Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 45,989,932 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 10,828,228 | $ 14,177,349 |
Prepaid expenses, deposits and other current assets | 888,234 | 472,464 |
Total current assets | 11,716,462 | 14,649,813 |
Property and equipment, net | 225,346 | 252,366 |
Intangible asset | 8,639,000 | 8,639,000 |
Right of use asset | 223,757 | 247,043 |
Other assets | 252,561 | 322,301 |
Total assets | 21,057,126 | 24,110,523 |
Current liabilities: | ||
Accounts payable | 655,298 | 1,251,412 |
Accrued expenses and other current liabilities | 519,552 | 358,532 |
Current operating lease liability | 111,970 | 111,477 |
Total current liabilities | 1,286,820 | 1,721,421 |
Deferred income taxes | 1,756,894 | 2,119,274 |
Noncurrent operating lease liability | 111,787 | 135,566 |
Total liabilities | 3,155,501 | 3,976,261 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ Equity: | ||
Common stock, $0.001 par value: 1,000,000,000 shares authorized; 34,604,436 and 33,480,365 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 34,605 | 33,481 |
Additional paid-in capital | 112,149,913 | 111,824,859 |
Accumulated deficit | (94,282,893) | (91,724,078) |
Total stockholders' equity | 17,901,625 | 20,134,262 |
Total liabilities and stockholders' equity | $ 21,057,126 | $ 24,110,523 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 34,604,436 | 33,480,365 |
Common stock, shares outstanding (in shares) | 34,604,436 | 33,480,365 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 1,534,467 | $ 1,699,845 |
General and administrative | 1,393,808 | 1,200,728 |
Depreciation | 27,020 | 18,272 |
Loss from operations | 2,955,295 | 2,918,845 |
Other income: | ||
Interest income | (34,100) | (20,684) |
Loss from operations before income tax benefit | (2,921,195) | (2,898,161) |
Income tax benefit | (362,380) | (150,352) |
Net loss | $ (2,558,815) | $ (2,747,809) |
Per share information: | ||
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.07) | $ (0.81) |
Weighted average shares outstanding, basic and diluted (in dollars per share) | $ 34,507,496 | $ 3,376,230 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 3,376,230 | |||
Balance at Dec. 31, 2018 | $ 3,377 | $ 95,532,881 | $ (79,924,699) | $ 15,611,559 |
Stock-based compensation expense | 91,204 | 91,204 | ||
Net loss | (2,747,809) | (2,747,809) | ||
Balance (in shares) at Mar. 31, 2019 | 3,376,230 | |||
Balance at Mar. 31, 2019 | $ 3,377 | 95,624,085 | (82,672,508) | 12,954,954 |
Balance (in shares) at Dec. 31, 2019 | 33,480,365 | |||
Balance at Dec. 31, 2019 | $ 33,481 | 111,824,859 | (91,724,078) | 20,134,262 |
Stock-based compensation expense | 191,380 | 191,380 | ||
Net loss | (2,558,815) | (2,558,815) | ||
Issuance of common stock upon exercise of warrants, net (in shares) | 1,124,071 | |||
Issuance of common stock upon exercise of warrants, net | $ 1,124 | 133,674 | 134,798 | |
Balance (in shares) at Mar. 31, 2020 | 34,604,436 | |||
Balance at Mar. 31, 2020 | $ 34,605 | $ 112,149,913 | $ (94,282,893) | $ 17,901,625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net loss | $ (2,558,815) | $ (2,747,809) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 27,020 | 18,272 |
Stock-based compensation expense | 191,380 | 91,204 |
Change in deferred income taxes | (362,380) | (150,352) |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deposits and other assets | (346,030) | (119,644) |
Accounts payable, accrued expenses and other liabilities | (455,489) | 250,871 |
Net cash used in operating activities | (3,504,314) | (2,657,458) |
Cash flows provided by financing activities: | ||
Proceeds received from the exercise of common stock warrants | 393,425 | |
Payment of financing costs that were previously classified in accounts payable | (238,232) | |
Net cash provided by financing activities | 155,193 | |
Net decrease in cash and cash equivalents | (3,349,121) | (2,657,458) |
Cash and cash equivalents at beginning of period | 14,177,349 | 7,991,172 |
Cash and cash equivalents at end of period | 10,828,228 | 5,333,714 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Offering costs in accounts payable and accrued expenses | 258,627 | 28,549 |
Operating lease right of use asset and current and noncurrent liability | $ 334,205 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Description of Business 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 stroke, oncology and cardiovascular disease. In stroke, TSC helps promote the diffusion of oxygen into those brain cells in which oxygen-deprivation causes neuronal death resulting in patient mortality or morbidity. 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 |
Note 2 - Liquidity
