Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 13, 2018 | |
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 | Dec. 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 | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 56,466,428 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 8,724,057 | $ 12,801,085 |
Prepaid expenses and other current assets | 100,722 | 223,278 |
Total Current Assets | 8,824,779 | 13,024,363 |
EQUIPMENT, net | 60,890 | 63,757 |
OTHER ASSETS | ||
Security deposit | 12,243 | |
Intangible assets, net | 13,805,484 | 14,087,602 |
Goodwill | 740,912 | 740,912 |
TOTAL ASSETS | 23,432,065 | 27,928,877 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 3,598,471 | 4,827,525 |
Notes payable | 106,387 | |
Total Current Liabilities | 3,598,471 | 4,933,912 |
Long-term liability | 150,000 | 150,000 |
TOTAL LIABILITIES | 3,748,471 | 5,083,912 |
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, 56,421,428 and 56,196,428 shares issued and outstanding, respectively | 5,642 | 5,619 |
Additional paid-in capital | 131,917,917 | 130,927,953 |
Accumulated deficit | (112,239,965) | (108,088,607) |
Total Stockholders' Equity | 19,683,594 | 22,844,965 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 23,432,065 | $ 27,928,877 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2017 | Sep. 30, 2017 |
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 | 56,421,428 | 56,196,428 |
Common stock, shares outstanding | 56,421,428 | 56,196,428 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSES | ||
General and administrative | $ 1,510,032 | $ 1,746,356 |
Research and development | 2,387,731 | 4,931,144 |
Depreciation and amortization | 284,986 | 298,435 |
TOTAL OPERATING LOSS | 4,182,749 | 6,975,935 |
OTHER INCOME (EXPENSE) | ||
Other income (expense) | 31,391 | 281 |
Total Other Income (Expense) | 31,391 | 281 |
LOSS FROM OPERATIONS BEFORE INCOME TAXES | (4,151,358) | (6,975,654) |
NET LOSS | $ (4,151,358) | $ (6,975,654) |
BASIC AND DILUTED LOSS PER SHARE (in dollars per share) | $ (.07) | $ (.21) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||
BASIC AND DILUTED (in shares) | 56,203,765 | 32,836,505 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss | $ (4,151,358) | $ (6,975,654) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Common stock issued for services | 135,701 | 440,052 |
Stock option expense | 629,286 | 566,573 |
Depreciation | 2,867 | 15,736 |
Amortization of intangible assets | 282,118 | 282,699 |
Changes in operating assets and liabilities | ||
Prepaid expenses and deposits | 122,556 | 247,926 |
Accounts payable and accrued expenses | (1,229,054) | (507,793) |
Security Deposit used | 12,243 | |
Net Cash Used in Operating Activities | (4,195,641) | (5,930,461) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (4,833) | |
Net Cash Provided by (Used in) Investing Activities | (4,833) | |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock for cash | 6,846,483 | |
Proceeds from warrants exercised for cash | 225,000 | 118,801 |
Repayments of short-term notes payable | (106,387) | (87,798) |
Net Cash Provided by (Used in) Financing Activities | 118,613 | 6,877,486 |
NET CHANGE IN CASH | (4,077,028) | 942,192 |
CASH AT BEGINNING OF PERIOD | 12,801,085 | 12,546,890 |
CASH AT END OF PERIOD | 8,724,057 | 13,489,082 |
CASH PAID FOR: | ||
Interest | $ 1,770 | $ 1,320 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 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 December 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, 2017. The results of operations for the quarterly periods ended December 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 | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GOING CONCERN | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GOING CONCERN 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 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 December 31, 2017 and September 30, 2017, 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. Going Concern To date, the Company has no revenue from product sales and management expects continuing operating losses and negative cash outflows in the future. These factors raise substantial doubt about the Companys ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. Management expects to seek additional funds through equity or debt financings or through collaboration, licensing transactions or other sources. The Company may be unable to obtain equity or debt financings or enter into collaboration or licensing transactions. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 3 – INTANGIBLE ASSETS Intangible assets at December 31, 2017 and September 30, 2017: December 31, September 30, 2017 2017 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (4,107,507 ) (3,825,389 ) Total Intangible Assets $ 13,805,484 $ 14,087,602 During the three month period ended December 31, 2017, the Company recognized $282,118 in amortization expense on the patents and license rights. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE 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 7.5% per annum. As of December 31, 2017, the Company had repaid the note in full in the amount of $261,326 of principal and had paid total interest of $9,067. |
