Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001053691 | |
Entity Registrant Name | Diffusion Pharmaceuticals Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-24477 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 30-0645032 | |
Entity Address, Address Line One | 300 East Main Street, Suite 201 | |
Entity Address, City or Town | Charlottesville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22902 | |
City Area Code | 434 | |
Local Phone Number | 220-0718 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | DFFN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,920,329 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 40,335,045 | $ 18,515,595 |
Prepaid expenses, deposits and other current assets | 380,097 | 260,825 |
Total current assets | 40,715,142 | 18,776,420 |
Property and equipment, net | 81,896 | 149,198 |
Intangible asset | 0 | 8,639,000 |
Right of use asset | 67,886 | 149,162 |
Other assets | 15,579 | 15,771 |
Total assets | 40,880,503 | 27,729,551 |
Current liabilities: | ||
Accounts payable | 678,036 | 545,844 |
Accrued expenses and other current liabilities | 2,002,981 | 1,776,470 |
Current operating lease liability | 67,886 | 113,469 |
Total current liabilities | 2,748,903 | 2,435,783 |
Deferred income taxes | 0 | 443,893 |
Noncurrent operating lease liability | 0 | 35,693 |
Total liabilities | 2,748,903 | 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 September 30, 2021 and December 31, 2020, respectively | 101,904 | 64,016 |
Additional paid-in capital | 164,560,366 | 130,659,550 |
Accumulated deficit | (126,530,670) | (105,909,384) |
Total stockholders' equity | 38,131,600 | 24,814,182 |
Total liabilities and stockholders' equity | $ 40,880,503 | $ 27,729,551 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 2,105,815 | $ 3,137,553 | $ 6,994,866 | $ 6,845,203 |
Intangible asset impairment charge | 8,639,000 | 0 | 8,639,000 | 0 |
General and administrative | 1,930,082 | 2,112,375 | 5,510,365 | 4,964,440 |
Depreciation | 19,100 | 24,192 | 67,302 | 78,233 |
Loss from operations | 12,693,997 | 5,274,120 | 21,211,533 | 11,887,876 |
Other income: | ||||
Interest income | (50,710) | (29,233) | (146,354) | (89,246) |
Loss from operations before income tax benefit | (12,643,287) | (5,244,887) | (21,065,179) | (11,798,630) |
Income tax benefit | 443,893 | 805,676 | 443,893 | 1,675,381 |
Net loss | (12,199,394) | (4,439,211) | (20,621,286) | (10,123,249) |
Deemed dividend arising from warrant exchange | 0 | 0 | 0 | (1,950,378) |
Net loss attributable to common stockholders | $ (12,199,394) | $ (4,439,211) | $ (20,621,286) | $ (12,073,627) |
Per share information: | ||||
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.12) | $ (0.07) | $ (0.22) | $ (0.24) |
Weighted average shares outstanding, basic and diluted (in dollars per share) | $ 101,903,979 | $ 64,011,342 | $ 98,810,420 | $ 50,216,239 |
Consolidated Statement of Chang
Consolidated Statement 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 (in shares) | 19,106,504 | |||
Issuance of common stock upon exercise of warrants | $ 19,106 | 7,768,370 | 0 | 7,787,476 |
Stock-based compensation expense | 0 | 584,297 | 0 | 584,297 |
Net loss | $ 0 | 0 | (10,123,249) | (10,123,249) |
Sale of common stock and warrants, net of issuance costs (in shares) | 11,428,572 | |||
Sale of common stock and warrants, net of issuance costs | $ 11,429 | 10,330,202 | 0 | 10,341,631 |
Balance (in shares) at Sep. 30, 2020 | 64,015,441 | |||
Balance at Sep. 30, 2020 | $ 64,016 | 130,507,728 | (101,847,327) | 28,724,417 |
Balance (in shares) at Jun. 30, 2020 | 63,998,298 | |||
Balance at Jun. 30, 2020 | $ 63,999 | 130,220,772 | (97,408,116) | 32,876,655 |
Issuance of common stock upon exercise of warrants (in shares) | 17,143 | |||
Issuance of common stock upon exercise of warrants | $ 17 | 7,483 | 0 | 7,500 |
Stock-based compensation expense | 0 | 279,473 | 0 | 279,473 |
Net loss | $ 0 | 0 | (4,439,211) | (4,439,211) |
Balance (in shares) at Sep. 30, 2020 | 64,015,441 | |||
Balance at Sep. 30, 2020 | $ 64,016 | 130,507,728 | (101,847,327) | 28,724,417 |
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 |
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 | 0 | 2,201,450 |
Stock-based compensation expense | 0 | 642,952 | 0 | 642,952 |
Net loss | $ 0 | 0 | (20,621,286) | (20,621,286) |
Sale of common stock and warrants, net of issuance costs (in shares) | 33,658,538 | |||
Sale of common stock and warrants, net of issuance costs | $ 33,658 | 31,060,644 | 0 | 31,094,302 |
Balance (in shares) at Sep. 30, 2021 | 101,903,979 | |||
Balance at Sep. 30, 2021 | $ 101,904 | 164,560,366 | (126,530,670) | 38,131,600 |
Balance (in shares) at Jun. 30, 2021 | 101,903,979 | |||
Balance at Jun. 30, 2021 | $ 101,904 | 164,395,974 | (114,331,276) | 50,166,602 |
Stock-based compensation expense | 0 | 164,392 | 0 | 164,392 |
Net loss | $ 0 | 0 | (12,199,394) | (12,199,394) |
Balance (in shares) at Sep. 30, 2021 | 101,903,979 | |||
Balance at Sep. 30, 2021 | $ 101,904 | $ 164,560,366 | $ (126,530,670) | $ 38,131,600 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net loss | $ (20,621,286) | $ (10,123,249) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 67,302 | 78,233 |