Note 2 - Liquidity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Liquidity Disclosure [Text Block] | 2. Liquidity 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 not may third may 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 March 31, 2020, $4.8 second 2020 third 2021. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Basis of Presentation and Summary of Significant Accounting Policies The Summary of Significant Accounting Policies included in the Company's Form 10 December 31, 2019, March 17, 2020, not Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”), and with the instructions to Form 10 10 X March 31, 2020, three March 31, 2020 2019. three March 31, 2020 not may December 31, 2020. not December 31, 2019 10 March 17, 2020. Use of Estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. The full extent to which the COVID- 19 may 19 19, 19 may may Fair Value of Financial Instruments Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash equivalents and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurement one three • Level 1: • Level 2: not • Level 3: no The following fair value hierarchy table presents information about the Company’s cash equivalents measured at fair value on a recurring basis: March 31, 2020 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 9,916,053 $ — $ — December 31, 2019 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 14,006,193 $ — $ — Intangible Asset The Company's RES- 529 October 1 no 529 three March 31, 2020 2019. Net Loss Per Common Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, convertible preferred stock, common stock warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not The following potentially dilutive securities outstanding as of March 31, 2020 2019 March 31, 2020 2019 Common stock warrants 21,261,070 2,087,012 Stock options 1,182,629 256,057 Unvested restricted stock awards 98,100 — 22,541,799 2,343,069 Recently Adopted Accounting Pronouncements In August 2018, 2018 13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, 820. 820's No. 2018 13 first 2020 not |
Note 4 - Other Accrued Expenses
Note 4 - Other Accrued Expenses and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 4. Other Accrued Expenses and Liabilities Other accrued expenses and liabilities consisted of the following: March 31, 2020 December 31, 2019 Accrued payroll and payroll related expenses $ 149,620 $ 182,708 Accrued professional fees 338,627 48,338 Accrued clinical studies expenses 9,100 57,378 Other accrued expenses 22,205 70,108 Total $ 519,552 $ 358,532 |
Note 5 - Stockholders' Equity a
Note 5 - Stockholders' Equity and Common Stock Warrants | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Stockholders' Equity and Common Stock Warrants 2019 In December 2019, “December 2019 6,266,787 6,266,787 $0.5585 $3.0 December 2019 June 13, 2025 $0.4335 In addition, at the closing of the December 2019 313,339 $0.6981 five In November 2019, “November 2019 5,104,429 6,324,143 one 22,857,144 $0.35 $3.3 $0.35 11,428,572 18 11,428,572 five December 31, 2019, 11,091,716 $3.9 In addition, at the closing of the November 2019 571,429 $0.4375 five In May 2019, “May 2019 1,317,060 1,317,060 $4.895 $5.6 November 29, 2024 $5.00. In addition, at the closing of the May 2019 65,853 $6.11875 five Common Stock Warrants As of March 31, 2020, Outstanding Range of exercise price per share Expiration dates 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 Common stock warrants issued related to the May 2019 Offering 1,382,913 $5.00 - $6.11875 May and December 2024 Common stock warrants issued related to the November 2019 Offering 11,212,786 $0.35 - $0.4375 May 2024 Common stock warrants issued related to the December 2019 Offering 6,580,126 $0.4335 - $0.6981 December 2024 and June 2025 21,261,070 During the three March 31, 2020, no 1,124,071 $0.35 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Stock-Based Compensation 2015 The Diffusion Pharmaceuticals Inc. 2015 "2015 January 1 4.0% December 31, 1,339,215 January 1, 2020, may 2015 March 31, 2020, 485,602 2015 The Company recorded stock-based compensation expense in the following expense categories of its unaudited interim consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2020 2019 Research and development $ 96,530 $ 13,596 General and administrative 94,850 77,608 Total stock-based compensation expense $ 191,380 $ 91,204 The following table summarizes the activity related to all stock option grants for the three March 31, 2020: Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Aggregate intrinsic value Balance at January 1, 2020 309,276 $ 55.78 $ — Granted 873,500 0.47 Expired (147 ) 142.50 Outstanding at March 31, 2020 1,182,629 $ 14.91 9.0 $ — Exercisable at March 31, 2020 560,524 $ 30.60 8.2 $ — The weighted average grant date fair value of stock option awards granted was $0.36 three March 31, 2020. three March 31, 2020 2019 $0.2 $0.2 No March 31, 2020, $0.4 1.81 Options granted were valued using the Black-Scholes model and assumptions used to value the options granted during the three March 31, 2020 Expected term (in years) 5.70 Risk-free interest rate 1.7 % Expected volatility 113.7 % Dividend yield — Restricted Stock Awards During the three March 31, 2020, 98,100 three March 31, 2020 $0.51. 