Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 13, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Diffusion Pharmaceuticals Inc. | ||
Entity Central Index Key | 0001053691 | ||
Trading Symbol | dffn | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,379,345 | ||
Entity Public Float | $ 25.3 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,991,172 | $ 8,896,468 |
Prepaid expenses, deposits and other current assets | 923,059 | 769,946 |
Total current assets | 8,914,231 | 9,666,414 |
Property and equipment, net | 350,281 | 460,652 |
Intangible asset | 8,639,000 | 8,639,000 |
Goodwill | 0 | 6,929,258 |
Other assets | 298,480 | 450,491 |
Total assets | 18,201,992 | 26,145,815 |
Current liabilities: | ||
Current portion of convertible debt | 550,000 | |
Accounts payable | 198,818 | 511,956 |
Accrued expenses and other current liabilities | 605,226 | 1,628,851 |
Total current liabilities | 804,044 | 2,690,807 |
Deferred income taxes | 1,786,389 | 2,223,678 |
Other liabilities | 1,386 | |
Total liabilities | 2,590,433 | 4,915,871 |
Commitments and Contingencies (Note 8) | ||
Convertible preferred stock, $0.001 par value: Series A - No shares authorized, issued or outstanding at December 31, 2018, 13,750,000 shares authorized, 12,376,329 shares issued and 8,306,278 shares outstanding at December 31, 2017 | 0 | 0 |
Stockholders’ Equity: | ||
Common stock, $0.001 par value: 1,000,000,000 shares authorized; 3,376,230 and 967,976 shares issued and outstanding at December 31, 2018 and 2017, respectively | 3,377 | 968 |
Additional paid-in capital | 95,532,881 | 82,783,865 |
Accumulated deficit | (79,924,699) | (61,554,889) |
Total stockholders' equity | 15,611,559 | 21,229,944 |
Total liabilities, convertible preferred stock and stockholders' equity | $ 18,201,992 | $ 26,145,815 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 0 | 13,750,000 |
Preferred stock, shares issued (in shares) | 0 | 12,376,329 |
Preferred stock, shares outstanding (in shares) | 0 | 8,306,278 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 3,376,230 | 967,976 |
Common stock, shares outstanding (in shares) | 3,376,230 | 967,976 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 5,751,940 | $ 5,088,621 |
General and administrative | 6,167,177 | 6,191,845 |
Goodwill impairment | 6,929,258 | |
Depreciation | 110,371 | 67,981 |
Loss from operations | 18,958,746 | 11,348,447 |
Other expense (income): | ||
Interest (income) expense, net | (151,647) | 48,006 |
Change in fair value of warrant liability | (22,072,322) | |
Warrant related expenses | 10,225,846 | |
Other financing expenses | 2,870,226 | |
Loss from operations before income tax benefit | (18,807,099) | (2,420,203) |
Income tax benefit | (437,289) | (1,055,685) |
Net loss | (18,369,810) | (1,364,518) |
Accretion of Series A cumulative preferred dividends | (85,993) | (1,252,394) |
Deemed dividend related to the make-whole provision for the conversion of Series A convertible preferred stock into common stock | (8,167,895) | |
Net loss attributable to common stockholders | $ (26,623,698) | $ (2,616,912) |
Per share information: | ||
Net loss per share of common stock, basic (in dollars per share) | $ (8.21) | $ (3.16) |
Net loss per share of common stock, diluted (in dollars per share) | $ (8.21) | $ (29.11) |
Weighted average shares outstanding, basic (in shares) | 3,242,301 | 827,575 |
Weighted average shares outstanding, diluted (in shares) | 3,242,301 | 848,090 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2016 | 689,709 | |||||
Balance at Dec. 31, 2016 | $ 690 | $ 69,373,231 | $ (60,189,237) | $ 9,184,684 | ||
Cumulative effect of change in accounting principle (a) at Dec. 31, 2016 | [1] | 1,134 | (1,134) | |||
Sale of Series A convertible preferred stock and common stock warrants (in shares) | 12,376,329 | |||||
Sale of Series A convertible preferred stock and common stock warrants | ||||||
Reclassification of the fair market value of the Series A warrants | 13,153,524 | $ 13,153,524 | ||||
Common stock issued for advisory services (in shares) | 1,174 | 1,174 | ||||
Common stock issued for advisory services | $ 1 | 49,999 | $ 50,000 | |||
Series A cumulative preferred dividend | (1,252,394) | (1,252,394) | ||||
Reclassification of accrued dividends upon conversion of Series A (in shares) | 5,756 | |||||
Conversion of accrued dividends related to convertible preferred stock | $ 6 | 190,074 | 190,080 | |||
Conversion of Series A convertible preferred stock to common stock (in shares) | (4,070,051) | 271,337 | ||||
Conversion of Series A convertible preferred stock to common stock | $ 271 | (271) | ||||
Beneficial conversion feature for accrued interest of convertible debt | 28,017 | 28,017 | ||||
Stock-based compensation expense | 1,240,551 | 1,240,551 | ||||
Net loss | (1,364,518) | (1,364,518) | ||||
Balance (in shares) at Dec. 31, 2017 | 8,306,278 | 967,976 | ||||
Balance at Dec. 31, 2017 | $ 968 | 82,783,865 | (61,554,889) | $ 21,229,944 | ||
Common stock issued for advisory services (in shares) | 7,792 | 7,792 | ||||
Common stock issued for advisory services | $ 8 | 49,992 | $ 50,000 | |||
Series A cumulative preferred dividend | (85,993) | (85,993) | ||||
Conversion of accrued dividends related to convertible preferred stock | ||||||
Conversion of Series A convertible preferred stock to common stock (in shares) | (8,306,278) | 553,752 | ||||
Conversion of Series A convertible preferred stock to common stock | $ 554 | (554) | ||||
Stock-based compensation expense | 1,221,591 | 1,221,591 | ||||
Net loss | (18,369,810) | (18,369,810) | ||||
Balance (in shares) at Dec. 31, 2018 | 3,376,230 | |||||
Issuance of common stock to Series A convertible preferred stockholders under make-whole adjustment feature (in shares) | 777,895 | |||||
Issuance of common stock to Series A convertible preferred stockholders under make-whole adjustment feature | $ 778 | (778) | ||||
Issuance of common stock related to accrued dividends (in shares) | 68,815 | |||||
Issuance of common stock related to accrued dividends | $ 69 | 1,148,238 | 1,148,307 | |||
Issuance of common stock and warrants, net of issuance costs (in shares) | 1,000,000 | |||||
Issuance of common stock and warrants, net of issuance costs | $ 1,000 | 10,416,520 | 10,417,520 | |||
Balance at Dec. 31, 2018 | $ 3,377 | $ 95,532,881 | $ (79,924,699) | $ 15,611,559 | ||
[1] | In 2017, the Company adopted provisions of ASU 2016-09, Improvements to Employee Share Based Payment Accounting, resulting in a cumulative effect adjustment to Accumulated Deficit and Additional Paid-in Capital for previously unrecognized stock-based compensation expense. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net loss | $ (18,369,810) | $ (1,364,518) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, Total | 110,371 | 67,981 |
Stock-based compensation expense | 1,221,591 | 1,240,551 |
Common stock issued for advisory services | 50,000 | 50,000 |
Warrant related expense, change in fair value, and other financing expenses | (8,976,250) | |
Change in deferred income taxes | (437,289) | (1,055,685) |
Goodwill impairment | 6,929,258 | |
Non-cash interest expense, net | 33,517 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deposits and other assets | (1,102) | (664,162) |
Accounts payable, accrued expenses and other liabilities | (275,835) | (1,663,789) |
