Inhibitor Therapeutics (INTI) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Inhibitor Therapeutics, Inc.
Entity File Number	001-13467
Entity Central Index Key	0001042418
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0793665
Entity Address, Address Line One	449 South 12th Street
Entity Address, Address Line Two	Unit 1705
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	888
Local Phone Number	841-6811
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		376,858,323

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 53,287	$ 75,059
Prepaid expenses	36,792	32,292
Total current assets	90,079	107,351
Other long-term assets	2,439	24,408
Total assets	92,518	131,759
Current liabilities:
Accounts payable	304,820	269,416
Interest payable, related party	10,161	0
Dividends payable, related party	50,411	100,822
Note payable, short-term (PPP Loan)	0	30,044
Term debt facility, short-term, related party	192,500	0
Other liabilities	33,000	25,124
Total current liabilities	590,892	425,406
Note payable, long-term (PPP Loan)	0	11,556
Term debt facility, long-term, related party	38,500	55,000
Deferred revenue, related party	3,000,000	3,000,000
Total liabilities	3,629,392	3,491,962
Commitments and contingencies (Note 7)	0	0
Stockholders' deficit:
Preferred stock	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 375,876,361 and 376,858,323 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	37,686	37,364
Additional paid-in capital	50,051,711	49,814,043
Accumulated deficit	(57,587,137)	(57,172,476)
Total stockholders' deficit	(3,536,874)	(3,360,203)
Total liabilities and stockholders' deficit	92,518	131,759
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, 2021	Dec. 31, 2020
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	375,876,361	376,858,323
Common Stock, shares outstanding	375,876,361	376,858,323
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Expenses:
Research and development	0	32,468	4,830	182,584
General and administrative	66,248	270,306	291,806	820,676
Total Expenses:	66,248	302,774	296,636	1,003,260
Loss from operations	(66,248)	(302,774)	(296,636)	(1,003,260)
Interest income	0	7	0	1,182
Interest expense, related party	(4,803)	0	(10,035)	0
Gain on loan forgiveness	0	0	41,600	0
Net loss	(71,051)	(302,767)	(265,071)	(1,002,078)
Preferred stock dividend	(50,412)	(50,411)	(149,590)	(150,137)
Net loss applicable to common stockholders	$ (121,463)	$ (353,178)	$ (414,661)	$ (1,152,215)
Basic and diluted net loss applicable to common stockholders per share	$ 0	$ 0	$ 0	$ 0
Weighted average common stock shares outstanding – basic and diluted	376,708,894	373,150,486	376,042,025	371,354,198

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' (DEFICIT) - USD ($)	Total	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
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	$ 37,364	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
Common shares issued in payment of Preferred Stock dividend, related party	200,548		$ 319	200,229
Common shares issued in payment of Preferred Stock dividend, related party, 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	$ 37,364	49,694,707	(57,066,214)
Ending balance, shares at Sep. 30, 2020		5,797,102	373,635,873
Beginning balance at Dec. 31, 2020	(3,360,203)	$ 3,960,866	$ 37,364	49,814,043	(57,172,476)
Beginning balance, shares at Dec. 31, 2020		5,797,102	373,635,873
Common shares issued in payment of Preferred Stock dividend, related party	100,822		$ 224	100,598
Common shares issued in payment of Preferred Stock dividend, related party, Shares			2,240,488
Stock based compensation	37,990			37,990
Preferred stock dividends, related party	(49,315)				(49,315)
Net loss	(127,838)				(127,838)
Ending balance at Mar. 31, 2021	(3,398,544)	$ 3,960,866	$ 37,588	49,952,631	(57,349,629)
Ending balance, shares at Mar. 31, 2021		5,797,102	375,876,361
Beginning balance at Dec. 31, 2020	(3,360,203)	$ 3,960,866	$ 37,364	49,814,043	(57,172,476)
Beginning balance, shares at Dec. 31, 2020		5,797,102	373,635,873
Net loss	(265,071)
Ending balance at Sep. 30, 2021	(3,536,874)	$ 3,960,866	$ 37,686	50,051,711	(57,587,137)
Ending balance, shares at Sep. 30, 2021		5,797,102	376,858,323
Beginning balance at Mar. 31, 2021	(3,398,544)	$ 3,960,866	$ 37,588	49,952,631	(57,349,629)
Beginning balance, shares at Mar. 31, 2021		5,797,102	375,876,361
Preferred stock dividends, related party	(49,863)				(49,863)
Net loss	(66,182)				(66,182)
Ending balance at Jun. 30, 2021	(3,514,589)	$ 3,960,866	$ 37,588	49,952,631	(57,465,674)
Ending balance, shares at Jun. 30, 2021		5,797,102	375,876,361
Common shares issued in payment of Preferred Stock dividend, related party	99,178		$ 98	99,080
Common shares issued in payment of Preferred Stock dividend, related party, Shares			981,962
Preferred stock dividends, related party	(50,412)				(50,412)
Net loss	(71,051)				(71,051)
Ending balance at Sep. 30, 2021	$ (3,536,874)	$ 3,960,866	$ 37,686	$ 50,051,711	$ (57,587,137)
Ending balance, shares at Sep. 30, 2021		5,797,102	376,858,323