Stock-based compensation expense | 642,952 | 584,297 |
Deferred income taxes | (443,893) | (1,675,381) |
Intangible asset impairment charge | 8,639,000 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deposits and other assets | (119,080) | (224,224) |
Accounts payable, accrued expenses and other liabilities | 358,703 | 1,202,283 |
Net cash used in operating activities | (11,476,302) | (10,158,041) |
Cash flows provided by financing activities: | ||
Proceeds from the sale of common stock and warrants, net of issuance costs | 31,094,302 | 10,827,100 |
Proceeds from the exercise of common stock warrants | 2,201,450 | 8,046,103 |
Payment of financing costs | 0 | (982,328) |
Net cash provided by financing activities | 33,295,752 | 17,890,875 |
Net increase in cash and cash equivalents | 21,819,450 | 7,732,834 |
Cash and cash equivalents at beginning of period | 18,515,595 | 14,177,349 |
Cash and cash equivalents at end of period | $ 40,335,045 | $ 21,910,183 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Description of Business Diffusion Pharmaceuticals Inc., a Delaware corporation, is a 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. |
Note 2 - Liquidity
Note 2 - Liquidity | 9 Months Ended |
Sep. 30, 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 September 30, 2021 2023. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2021, three nine September 30, 2021 2020 nine September 30, 2021 2020. nine September 30, 2021 not may December 31, 2021. not December 31, 2020 10 March 16, 2021. Use of Estimates 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 three nine September 30, 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 In the third 2021, no 529 529 529 third 2021. 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 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive as of the dates indicated below: As of September 30, 2021 2020 Common stock warrants 6,499,469 9,100,112 Stock options 3,799,815 2,040,204 Unvested restricted stock awards 291,800 153,000 10,591,084 11,293,316 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 | 9 Months Ended |
Sep. 30, 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 as of the dates indicated below: September 30, 2021 December 31, 2020 Accrued payroll and payroll related expenses 773,917 653,899 Accrued professional fees 59,126 31,809 Accrued clinical studies expenses 1,081,453 1,055,398 Other accrued expenses 88,485 35,364 Total $ 2,002,981 $ 1,776,470 |
Note 5 - Stockholders' Equity a
Note 5 - Stockholders' Equity and Common Stock Warrants | 9 Months Ended |
Sep. 30, 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 February 2021 February 2021 five Common Stock Warrants As of September 30, 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 the 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 213,570 $0.35 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 May 2025 Common stock warrants issued related to 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 6,499,469 During the nine September 30, 2021, |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Stock-Based Compensation 2015 The 2015 January 1 December 31, January 1, 2021, may 2015 September 30, 2021, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 18,811 $ 19,838 $ 111,378 $ 136,236 General and administrative 145,581 259,635 531,574 448,061 Total stock-based compensation expense $ 164,392 $ 279,473 $ 642,952 $ 584,297 The following table summarizes the activity related to all stock option grants for the nine September 30, 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 1,732,515 0.91 Forfeited (172,904 ) 1.76 Outstanding at September 30, 2021 3,799,815 $ 5.22 8.79 $ 33,791 Exercisable at September 30, 2021 1,839,079 $ 9.85 8.17 $ 30,113 Vested and expected to vest at September 30, 2021 3,542,971 $ 5.51 8.74 $ 33,791 The weighted average grant date fair value of stock option awards granted during the nine September 30, 2021 three September 30, 2021 2020 nine September 30, 2021 2020 No September 30, 2021, nine September 30, 2021, nine September 30, 2021, not September 30, 2021, no Options granted were valued using the Black-Scholes option-pricing model and the weighted average assumptions used to value the options granted during the nine September 30, 2021 2020 2021 2020 Expected term (in years) 10 7.75 Risk-free interest rate 1.5 % 0.9 % Expected volatility 123.8 % 119.7 % Dividend yield — % — % Restricted Stock Unit Awards The Company issues restricted stocks ("RSU") to newly elected, non-executive members of the board of directors that vest in six, tri-monthly installments beginning 18 months after the respective grant date. The fair value of an RSU is equal to the fair market value price of the Company’s common stock on the date of grant. RSU expense is recorded on a straight-line basis over the service period. The following table summarizes activity related to RSU stock-based payment awards: Number of shares Weighted-average grant date fair value Unvested balance at January 1, 2021 153,000 $ 0.65 Granted 138,800 $ 0.72 Unvested balance at September 30, 2021 291,800 $ 0.69 The Company recognized approximately $16,000 and $4,000 in expense related to these awards during the three September 30, 2021 2020, nine September 30, 2021 2020, September 30, 2021, |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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, September 30, 2021, 842 second 2022 five not September 30, 2021. two nine September 30, 2021. 