18 $4,000 three March 31, 2020 March 31, 2020, $46,000 2.83 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies Office Space Rental The Company has a non-cancelable operating lease for office and laboratory space in Charlottesville, Virginia, which began in April 2017 December 31, 2019, 2.3 842 first 2019 $0.1 $0.2 842 10%. second 2022 five not March 31, 2020. Rent expense related to the Company's operating lease was approximately $30,000 $20,000 three March 31, 2020 2019, March 31, 2020: Rental Commitments 2020 (remaining) $ 87,691 2021 118,519 2022 39,735 Total 245,945 Less: imputed interest (22,188 ) Current and noncurrent operating lease liability $ 223,757 Research and Development Arrangements In the course of normal business operations, the Company enters into agreements with universities and contract research organizations, or CROs, to assist in the performance of research and development activities and contract manufacturers to assist with chemistry, manufacturing, and controls related expenses. Expenditures to CROs represent a significant cost in clinical development for the Company. The Company could also enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may Defined Contribution Retirement Plan The Company has established a 401 “401 may 401 90% 4% 401 $17,000 $18,000 three March 31, 2020 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 2020. may |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. Subsequent Events In April 2020, 19 60 19 From April 1, 2020 May 8, 2020, 6,385,496 $2.5 On May 8, 2020, 5,000,000 5,000,000 $2.4 $0.5263 five one 250,000 “May 2020 May 2020 $0.5938 five one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”), and with the instructions to Form 10 10 X March 31, 2020, three March 31, 2020 2019. three March 31, 2020 not may December 31, 2020. not December 31, 2019 10 March 17, 2020. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. The full extent to which the COVID- 19 may 19 19, 19 may may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash equivalents and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurement one three • Level 1: • Level 2: not • Level 3: no The following fair value hierarchy table presents information about the Company’s cash equivalents measured at fair value on a recurring basis: March 31, 2020 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 9,916,053 $ — $ — December 31, 2019 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 14,006,193 $ — $ — |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Asset The Company's RES- 529 October 1 no 529 three March 31, 2020 2019. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, convertible preferred stock, common stock warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not The following potentially dilutive securities outstanding as of March 31, 2020 2019 March 31, 2020 2019 Common stock warrants 21,261,070 2,087,012 Stock options 1,182,629 256,057 Unvested restricted stock awards 98,100 — 22,541,799 2,343,069 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In August 2018, 2018 13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, 820. 820's No. 2018 13 first 2020 not |
Note 3 - Basis of Presentatio_2
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2020 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 9,916,053 $ — $ — December 31, 2019 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 14,006,193 $ — $ — |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2020 2019 Common stock warrants 21,261,070 2,087,012 Stock options 1,182,629 256,057 Unvested restricted stock awards 98,100 — 22,541,799 2,343,069 |
Note 4 - Other Accrued Expens_2
Note 4 - Other Accrued Expenses and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Accrued payroll and payroll related expenses $ 149,620 $ 182,708 Accrued professional fees 338,627 48,338 Accrued clinical studies expenses 9,100 57,378 Other accrued expenses 22,205 70,108 Total $ 519,552 $ 358,532 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity and Common Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Outstanding Range of exercise price per share Expiration dates 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 Common stock warrants issued related to the May 2019 Offering 1,382,913 $5.00 - $6.11875 May and December 2024 Common stock warrants issued related to the November 2019 Offering 11,212,786 $0.35 - $0.4375 May 2024 Common stock warrants issued related to the December 2019 Offering 6,580,126 $0.4335 - $0.6981 December 2024 and June 2025 21,261,070 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2020 2019 Research and development $ 96,530 $ 13,596 General and administrative 94,850 77,608 Total stock-based compensation expense $ 191,380 $ 91,204 |
Share-based Payment Arrangement, Option, 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, 2020 309,276 $ 55.78 $ — Granted 873,500 0.47 Expired (147 ) 142.50 Outstanding at March 31, 2020 1,182,629 $ 14.91 9.0 $ — Exercisable at March 31, 2020 560,524 $ 30.60 8.2 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected term (in years) 5.70 Risk-free interest rate 1.7 % Expected volatility 113.7 % Dividend yield — |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Rental Commitments 2020 (remaining) $ 87,691 2021 118,519 2022 39,735 Total 245,945 Less: imputed interest (22,188 ) Current and noncurrent operating lease liability $ 223,757 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Proceeds from Warrant Exercises | $ 393,425 | ||
