CervoMed (CRVO) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		2,038,592

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,872,330	$ 37,313,558
Marketable securities	22,680,303	0
Prepaid expenses, deposits and other current assets	1,021,496	510,015
Total current assets	33,574,129	37,823,573
Other assets	0	15,578
Total assets	33,574,129	37,839,151
Current liabilities:
Accounts payable	813,197	947,495
Accrued expenses and other current liabilities	2,142,633	1,980,189
Total current liabilities	2,955,830	2,927,684
Commitments and Contingencies (Note 9)
Stockholders’ Equity:
Common stock, $0.001 par value: 1,000,000,000 shares authorized; 2,038,392 and 2,038,185 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2,038	2,038
Additional paid-in capital	165,192,671	164,914,540
Accumulated other comprehensive loss	(49,658)	0
Accumulated deficit	(134,531,752)	(130,005,111)
Total stockholders' equity	30,618,299	34,911,467
Total liabilities and stockholders' equity	33,574,129	37,839,151
Series C Preferred Stock [Member]
Stockholders’ Equity:
Series C convertible preferred stock, $0.001 par value: 10,000 shares authorized; 10,000 and 0 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	$ 5,000	$ 0

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	2,038,392	2,038,185
Common stock, shares outstanding (in shares)	2,038,392	2,038,185
Series C Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	10,000	0
Preferred stock, outstanding (in shares)	10,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 2,425,898	$ 2,916,378
General and administrative	2,128,552	1,743,510
Depreciation	0	24,447
Loss from operations	4,554,450	4,684,335
Interest income	(27,809)	(40,416)
Net loss	$ (4,526,641)	$ (4,643,919)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (2.22)	$ (2.81)
Weighted average shares outstanding, basic and diluted (in shares)	2,038,323	1,649,969
Comprehensive loss:
Net loss	$ (4,526,641)	$ (4,643,919)
Unrealized loss on marketable securities	(49,658)	0
Comprehensive loss	$ (4,576,299)	$ (4,643,919)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Preferred Stock [Member]	AOCI Attributable to Parent [Member]
Balance (in shares) at Dec. 31, 2020		1,280,207
Balance at Dec. 31, 2020	$ 24,814,182	$ 1,280	$ 130,722,286	$ (105,909,384)
Sale of common stock (in shares)		673,171
Sale of common stock	31,094,302	$ 673	31,093,629	0
Issuance of common stock upon exercise of warrants, net of issuance costs (in shares)		84,600
Issuance of common stock upon exercise of warrants, net of issuance costs	2,201,450	$ 85	2,201,365	0
Stock-based compensation expense	181,280	0	181,280	0
Net loss	(4,643,919)	$ 0	0	(4,643,919)
Unrealized loss on marketable securities	0
Balance (in shares) at Mar. 31, 2021		2,037,978
Balance at Mar. 31, 2021	53,647,295	$ 2,038	164,198,560	(110,553,303)
Balance (in shares) at Dec. 31, 2021		2,038,185			0
Balance at Dec. 31, 2021	34,911,467	$ 2,038	164,914,540	(130,005,111)	$ 0	$ 0
Sale of common stock (in shares)		0			10,000
Sale of common stock	5,000	$ 0	0	0	$ 5,000	0
Net loss	(4,526,641)	$ 0	0	(4,526,641)	$ 0	0
Stock-based compensation expense and vesting of restricted stock units (in shares)		207			0
Stock-based compensation expense and vesting of restricted stock units	278,131	$ 0	278,131	0	$ 0	0
Unrealized loss on marketable securities	(49,658)	$ 0	0	0	$ 0	(49,658)
Balance (in shares) at Mar. 31, 2022		2,038,392			10,000
Balance at Mar. 31, 2022	$ 30,618,299	$ 2,038	$ 165,192,671	$ (134,531,752)	$ 5,000	$ (49,658)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (4,526,641)	$ (4,643,919)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	0	24,447
Stock-based compensation expense	278,131	181,280
Amortization of premium and discount on marketable securities	(13,546)	0
Changes in operating assets and liabilities:
Prepaid expenses, deposits and other assets	(495,903)	(417,677)
Accounts payable, accrued expenses and other liabilities	28,146	(320,501)
Net cash used in operating activities	(4,729,813)	(5,176,370)
Cash flows used in investing activities:
Purchases of marketable securities	(22,716,415)	0
Net cash used in investing activities	(22,716,415)	0
Proceeds from the sale of common stock, net of issuance costs	0	31,094,302
Proceeds received from the exercise of common stock warrants	0	2,201,450
Proceeds from the sale of series C preferred stock to related parties	5,000	0
Net cash provided by financing activities	5,000	33,295,752
Net (decrease) increase in cash and cash equivalents	(27,441,228)	28,119,382
Cash and cash equivalents at beginning of year	37,313,558	18,515,595
Cash and cash equivalents at end of period	9,872,330	46,634,977
Supplemental disclosure of non-cash activities:
Unrealized loss on marketable securities	$ 49,658	$ 0

