid through issuance of common stock shares				3,189,688	362,121
Mayne Pharma [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend payable paid through issuance of common stock shares		3,189,688
Percentage of common stock outstanding owned		54.00%
Mayne Pharma [Member] | Fully Diluted Ownership [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock outstanding owned		54.80%
Mayne Pharma [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend payable paid through issuance of common stock value		$ 200,548
Two Thousand Fourteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense						100,000
Unamortized stock-based compensation cost related to unpaid RSUs				$ 100,000		$ 100,000
Stock-based compensation outstanding common stock options				9,702,685		9,702,685
Stock-based compensation vested common stock options				5,002,685		5,002,685
Two Thousand Fourteen Equity Incentive Plan [Member] | Black Scholes Option Pricing Model [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded, Value	$ 7,206		$ 200,000
Two Thousand Fourteen Equity Incentive Plan [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded, Shares	200,000
Stock option exercise price	$ 0.054
Two Thousand Fourteen Equity Incentive Plan [Member] | Management [Member] | Black Scholes Option Pricing Model [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Black-Scholes value	$ 0.036
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			4,500,000
Stock option exercise price			$ 0.05
Two Thousand Fourteen Equity Incentive Plan [Member] | Board Members [Member] | Black Scholes Option Pricing Model [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Black-Scholes value			$ 0.038