Net cash used in operating activities | (10,772,816) | (12,332,355) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (447,823) | |
Purchases of certificates of deposit | (10,000,000) | |
Maturities of certificates of deposit | 10,000,000 | |
Net cash used in investing activities | (447,823) | |
Cash flows provided by financing activities: | ||
Proceeds from sale of common stock | 10,846,062 | |
Proceeds from the sale of Series A convertible preferred stock and warrants, net | 22,129,774 | |
Repayment of convertible debt | (550,000) | (1,880,000) |
Payment of offering costs | (428,542) | (125,980) |
Net cash provided by financing activities | 9,867,520 | 20,123,794 |
Net (decrease) increase in cash and cash equivalents | (905,296) | 7,343,616 |
Cash and cash equivalents at beginning of year | 8,896,468 | 1,552,852 |
Cash and cash equivalents at end of year | 7,991,172 | 8,896,468 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 40,142 | 112,800 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Reclassification of accrued dividends related to the issuance of common stock to Series A convertible preferred stock holders | 1,148,307 | |
Reclassification of the fair market value of the Series A warrants | 13,153,524 | |
Series A cumulative preferred dividends | 85,993 | 1,252,394 |
Conversion of accrued dividends related to convertible preferred stock | 190,080 | |
Offering costs in accounts payable and accrued expenses | $ 146,776 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Diffusion Pharmaceuticals Inc. (“Diffusion” or the “Company”), a Delaware corporation, is a clinical stage biotechnology company developing new treatments for life threatening conditions by improving the body’s ability to bring oxygen to the areas where it is needed most. The Company is developing its lead product candidate, transcrocetinate sodium, also known as trans sodium crocetinate (“TSC”), for use in those life threatening conditions in which cellular oxygen deprivation (“hypoxia”) is the basis for significant unmet medical needs. TSC is designed to safely and selectively target and re-oxygenate the micro-environment of hypoxic cells, and can potentially be used in many indications, including oncology and cardiovascular/stroke. In cancer, TSC re-oxygenates treatment-resistant cancerous tissue, making the cancer cells up to three 529, may 529 PI3K/Akt/mTOR two 1 529 On December 13, 2018, 1 15 fifteen one No 2015 |
Note 2 - Liquidity
Note 2 - Liquidity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Liquidity [Text Block] | 2. The Company has not No The Company regularly explores alternative means of financing its operations and seeks funding through various sources, including public and private securities offerings, collaborative arrangements with third January 22, 2018, 1,000,000 $0.001 1,000,000 131,375 $12.00 $10.8 $12.00 five 50,000 $15.00, five 1,400,462 The Company currently does not may third may not The Company has prepared its financial statements assuming that it will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates, which raises substantial doubt about the Company’s ability to continue as a going concern. The Company currently has no may not not Operations of the Company are subject to certain risks and uncertainties including various internal and external factors that will affect whether and when the Company’s product candidates become approved drugs and how significant their market share will be, some of which are outside of the Company’s control. The length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the drug approval process will materially affect the Company’s financial condition and future operations. The Company believes its cash and cash equivalents as of December 31, 2018 July 2019. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with US GAAP. Any reference in these notes to applicable guidance is meant to refer to US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of financial statements in conformity with US GAAP requires the Company 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 expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the warrants, the fair value of the convertible notes, and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. As of December 31, 2017, $0.6 3 December 31, 2018. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed federally insured limits. Cash and Cash Equivalents The Company considers any highly liquid investments, such as money market funds, with an original maturity of three Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, which generally range from 2 15 Long-Lived Assets Long-lived assets are reviewed for potential impairment whenever events indicate that the carrying amount of such assets may not not December 31, 2018 2017. Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not may not January 2017, December 15, 2019, third 2018. 529 October 1 no 529 December 31, 2018 2017. December 31, 2018, $6.9 5 Research and Development Major components of research and development costs include internal research and development (such as salaries and related employee benefits, equity-based compensation, supplies and allocated facility costs) and contracted services (research and development activities performed on the Company’s behalf). Costs incurred for research and development are expensed as incurred. At the end of the reporting period, the Company compares payments made to third may Upfront payments made to third Patent Costs Patent costs, including related legal costs, are expensed as incurred and are recorded within general and administrative expenses in the statements of operations. Income Taxes As a corporation, the Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not not not Stock-based Compensation The Company measures employee and nonemployee stock-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the award. Stock-based awards issued to non-employees are revalued until the award vests. The Company uses the Black-Scholes option pricing model to value its stock option awards. Estimating the fair value of stock option awards requires management to apply judgment and make estimates, including the volatility of the Company’s common stock, the expected term of the Company’s stock options, the expected dividend yield and the fair value of the Company’s common stock on the measurement date. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected term of stock options was estimated using the “simplified method” for employee options as the Company has no no not not no Net Loss Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. For purposes of calculating diluted loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include warrants, stock options and restricted stock awards using the treasury stock method and convertible debt using the “if-converted” method. The diluted loss per common share calculation is further affected by an add-back of change in fair value of warrant liability to the numerator under the assumption that the change in fair value of warrant liability would not Year ended December 31, 2018 2017 Basic net loss per common share calculation: Net loss $ (18,369,810 ) $ (1,364,518 ) Accretion of Series A cumulative preferred dividends (85,993 ) (1,252,394 ) Deemed dividend related to the make-whole provision for the conversion of Series A convertible preferred stock into common stock (8,167,895 ) — Net loss attributable to common stockholders $ (26,623,698 ) $ (2,616,912 ) Weighted average shares outstanding, basic 3,242,301 827,575 Net loss per share of common, basic $ (8.21 ) $ (3.16 ) Diluted net loss per common share calculation: Net loss attributable to common stockholders (26,623,698 ) (2,616,912 ) Change in fair value of warrant liability — (22,072,322 ) Diluted net loss (26,623,698 ) (24,689,234 ) Weighted average common shares outstanding, basic 3,242,301 827,575 Common stock equivalents arising from warrants — 20,515 Common stock equivalents 3,242,301 848,090 Net loss per share of common stock, diluted $ (8.21 ) $ (29.11 ) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: December 31, 2018 2017 Convertible debt — 14,292 Common stock warrants 2,087,012 29,848 Convertible preferred stock — 553,752 Stock options 203,736 170,461 Unvested restricted stock awards — 204 2,290,748 768,557 Amounts in the table reflect the common stock equivalents of the noted instruments. Comprehensive Loss The Company has no Recently Issued But Not In August 2018, 2018 13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, 820. 820's December 15, 2019 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 first second December 15, 2018 In February 2016, 2016 02, Leases (Topic 842 , 12 12 842 January 1, 2019, 8 $0.3 $0.4 not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 December 15, 2019, January 1, 2017, January 1, 2017. third 2018. 5 In March 2016, 2016 09, Compensation – Improvements to Employee Share-Based Payment Accounting December 15, 2016 2017 2016 09, $1,000 January 1, 2017. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment consists of the following: December 31, 2018 2017 Laboratory equipment $ 182,357 $ 182,357 Furniture and office equipment 155,113 155,113 Leasehold improvements 430,000 430,000 Total property and equipment 767,470 767,470 Less: accumulated depreciation (417,189 ) (306,818 ) Property and equipment, net $ 350,281 $ 460,652 Depreciation expense was approximately $0.1 $68,000 December 31, 2018 2017, |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill is the excess of the cost of an acquired entity over the net amounts assigned to tangible and intangible assets acquired and liabilities assumed. The Company applies ASC 350 Goodwill and Other Intangible Assets October 1 third 2018 may not three September 30, 2018. Management performed the goodwill impairment assessment using a market approach to estimate the fair value of the Company using the Company's market capitalization. This fair value was derived by multiplying the Company's shares outstanding by the average daily close prices of the Company's stock during the third 2018. $4.2 fourth 2018, fourth $2.7 no December 31, 2018. The Company has an indefinite-lived In-Process Research and Development Asset (IPR&D) called RES- 529, $8.6 December 31, 2018 December 31, 2017. 529 PI3K/Akt/mTOR no 529 December 31, 2018 2017. |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6. Accrued expenses and other current liabilities consist of the following: December 31, 2018 2017 Accrued interest payable $ — $ 37,415 Accrued Series A convertible preferred stock dividends — 1,062,314 Accrued payroll and payroll related expenses 409,889 312,221 Accrued professional fees 69,231 122,711 Accrued clinical studies expenses 34,000 63,350 Other 92,106 30,840 Total $ 605,226 $ 1,628,851 |
Note 7 - Convertible Debt
Note 7 - Convertible Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The components of debt outstanding at December 31, 2017 December 31, 2017 Series B convertible notes 550,000 Less current portion (550,000 ) Long-term debt, net of current portion $ — Upon maturity of the Series B convertible debt during the second 2018, $0.6 $40,000, not December 31, 2018. December 31, 2018 2017, $3,000 $0.1 $37,000 December 31, 2017. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Office Space Lease Commitment The Company leases office and laboratory facilities in Charlottesville, Virginia. Rent expense related to the Company's operating lease for both the years ended December 31, 2018 2017 $0.1 December 31, 2018 Rental Commitments 2019 $ 114,409 2020 116,464 2021 118,519 2022 39,735 Total $ 389,127 Arrangements with Clinical Research Organization The Company has various agreements with contract research organizations (“CROs”) to provide clinical trial services for individual studies and projects by executing individual work orders governed by Master Service Arrangements (“MSAs”). The MSAs and associated work orders are designed such that quarterly payments are to be made in advance of the work to be performed. The Company recognized research and development expenses related to these MSAs of $1.6 $1.0 December 31, 2018 2017, December 31, 2018, $0.8 2019. Legal Proceedings On August 7, 2014, Paul Feller v. RestorGenex Corporation, Pro Sports & Entertainment, Inc., ProElite, Inc. and Stratus Media Group, GmbH No. BC553996 December 30, 2014, April 1, 2015, April 14, 2015, January 8, 2016, November 19, 2018 not November 2019. may |
Note 9 - Convertible Preferred
Note 9 - Convertible Preferred Stock, Stockholders' Equity and Common Stock Warrants | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. 2018 In January 2018, 1,000,000 1,000,000 $12.00 $10.8 150,000 150,000 131,375 $12.00 In addition, at the closing, the Company issued to designees of the underwriter warrants to purchase up to 50,000 $15.00 five During its evaluation of equity classification for the Common Stock warrants, the Company considered the conditions as prescribed within ASC 815 40, Derivatives and Hedging, Contracts in an Entity’s own Equity 815 40” 815 40 not not 480 Distinguishing Liabilities from Equity not not 815, As a result of the Company's Common Stock offering in January 2018, 1,400,462 553,752 68,815 777,895 $8.2 Series A Convertible Preferred Stock In March 2017, $25.0 one one “2017 8.0% one $30.30 one $33.30, fifth The Company sold 12,376,329 2017 $22.1 $2.9 2017 78,637 $33.30 fifth During its evaluation of equity classification for the common stock warrants, the Company considered the conditions as prescribed within ASC 815 40. 815 40 not not November 2017 fourth 2017. As the fair value of the warrants upon their issuance was in excess of the proceeds of the 2017 no 2017 $10.2 December 31, 2017. In contemplation of completing the 2017 March 13, 2017, 13,750,000 2018, no Common Stock In addition to the above offerings of Common Stock, during the years ended December 31, 2018 2017, 7,792 1,174 not December 31, 2018 2017. Common Stock Warrants As of December 31, 2018, Outstanding Range of exercise price per share Expiration dates Common stock warrants issued prior to 2016 1,767 $562.50 - $735.00 2019 Common stock warrants issued in 2017 related to Series A convertible preferred stock offering 903,870 $33.30 March 2022 Common stock warrants issued in 2018 related to the common stock offering 1,181,375 $12.00 - $15.00 January 2023 2,087,012 During the years ended December 31, 2018 2017, 28,123 867 2016 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. 