Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Ohr Pharmaceutical Inc | |
Entity Central Index Key | 1,173,281 | |
Document Type | 10-Q | |
Trading Symbol | OHRP | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 56,211,428 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 9,521,236 | $ 12,546,890 |
Prepaid expenses and other current assets | 570,214 | 738,118 |
Total Current Assets | 10,091,450 | 13,285,008 |
EQUIPMENT, net | 172,404 | 198,631 |
OTHER ASSETS | ||
Security deposit | 12,243 | 12,243 |
Intangible assets, net | 14,648,969 | 15,208,219 |
Goodwill | 740,912 | 740,912 |
TOTAL ASSETS | 25,665,978 | 29,445,013 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 6,780,781 | 4,394,068 |
Notes payable | 261,326 | 87,798 |
Total Current Liabilities | 7,042,107 | 4,481,866 |
TOTAL LIABILITIES | 7,042,107 | 4,481,866 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, Series B; 6,000,000 shares authorized, $0.0001 par value, 0 shares issued and outstanding, respectively | ||
Common stock; 180,000,000 shares authorized, $0.0001 par value, 35,961,396 and 32,076,396 shares issued and outstanding, respectively | 3,596 | 3,207 |
Additional paid-in capital | 117,563,612 | 109,237,551 |
Accumulated deficit | (98,943,337) | (84,277,611) |
Total Stockholders' Equity | 18,623,871 | 24,963,147 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 25,665,978 | $ 29,445,013 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 35,961,396 | 32,076,396 |
Common stock, shares outstanding | 35,961,396 | 32,076,396 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING EXPENSES | ||||
General and administrative | $ 1,404,060 | $ 2,966,363 | $ 3,150,416 | $ 4,184,492 |
Research and development | 5,993,928 | 4,043,859 | 10,925,072 | 6,120,139 |
Depreciation and amortization | 291,876 | 296,077 | 590,311 | 593,816 |
Gain on settlement of accounts payable | (710,264) | (710,264) | ||
OPERATING LOSS | 7,689,864 | 6,596,035 | 14,665,799 | 10,188,183 |
OTHER INCOME (EXPENSE) | ||||
Change in fair value of contingent consideration | 1,305,623 | (1,251,926) | ||
Other income | 3,419 | |||
Interest income (expense), net | (208) | 5,553 | 73 | 6,369 |
Total Other Income (Expense) | (208) | 1,311,176 | 73 | (1,242,138) |
LOSS FROM OPERATIONS BEFORE INCOME TAXES | (7,690,072) | (5,284,859) | (14,665,726) | (11,430,321) |
NET LOSS | $ (7,690,072) | $ (5,284,859) | $ (14,665,726) | $ (11,430,321) |
BASIC AND DILUTED LOSS PER SHARE (in dollars per share) | $ (0.21) | $ (0.17) | $ (0.43) | $ (0.37) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||
BASIC AND DILUTED (in shares) | 36,738,396 | 31,344,424 | 34,381,781 | 30,906,114 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss | $ (14,665,726) | $ (11,430,321) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Common stock issued for services | 633,697 | 715,952 |
Stock option expense | 846,270 | 1,724,375 |
Change in fair value of contingent consideration | 1,251,926 | |
Depreciation | 31,060 | 31,494 |
Amortization of intangible assets | 559,250 | 562,322 |
Gain on settlement of accounts payable | (710,264) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and deposits | 310,429 | 98,009 |
Accounts payable and accrued expenses | 2,386,713 | 987,180 |
Net Cash Used in Operating Activities | (9,898,307) | (6,769,327) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (4,833) | (12,103) |
Net Cash Used in Investing Activities | (4,833) | (12,103) |
FINANCING ACTIVITIES | ||
Proceeds for issuance of common stock for cash | 6,846,483 | |
Proceeds from warrants exercised for cash | 118,801 | 13,540 |
Repayments of short-term notes payable | (87,798) | (48,063) |
Net Cash Provided by/(Used in) Financing Activities | 6,877,486 | (34,523) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,025,654) | (6,815,953) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 12,546,890 | 28,697,323 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 9,521,236 | 21,881,370 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 798 | |
NON CASH FINANCING ACTIVITIES: | ||
Settlement of contingent consideration | 2,061,136 | |