EQUITY
EQUITY | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
EQUITY | NOTE 5 – EQUITY Common Stock Warrants In December 2017, 225,000 shares of common stock were issued in connection with the exercise of warrants issued and sold to various purchasers as part of a registered offering that closed on April 10, 2017. The warrants were exercised at a price of $1.00 per share, and $225,000 in cash was received during the quarter ended December 31, 2017. Below is a table summarizing the warrants issued and outstanding as of December 31, 2017 (“Price” reflects the weighted average exercise price per share): Warrants Price Outstanding at September 30, 2017 16,178,110 $ 1.23 Granted Investor warrants — — Stock-based compensation warrants 250,000 1.00 Exercised Investor warrants (225,000 ) 1.00 Stock-based compensation warrants — — Forfeited or expired Investor warrants — — Stock-based compensation warrants — — Outstanding at December 31, 2017 16,203,110 $ 1.23 Exercisable at December 31, 2017 16,078,108 $ 1.23 As of December 31, 2017, the warrants have a weighted average remaining term of 4.19 years and have an intrinsic value of $12,212,051. 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. The Company uses the Black-Scholes pricing model for determining the fair value of stock options and warrants granted as share based compensation. The following assumptions were used to calculate the fair value of the Company's warrants and options issued during the three months ended December 31, 2017: Warrants Options Expected term 2 years 3.25 to 5 years Expected volatility 73% 101% Expected dividends 0% 0% Risk-free rates 1.73% 1.68% Warrants. During the three month period ended December 31, 2017, the Company recognized $152,192 of expense related to warrants granted as stock based compensation. Unamortized expense as of December 31, 2017 for outstanding warrants issued as stock based compensation amounted to $73,569. Refer to the Common Stock Warrants table within this note for information regarding all outstanding warrants. Options. During the three month period ended December 31, 2017, the Company recognized $477,094 of expense related to options granted. Unamortized option expense as of December 31, 2017 for all options outstanding amounted to $599,557. The Company expects to recognize this compensation cost over a weighted-average period of 1.48 years. Below is a table summarizing the Company’s activity for the three month period ended December 31, 2017 (“Price” reflects the weighted average exercise price per share): Options Price Outstanding at September 30, 2017 2,250,500 $ 5.58 Granted 1,640,000 $ 0.67 Exercised — — Forfeited or expired (210,666 ) $ 6.38 Outstanding at December 31, 2017 3,679,834 $ 3.34 Exercisable at December 31, 2017 2,174,576 $ 4.51 As of December 31, 2017, the outstanding options have a weighted average remaining term of 4.25 years and an intrinsic value of $2,532,800. Restricted Stock. Below is a table summarizing the Company’s activity for the three months ended December 31, 2017: Shares Weighted Average Grant Date Fair Value Nonvested at September 30, 2017 270,179 $ 4.53 Granted — — Vested — — Forfeited — — Nonvested at December 31, 2017 270,179 $ 4.53 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 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. On February 14, 2018, plaintiff, Jeevesh Khanna, commenced an action in the Southern District of New York, alleging that several current and former officers violated federal securities laws between June 24, 2014 and January 4, 2018. The plaintiffs did not quantify any alleged damages in their complaint but, in addition to attorneys' fees and costs, they seek to recover damages on behalf of themselves and other persons who purchased or otherwise acquired our stock during the putative class period and purportedly suffered financial harm as a result. We dispute these claims and intend to defend the matter vigorously. Severance Pay As of December 31, 2017, the Company agreed to pay a former director severance pay in the amount of $250,000 over a five year period. The non-current portion of the liability is reported as long-term liability in the amount of $150,000 in the consolidated balance sheets. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTION The Contract Research Organization (“CRO”) that ran our clinical trial 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 three months ended December 31, 2017, and 2016, the Company’s CRO was invoiced or accrued $731,832 and $152,405 from DARC. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On January 5, 2018, the Company reported topline data from the MAKO study which did not meet its primary efficacy endpoint. The MAKO study evaluated the efficacy and safety of topically administered squalamine in combination with monthly Lucentis® injections for the treatment of wet age-related macular degeneration (“wet-AMD”). The primary efficacy endpoint was the mean visual acuity gain at nine months, using a mixed-effects model for repeated measures (MMRM) analysis. Subjects receiving squalamine combination therapy (n=119) achieved a mean gain of 8.33 letters from baseline versus 10.58 letters from baseline with Lucentis® monotherapy (n=118). There were no differences in the safety profile between the two treatment groups. Based on these results, we have discontinued further development of squalamine and are evaluating strategic alternatives to maximize shareholder value. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GOING CONCERN (Policies) | 3 Months Ended |
Dec. 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 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 December 31, 2017 and September 30, 2017, 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. |
Going Concern | Going Concern To date, the Company has no revenue from product sales and management expects continuing operating losses and negative cash outflows in the future. These factors raise substantial doubt about the Companys ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. Management expects to seek additional funds through equity or debt financings or through collaboration, licensing transactions or other sources. The Company may be unable to obtain equity or debt financings or enter into collaboration or licensing transactions. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets at December 31, 2017 and September 30, 2017: December 31, September 30, 2017 2017 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (4,107,507 ) (3,825,389 ) Total Intangible Assets $ 13,805,484 $ 14,087,602 |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of warrants issued and outstanding | Below is a table summarizing the warrants issued and outstanding as of December 31, 2017 (“Price” reflects the weighted average exercise price per share): Warrants Price Outstanding at September 30, 2017 16,178,110 $ 1.23 Granted Investor warrants — — Stock-based compensation warrants 250,000 1.00 Exercised Investor warrants (225,000 ) 1.00 Stock-based compensation warrants — — Forfeited or expired Investor warrants — — Stock-based compensation warrants — — Outstanding at December 31, 2017 16,203,110 $ 1.23 Exercisable at December 31, 2017 16,078,108 $ 1.23 |
Schedule of assumptions used to calculate the fair value of warrants and options issued | The following assumptions were used to calculate the fair value of the Company's warrants and options issued during the three months ended December 31, 2017: Warrants Options Expected term 2 years 3.25 to 5 years Expected volatility 73% 101% Expected dividends 0% 0% Risk-free rates 1.73% 1.68% |
Schedule of stock option activity | Below is a table summarizing the Company’s activity for the three month period ended December 31, 2017 (“Price” reflects the weighted average exercise price per share): Options Price Outstanding at September 30, 2017 2,250,500 $ 5.58 Granted 1,640,000 $ 0.67 Exercised — — Forfeited or expired (210,666 ) $ 6.38 Outstanding at December 31, 2017 3,679,834 $ 3.34 Exercisable at December 31, 2017 2,174,576 $ 4.51 |
Schedule of restricted stock activity | Below is a table summarizing the Company’s activity for the three months ended December 31, 2017: Shares Weighted Average Grant Date Fair Value Nonvested at September 30, 2017 270,179 $ 4.53 Granted — — Vested — — Forfeited — — Nonvested at December 31, 2017 270,179 $ 4.53 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 282,118 | $ 282,699 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
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 | (4,107,507) | (3,825,389) |
Total | $ 13,805,484 | $ 14,087,602 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Repayments of debt | $ 106,387 | $ 87,798 | |
2017 Financing Arrangement Directors and Officers Insurance [Member] | |||
Debt issuance date | Feb. 28, 2017 | ||
Face amount of notes | $ 261,326 | ||
Notes payable, interest rate | 7.50% | ||
Interest paid | 9,067 | ||
Repayments of debt | $ 261,326 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intrinsic value of outstanding options | $ 2,532,800 | ||