2015 The 2015 July 2016, 33,333 not December 31, 2018, 1,814 2015 January 1, 2017, January 1 st 4.0% December 31 st January 1, 2019, 2015 135,049 4.0% December 31, 2018. The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations for the periods indicated: Year ended December 31, 2018 2017 Research and development $ 62,161 $ 674,643 General and administrative 1,159,430 716,425 Total stock-based compensation expense $ 1,221,591 $ 1,391,068 The following table summarizes the activity related to all stock option grants to employees and non-employees: Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Aggregate Intrinsic Value Balance at January 1, 2017 147,214 $ 121.37 Granted 23,345 36.92 Expired (98 ) 225.00 Balance at January 1, 2018 170,461 $ 109.74 7.13 $ 4,746 Granted 44,005 15.37 Forfeited (10,583 ) 131.25 Expired (147 ) 256.50 Outstanding at December 31, 2018 203,736 $ 88.14 6.70 $ 143 Exercisable at December 31, 2018 167,585 $ 101.69 6.25 $ 143 Vested and expected to vest at December 31, 2018 203,736 $ 88.14 6.70 $ 143 Generally, the options have a ten 10 three 3 Non-employee Stock Options Non-employee options are remeasured to fair value each period through operations using a Black-Scholes option-pricing model until the options vest. There were no December 31, 2018 626 December 31, 2017. December 31, 2018 2017 $4,000 $90,000, December 31, 2018, $1,000 219 1.16 Employee Stock Options The weighted average grant date fair value of stock option awards granted to employees was $12.63 $30.43 December 31, 2018 2017, December 31, 2018 2017 $1.2 $1.1 No December 31, 2018, $0.6 1.4 The grant date fair value of employee stock options is determined using the Black-Scholes model. The following assumptions were used during the years ended December 31, 2018 2017: 2018 2017 Expected term (in years) 5.27 — 5.66 5.27 — 6.00 Risk-free interest rate 2.3% — 2.8% 1.8% — 2.4% Expected volatility 113.6% — 115.0% 109.8% — 136.7% Dividend yield — — — — — — Restricted Stock Awards As of December 31, 2018, no December 31, 2018 2017, 204 409 $6,000 $12,000 2018 2017, no 2018 2017. |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Retirement Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. The Company has established a 401 401 may 401 90% 4% 401 $68,000 $49,000 December 31, 2018 2017, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which differences are expected to reverse. Significant components of the Company's deferred tax assets for federal income taxes consisted of the following: Deferred tax assets December 31, 2018 December 31, 2017 Net operating loss carryforwards $ 5,875,074 $ 5,310,628 Stock option compensation 2,456,410 2,141,973 Orphan Drug credits 2,847,803 2,537,039 Capitalized start-up costs and other 7,349,092 5,247,468 Valuation allowance (18,091,090 ) (15,237,108 ) Net deferred tax asset $ 437,289 Deferred tax liabilities Intangible assets (2,223,678 ) (2,223,678 ) Net deferred tax liability $ (1,786,389 ) $ (2,223,678 ) The Company does not December 31, 2018 December 31, 2017. The Company had net operating loss carryforwards (“NOL”) for federal and state income tax purposes at December 31, 2018 Combined NOL Carryforwards: December 31, 2018 Federal $ 22,819,972 State 22,845,568 The net operating loss carryforwards generated prior to 2017 2034 2018 January 2016, 382 2018 2017 December 31, 2018, A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows: Rate reconciliation: December 31, 2018 December 31, 2017 Federal tax benefit at statutory rate (21.0 )% (34.0 )% State tax, net of Federal benefit (2.9 )% (16.3 )% Change in fair value of warrant — % (126.1 )% Change in tax rate — % 205.5 % Goodwill impairment 7.7 % — % Orphan drug credit (1.3 )% (36.0 )% Change in valuation allowance 15.2 % (38.8 )% Stock compensation — % 1.2 % Other — % 1.0 % Total provision (2.3 )% (43.5 )% The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company’s 2015 2017 2014 On December 22, 2017 2017 2017 21%. $1.1 December 31, 2017. 2017 2018 December 31, 2018, $0.4 2017 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1—Quoted ● Level 2—Observable 1 not ● Level 3—Unobservable no The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The reconciliation of the common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Common Stock Warrant Liability Balance at January 1, 2017 $ — Issued in connection with the Series A convertible preferred stock 35,225,846 Change in fair value (22,072,322 ) Reclassification of Series A warrants to additional paid in capital (13,153,524 ) Balance at December 31, 2017 $ — The common stock warrants issued in connection with the Series A convertible preferred stock were previously classified as liabilities on the Company's consolidated balance sheet, and were marked-to-market each reporting period with the change in fair value recorded as either income or expense in the accompanying consolidated statements of operations until the warrants were exercised, expired or other facts and circumstances lead the liability to be reclassified to stockholders’ equity. In November 2017, fourth 2017. The fair value of the warrant liability was estimated using the Black-Scholes model and assumptions used to value the warrant liability as of November 1, 2017, Stock price $ 21.60 Exercise price $ 33.30 Expected term (in years) 4.38 Risk-free interest rate 1.9 % Expected volatility 104.1 % Dividend yield — |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. The Company’s Director of Information Technologies is the son of the Chief Executive Officer and he has held that position since December 2014. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with US GAAP. Any reference in these notes to applicable guidance is meant to refer to US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires the Company 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 expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the warrants, the fair value of the convertible notes, and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. As of December 31, 2017, $0.6 3 December 31, 2018. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed federally insured limits. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers any highly liquid investments, such as money market funds, with an original maturity of three |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, which generally range from 2 15 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets are reviewed for potential impairment whenever events indicate that the carrying amount of such assets may not not December 31, 2018 2017. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not may not January 2017, December 15, 2019, third 2018. 529 October 1 no 529 December 31, 2018 2017. December 31, 2018, $6.9 5 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Major components of research and development costs include internal research and development (such as salaries and related employee benefits, equity-based compensation, supplies and allocated facility costs) and contracted services (research and development activities performed on the Company’s behalf). Costs incurred for research and development are expensed as incurred. At the end of the reporting period, the Company compares payments made to third may Upfront payments made to third |