842 not Rent expense related to the Company's operating leases for the three September 30, 2021 2020 nine September 30, 2021 2020 September 30, 2021 Rental Commitments 2021 $ 29,801 2022 39,735 Total 69,536 Less: imputed interest (1,650 ) $ 67,886 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 a 401 may 401 401 three September 30, 2021 2020, nine September 30, 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 19 November 2018 October 22, 2021, not February 23, 2022 The Company believes the claims in this matter are without merit and intends to defend itself vigorously. However, at this stage, the Company is unable to predict the outcome and possible loss or range of loss, if any, associated with its resolution or any potential effect the matter may |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. Subsequent Events Lease Termination On November 8, 2021, April 30, 2022 September 30, 2021, one In lieu of the fixed office and laboratory space previously available to us under the Carlton Lease, we have recently entered into short term agreements to utilize membership-based co-working space in both Charlottesville, Virginia and Philadelphia, Pennsylvania. Nasdaq Bid Price Deficiency Notice As previously disclosed, on May 6, 2021, 5550 2 not $1.00 30 5810 3 180 November 2, 2021, On November 3, 2021, not November 2, 2021, 5810 3 180 May 2, 2022, $1.00 10 The Notice has no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2021, three nine September 30, 2021 2020 nine September 30, 2021 2020. nine September 30, 2021 not may December 31, 2021. not December 31, 2020 10 March 16, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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 three nine September 30, 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 In the third 2021, no 529 529 529 third 2021. |
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 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive as of the dates indicated below: As of September 30, 2021 2020 Common stock warrants 6,499,469 9,100,112 Stock options 3,799,815 2,040,204 Unvested restricted stock awards 291,800 153,000 10,591,084 11,293,316 |
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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of September 30, 2021 2020 Common stock warrants 6,499,469 9,100,112 Stock options 3,799,815 2,040,204 Unvested restricted stock awards 291,800 153,000 10,591,084 11,293,316 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | September 30, 2021 December 31, 2020 Accrued payroll and payroll related expenses 773,917 653,899 Accrued professional fees 59,126 31,809 Accrued clinical studies expenses 1,081,453 1,055,398 Other accrued expenses 88,485 35,364 Total $ 2,002,981 $ 1,776,470 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity and Common Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 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 the 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 213,570 $0.35 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 May 2025 Common stock warrants issued related to 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 6,499,469 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 18,811 $ 19,838 $ 111,378 $ 136,236 General and administrative 145,581 259,635 531,574 448,061 Total stock-based compensation expense $ 164,392 $ 279,473 $ 642,952 $ 584,297 |
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 1,732,515 0.91 Forfeited (172,904 ) 1.76 Outstanding at September 30, 2021 3,799,815 $ 5.22 8.79 $ 33,791 Exercisable at September 30, 2021 1,839,079 $ 9.85 8.17 $ 30,113 Vested and expected to vest at September 30, 2021 3,542,971 $ 5.51 8.74 $ 33,791 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Expected term (in years) 10 7.75 Risk-free interest rate 1.5 % 0.9 % Expected volatility 123.8 % 119.7 % Dividend yield — % — % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of shares Weighted-average grant date fair value Unvested balance at January 1, 2021 153,000 $ 0.65 Granted 138,800 $ 0.72 Unvested balance at September 30, 2021 291,800 $ 0.69 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Rental Commitments 2021 $ 29,801 2022 39,735 Total 69,536 Less: imputed interest (1,650 ) $ 67,886 |
Note 3 - Basis of Presentatio_3
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 8,639,000 | $ 0 | $ 8,639,000 | $ 0 |
Income Tax Expense (Benefit), Total | $ (443,893) | $ (805,676) | $ (443,893) | $ (1,675,381) |
Note 3 - Basis of Presentatio_4
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Anti-dilutive securities (in shares) | 10,591,084 | 11,293,316 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 6,499,469 | 9,100,112 |