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (265,071)	$ (1,002,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	37,990	109,525
Gain on loan forgiveness	(41,600)	0
Changes in assets and liabilities:
Prepaid expense and other assets	17,469	29,127
Accounts payable and other current liabilities	53,440	54,717
Net cash used in operating activities	(197,772)	(808,709)
Financing activities:
Proceeds from note payable (Note 4)	0	41,600
Proceeds from term debt facility, related party	176,000	0
Net cash provided by financing activities	176,000	41,600
Net change in cash and cash equivalents	(21,772)	(767,109)
Cash and cash equivalents at beginning of period	75,059	803,816
Cash and cash equivalents at end of period	53,287	36,707
Non-cash financing activities:
Issuance of common stock for payment of Preferred Stock dividend	200,000	200,348
Accrued, but unpaid dividends	$ 50,412	$ 50,411

Corporate overview

Corporate overview	9 Months Ended
	Sep. 30, 2021
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, 2021, 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, 2020, 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 nine-month period ended September 30, 2021 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 2020 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 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, 2021
Text Block [Abstract]
Liquidity and management's plans	2. Liquidity and management’s plans: The Company had cash and cash equivalents of approximately $0.1 million as of September 30, 2021. Based on the Company’s current operational plan and budget, including a deferral of cash compensation to Company employees and directors, the Company expects that it has sufficient cash to manage its business into the first quarter of 2022, although this estimation assumes the Company does not begin any clinical trials, acquire other drug development opportunities or otherwise face unexpected events, costs or contingencies, any of which could affect the Company’s cash requirements. Available resources may be consumed more rapidly than anticipated, resulting in the need for additional funding. 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, funds from the Company’s majority shareholder, Mayne Pharma) and, potentially, from other strategic transactions; • 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 (including, potentially, warrants held by the Company’s majority shareholder, Mayne Pharma); • potential partnerships with other pharmaceutical companies to assist in the supply, manufacturing and distribution of products for which the Company 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 the Company to further develop the Company’s 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 beyond the first quarter of 2022 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 7 – Legal Proceedings). The existence of the Action and the Putative Class Action ( each In addition, on January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (“WHO”) declared the novel coronavirus (“COVID-19”) COVID-19 pandemic COVID-19 COVID-19 COVID-19 COVID-19 As a result of the foregoing circumstances, there is substantial doubt about the Company’s ability to continue as a going concern. The consolidated 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2021, 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 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 (PPP Loan)

Notes Payable (PPP Loan)	9 Months Ended
	Sep. 30, 2021
Notes Payable [Abstract]
Notes Payable (PPP Loan)	4. Note Payable (PPP Loan) 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 (“SBA”) 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, was to mature on May 2, 2022 with an interest rate of 1% per annum. No payments were made under the loan. The Company was entitled to prepay the PPP Loan at any time prior to maturity with no prepayment penalties. The promissory note contained events of default and other provisions customary for a loan of this type. 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 Company used the loan proceeds for purposes consistent with the CARES Act. The loan was forgiven by the SBA under the terms of the CARES Act on March 31, 2021.