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
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 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, including hypoxic tumors. On April 18, 2022, 1

Note 2 - Liquidity

Note 2 - Liquidity	3 Months Ended
	Mar. 31, 2022
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, cash equivalents and marketable securities as of March 31, 2022 2023.

Note 3 - Basis of Presentation

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Basis of Presentation and Summary of Significant Accounting Policies As of the date of this Quarterly Report, the Summary of Significant Accounting Policies included in the Company's Annual Report have 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, 2022, three March 31, 2022 2021. three March 31, 2022 not may December 31, 2022. not December 31, 2021 Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed federally insured limits. Cash and Cash Equivalents The Company considers any highly-liquid investments, such as money market funds and commercial paper with an original maturity of three Marketable securities The Company classifies its marketable securities as available-for-sale, which include commercial paper and U.S. government debt securities with original maturities of greater than three Reverse Stock Split On April 18, 2022, 1 one five 2015 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, 2022 2021 March 31, 2022 2021 Common stock warrants 111,891 112,963 Stock options 116,564 62,336 Unvested restricted stock awards 5,182 3,060 233,637 178,359 Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses, Measurement of Credit Losses on Financial Instruments 326 no January 1, 2023. not

Note 4 - Cash, Cash Equivalents

Note 4 - Cash, Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	4. Cash, cash equivalents and marketable securities The following is a summary of the Company's cash and cash equivalents as of the date indicated: March 31, 2022 December 31, 2021 Cash in banking institutions $ 1,326,178 $ 30,308,075 Money market funds 5,046,607 7,005,483 Commercial paper 3,499,545 — Total $ 9,872,330 $ 37,313,558 The following is a summary of the Company's marketable securities as of March 31, 2022: Amortized cost Unrealized gains Unrealized losses Fair Value Commercial paper $ 19,716,092 $ — $ (39,939 ) $ 19,676,153 U.S. treasury bonds 3,013,869 — (9,719 ) 3,004,150 Total $ 22,729,961 $ — $ (49,658 ) $ 22,680,303 The Company did not December 31, 2021. March 31, 2022. March 31, 2022 not not three March 31, 2022 three March 31, 2022.

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. 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 prepaid expense 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 table presents the Company’s assets that are measured at fair value on a recurring basis (amounts in thousands): Fair value measurement at reporting date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) March 31, 2022: Cash equivalents: Money market funds $ 5,046,607 $ — $ — Commercial paper — 3,499,545 — Total cash and cash equivalents $ 5,046,607 $ 3,499,545 $ — Marketable securities: Commercial paper — 19,676,153 — US treasury — 3,004,150 — Total marketable securities $ — $ 22,680,303 $ — Total financial assets $ 5,046,607 $ 26,179,848 $ — The fair value of the Company’s Level 2 two may

Note 6 - Accrued Expenses and O

Note 6 - Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates indicated below: March 31, 2022 December 31, 2021 Accrued payroll and payroll related expenses $ 399,847 $ 879,971 Accrued professional fees 142,668 247,704 Accrued clinical studies expenses 1,472,119 786,579 Other 127,999 65,935 Total $ 2,142,633 $ 1,980,189

