Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
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) | 101,903,979 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
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, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 46,634,977 | $ 18,515,595 |
Prepaid expenses, deposits and other current assets | 678,693 | 260,825 |
Total current assets | 47,313,670 | 18,776,420 |
Property and equipment, net | 124,751 | 149,198 |
Intangible asset | 8,639,000 | 8,639,000 |
Right of use asset | 120,110 | 149,162 |
Other assets | 15,580 | 15,771 |
Total assets | 56,213,111 | 27,729,551 |
Current liabilities: | ||
Accounts payable | 952,909 | 545,844 |
Accrued expenses and other current liabilities | 1,048,904 | 1,776,470 |
Current operating lease liability | 111,291 | 113,469 |
Total current liabilities | 2,113,104 | 2,435,783 |
Deferred income taxes | 443,893 | 443,893 |
Noncurrent operating lease liability | 8,819 | 35,693 |
Total liabilities | 2,565,816 | 2,915,369 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ Equity: | ||
Common stock, $0.001 par value: 1,000,000,000 shares authorized: 101,903,979 and 64,015,441 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 101,904 | 64,016 |
Additional paid-in capital | 164,098,694 | 130,659,550 |
Accumulated deficit | (110,553,303) | (105,909,384) |
Total stockholders' equity | 53,647,295 | 24,814,182 |
Total liabilities and stockholders' equity | $ 56,213,111 | $ 27,729,551 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 101,903,979 | 64,015,441 |
Common stock, shares outstanding (in shares) | 101,903,979 | 64,015,441 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 2,916,378 | $ 1,534,467 |
General and administrative | 1,743,510 | 1,393,808 |
Depreciation | 24,447 | 27,020 |
Loss from operations | 4,684,335 | 2,955,295 |
Other income: | ||
Interest income | (40,416) | (34,100) |
Loss from operations before income tax benefit | (4,643,919) | (2,921,195) |
Income tax benefit | 362,380 | |
Net loss | $ (4,643,919) | $ (2,558,815) |
Per share information: | ||
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.06) | $ (0.07) |
Weighted average shares outstanding, basic and diluted (in dollars per share) | $ 83,420,184 | $ 34,507,496 |
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, 2019 | 33,480,365 | |||
Balance at Dec. 31, 2019 | $ 33,481 | $ 111,824,859 | $ (91,724,078) | $ 20,134,262 |
Issuance of common stock upon exercise of warrants, net of issuance costs (in shares) | 1,124,071 | |||
Issuance of common stock upon exercise of warrants, net of issuance costs | $ 1,124 | 133,674 | 134,798 | |
Stock-based compensation expense | 191,380 | 191,380 | ||
Net loss | (2,747,809) | (2,558,815) | ||
Balance (in shares) at Mar. 31, 2020 | 34,604,436 | |||
Balance at Mar. 31, 2020 | $ 34,605 | 112,149,913 | (94,471,887) | 17,901,625 |
Balance (in shares) at Dec. 31, 2020 | 64,015,441 | |||
Balance at Dec. 31, 2020 | $ 64,016 | 130,659,550 | (105,909,384) | 24,814,182 |
Stock-based compensation expense | 181,280 | 181,280 | ||
Net loss | (4,643,919) | (4,643,919) | ||
Sale of common stock, net of issuance costs (in shares) | 33,658,538 | |||
Sale of common stock, net of issuance costs | $ 33,658 | 31,060,644 | 31,094,302 | |
Issuance of common stock upon exercise of warrants (in shares) | 4,230,000 | |||
Issuance of common stock upon exercise of warrants | $ 4,230 | 2,197,220 | 2,201,450 | |
Balance (in shares) at Mar. 31, 2021 | 101,903,979 | |||
Balance at Mar. 31, 2021 | $ 101,904 | $ 164,098,694 | $ (110,553,303) | $ 53,647,295 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net loss | $ (4,643,919) | $ (2,558,815) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 24,447 | 27,020 |
Stock-based compensation expense | 181,280 | 191,380 |
Change in deferred income taxes | (362,380) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deposits and other assets | (417,677) | (346,030) |
Accounts payable, accrued expenses and other liabilities | (320,501) | (455,489) |
Net cash used in operating activities | (5,176,370) | (3,504,314) |
Cash flows provided by financing activities: | ||
Proceeds from the sale of common stock, net of issuance costs | 31,094,302 | |
Proceeds received from the exercise of common stock warrants | 2,201,450 | 393,425 |
Payment of financing costs that were previously classified in accounts payable | (238,232) | |
Net cash provided by financing activities | 33,295,752 | 155,193 |
Net increase (decrease) in cash and cash equivalents | 28,119,382 | (3,349,121) |
Cash and cash equivalents at beginning of period | 18,515,595 | 14,177,349 |
Cash and cash equivalents at end of period | 46,634,977 | 10,828,228 |
Supplemental disclosure of non-cash financing activities: | ||