Legal Costs, Policy [Policy Text Block] | Patent Costs Patent costs, including related legal costs, are expensed as incurred and are recorded within general and administrative expenses in the statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes As a corporation, the Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not not not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company measures employee and nonemployee stock-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the award. Stock-based awards issued to non-employees are revalued until the award vests. The Company uses the Black-Scholes option pricing model to value its stock option awards. Estimating the fair value of stock option awards requires management to apply judgment and make estimates, including the volatility of the Company’s common stock, the expected term of the Company’s stock options, the expected dividend yield and the fair value of the Company’s common stock on the measurement date. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected term of stock options was estimated using the “simplified method” for employee options as the Company has no no not not no |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. For purposes of calculating diluted loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include warrants, stock options and restricted stock awards using the treasury stock method and convertible debt using the “if-converted” method. The diluted loss per common share calculation is further affected by an add-back of change in fair value of warrant liability to the numerator under the assumption that the change in fair value of warrant liability would not Year ended December 31, 2018 2017 Basic net loss per common share calculation: Net loss $ (18,369,810 ) $ (1,364,518 ) Accretion of Series A cumulative preferred dividends (85,993 ) (1,252,394 ) Deemed dividend related to the make-whole provision for the conversion of Series A convertible preferred stock into common stock (8,167,895 ) — Net loss attributable to common stockholders $ (26,623,698 ) $ (2,616,912 ) Weighted average shares outstanding, basic 3,242,301 827,575 Net loss per share of common, basic $ (8.21 ) $ (3.16 ) Diluted net loss per common share calculation: Net loss attributable to common stockholders (26,623,698 ) (2,616,912 ) Change in fair value of warrant liability — (22,072,322 ) Diluted net loss (26,623,698 ) (24,689,234 ) Weighted average common shares outstanding, basic 3,242,301 827,575 Common stock equivalents arising from warrants — 20,515 Common stock equivalents 3,242,301 848,090 Net loss per share of common stock, diluted $ (8.21 ) $ (29.11 ) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: December 31, 2018 2017 Convertible debt — 14,292 Common stock warrants 2,087,012 29,848 Convertible preferred stock — 553,752 Stock options 214,319 170,461 Unvested restricted stock awards — 204 2,301,331 768,557 Amounts in the table reflect the common stock equivalents of the noted instruments. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss The Company has no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued But Not In August 2018, 2018 13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, 820. 820's December 15, 2019 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 first second December 15, 2018 In February 2016, 2016 02, Leases (Topic 842 , 12 12 842 January 1, 2019, 8 $0.3 $0.4 not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 December 15, 2019, January 1, 2017, January 1, 2017. third 2018. 5 In March 2016, 2016 09, Compensation – Improvements to Employee Share-Based Payment Accounting December 15, 2016 2017 2016 09, $1,000 January 1, 2017. |
Note 3 - Basis of Presentatio_2
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2018 2017 Basic net loss per common share calculation: Net loss $ (18,369,810 ) $ (1,364,518 ) Accretion of Series A cumulative preferred dividends (85,993 ) (1,252,394 ) Deemed dividend related to the make-whole provision for the conversion of Series A convertible preferred stock into common stock (8,167,895 ) — Net loss attributable to common stockholders $ (26,623,698 ) $ (2,616,912 ) Weighted average shares outstanding, basic 3,242,301 827,575 Net loss per share of common, basic $ (8.21 ) $ (3.16 ) Diluted net loss per common share calculation: Net loss attributable to common stockholders (26,623,698 ) (2,616,912 ) Change in fair value of warrant liability — (22,072,322 ) Diluted net loss (26,623,698 ) (24,689,234 ) Weighted average common shares outstanding, basic 3,242,301 827,575 Common stock equivalents arising from warrants — 20,515 Common stock equivalents 3,242,301 848,090 Net loss per share of common stock, diluted $ (8.21 ) $ (29.11 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2018 2017 Convertible debt — 14,292 Common stock warrants 2,087,012 29,848 Convertible preferred stock — 553,752 Stock options 203,736 170,461 Unvested restricted stock awards — 204 2,290,748 768,557 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2018 2017 Laboratory equipment $ 182,357 $ 182,357 Furniture and office equipment 155,113 155,113 Leasehold improvements 430,000 430,000 Total property and equipment 767,470 767,470 Less: accumulated depreciation (417,189 ) (306,818 ) Property and equipment, net $ 350,281 $ 460,652 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | December 31, 2018 2017 Accrued interest payable $ — $ 37,415 Accrued Series A convertible preferred stock dividends — 1,062,314 Accrued payroll and payroll related expenses 409,889 312,221 Accrued professional fees 69,231 122,711 Accrued clinical studies expenses 34,000 63,350 Other 92,106 30,840 Total $ 605,226 $ 1,628,851 |
Note 7 - Convertible Debt (Tabl
Note 7 - Convertible Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2017 Series B convertible notes 550,000 Less current portion (550,000 ) Long-term debt, net of current portion $ — |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Rental Commitments 2019 $ 114,409 2020 116,464 2021 118,519 2022 39,735 Total $ 389,127 |
Note 9 - Convertible Preferre_2
Note 9 - Convertible Preferred Stock, Stockholders' Equity and Common Stock Warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Warrants Outstanding to Acquire Shares of Common Stock [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="6" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 55%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Range of exercise</div></div></div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">price per share</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 12%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Expiration</div></div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">dates</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued prior to 2016</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,767</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td colspan="4" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$562.50</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$735.00</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued in 2017 related to Series A convertible preferred stock offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">903,870</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td colspan="4" rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.30</div></td> <td rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 2022</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued in 2018 related to the common stock offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,181,375</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td colspan="4" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$12.00</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.00</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">January 