Financing of insurance premiums through issuance of short term notes | $ 261,326 | $ 215,810 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Ohr Pharmaceutical, Inc. and its subsidiaries (the “Company”). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X related to interim period financial statements. Accordingly, these consolidated financial statements do not include certain information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2017, and for all periods presented herein, have been made. It is suggested that these unaudited consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016. The results of operations for the quarterly periods ended March 31, 2017 and 2016 are not necessarily indicative of the operating results for the full years. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets. Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. There are no assets and liabilities that are measured and recognized at fair value as of March 31, 2017 and September 30, 2016, on a recurring basis. Recent Accounting Pronouncements The Company has implemented all new relevant accounting pronouncements that are in effect through the date of these financial statements. The pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of operations. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 3 – INTANGIBLE ASSETS Intangible assets at March 31, 2017 and September 30, 2016: March 31, September 30, 2017 2016 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (3,264,022 ) (2,704,772 ) Total Intangible Assets $ 14,648,969 $ 15,208,219 During the three month and six month periods ended March 31, 2017 the Company recognized $276,551, and $559,250, respectively, in amortization expense on the patents and license rights. The amortization expense has been included in research and development expense. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE On February 28, 2016, the Company entered into a premium financing arrangement for its directors and officers insurance policy in the amount of $215,810. The financing arrangement bears interest at a rate of 7% per annum. The Company had repaid the loan in full during the six month period ended March 31, 2016 and had paid total interest of $6,984. On February 28, 2017, the Company entered into a premium financing arrangement for its directors and officers insurance policy in the amount of $261,326. The financing arrangement bears interest at a rate of 7.5% per annum. As of March 31, 2017, the Company had repaid $0 of the loan and had recorded interest of $1,504. |
EQUITY
EQUITY | 6 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
EQUITY | NOTE 5 – EQUITY Public Offering On December 7, 2016, the Company entered into a securities purchase agreement with various purchasers pursuant to which the Company issued and sold to the purchasers in a registered offering an aggregate of 3,885,000 shares of its common stock, together with Series A common stock purchase warrants (“Series A Warrants”) exercisable for up to an aggregate of 1,942,501 shares of common stock and Series B common stock purchase warrants (“Series B Warrants”) exercisable for up to an aggregate of 3,885,000 shares of common stock. The offering closed on December 13, 2016 and the Company received net proceeds of approximately $6.8 million, after deducting placement agent fees and offering expenses payable by the Company. The Series A Warrants have an exercise price of $2.75 per share and the Series B Warrant has an exercise price of $3.00 per share. The Series A Warrants are immediately exercisable and will expire on the five year anniversary of the date of issuance. The Series B Warrants are immediately exercisable and will expire on the six month anniversary of the date of issuance. Common Stock Warrants Below is a table summarizing the warrants issued and outstanding as of March 31, 2016 (“Price” reflects the weighted average exercise price per share): Warrants Price Outstanding at September 30, 2016 614,923 $ 5.08 Granted — — Investor warrants 5,827,501 2.92 Stock-based compensation warrants — — Exercised — — Investor warrants — — Stock-based compensation warrants — — Forfeited or expired Investor warrants (37,220 ) 1.95 Stock-based compensation warrants (201,042 ) 7.92 Outstanding at March 31, 2017 6,204,162 $ 2.97 Exercisable at March 31, 2017 6,204,162 $ 2.97 During the six month period ended March 31, 2017, the Company received the proceeds related to warrants exercised in July 2016 amounting to $118,801. Stock Based Compensation The Company’s Consolidated 2016 Stock Plan (“the Plan”) provides for granting stock options and restricted stock awards to employees, directors and consultants of the Company. Warrants. Options. Below is a table summarizing the Company’s activity for the six month period ended March 31, 2017 (“Price” reflects the weighted average exercise price per share): Options Price Outstanding at September 30, 2016 2,857,468 $ 6.66 Granted — — Exercised — — Forfeited or expired (910,637 ) 6.21 Outstanding at March 31, 2017 1,946,831 $ 6.81 Exercisable at March 31, 2017 1,558,577 $ 6.78 As of March 31, 2017, the outstanding options have no intrinsic value. Restricted Stock. Below is a table summarizing the Company’s activity for the six months ended March 31, 2017: Shares Weighted Nonvested at September 30, 2016 600,358 4.80 Granted — — Vested (285,179 ) 4.81 Forfeited — — Nonvested at March 31, 2017 315,179 4.79 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may become involved in certain legal proceedings and claims which arise in the normal course of business. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Company’s results of operations, prospects, cash flows, financial position and brand. To the best knowledge of the Company’s management, at March 31, 2017, there are no legal proceedings which the Company believes will have a material adverse effect on its business, results of operations, cash flows or financial condition. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTION Our Contract Research Organization (“CRO”) running our clinical trial has contracted with Jason S. Slakter, M.D., P.C., d/b/a Digital Angiography Reading Center (“DARC”), a well-known digital reading center, which is owned by Dr. Jason Slakter, Ohr’s CEO, pursuant to our related party transactions policy, with the review and approval of the Audit Committee, to provide digital reading and imaging services in connection with the clinical study. During the six months ended March 31, 2017, and 2016, the Company’s CRO was invoiced $285,770 and $0, from DARC. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On April 5, 2017, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with various purchasers set forth on the signatures pages thereto (the “Purchasers”). Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to the Purchasers in a registered offering an aggregate of 20,250,032 shares of its common stock, together with warrants (“Warrants”) exercisable for up to an aggregate of 14,175,059 shares of its common stock. The Warrants have an exercise price of $1.00 per share, will be immediately exercisable and expire on the five year anniversary of the date of issuance. Following the one year anniversary of the date the Warrants are issued, the holders of the Warrants may exercise the Warrants through a cashless exercise, in whole or in part. The public offering closed on April 10, 2017 and the Company received net proceeds of approximately $12.7 million, after deducting placement agent fees and offering expenses payable by the Company, but excluding the proceeds, if any, from the exercise of the Warrants issued in the offering. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. There are no assets and liabilities that are measured and recognized at fair value as of March 31, 2017 and September 30, 2016, on a recurring basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new relevant accounting pronouncements that are in effect through the date of these financial statements. The pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of operations. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets at March 31, 2017 and September 30, 2016: March 31, September 30, 2017 2016 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (3,264,022 ) (2,704,772 ) Total Intangible Assets $ 14,648,969 $ 15,208,219 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of warrants issued and outstanding | Below is a table summarizing the warrants issued and outstanding as of March 31, 2016 (“Price” reflects the weighted average exercise price per share): Warrants Price Outstanding at September 30, 2016 614,923 $ 5.08 Granted — — Investor warrants 5,827,501 2.92 Stock-based compensation warrants — — Exercised — — Investor warrants — — Stock-based compensation warrants — — Forfeited or expired Investor warrants (37,220 ) 1.95 Stock-based compensation warrants (201,042 ) 7.92 Outstanding at March 31, 2017 6,204,162 $ 2.97 Exercisable at March 31, 2017 6,204,162 $ 2.97 |
Schedule of activity of options | Below is a table summarizing the Company’s activity for the six month period ended March 31, 2017 (“Price” reflects the weighted average exercise price per share): Options Price Outstanding at September 30, 2016 2,857,468 $ 6.66 Granted — — Exercised — — Forfeited or expired (910,637 ) 6.21 Outstanding at March 31, 2017 1,946,831 $ 6.81 Exercisable at March 31, 2017 1,558,577 $ 6.78 |