Offering costs in accounts payable and accrued expenses | $ 258,627 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Description of Business Diffusion Pharmaceuticals Inc., a Delaware corporation, is an innovative biopharmaceutical company developing novel therapies that enhance the body's ability to deliver oxygen to the areas where it is needed most. The Company's lead product candidate, TSC, is being developed to enhance the diffusion of oxygen to tissues with low oxygen levels, also known as hypoxia, a serious complication of many of medicine's most intractable and difficult-to-treat conditions. In addition to TSC, the Company's product candidate DFN- 529, PI3K/Akt/mTOR two 1 529 529 |
Note 2 - Liquidity
Note 2 - Liquidity | 3 Months Ended |
Mar. 31, 2021 | |
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 expects that its existing cash and cash equivalents as of March 31, 2021 2023. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 Annual Report for the year ended December 31, 2020 not Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial information as found in the ASC and ASUs of the FASB, and with the instructions to Form 10 10 X March 31, 2021, three March 31, 2021 2020. three March 31, 2021 not may December 31, 2021. not December 31, 2020 10 March 16, 2021. Use of Estimate The preparation of 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 COVID- 19 no March 31, 2021. 19 may 19, 19, may 19, Fair Value of Financial Instruments The carrying amounts of the Company's financial instruments, including cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments. Intangible Asset The Company's DFN- 529 529 October 1 no 529 three March 31, 2021 2020. 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, 2021 2020 March 31, 2021 2020 Common stock warrants 6,553,039 21,261,070 Stock options 3,116,819 1,182,629 Unvested restricted stock awards 153,000 98,100 9,822,858 22,541,799 Recently Adopted Accounting Pronouncements In December 2019, No. 2019 12, 740 Simplifying the Accounting for Income Taxes December 15, 2020 No. 2019 12 first 2021 not |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, 2021 December 31, 2020 Accrued payroll and payroll related expenses $ 510,002 $ 653,899 Accrued professional fees 77,258 31,809 Accrued clinical studies expenses 406,439 1,055,398 Other accrued expenses 55,205 35,364 Total $ 1,048,904 $ 1,776,470 |
Note 5 - Stockholders' Equity a
Note 5 - Stockholders' Equity and Common Stock Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Stockholders' Equity and Common Stock Warrants February 2021 In February 2021, February 2021 33,658,538 $1.025 30 February 2021 $31.1 February 2021 1,682,927 $1.28125 five Common Stock Warrants As of March 31, 2021, 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 January 2018 Offering 1,181,421 $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 267,140 $0.35 May 2021 and November 2024 Common stock warrants issued related to the December 2019 Offering 313,339 $0.4335 - $0.6981 December 2024 and June 2025 Common stock warrants issued related to the May 2020 Offering 571,429 $1.31 March 2025 Common stock warrants issued related to the May 2020 Investor Warrant Exercise 250,000 $0.5938 November 2025 Common stock warrants issued related to the February 2021 Offering 1,682,927 $1.28 February 2026 6,553,039 During the three March 31, 2021, no 4,230,000 $2.2 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Stock-Based Compensation 2015 The 2015 January 1 4.0% December 31, 2,560,618 January 1, 2021, may 2015 March 31, 2021, 1,229,005 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, 2021 2020 Research and development $ 33,000 $ 96,530 General and administrative 148,280 94,850 Total stock-based compensation expense $ 181,280 $ 191,380 The following table summarizes the activity related to all stock option grants for the three March 31, 2021: Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Aggregate intrinsic value Balance at January 1, 2021 2,240,204 $ 8.28 Granted 876,615 1.11 Outstanding at March 31, 2021 3,116,819 $ 6.26 9.01 $ 475,258 Exercisable at March 31, 2021 1,363,373 $ 13.10 8.25 $ 331,618 Vested and expected to vest at March 31, 2021 3,116,819 $ 6.26 9.01 $ 475,258 The weighted average grant date fair value of stock option awards granted was $1.06 three March 31, 2021. three March 31, 2021 2020 $0.2 $0.2 No March 31, 2021, $1.4 2.29 three March 31, 2021, 385,267 $1.11 $27,000 three March 31, 2021, not March 31, 2021, no Options granted were valued using the Black-Scholes-Merton derivative investment instrument pricing model and assumptions used to value the options granted during the three March 31, 2021 Expected term (in years) 10 Risk-free interest rate 1.4 % Expected volatility 124.6 % Dividend yield — Restricted Stock Unit Awards During the year ended December 31, 2020, 153,000 18 none March 31, 2021. $5,000 three March 31, 2021. March 31, 2021, $77,000 2.19 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies Office Space Lease Commitment The Company has a non-cancelable operating lease for office and laboratory space in Charlottesville, Virginia, which began in April 2017 March 31, 2021, 1.1 10.0%. second 2022 5 not March 31, 2021. Rent expense related to the Company's operating lease was