2023</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,087,012</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td colspan="4" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="6" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 55%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Range of exercise</div></div></div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">price per share</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 12%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Expiration</div></div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">dates</div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued prior to 2016</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,767</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td colspan="4" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$562.50</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$735.00</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued in 2017 related to Series A convertible preferred stock offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">903,870</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td colspan="4" rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.30</div></td> <td rowspan="1" style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 2022</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants issued in 2018 related to the common stock offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,181,375</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td colspan="4" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$12.00</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.00</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">January 2023</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,087,012</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td colspan="4" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 5%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> </table></div> |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year ended December 31, 2018 2017 Research and development $ 62,161 $ 674,643 General and administrative 1,159,430 716,425 Total stock-based compensation expense $ 1,221,591 $ 1,391,068 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Aggregate Intrinsic Value Balance at January 1, 2017 147,214 $ 121.37 Granted 23,345 36.92 Expired (98 ) 225.00 Balance at January 1, 2018 170,461 $ 109.74 7.13 $ 4,746 Granted 44,005 15.37 Forfeited (10,583 ) 131.25 Expired (147 ) 256.50 Outstanding at December 31, 2018 203,736 $ 88.14 6.70 $ 143 Exercisable at December 31, 2018 167,585 $ 101.69 6.25 $ 143 Vested and expected to vest at December 31, 2018 203,736 $ 88.14 6.70 $ 143 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 2017 Expected term (in years) 5.27 — 5.66 5.27 — 6.00 Risk-free interest rate 2.3% — 2.8% 1.8% — 2.4% Expected volatility 113.6% — 115.0% 109.8% — 136.7% Dividend yield — — — — — — |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets December 31, 2018 December 31, 2017 Net operating loss carryforwards $ 5,875,074 $ 5,310,628 Stock option compensation 2,456,410 2,141,973 Orphan Drug credits 2,847,803 2,537,039 Capitalized start-up costs and other 7,349,092 5,247,468 Valuation allowance (18,091,090 ) (15,237,108 ) Net deferred tax asset $ 437,289 Deferred tax liabilities Intangible assets (2,223,678 ) (2,223,678 ) Net deferred tax liability $ (1,786,389 ) $ (2,223,678 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Combined NOL Carryforwards: December 31, 2018 Federal $ 22,819,972 State 22,845,568 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Rate reconciliation: December 31, 2018 December 31, 2017 Federal tax benefit at statutory rate (21.0 )% (34.0 )% State tax, net of Federal benefit (2.9 )% (16.3 )% Change in fair value of warrant — % (126.1 )% Change in tax rate — % 205.5 % Goodwill impairment 7.7 % — % Orphan drug credit (1.3 )% (36.0 )% Change in valuation allowance 15.2 % (38.8 )% Stock compensation — % 1.2 % Other — % 1.0 % Total provision (2.3 )% (43.5 )% |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Common Stock Warrant Liability Balance at January 1, 2017 $ — Issued in connection with the Series A convertible preferred stock 35,225,846 Change in fair value (22,072,322 ) Reclassification of Series A warrants to additional paid in capital (13,153,524 ) Balance at December 31, 2017 $ — |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Stock price $ 21.60 Exercise price $ 33.30 Expected term (in years) 4.38 Risk-free interest rate 1.9 % Expected volatility 104.1 % Dividend yield — |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) | Dec. 13, 2018 |
Reverse Stock Split [Member ] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2018 | Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
Conversion From Series A Preferred Stock to Common Stock [Member] | ||||
Conversion of Stock, Shares Issued | 1,400,462 | 1,400,462 | ||
Warrants Issued in Connection with the January 2018 Offering [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,000,000 | 1,000,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | $ 12 | ||
Class of Warrant or Right, Term | 5 years | |||
Warrants Issued in Connection with the January 2018 Offering [Member] | Maximum [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | |||
Additional Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 12 | |||
Underwriter Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | $ 15 | ||
Class of Warrant or Right, Term | 5 years | 5 years | ||
Underwriter Warrants [Member] | Maximum [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 50,000 | 50,000 | ||
January 2018 Offering [Member] | ||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | 1,000,000 | ||
Share Price | $ 12 | |||
Proceeds from Issuance or Sale of Equity, Total | $ 10,800 | $ 10,800 | ||
January 2018 Offering [Member] | Additional Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 131,375 |
Note 3 - Basis of Presentatio_3
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) xbrli-pure in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2017 | Dec. 31, 2016 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | 0 | ||||||
Goodwill, Impairment Loss | $ 2,700,000 | $ 4,200,000 | $ 6,929,258 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Assets, Total | 18,201,992 | $ 18,201,992 | $ 26,145,815 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | |||||||
Liabilities, Total | $ 2,590,433 | $ 2,590,433 | 4,915,871 | |||||
Additional Paid-in Capital [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 1,134 | ||||||
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,000 | |||||||
Accounting Standards Update 2016-09 [Member] | AOCI Attributable to Parent [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,000) | |||||||
Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||||
Assets, Total | $ 300,000 | |||||||
Liabilities, Total | 300,000 | |||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||||
Assets, Total | 400,000 | |||||||
Liabilities, Total | $ 400,000 | |||||||
Fair Value, Inputs, Level 3 [Member] | Convertible Note, Series B [Member] | ||||||||
Convertible Debt, Fair Value Disclosures | $ 600,000 | |||||||
[1] | In 2017, the Company adopted provisions of ASU 2016-09, Improvements to Employee Share Based Payment Accounting, resulting in a cumulative effect adjustment to Accumulated Deficit and Additional Paid-in Capital for previously unrecognized stock-based compensation expense. |