Schedule of activity of restricted stock | Below is a table summarizing the Company’s activity for the six months ended March 31, 2017: Shares Weighted Nonvested at September 30, 2016 600,358 4.80 Granted — — Vested (285,179 ) 4.81 Forfeited — — Nonvested at March 31, 2017 315,179 4.79 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 276,551 | $ 559,250 | $ 562,322 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
License Rights | $ 17,712,991 | $ 17,712,991 |
Patent Costs | 200,000 | 200,000 |
Total Intangible Assets,Gross | 17,912,991 | 17,912,991 |
Accumulated Amortization | (3,264,022) | (2,704,772) |
Total | $ 14,648,969 | $ 15,208,219 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - Financing Arrangement Directors and Officers Insurance [Member] - USD ($) | Feb. 28, 2017 | Mar. 31, 2016 | Feb. 28, 2016 |
Debt issuance date | Feb. 28, 2017 | Feb. 28, 2016 | |
Face amount of notes | $ 261,326 | $ 215,810 | |
Notes payable, interest rate | 7.50% | 7.00% | |
Interest paid | $ 1,504 | $ 6,984 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Dec. 07, 2016 | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Stock-based compensation expense | $ 846,270 | $ 1,724,375 | ||
Common stock issued in registered offering | 3,885,000 | |||
Proceeds for issuance of common stock for cash, net | $ 6,800,000 | 6,846,483 | ||
Proceeds from warrants exercised for cash | 118,801 | $ 13,540 | ||
2016 Stock Plan [Member] | Stock Option [Member] | ||||
Stock-based compensation expense | $ 279,697 | 846,270 | ||
Unrecognized compensation cost | 1,270,532 | $ 1,270,532 | ||
Unrecognized compensation cost weighted average recognise period | 4 months 20 days | |||
2016 Stock Plan [Member] | Restricted Stock [Member] | ||||
Stock-based compensation expense | 193,645 | $ 633,697 | ||
Unrecognized compensation cost | $ 495,736 | $ 495,736 | ||
Unrecognized compensation cost weighted average recognise period | 9 months 11 days | |||
Series A Warrants [Member] | ||||
Warrants (exercisable) | 1,942,501 | |||
Exercise price of warrants | $ 2.75 | |||
Series B Warrants [Member] | ||||
Warrants (exercisable) | 3,885,000 | |||
Exercise price of warrants | $ 3 |
EQUITY (Details)
EQUITY (Details) - Warrants [Member] | 6 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Warrants [Roll Forward] | |
Outstanding at beginning | shares | 614,923 |
Granted | shares | 5,827,201 |
Forfeited or expired - Investor warrants | shares | (37,220) |
Forfeited or expired - Stock-based compensation warrants | shares | (201,042) |
Outstanding at end | shares | 6,204,162 |
Exercisable at end | shares | 6,204,162 |
Warrants, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding at beginning | $ / shares | $ 5.08 |
Granted | $ / shares | 2.92 |
Forfeited or expired - Investor warrants | $ / shares | 1.95 |
Forfeited or expired - Stock-based compensation warrants | $ / shares | 7.92 |
Outstanding at end | $ / shares | 2.97 |
Exercisable at end | $ / shares | $ 2.97 |
EQUITY (Details 1)
EQUITY (Details 1) - 2016 Stock Plan [Member] - Stock Option [Member] | 6 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Stock Plan, Options [Roll Forward] | |
Outstanding, beginning | shares | 2,857,468 |
Forfeited or expired | shares | (910,637) |
Outstanding, ending | shares | 1,946,831 |
Exercisable, ending | shares | 1,558,577 |
Stock Plan, Options Weighted Average Exercise Price [Rollforward] | |
Exercise price, beginning | $ / shares | $ 6.66 |
Forfeited or expired | $ / shares | 6.21 |
Exercise price, ending | $ / shares | 6.81 |
Exercisable, ended | $ / shares | $ 6.78 |
EQUITY (Details 2)
EQUITY (Details 2) - 2016 Stock Plan [Member] - Restricted Stock [Member] | 6 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Restricted Stock [Roll Forward] | |
Outstanding at beginning | 600,358 |
Granted | |
Vested | (285,179) |
Outstanding at end | 315,179 |
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding at beginning | $ / shares | $ 4.80 |
Vested | $ / shares | 4.81 |
Outstanding at end | $ / shares | $ 4.79 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Narratives) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Dr. Jason Slakter [Member] | ||
Amount invoiced for services - related party | $ 285,770 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Apr. 10, 2017 | Dec. 07, 2016 | Mar. 31, 2017 | Apr. 05, 2017 |
Proceeds for issuance of common stock of securities purchase agreement | $ 6,800,000 | $ 6,846,483 | ||
Common stock issued for cash (shares) | 3,885,000 | |||
Subsequent Event [Member] | ||||
Proceeds for issuance of common stock of securities purchase agreement | $ 12,700,000 | |||
Common stock issued for cash (shares) | 20,250,032 | |||
Subsequent Event [Member] | Warrants [Member] | ||||
Warrants | 14,175,059 | |||
Exercise price | $ 1 |