Stock-based compensation expense | 629,286 | $ 566,573 | |
Grant of stock options | 1,640,000 | ||
Exercisable percentage | 33.00% | ||
One Key Consultant [Member] | |||
Exercise price - stock options | $ .67 | ||
Granted - warrants | 250,000 | ||
Warrant term | 2 years | ||
Exercise price of warrants | $ 1 | ||
Warrants [Member] | |||
Exercise of warrants for cash | $ 225,000 | ||
Exercise of warrants for cash, shares | 225,000 | ||
Exercised price of warrants | $ 1 | ||
Intrinsic value of warrants | $ 12,212,051 | ||
Weighted average contractual term - warrants | 4 years 2 months 8 days | ||
Granted - warrants | 250,000 | ||
Restricted Stock [Member] | |||
Stock-based compensation expense | $ 135,701 | ||
Unrecognized compensation cost | $ 59,400 | ||
Unrecognized compensation cost recognize period | 11 days | ||
Stock Option [Member] | |||
Stock-based compensation expense | $ 477,094 | ||
Unrecognized compensation cost | $ 599,557 | ||
Unrecognized compensation cost recognize period | 1 year 5 months 23 days | ||
Weighted average remaining term - options | 4 years 3 months | ||
Stock Option [Member] | One Key Consultant [Member] | |||
Grant of stock options | 80,000 | ||
Exercisable percentage | 25.00% | ||
Stock Option [Member] | One Key Consultant [Member] | Milestone 1 [Member] | |||
Forfeitures (shares) | 20,000 | ||
Options vested | 60,000 | ||
Stock Option [Member] | One Key Consultant [Member] | Each of October 16, 2018 | |||
Exercisable percentage | 33.00% | ||
Stock Option [Member] | One Key Consultant [Member] | Each of October 16, 2019 | |||
Exercisable percentage | 33.00% | ||
Stock Compensation [Member] | Warrants [Member] | |||
Stock-based compensation expense | $ 152,192 | ||
Unrecognized compensation cost | $ 73,569 |
EQUITY (Details)
EQUITY (Details) - Warrants [Member] | 3 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Warrants [Roll Forward] | |
Outstanding at beginning | shares | 16,178,110 |
Granted - Stock-based compensation warrants | shares | 250,000 |
Exercised - Investor warrants | shares | (225,000) |
Outstanding at end | shares | 16,203,110 |
Exercisable at end | shares | 16,078,108 |
Warrants, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding at beginning | $ / shares | $ 1.23 |
Granted - Stock-based compensation warrants | $ / shares | 1 |
Exercised - Investor warrants | $ / shares | 1 |
Outstanding at end | $ / shares | 1.23 |
Exercisable at end | $ / shares | $ 1.23 |
EQUITY (Details 1)
EQUITY (Details 1) | 3 Months Ended |
Dec. 31, 2017 | |
2016 Stock Plan [Member] | Stock Option [Member] | |
Expected volatility | 101.00% |
Expected dividends | 0.00% |
Risk-free rates | 1.68% |
2016 Stock Plan [Member] | Stock Option [Member] | Minimum [Member] | |
Expected term | 3 years 3 months |
2016 Stock Plan [Member] | Stock Option [Member] | Maximum [Member] | |
Expected term | 5 years |
Warrants [Member] | |
Expected term | 2 years |
Expected volatility | 73.00% |
Expected dividends | 0.00% |
Risk-free rates | 1.73% |
EQUITY (Details 2)
EQUITY (Details 2) - $ / shares | 1 Months Ended | 3 Months Ended |
Oct. 31, 2017 | Dec. 31, 2017 | |
Options, Outstanding [Roll Forward] | ||
Granted | 1,640,000 | |
2016 Stock Plan [Member] | Stock Option [Member] | ||
Options, Outstanding [Roll Forward] | ||
Outstanding, beginning | 2,250,500 | 2,250,500 |
Granted | 1,640,000 | |
Forfeited or expired | (210,666) | |
Outstanding, ending | 3,679,834 | |
Exercisable, ending | 2,174,576 | |
Options, Outstanding, Weighted Average Exercise Price [Rollforward] | ||
Exercise price, beginning | $ 5.58 | $ 5.58 |
Granted | .67 | |
Forfeited or expired | 6.38 | |
Exercise price, ending | 3.34 | |
Exercisable, ended | $ 4.51 |
EQUITY (Details 3)
EQUITY (Details 3) - 2016 Stock Plan [Member] - Restricted Stock [Member] | 3 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted Stock [Roll Forward] | |
Outstanding at beginning | shares | 270,179 |
Granted | shares | |
Outstanding at end | shares | 270,179 |
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding at beginning | $ / shares | $ 4.53 |
Granted | $ / shares | |
Outstanding at end | $ / shares | $ 4.53 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 5 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2017 | |
Long-term liability | $ 150,000 | $ 150,000 |
Former Director [Member] | ||
Severance payble | $ 250,000 | |
Term of serverance | 5 years | |
Long-term liability | $ 150,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Narratives) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Dr. Jason Slakter [Member] | ||
Amount invoiced for services - related party | $ 731,832 | $ 152,405 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | Jan. 05, 2018 |
Mean gain combination therapy (letters) | 8.33 |
Mean gain monotherapy (letters) | 10.58 |