Note 3 - Basis of Presentatio_4
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic net loss per common share calculation: | ||
Net loss | $ (18,369,810) | $ (1,364,518) |
Accretion of Series A cumulative preferred dividends | (85,993) | (1,252,394) |
Deemed dividend related to the make-whole provision for the conversion of Series A convertible preferred stock into common stock | (8,167,895) | |
Net loss attributable to common stockholders | $ (26,623,698) | $ (2,616,912) |
Weighted average shares outstanding, basic (in shares) | 3,242,301 | 827,575 |
Net loss per share of common stock, basic (in dollars per share) | $ (8.21) | $ (3.16) |
Diluted net loss per common share calculation: | ||
Net loss attributable to common stockholders | $ (26,623,698) | $ (2,616,912) |
Change in fair value of warrant liability | (22,072,322) | |
Diluted net loss | $ (26,623,698) | $ (24,689,234) |
Weighted average shares outstanding, basic (in shares) | 3,242,301 | 827,575 |
Common stock equivalents arising from warrants (in shares) | 20,515 | |
Common stock equivalents (in shares) | 3,242,301 | 848,090 |
Net loss per share of common stock, diluted (in dollars per share) | $ (8.21) | $ (29.11) |
Note 3 - Basis of Presentatio_5
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Anti-dilutive securities (in shares) | 2,290,748 | 768,557 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 14,292 | |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 2,087,012 | 29,848 |
Series A Convertible Preferred Stock [Member] | ||
Anti-dilutive securities (in shares) | 553,752 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities (in shares) | 203,736 | 170,461 |
Restricted Stock [Member] | ||
Anti-dilutive securities (in shares) | 204 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 110,371 | $ 67,981 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 767,470 | $ 767,470 |
Less: accumulated depreciation | (417,189) | (306,818) |
Property and equipment, net | 350,281 | 460,652 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 182,357 | 182,357 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 155,113 | 155,113 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 430,000 | $ 430,000 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill, Impairment Loss | $ 2,700,000 | $ 4,200,000 | $ 6,929,258 | |
Goodwill, Ending Balance | 0 | 0 | 6,929,258 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | 0 | ||
RES-529 [Member] | ||||
Intangible Assets, Gross (Excluding Goodwill), Total | $ 8,600,000 | 8,600,000 | 8,600,000 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued interest payable | $ 37,415 | |
Accrued Series A convertible preferred stock dividends | 1,062,314 | |
Accrued payroll and payroll related expenses | 409,889 | 312,221 |
Accrued professional fees | 69,231 | 122,711 |
Accrued clinical studies expenses | 34,000 | 63,350 |
Other | 92,106 | 30,840 |
Total | $ 605,226 | $ 1,628,851 |
Note 7 - Convertible Debt (Deta
Note 7 - Convertible Debt (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Repayments of Convertible Debt | $ 550,000 | $ 1,880,000 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 40,142 | 112,800 | |
Convertible Debt, Total | 0 | ||
Interest Expense, Total | $ 3,000 | 100,000 | |
Interest Payable | $ 37,000 | ||
Convertible Note, Series B [Member] | |||
Repayments of Convertible Debt | $ 600,000 | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 40,000 |
Note 7 - Convertible Debt - Out
Note 7 - Convertible Debt - Outstanding Convertible Notes (Details) | Dec. 31, 2017USD ($) |
Series B convertible notes | $ 550,000 |
Less current portion | (550,000) |
Long-term debt, net of current portion |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Research and Development Expense, Total | $ 5,751,940 | $ 5,088,621 |
Arrangement With Clinical Research Organization [Member] | ||
Research and Development Expense, Total | 1,600,000 | 1,000,000 |
Prepaid Research and Development Expense | 800,000 | |
Charlottesville, Virginia [Member] | Building [Member] | ||
Operating Leases, Rent Expense, Net, Total | $ 100,000 | $ 100,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Total Future Operating Lease Obligations (Details) | Dec. 31, 2018USD ($) |
2019 | $ 114,409 |
2020 | 116,464 |
2021 | 118,519 |
2022 | 39,735 |
Total | $ 389,127 |
Note 9 - Convertible Preferre_3
Note 9 - Convertible Preferred Stock, Stockholders' Equity and Common Stock Warrants (Details Textual) - USD ($) | Jan. 22, 2018 | Jan. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 13, 2017 |
Stock Issued During Period, Shares, Issued for Services | 7,792 | 1,174 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 553,752 | |||||
Common Stock Dividends, Shares | 68,815 | |||||
Stock Issued During Period, Shares, Make-whole Adjustment | 777,895 | |||||
Dividends, Make-whole Adjustment | $ 8,200,000 | $ 8,167,895 | ||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | 22,129,774 | |||||
Warrant Expense | $ 10,225,846 | |||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | ||||
Class of Warrant or Rights, Expired | 28,123 | 867 | ||||
Series A Preferred Stock [Member] | ||||||
Proceeds from Issuance of Private Placement | $ 0 | |||||
Preferred Stock, Shares Authorized | 0 | 13,750,000 | ||||
Preferred Stock, Shares Issued, Total | 0 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | |||||
Conversion From Series A Preferred Stock to Common Stock [Member] | ||||||
Conversion of Stock, Shares Issued | 1,400,462 | 1,400,462 | ||||
Warrants Issued in Connection with the January 2018 Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,000,000 | 1,000,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | $ 12 | ||||
Class of Warrant or Right, Term | 5 years | |||||
Warrants Issued in Connection with the January 2018 Offering [Member] | Maximum [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | |||||
Option Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 150,000 | |||||
Additional Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | |||||
Class of Warrant or Right, Granted | 131,375 | |||||
Underwriter Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | $ 15 | ||||
Class of Warrant or Right, Term | 5 years | 5 years | ||||
Underwriter Warrants [Member] | Maximum [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 50,000 | 50,000 | ||||
January 2018 Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | 1,000,000 | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,800,000 | $ 10,800,000 | ||||
Stock Issued During Period, Shares, Issued for Services | 150,000 | |||||
January 2018 Offering [Member] | Additional Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 131,375 | |||||
Private Placement [Member] | Warrant [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 33.30 | |||||
Class of Warrant or Right, Term | 5 years | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Warrant Expense | $ 10,200,000 | |||||
Private Placement [Member] | Series A Preferred Stock [Member] | ||||||
Proceeds from Issuance of Private Placement | $ 25,000,000 | |||||
Number of Convertible Preferred Stock Per Unit | 1 | |||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||
Number of Common Stock Per Unit | 1 | |||||
Convertible Preferred Stock, Conversion Price | $ 30.30 | |||||