Mayne Pharma Term Debt Facility

Mayne Pharma Term Debt Facility	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mayne Pharma Term Debt Facility	5. Mayne Pharma On December 12, 2020, the Company and Mayne Pharma entered into a letter agreement for a term debt facility (the “Loan Agreement”) pursuant to which Mayne Pharma provided an aggregate $231,000 credit facility to the Company (the “Facility”). The Facility bears interest at the rate equal to the interest rate tied to the US Bank Prime Rate plus 5.00% (the “Interest Rate”) with a maturity date of twenty four (24) months from the date of the first drawdown (the “Maturity Date”). The Interest Rate shall be adjusted for each drawdown on the Facility in accordance with changes in the monthly average of the US Bank Prime Rate, as reported in the Federal Reserve Statistical Release H .15 for the month preceding the week in which the Company shall make a drawdown against the Facility. Proceeds drawn from the Facility will be used by the Company for general working capital and corporate purposes. The Facility is available to the Company as follows: (i) $81,000 may be drawn upon request at any time in the first annual quarter of the Facility starting December 14, 2020 ($55,000 was requested and was outstanding at December 31, 2020. An additional $26,000 was drawn in January 2021) and (ii) so long as there is no event of default and Mayne Pharma does not give notice in its discretion 30 days before the start of a quarter that it is discontinuing the funding, $75,000 may be drawn in the second and third annual quarters of the Facility, respectively. In both March 2021 and June 2021, $75,000 was drawn bringing the total outstanding balance to $231,000 at September 30, 2021. No additional funding is available under the Mayne Term Debt Facility. The Company shall have one twelve month repayment free advance period from its first drawdown on the Facility. Each other advance on the Facility will be amortized over twelve equal monthly payments of principal plus interest. No premium is payable in the event that the Company pays all principal, interest and other outstanding amounts due to Mayne Pharma prior to the Maturity Date. The Facility is unsecured, contains no financial covenants, requires no guarantees and is not accompanied by any equity component. The Loan Agreement includes certain limited representations and warranties and negative covenants of the Company. An event of default under the Loan Agreement includes, among other things, (i) the Company breaches its obligations under the Loan Agreement, and where that breach is capable of remedy it does not remedy the breach within 20 business days after receipt of a notice from the Mayne Pharma of the breach, (ii) Mayne Pharma validly terminates the Third Amended and Restated Supply and License Agreement dated December 17, 2018 between the Company and Mayne Pharma, or (iii) the Company becomes insolvent, including by becoming the subject of the filing or institution of bankruptcy, liquidation or dissolution proceedings. The Loan Agreement was 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 November 17, 2020 for such purpose. The special Board committee consisted of W. Mark Watson, R. Dana Ono and Debra Peattie, who are each disinterested with respect to Mayne Pharma.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity [Abstract]
Stockholders' Equity	6. 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 vested 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, officers of the Company were awarded 200,000 stock options pursuant to the EIP with an exercise price of $0.054 and a Black-Scholes value of $0.036 that vested on 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 September 17, 2020 stock options grants was approximately $7,200. On December 21, 2020, officers of the Company and members of the Company’s Board of Directors were awarded 3,646,776 stock options pursuant to the EIP with an exercise price of $0.031 and a Black-Scholes value of $0.021 that vested on 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 December 21, 2020 stock options grants was approximately $77,000. Total stock-based compensation for the nine months ended September 30, 2021 was approximately $0.04 million and is related to common stock options issued pursuant to the EIP in 2020 as mentioned above. The expense is classified as general and administrative expense in the accompanying condensed statements of operations. As of September 30, 2021, there were 13,349,461 outstanding common stock options under the EIP of which 100% were vested. There was no unamortized stock-based compensation at September 30, 2021. Dividend payment On July 15, 2021, the Company paid the June 30, 2021 dividends payable balance of $99,178 to Mayne Pharma by issuing 981,962 shares on the Company’s common stock, resulting in Mayne Pharma’s ownership of common stock increasing to 54.4% and Mayne Pharma’s fully-diluted ownership increasing to 54.9%.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	7. 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. No. 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, waste, declaratory judgment, statutory violations, and dilution of stockholder equity, against the Individual Defendants and Mayne Pharma in connection with (i) the previously announced issuance of certain of the Company’s 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 the Company’s press releases and filings with the SEC. The Complaint seeks unspecified damages from the defendants, and equitable and other relief. Legal costs associated directly with the Company as a nominal defendant were initially payable by the Company until certain retention amounts were reached. Such costs 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 ongoing 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 to dismiss the Complaint. Accordingly, the Action is anticipated to proceed in the course typical for such litigation, which could include alternative dispute resolution methods. 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 stockholder and purported class representative, Samuel P. Sears, commencing litigation captioned Sears v. Magrab et al 2020-0215-JTL The Company believes the Putative 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, 2021
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, 2021, 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
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, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 53,287	$ 75,059	$ 36,707	$ 803,816