Forecast [Member] | |||
Proceeds from Warrant Exercises | $ 4,800,000 |
Note 3 - Basis of Presentatio_3
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | $ 9,916,053 | $ 14,006,193 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents |
Note 3 - Basis of Presentatio_4
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Anti-dilutive securities (in shares) | 22,541,799 | 2,343,069 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 21,261,070 | 2,087,012 |
Share-based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 1,182,629 | 256,057 |
Restricted Stock [Member] | ||
Anti-dilutive securities (in shares) | 98,100 |
Note 4 - Other Accrued Expens_3
Note 4 - Other Accrued Expenses and Liabilities - Summary of Accrued Expenses (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued payroll and payroll related expenses | $ 149,620 | $ 182,708 |
Accrued professional fees | 338,627 | 48,338 |
Accrued clinical studies expenses | 9,100 | 57,378 |
Other accrued expenses | 22,205 | 70,108 |
Total | $ 519,552 | $ 358,532 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity and Common Stock Warrants (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Nov. 30, 2019 | May 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.35 | |||||
Proceeds from Warrant Exercises | $ 393,425 | |||||
Class of Warrant or Rights, Expired (in shares) | 0 | |||||
Class of Warrant or Right, Exercised (in shares) | 1,124,071 | |||||
Warrants Issued in Connection with the December 2019 Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,266,787 | 6,266,787 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.4335 | $ 0.4335 | ||||
Placement Agent Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 313,339 | 571,429 | 65,853 | 313,339 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.6981 | $ 0.4375 | $ 6.11875 | $ 0.6981 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | 5 years | 5 years | ||
Warrants Issued in Connection with the November 2019 Offering [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.35 | |||||
Class of Warrant or Right, Issued During Period (in shares) | 6,324,143 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | 11,091,716 | |||||
Proceeds from Warrant Exercises | $ 3,900,000 | |||||
Warrants with 18 Months Term Issued in Connection with the November 2019 Offering [Member] | ||||||
Warrants and Rights Outstanding, Term (Year) | 1 year 180 days | |||||
Class of Warrant or Right, Issued During Period (in shares) | 11,428,572 | |||||
Warrants with 5 Years Term Issued in Connection with the November 2019 Offering [Member] | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Class of Warrant or Right, Issued During Period (in shares) | 11,428,572 | |||||
December 2019 Public Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,266,787 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.5585 | $ 0.5585 | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,000,000 | |||||
November 2019 Public Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,104,429 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.35 | |||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,300,000 | |||||
Stock and Warrants Issued During Period, Number of Securities Called by Stock and Warrants (in shares) | 22,857,144 | |||||
May 2019 Public Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,317,060 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 4.895 | |||||
Proceeds from Issuance or Sale of Equity, Total | $ 5,600,000 | |||||
Warrants Issued in Connection with May 2019 Public Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,317,060 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5 |
Note 5 - Stockholders' Equity_4
Note 5 - Stockholders' Equity and Common Stock Warrants - Warrants Outstanding to Acquire Shares of Its Common Stock (Details) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 |
Common stock warrants, outstanding (in shares) | 21,261,070 | ||
Range of exercise price (in dollars per share) | $ 0.35 | ||
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 | ||
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 | ||
Warrants Issued in Connection with May 2019 Public Offering [Member] | |||
Common stock warrants, outstanding (in shares) | 1,382,913 | ||
Warrants Issued in Connection with May 2019 Public Offering [Member] | Minimum [Member] | |||
Range of exercise price (in dollars per share) | $ 5 | ||
Warrants Issued in Connection with May 2019 Public Offering [Member] | Maximum [Member] | |||
Range of exercise price (in dollars per share) | $ 6.11875 | ||
Warrants Issued in Connection with the November 2019 Offering [Member] | |||
Common stock warrants, outstanding (in shares) | 11,212,786 | ||
Range of exercise price (in dollars per share) | $ 0.35 | ||
Warrants Issued in Connection with the November 2019 Offering [Member] | Minimum [Member] | |||
Range of exercise price (in dollars per share) | $ 0.35 | ||