Temporary Equity, Stock Issued During Period, New Issues | 12,376,329 | |||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | $ 22,100,000 | |||||
Payments of Stock Issuance Costs | $ 2,900,000 | |||||
Private Placement [Member] | Series B Preferred Stock [Member] | Placement Agent [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 33.30 | |||||
Class of Warrant or Right, Term | 5 years | |||||
Class of Warrant or Right, Granted During Period | 78,637 |
Note 9 - Convertible Preferre_4
Note 9 - Convertible Preferred Stock, Stockholders' Equity and Common Stock Warrants - Warrants Outstanding to Acquire Shares of Its Common Stock (Details) - $ / shares | Dec. 31, 2018 | Jan. 31, 2018 | Jan. 22, 2018 |
Common stock warrants, outstanding (in shares) | 2,087,012 | ||
Warrants issued before 2016 [Member] | |||
Common stock warrants, outstanding (in shares) | 1,767 | ||
Warrants issued before 2016 [Member] | Minimum [Member] | |||
Range of exercise price (in dollars per share) | $ 562.50 | ||
Warrants issued before 2016 [Member] | Maximum [Member] | |||
Range of exercise price (in dollars per share) | $ 735 | ||
Warrants Attached to Series A Convertible Preferred Stock [Member] | |||
Common stock warrants, outstanding (in shares) | 903,870 | ||
Range of exercise price (in dollars per share) | $ 33.30 | ||
Warrants Issued in Connection with the January 2018 Offering [Member] | |||
Common stock warrants, outstanding (in shares) | 1,181,375 | ||
Range of exercise price (in dollars per share) | $ 12 | $ 12 | |
Warrants Issued in Connection with the January 2018 Offering [Member] | Minimum [Member] | |||
Range of exercise price (in dollars per share) | $ 12 | ||
Warrants Issued in Connection with the January 2018 Offering [Member] | Maximum [Member] | |||
Range of exercise price (in dollars per share) | $ 15 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | Jan. 01, 2019 | Jul. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 44,005 | 23,345 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,200,000 | $ 1,100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 600,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.63 | $ 30.43 | |||
Employee Stock Option [Member] | Vest Monthly [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Non-employee Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 626 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 4,000 | $ 90,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 219 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 58 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 204 | 409 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,000 | $ 12,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |||
Equity Incentive Plan 2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 33,333 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,814 | ||||
Percentage of Total Shares Eligible for Plan Reserve, On an Annual Basis | 4.00% | ||||
Equity Incentive Plan 2015 [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 135,049 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation expense | $ 1,221,591 | $ 1,391,068 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 62,161 | 674,643 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 1,159,430 | $ 716,425 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Options outstanding, number (in shares) | 170,461 | 147,214 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 109.74 | $ 121.37 |
Granted (in shares) | 44,005 | 23,345 |
Granted, weighted-average exercise price (in dollars per share) | $ 15.37 | $ 36.92 |
Expired (in shares) | (147) | (98) |
Expired, weighted-average exercise price (in dollars per share) | $ 256.50 | $ 225 |
Options outstanding, weighted-average remaining contractual life (Year) | 6 years 255 days | 7 years 47 days |
Options outstanding, aggregate intrinsic value | $ 143 | $ 4,746 |
Forfeited (in shares) | (10,583) | |
Forfeited, weighted-average exercise price (in dollars per share) | $ 131.25 | |
Options outstanding, number (in shares) | 203,736 | 170,461 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 88.14 | $ 109.74 |
Exercisable (in shares) | 167,585 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ 101.69 | |
Exercisable, weighted-average remaining contractual life (Year) | 6 years 91 days | |
Exercisable, aggregate intrinsic value | $ 143 | |
Vested and expected to vest (in shares) | 203,736 | |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ 88.14 | |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 6 years 255 days | |
Vested and expected to vest, aggregate intrinsic value | $ 143 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Dividend yield | 0.00% | |
Minimum [Member] | ||
Expected term (Year) | 5 years 98 days | 5 years 98 days |
Risk-free interest rate | 2.30% | 1.80% |
Expected volatility | 113.60% | 109.80% |
Maximum [Member] | ||
Expected term (Year) | 5 years 240 days | 6 years |
Risk-free interest rate | 2.80% | 2.40% |
Expected volatility | 115.00% | 136.70% |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 90.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 68,000 | $ 49,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (400) | $ (1,100) |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Net operating loss carryforwards | $ 5,875,074 | $ 5,310,628 |
Stock option compensation | 2,456,410 | 2,141,973 |
Orphan Drug credits | 2,847,803 | 2,537,039 |
Capitalized start-up costs and other | 7,349,092 | 5,247,468 |
Valuation allowance | (18,091,090) | (15,237,108) |
Net deferred tax asset | 437,289 | |
Intangible assets | (2,223,678) | (2,223,678) |
Net deferred tax liability | $ (1,786,389) | $ (2,223,678) |
Note 12 - Income Taxes - Operat
Note 12 - Income Taxes - Operating Loss Carryforwards (Details) | Dec. 31, 2018USD ($) |
Domestic Tax Authority [Member] | |
Operating loss carryforwards | $ 22,819,972 |
State and Local Jurisdiction [Member] | |
Operating loss carryforwards | $ 22,845,568 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal tax benefit at statutory rate | (21.00%) | (34.00%) |
State tax, net of Federal benefit | (2.90%) | (16.30%) |
Change in fair value of warrant | (126.10%) | |
Change in tax rate | 205.50% | |
Goodwill impairment | 7.70% | |
Orphan drug credit | (1.30%) | (36.00%) |
Change in valuation allowance | 15.20% | (38.80%) |
Stock compensation | 1.20% | |
Other | 1.00% | |
Total provision | (2.30%) | (43.50%) |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Reconciliation of Common Stock Warrant Liability (Details) - Contingent Consideration [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Balance | |
Issued in connection with the Series A convertible preferred stock | 35,225,846 |
Change in fair value | (22,072,322) |
Reclassification of Series A warrants to additional paid in capital | (13,153,524) |
Balance |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Black-Scholes Model and Assumptions (Details) | Nov. 01, 2017 |
Measurement Input, Share Price [Member] | |
Stock price | 21.6 |
Measurement Input, Exercise Price [Member] | |
Stock price | 33.3 |
Measurement Input, Expected Term [Member] | |
Stock price | 4.38 |
Measurement Input, Risk Free Interest Rate [Member] | |
Stock price | 0.019 |
Measurement Input, Price Volatility [Member] | |
Stock price | 1.041 |
Measurement Input, Expected Dividend Rate [Member] | |
Stock price |