Note 7 - Stockholders' Equity a

Note 7 - Stockholders' Equity and Common Stock Warrants	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Stockholders' Equity and Common Stock Warrants Private Placement of Series C Preferred Stock On March 18, 2022, 100% $5,000. The Series C Certificate provides that, among other things, (i) each share of Series C Preferred Stock is convertible into 0.02 shares of the Company's common stock, representing a conversion price of $25.00 per share, subject to certain conditions, (ii) each share of Series C Preferred Stock outstanding is counted on an as converted basis, together with the Company’s common stock as a single class, for purposes of determining the presence of a quorum at any meeting at which holders are asked to vote on matters related to the Reverse Stock Split (subject to any applicable exchange listing rules), (iii) each share of Series C Preferred Stock outstanding has the right to cast 1,600 not On April 18, 2022, Common Stock Warrants During its evaluation of equity classification for the Company's common stock warrants issued in previous periods, the Company considered the conditions as prescribed within ASC 815 40, Derivatives and Hedging Contracts in an Entity s own Equity 815 40 not not 480 Distinguishing Liabilities from Equity not not 815, As of March 31, 2022, Outstanding Range of exercise price per share Expiration dates Common stock warrants issued related to the January 2018 common stock offering 23,639 $599.71 - $749.76 January 2023 Common stock warrants issued related to the May 2019 common stock offering 27,648 $250.09 - $306.04 May and December 2024 Common stock warrants issued related to the November 2019 common stock offering 4,269 $17.51 May 2024 Common stock warrants issued related to the December 2019 common stock offering 6,264 $21.68 - $34.92 December 2024 and June 2025 Common stock warrants issued related to the May 2020 common stock offering 11,424 $65.65 March 2025 Common stock warrants issued related to the May 2020 investor warrant exercise 4,998 $29.7 November 2025 Common stock warrants issued related to the February 2021 common stock offering 33,649 $64.08 February 2026 111,891 During the three March 31, 2022,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. Stock-Based Compensation 2015 The 2015 January 1 December 31, January 1, 2022, may 2015 March 31, 2022, 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, 2022 2021 Research and development $ 58,892 $ 33,000 General and administrative 219,239 148,280 Total stock-based compensation expense $ 278,131 $ 181,280 The following table summarizes the activity related to all stock option grants for the three March 31, 2022: Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Aggregate intrinsic value Balance at January 1, 2022 72,454 $ 265.85 Granted 48,300 12.00 Cancelled/forfeited (4,190 ) 75.33 Outstanding at March 31, 2022 116,564 $ 164.31 8.89 $ 23,163 Exercisable at March 31, 2022 52,849 $ 346.79 8.13 $ 1,956 Vested and expected to vest at March 31, 2022 116,564 $ 164.31 8.89 $ 23,163 The weighted average grant date fair value of stock option awards granted was $10.90 during the three March 31, 2022. three March 31, 2022 2021 March 31, 2022, Options granted were valued using the Black-Scholes-Merton derivative instrument pricing model and assumptions used to value the options granted during the three March 31, 2022 Expected term (in years) 5.7 Risk-free interest rate 1.7 % Expected volatility 134.7 % Dividend yield — Restricted Stock Unit Awards The Company issues restricted stock units ("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 a 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 awards during the period indicated: Number of Units Weighted average grant date fair value Balance at January 1, 2022 5,509 $ 34.78 Vested (1) (327 ) 25.50 Outstanding at March 31, 2022 5,182 $ 35.36 ( 1 three March 31, 2022 The Company recognized approximately $16,000 and $5,000 in expense related to these awards during the three March 31, 2022 March 31, 2021, March 31, 2022,

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies Office Space Lease Commitment The Company has short term agreements to utilize membership-based co-working space in both Charlottesville, Virginia and Philadelphia, Pennsylvania. Rent expense related to the Company's short-term agreements was approximately $9,000 and $31,000 for the three March 31, 2022 2021, 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 401 401 three March 31, 2022 2021, 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 May 24, 2023 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 10 - Subsequent Events

Note 10 - Subsequent Events	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	10. Subsequent Events Special Meeting, Series C Preferred Stock Conversion, Charter Amendment, and Reverse Stock Split On April 18, 2022, 1 1 December 31, 2022, Following the completion of the Special Meeting, in accordance with Section 8 As described in further detail above under, Note 3. April 18, 2022, 1 April 19, 2022, Nasdaq Bid Price Requirement Compliance On May 3, 2022, 5550 2 $1.00 ten 10 May 2, 2022. May 6, 2021, not 5550 2 $1.00 30 May 3, 2022

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022, three March 31, 2022 2021. three March 31, 2022 not may December 31, 2022. not December 31, 2021
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed federally insured limits.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers any highly-liquid investments, such as money market funds and commercial paper with an original maturity of three
Marketable Securities, Policy [Policy Text Block]	Marketable securities The Company classifies its marketable securities as available-for-sale, which include commercial paper and U.S. government debt securities with original maturities of greater than three
Stockholders' Equity, Policy [Policy Text Block]	Reverse Stock Split On April 18, 2022, 1 one five 2015
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, 2022 2021 March 31, 2022 2021 Common stock warrants 111,891 112,963 Stock options 116,564 62,336 Unvested restricted stock awards 5,182 3,060 233,637 178,359
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses, Measurement of Credit Losses on Financial Instruments 326 no January 1, 2023. not