approximately $31,000 $30,000 three March 31, 2021 2020, March 31, 2021: Rental Commitments 2021 (remaining) 89,232 2022 39,735 Total 128,967 Less: imputed interest (8,857 ) Current and noncurrent operating lease liability $ 120,110 Research and Development Arrangements In the course of normal business operations, the Company enters into agreements with universities and 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 its 401 may 401 90.00% 4.0% 401 $16,000 $17,000 three March 31, 2021 2020, Legal Proceedings On August 7, 2014, No. BC553996 December 30, 2014, April 1, 2015, April 14, 2015, January 8, 2016, November 19, 2018 not November 2020. August 2020, 19 August 16, 2021. may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 GAAP for interim financial information as found in the ASC and ASUs of the FASB, and with the instructions to Form 10 10 X March 31, 2021, three March 31, 2021 2020. three March 31, 2021 not may December 31, 2021. not December 31, 2020 10 March 16, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimate The preparation of 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 COVID- 19 no March 31, 2021. 19 may 19, 19, may 19, |
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 and accounts payable, approximate fair value due to the short-term nature of those instruments. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Asset The Company's DFN- 529 529 October 1 no 529 three March 31, 2021 2020. |
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, 2021 2020 March 31, 2021 2020 Common stock warrants 6,553,039 21,261,070 Stock options 3,116,819 1,182,629 Unvested restricted stock awards 153,000 98,100 9,822,858 22,541,799 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2019, No. 2019 12, 740 Simplifying the Accounting for Income Taxes December 15, 2020 No. 2019 12 first 2021 not |
Note 3 - Basis of Presentatio_2
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2021 2020 Common stock warrants 6,553,039 21,261,070 Stock options 3,116,819 1,182,629 Unvested restricted stock awards 153,000 98,100 9,822,858 22,541,799 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accrued payroll and payroll related expenses $ 510,002 $ 653,899 Accrued professional fees 77,258 31,809 Accrued clinical studies expenses 406,439 1,055,398 Other accrued expenses 55,205 35,364 Total $ 1,048,904 $ 1,776,470 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity and Common Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 January 2018 Offering 1,181,421 $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 267,140 $0.35 May 2021 and November 2024 Common stock warrants issued related to the December 2019 Offering 313,339 $0.4335 - $0.6981 December 2024 and June 2025 Common stock warrants issued related to the May 2020 Offering 571,429 $1.31 March 2025 Common stock warrants issued related to the May 2020 Investor Warrant Exercise 250,000 $0.5938 November 2025 Common stock warrants issued related to the February 2021 Offering 1,682,927 $1.28 February 2026 6,553,039 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Research and development $ 33,000 $ 96,530 General and administrative 148,280 94,850 Total stock-based compensation expense $ 181,280 $ 191,380 |
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, 2021 2,240,204 $ 8.28 Granted 876,615 1.11 Outstanding at March 31, 2021 3,116,819 $ 6.26 9.01 $ 475,258 Exercisable at March 31, 2021 1,363,373 $ 13.10 8.25 $ 331,618 Vested and expected to vest at March 31, 2021 3,116,819 $ 6.26 9.01 $ 475,258 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected term (in years) 10 Risk-free interest rate 1.4 % Expected volatility 124.6 % Dividend yield — |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Rental Commitments 2021 (remaining) 89,232 2022 39,735 Total 128,967 Less: imputed interest (8,857 ) Current and noncurrent operating lease liability $ 120,110 |
Note 3 - Basis of Presentatio_3
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
In-Process Research and Development Asset [Member] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 |
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, 2021 | Mar. 30, 2020 | |
Anti-dilutive securities (in shares) | 9,822,858 | 22,541,799 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 6,553,039 | 21,261,070 |
Share-based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 3,116,819 | 1,182,629 |
Restricted Stock [Member] | ||
Anti-dilutive securities (in shares) | 153,000 | 98,100 |
Note 4 - Accrued Expenses and_3
Note 4 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued payroll and payroll related expenses | $ 510,002 | $ 653,899 |
Accrued professional fees | 77,258 | 31,809 |
Accrued clinical studies expenses | 406,439 | 1,055,398 |
Other accrued expenses | 55,205 | 35,364 |
Total | $ 1,048,904 | $ 1,776,470 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity and Common Stock Warrants (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from Issuance of Common Stock | $ 31,094,302 | ||