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Cash, FDIC insured amount	$ 250,000
Cash balance in excess of amount covered by Federal Deposit Insurance Corporation	$ 0
Stock-based awards issued	0
Royalty [Member]
Accounting Policies [Line Items]
Deferred revenue	$ 3,000,000	$ 3,000,000

Notes Payable (PPP Loan) - Add

Notes Payable (PPP Loan) - Additional Information (Detail) - USD ($)	May 03, 2020	May 02, 2020	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Long Term Notes Payable [Line Items]
Proceeds from notes payable			$ 0	$ 41,600
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%

Mayne Pharma Term Debt Facili_2

Mayne Pharma Term Debt Facility - Additional Information (Detail) - USD ($)	Dec. 12, 2020	Sep. 30, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 14, 2020
Line of Credit Facility [Line Items]
Credit facility outstanding		$ 38,500		$ 55,000
Mayne Pharma [Member]
Line of Credit Facility [Line Items]
Credit facility aggregate Credit facility	$ 231,000
Credit facility interest rate description	US Bank Prime Rate plus 5.00%
Credit facility instrument term	24 months
Credit facility amount drawn in first annual quarter					$ 81,000
Credit facility outstanding		231,000		$ 55,000
Credit facility amount drawn		75,000	$ 26,000
Credit facility amount drawn in second and third annual quarters		$ 75,000
Credit facility covenant compliance	An event of default under the Loan Agreement includes, among other things, (i) the Company breaches its obligations under the Loan Agreement, and where that breach is capable of remedy it does not remedy the breach within 20 business days after receipt of a notice from the Mayne Pharma of the breach, (ii) Mayne Pharma validly terminates the Third Amended and Restated Supply and License Agreement dated December 17, 2018 between the Company and Mayne Pharma, or (iii) the Company becomes insolvent, including by becoming the subject of the filing or institution of bankruptcy, liquidation or dissolution proceedings.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jul. 15, 2021	Dec. 21, 2020	Sep. 17, 2020	Mar. 20, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense					$ 37,990	$ 109,525
Number of shares of common stock issued as dividends	99,178
Dividend payable paid through issuance of common stock value	$ 981,962
Mayne Pharma [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock outstanding owned	54.40%
Fully Diluted Ownership [Member] | Mayne Pharma [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock outstanding owned	54.90%
Two Thousand Fourteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vesting percentage					100.00%
Stock options exercise price		$ 0.031
Total stock based compensation expense					$ 40,000
Unamortized stock-based compensation cost related to unpaid RSUs					$ 0
Stock options awarded, Shares		3,646,776
Stock-based compensation outstanding common stock options					13,349,461
Two Thousand Fourteen Equity Incentive Plan [Member] | Black Scholes Option Pricing Model [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Black-Scholes value		$ 0.021
Stock options awarded, Value		$ 77,000	$ 7,200	$ 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