Note 3 - Basis of Presentatio_2

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	March 31, 2022 2021 Common stock warrants 111,891 112,963 Stock options 116,564 62,336 Unvested restricted stock awards 5,182 3,060 233,637 178,359

Note 4 - Cash, Cash Equivalen_2

Note 4 - Cash, Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	March 31, 2022 December 31, 2021 Cash in banking institutions $ 1,326,178 $ 30,308,075 Money market funds 5,046,607 7,005,483 Commercial paper 3,499,545 — Total $ 9,872,330 $ 37,313,558
Debt Securities, Available-for-Sale [Table Text Block]	Amortized cost Unrealized gains Unrealized losses Fair Value Commercial paper $ 19,716,092 $ — $ (39,939 ) $ 19,676,153 U.S. treasury bonds 3,013,869 — (9,719 ) 3,004,150 Total $ 22,729,961 $ — $ (49,658 ) $ 22,680,303

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair value measurement at reporting date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) March 31, 2022: Cash equivalents: Money market funds $ 5,046,607 $ — $ — Commercial paper — 3,499,545 — Total cash and cash equivalents $ 5,046,607 $ 3,499,545 $ — Marketable securities: Commercial paper — 19,676,153 — US treasury — 3,004,150 — Total marketable securities $ — $ 22,680,303 $ — Total financial assets $ 5,046,607 $ 26,179,848 $ —

Note 6 - Accrued Expenses and_2

Note 6 - Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Other Current Liabilities [Table Text Block]	March 31, 2022 December 31, 2021 Accrued payroll and payroll related expenses $ 399,847 $ 879,971 Accrued professional fees 142,668 247,704 Accrued clinical studies expenses 1,472,119 786,579 Other 127,999 65,935 Total $ 2,142,633 $ 1,980,189

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity and Common Stock Warrants (Tables)	3 Months Ended
	Mar. 31, 2022
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 related to the January 2018 common stock offering 23,639 $599.71 - $749.76 January 2023 Common stock warrants issued related to the May 2019 common stock offering 27,648 $250.09 - $306.04 May and December 2024 Common stock warrants issued related to the November 2019 common stock offering 4,269 $17.51 May 2024 Common stock warrants issued related to the December 2019 common stock offering 6,264 $21.68 - $34.92 December 2024 and June 2025 Common stock warrants issued related to the May 2020 common stock offering 11,424 $65.65 March 2025 Common stock warrants issued related to the May 2020 investor warrant exercise 4,998 $29.7 November 2025 Common stock warrants issued related to the February 2021 common stock offering 33,649 $64.08 February 2026 111,891

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2022 2021 Research and development $ 58,892 $ 33,000 General and administrative 219,239 148,280 Total stock-based compensation expense $ 278,131 $ 181,280
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, 2022 72,454 $ 265.85 Granted 48,300 12.00 Cancelled/forfeited (4,190 ) 75.33 Outstanding at March 31, 2022 116,564 $ 164.31 8.89 $ 23,163 Exercisable at March 31, 2022 52,849 $ 346.79 8.13 $ 1,956 Vested and expected to vest at March 31, 2022 116,564 $ 164.31 8.89 $ 23,163
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Expected term (in years) 5.7 Risk-free interest rate 1.7 % Expected volatility 134.7 % Dividend yield —
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Number of Units Weighted average grant date fair value Balance at January 1, 2022 5,509 $ 34.78 Vested (1) (327 ) 25.50 Outstanding at March 31, 2022 5,182 $ 35.36

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual)	Apr. 18, 2022
Subsequent Event [Member] | Reverse Stock Split [Member ]
Stockholders' Equity Note, Stock Split, Conversion Ratio	50

Note 3 - Basis of Presentatio_3

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - Subsequent Event [Member] shares in Thousands	Apr. 18, 2022$ / sharesshares
Stock Issued During Period, Fractional Shares, Reverse Stock Split (in shares) | shares	0
Reverse Stock Split, Fractional Shares, Cash, Multiple (in dollars per share) | $ / shares	$ 12.93
Reverse Stock Split [Member ]
Stockholders' Equity Note, Stock Split, Conversion Ratio	50

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, 2022	Mar. 31, 2021
Anti-dilutive securities (in shares)	233,637	178,359
Warrant [Member]
Anti-dilutive securities (in shares)	111,891	112,963
Share-Based Payment Arrangement, Option [Member]
Anti-dilutive securities (in shares)	116,564	62,336
Restricted Stock [Member]
Anti-dilutive securities (in shares)	5,182	3,060