Warrants Issued in Connection with the November 2019 Offering [Member] | Maximum [Member] | |||
Range of exercise price (in dollars per share) | $ 0.4375 | ||
Warrants Issued in Connection with the December 2019 Offering [Member] | |||
Common stock warrants, outstanding (in shares) | 6,580,126 | ||
Range of exercise price (in dollars per share) | $ 0.4335 | ||
Warrants Issued in Connection with the December 2019 Offering [Member] | Minimum [Member] | |||
Range of exercise price (in dollars per share) | $ 0.4335 | ||
Warrants Issued in Connection with the December 2019 Offering [Member] | Maximum [Member] | |||
Range of exercise price (in dollars per share) | $ 0.6981 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.36 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 200,000 | $ 200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Expense | $ 191,380 | $ 91,204 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 400,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 295 days | ||
Restricted Stock [Member] | Director [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 46,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 302 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 98,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.51 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 1 year 180 days | ||
Share-based Payment Arrangement, Expense | $ 4,000 | ||
Equity Incentive Plan 2015 [Member] | |||
Percentage of Total Shares Eligible for Plan Reserve, On an Annual Basis | 4.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,339,215 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 485,602 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation expense | $ 191,380 | $ 91,204 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 96,530 | 13,596 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 94,850 | $ 77,608 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Options outstanding, number (in shares) | shares | 309,276 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 55.78 |
Granted (in shares) | shares | 873,500 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.47 |
Expired (in shares) | shares | (147) |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 142.50 |
Options outstanding, number (in shares) | shares | 1,182,629 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 14.91 |
Options outstanding, weighted-average remaining contractual life (Year) | 9 years |
Options outstanding, aggregate intrinsic value | $ | |
Exercisable (in shares) | shares | 560,524 |
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 30.60 |
Exercisable, weighted-average remaining contractual life (Year) | 8 years 73 days |
Exercisable, aggregate intrinsic value | $ |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Fair Value Assumptions (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Expected term (Year) | 5 years 255 days |
Risk-free interest rate | 1.70% |
Expected volatility | 113.70% |
Dividend yield |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Remaining Lease Term (Year) | 2 years 109 days | |||
Operating Lease, Liability, Current | $ 111,970 | $ 111,477 | $ 100,000 | |
Operating Lease, Liability, Noncurrent | $ 111,787 | $ 135,566 | $ 200,000 | |
Lessee, Operating Lease, Discount Rate | 10.00% | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Operating Lease, Expense | $ 30,000 | $ 20,000 | ||
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 | $ 17,000 | $ 18,000 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Future Minimum Rental Payments (Details) | Mar. 31, 2020USD ($) |
2020 (remaining) | $ 87,691 |
2021 | 118,519 |
2022 | 39,735 |
Total | 245,945 |
Less: imputed interest | (22,188) |
Current and noncurrent operating lease liability | $ 223,757 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | May 08, 2020 | May 08, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Class of Warrant or Right, Exercised (in shares) | 1,124,071 | |||
Proceeds from Warrant Exercises | $ 393,425 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.35 | |||
Subsequent Event [Member] | ||||
Class of Warrant or Right, Exercised (in shares) | 6,385,496 | |||
Proceeds from Warrant Exercises | $ 2,500,000 | |||
Proceeds from Warrant Exercises, and Issuance of New Warrants | $ 2,400,000 | |||
Subsequent Event [Member] | Warrants Issued Prior to the Exchange on May 8, 2020 [Member] | ||||
Class of Warrant or Right, Exercised (in shares) | 5,000,000 | |||
Subsequent Event [Member] | New Warrants Issued May 8, 2020 [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,000,000 | 5,000,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.5263 | $ 0.5263 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years 182 days | 5 years 182 days | ||
Subsequent Event [Member] | The May 2020 PA Warrants [Member] | H.C Wainwright & Co., LLC [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 250,000 | 250,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.5938 | $ 0.5938 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years 182 days | 5 years 182 days |