Share-based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 3,799,815 | 2,040,204 |
Restricted Stock [Member] | ||
Anti-dilutive securities (in shares) | 291,800 | 153,000 |
Note 4 - Accrued Expenses and_3
Note 4 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued payroll and payroll related expenses | $ 773,917 | $ 653,899 |
Accrued professional fees | 59,126 | 31,809 |
Accrued clinical studies expenses | 1,081,453 | 1,055,398 |
Other accrued expenses | 88,485 | 35,364 |
Total | $ 2,002,981 | $ 1,776,470 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity and Common Stock Warrants (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Warrant or Rights, Expired (in shares) | 53,570 | ||
Class of Warrant or Right, Exercised During Period (in shares) | 4,230,000 | ||
Proceeds from Warrant Exercises | $ 2,201,450 | $ 8,046,103 | |
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 | Sep. 30, 2021 | Feb. 28, 2021 |
Common stock warrants, outstanding (in shares) | 6,499,469 | |
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) | 213,570 | |
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 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 300,000 | $ 300,000 | $ 600,000 | $ 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 1,732,515 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.91 | |||||
Share-based Payment Arrangement, Expense | 164,392 | 279,473 | $ 642,952 | 584,297 | ||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 1,200,000 | $ 1,200,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |||||
Share-based Payment Arrangement, Expense | $ 100,000 | |||||
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 | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 18 months | |||||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 6 days | |||||
Share-based Payment Arrangement, Expense | 16,000 | $ 4,000 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100,000 | $ 100,000 | ||||
Share-based Payment Arrangement, Expense | $ 27,000 | $ 12,000 | ||||
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) | 407,333 | 407,333 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation expense | $ 164,392 | $ 279,473 | $ 642,952 | $ 584,297 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 18,811 | 19,838 | 111,378 | 136,236 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 145,581 | $ 259,635 | $ 531,574 | $ 448,061 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 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 | 1,732,515 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.91 |
Forfeited (in shares) | shares | (172,904) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.76 |
Options outstanding, number (in shares) | shares | 3,799,815 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 5.22 |
Options outstanding, weighted-average remaining contractual life (Year) | 8 years 9 months 14 days |
Options outstanding, aggregate intrinsic value | $ | $ 33,791 |
Exercisable (in shares) | shares | 1,839,079 |
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 9.85 |
Exercisable, weighted-average remaining contractual life (Year) | 8 years 2 months 1 day |
Exercisable, aggregate intrinsic value | $ | $ 30,113 |
Vested and expected to vest (in shares) | shares | 3,542,971 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 5.51 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 8 years 8 months 26 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 33,791 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Fair Value Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Expected term (Year) | 10 years | 7 years 9 months |
Risk-free interest rate | 1.50% | 0.90% |
Expected volatility | 123.80% | 119.70% |
Dividend yield | 0.00% | 0.00% |
Note 6 - Stock-based Compensa_7
Note 6 - Stock-based Compensation - RSU Stock-based Payment Awards (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Unvested, shares (in shares) | shares | 153,000 |
Unvested, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.65 |
Granted, shares (in shares) | shares | 138,800 |
GrantedWeighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.72 |
Unvested, shares (in shares) | shares | 291,800 |
Unvested, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.69 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 7 months 6 days | 7 months 6 days | ||
Lessee, Operating Lease, Discount Rate | 10.00% | 10.00% | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||
Operating Lease, Expense | $ 48,000 | $ 30,000 | $ 100,000 | $ 91,000 |
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 | $ 29,000 | $ 11,000 | $ 60,000 | $ 42,000 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Future Minimum Rental Payments (Details) | Sep. 30, 2021USD ($) |
2021 | $ 29,801 |
2022 | 39,735 |
Total | 69,536 |
Less: imputed interest | (1,650) |
Operating Lease, Liability | $ 67,886 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | Nov. 08, 2021 | Sep. 30, 2021 |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 69,536 | |
Subsequent Event [Member] | Carlton Landlord [Member] | ||
Operating Lease, Payments | $ 14,000 |