Note 4 - Cash, Cash Equivalen_3

Note 4 - Cash, Cash Equivalents and Marketable Securities (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Total	$ 22,680,303	$ 0
Marketable Securities, Other-than-temporary Impairment Loss	0
Marketable Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment Loss	$ 0
Minimum [Member]
Marketable Securities Contractual Maturity (Month)	3 months
Maximum [Member]
Marketable Securities Contractual Maturity (Month)	12 months

Note 4 - Cash, Cash Equivalen_4

Note 4 - Cash, Cash Equivalents and Marketable Securities - Cash and Cah Equivalents (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 9,872,330	$ 37,313,558
Bank Time Deposits [Member]
Cash and cash equivalents	1,326,178	30,308,075
Money Market Funds [Member]
Cash and cash equivalents	5,046,607	7,005,483
Commercial Paper [Member]
Cash and cash equivalents	$ 3,499,545	$ 0

Note 4 - Cash, Cash Equivalen_5

Note 4 - Cash, Cash Equivalents and Marketable Securities - Marketable Securities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Amortized cost	$ 22,729,961
Commercial paper	0
Commercial paper	(49,658)
Fair Value	22,680,303	$ 0
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized cost	19,716,092
Commercial paper	0
Commercial paper	(39,939)
Fair Value	19,676,153
US Treasury Securities [Member]
Amortized cost	3,013,869
Commercial paper	0
Commercial paper	(9,719)
Fair Value	$ 3,004,150

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value	$ 22,680,303	$ 0
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Fair Value	19,676,153
US Treasury Securities [Member]
Fair Value	3,004,150
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	5,046,607
Fair Value	0
Total financial assets	5,046,607
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Fair Value	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Fair Value	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	3,499,545
Fair Value	22,680,303
Total financial assets	26,179,848
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Fair Value	19,676,153
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Fair Value	3,004,150
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	0
Fair Value	0
Total financial assets	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Fair Value	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Fair Value	0
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	5,046,607
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	0
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	0
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	3,499,545
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Cash and cash equivalents	$ 0

Note 6 - Accrued Expenses and_3

Note 6 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accrued payroll and payroll related expenses	$ 399,847	$ 879,971
Accrued professional fees	142,668	247,704
Accrued clinical studies expenses	1,472,119	786,579
Other	127,999	65,935
Total	$ 2,142,633	$ 1,980,189

Note 7 - Stockholders' Equity_3

Note 7 - Stockholders' Equity and Common Stock Warrants (Details Textual)	Apr. 18, 2022shares	Mar. 18, 2022USD ($)$ / sharesshares	Mar. 31, 2022shares
Class of Warrant or Rights, Expired (in shares)			18,077
Conversion of Series C Preferred Stock into Common Stock [Member] | Subsequent Event [Member]
Conversion of Stock, Shares Converted (in shares)	10,000
Conversion of Stock, Shares Issued (in shares)	200
Series C Preferred Stock [Member]
Preferred Stock, Convertible, Conversion Ratio		0.02
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares		$ 25
Series C Preferred Stock [Member] | President [Member]
Stock Issued During Period, Shares, New Issues (in shares)		10,000
Sale of Stock, Price Per Share (in dollars per share) | $ / shares		$ 0.50
Proceeds from Issuance of Convertible Preferred Stock | $		$ 5,000