Class of Warrant or Rights, Expired (in shares) | 0 | ||
Class of Warrant or Right, Exercised During Period (in shares) | 4,230,000 | ||
Proceeds from Warrant Exercises | $ 2,201,450 | $ 393,425 | |
Underwriter Warrants in Connection with the February 2021 Common Stock Offering [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,682,927 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.28125 | $ 1.28 | |
Warrants and Rights Outstanding, Term (Year) | 5 years | ||
Public Offering, Inclusive of Underwriter Shares [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 33,658,538 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 1.025 | ||
Underwriter Option to Purchase Additional Shares, Term (Day) | 30 days | ||
Proceeds from Issuance of Common Stock | $ 31,100,000 |
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, 2021 | Feb. 28, 2021 |
Common stock warrants, outstanding (in shares) | 6,553,039 | |
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) | 1,181,421 | |
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) | 267,140 | |
Range of exercise price (in dollars per share) | $ 0.35 | |
Warrants Issued in Connection with the December 2019 Offering [Member] | ||
Common stock warrants, outstanding (in shares) | 313,339 | |
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 | |
The May 2020 Offering Warrants [Member] | ||
Common stock warrants, outstanding (in shares) | 571,429 | |
Range of exercise price (in dollars per share) | $ 1.31 | |
The May 2020 Investor Warrant Exercise [Member] | ||
Common stock warrants, outstanding (in shares) | 250,000 | |
Range of exercise price (in dollars per share) | $ 0.5938 | |
Underwriter Warrants in Connection with the February 2021 Common Stock Offering [Member] | ||
Common stock warrants, outstanding (in shares) | 1,682,927 | |
Range of exercise price (in dollars per share) | $ 1.28 | $ 1.28125 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | Jan. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.06 | |||
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 Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 876,615 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.11 | |||
Share-based Payment Arrangement, Expense | $ 181,280 | $ 191,380 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 105 days | |||
Share-based Payment Arrangement, Expense | $ 27,000 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 385,267 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.11 | |||
Share-based Payment Arrangement, Expense | $ 0 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 153,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 1 year 180 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 77,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 69 days | |||
Share-based Payment Arrangement, Expense | $ 5,000 | |||
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) | 2,560,618 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,229,005 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 181,280 | $ 191,380 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 33,000 | 96,530 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 148,280 | $ 94,850 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Options outstanding, number (in shares) | shares | 2,240,204 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 8.28 |
Granted (in shares) | shares | 876,615 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.11 |
Options outstanding, number (in shares) | shares | 3,116,819 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 6.26 |
Options outstanding, weighted-average remaining contractual life (Year) | 9 years 3 days |
Options outstanding, aggregate intrinsic value | $ | $ 475,258 |
Exercisable (in shares) | shares | 1,363,373 |
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 13.10 |
Exercisable, weighted-average remaining contractual life (Year) | 8 years 91 days |
Exercisable, aggregate intrinsic value | $ | $ 331,618 |
Vested and expected to vest (in shares) | shares | 3,116,819 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 6.26 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 9 years 3 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 475,258 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Fair Value Assumptions (Details) - Minimum [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Expected term (Year) | 10 years |
Risk-free interest rate | 1.40% |
Expected volatility | 124.60% |
Dividend yield |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year 36 days | |
Lessee, Operating Lease, Discount Rate | 10.00% | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Expense | $ 31,000 | $ 30,000 |
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 | $ 16,000 | $ 17,000 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Future Minimum Rental Payments (Details) | Mar. 31, 2021USD ($) |
2021 (remaining) | $ 89,232 |
2022 | 39,735 |
Total | 128,967 |
Less: imputed interest | (8,857) |
Current and noncurrent operating lease liability | $ 120,110 |