Note 7 - Stockholders' Equity_4

Note 7 - Stockholders' Equity and Common Stock Warrants - Warrants Outstanding to Acquire Shares of Its Common Stock (Details)	Mar. 31, 2022$ / sharesshares
Common stock warrants, outstanding (in shares) | shares	111,891
Warrants Issued in Connection with the January 2018 Offering [Member]
Common stock warrants, outstanding (in shares) | shares	23,639
Warrants Issued in Connection with the January 2018 Offering [Member] | Minimum [Member]
Range of exercise price (in dollars per share)	$ 599.71
Warrants Issued in Connection with the January 2018 Offering [Member] | Maximum [Member]
Range of exercise price (in dollars per share)	$ 749.76
Warrants Issued in Connection with May 2019 Public Offering [Member]
Common stock warrants, outstanding (in shares) | shares	27,648
Warrants Issued in Connection with May 2019 Public Offering [Member] | Minimum [Member]
Range of exercise price (in dollars per share)	$ 250.09
Warrants Issued in Connection with May 2019 Public Offering [Member] | Maximum [Member]
Range of exercise price (in dollars per share)	$ 306.04
Warrants Issued in Connection with the November 2019 Offering [Member]
Common stock warrants, outstanding (in shares) | shares	4,269
Range of exercise price (in dollars per share)	$ 17.51
Warrants Issued in Connection with the December 2019 Offering [Member]
Common stock warrants, outstanding (in shares) | shares	6,264
Warrants Issued in Connection with the December 2019 Offering [Member] | Minimum [Member]
Range of exercise price (in dollars per share)	$ 21.68
Warrants Issued in Connection with the December 2019 Offering [Member] | Maximum [Member]
Range of exercise price (in dollars per share)	$ 34.92
Common Stock Warrants Issued Related to May 2020 Common Stock Offering [Member]
Common stock warrants, outstanding (in shares) | shares	11,424
Range of exercise price (in dollars per share)	$ 65.65
The May 2020 Investor Warrant Exercise [Member]
Common stock warrants, outstanding (in shares) | shares	4,998
Range of exercise price (in dollars per share)	$ 29.7
Common Stock Warrants Issued Related to February 2021 Common Stock Offering [Member]
Common stock warrants, outstanding (in shares) | shares	33,649
Range of exercise price (in dollars per share)	$ 64.08

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - USD ($)	Jan. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 10.90
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value		$ 300,000	$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)		0
Share-Based Payment Arrangement, Expense		$ 278,131	181,280
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 1,300,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 11 months 19 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 10 months 24 days
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		120
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, Expense		$ 16,000	$ 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)	81,531
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		49,039

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense	$ 278,131	$ 181,280
Research and Development Expense [Member]
Stock-based compensation expense	58,892	33,000
General and Administrative Expense [Member]
Stock-based compensation expense	$ 219,239	$ 148,280

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Balance at January 1, 2022 (in shares) | shares	72,454
Balance at January 1, 2022 (in dollars per share) | $ / shares	$ 265.85
Granted (in shares) | shares	48,300
Granted, weighted-average exercise price (in dollars per share) | $ / shares	$ 12
Cancelled/forfeited (in shares) | shares	(4,190)
Cancelled/forfeited, weighted-average exercise price (in dollars per share) | $ / shares	$ 75.33
Options outstanding, number (in shares) | shares	116,564
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 164.31
Options outstanding, weighted-average remaining contractual life (Year)	8 years 10 months 20 days
Options outstanding, aggregate intrinsic value | $	$ 23,163
Exercisable (in shares) | shares	52,849
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares	$ 346.79
Exercisable, weighted-average remaining contractual life (Year)	8 years 1 month 17 days
Exercisable, aggregate intrinsic value | $	$ 1,956
Vested and expected to vest (in shares) | shares	116,564
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares	$ 164.31
Vested and expected to vest, weighted-average remaining contractual life (Year)	8 years 10 months 20 days
Vested and expected to vest, aggregate intrinsic value | $	$ 23,163

Note 8 - Stock-based Compensa_6

Note 8 - Stock-based Compensation - Fair Value Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	3 Months Ended
	Mar. 31, 2022
Expected term (Year)	5 years 8 months 12 days
Minimum [Member]
Risk-free interest rate	1.70%
Expected volatility	134.70%

Note 8 - Stock-based Compensa_7

Note 8 - Stock-based Compensation - RSU Stock-based Payment Awards (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Unvested, shares (in shares) | shares	5,509
Unvested, Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 34.78
Vested, shars (in shares) | shares	(327)	[1]
Vested, Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 25.50
Unvested, shares (in shares) | shares	5,182
Unvested, Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 35.36
[1]	The RSUs vested during the three months ended March 31, 2022 were settled on a hybrid basis. The Company withheld 120 shares of common stock and, in lieu of delivering such shares, paid the RSU holder an amount in cash equal to the fair market value of such shares on vesting date, representing the holder's approximate tax liability associated with such vesting amount in cash equal to the fair market value of such shares on vesting date, representing the holder's approximate tax liability associated with such vesting.

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease, Payments	$ 9,000	$ 31,000
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	$ 27,000	$ 16,000

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member]	Apr. 18, 2022shares
Conversion of Series C Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)	10,000
Conversion of Stock, Shares Issued (in shares)	200
Reverse Stock Split [Member ]
Stockholders' Equity Note, Stock Split, Conversion Ratio	50
Minimum [Member] | Reverse Stock Split [Member ]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Maximum [Member] | Reverse Stock Split [Member ]
Stockholders' Equity Note, Stock Split, Conversion Ratio	50