Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-32188 | |
Entity Registrant Name | ORAGENICS, INC. | |
Entity Central Index Key | 0001174940 | |
Entity Tax Identification Number | 59-3410522 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 4902 Eisenhower Blvd. | |
Entity Address, Address Line Two | Suite 125 | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33634 | |
City Area Code | 813 | |
Local Phone Number | 286-7900 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OGEN | |
Security Exchange Name | NYSEAMER | |
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 | 116,394,806 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 21,372,463 | $ 27,265,703 |
Other receivables | 6,987 | |
Prepaid expenses and other current assets | 277,473 | 434,699 |
Total current assets | 21,649,936 | 27,707,389 |
Property and equipment, net | 121,845 | 45,708 |
Operating lease right-of-use assets | 431,961 | 477,882 |
Total assets | 22,203,742 | 28,230,979 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,094,052 | 947,574 |
Short-term notes payable | 122,175 | 303,416 |
Operating lease liabilities | 192,535 | 194,270 |
Total current liabilities | 1,408,762 | 1,445,260 |
Long-term liabilities: | ||
Operating lease liabilities | 253,928 | 299,520 |
Total long-term liabilities | 253,928 | 299,520 |
Shareholders’ equity: | ||
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 Series A shares, 6,600,000 Series B shares, issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2,656,713 | 2,656,713 |
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 116,395 | 116,395 |
Additional paid-in capital | 195,077,466 | 194,987,219 |
Accumulated deficit | (177,309,522) | (171,274,128) |
Total shareholders’ equity | 20,541,052 | 26,486,199 |
Total liabilities and shareholders’ equity | $ 22,203,742 | $ 28,230,979 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 200,000,000 |
Common stock, shares issued | 116,394,806 | 116,394,806 |
Common stock, shares outstanding | 116,394,806 | 116,394,806 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 9,417,000 | 9,417,000 |
Preferred stock, shares outstanding | 9,417,000 | 9,417,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 6,600,000 | 6,600,000 |
Preferred stock, shares outstanding | 6,600,000 | 6,600,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Grant revenue | $ 15,083 | |
Operating expenses: | ||
Research and development | 4,738,062 | 3,260,904 |
General and administrative | 1,331,549 | 1,976,576 |
Total operating expenses | 6,069,611 | 5,237,480 |
Loss from operations | (6,054,528) | (5,237,480) |
Other income (expense): | ||
Interest income | 11,906 | 20,033 |
Interest expense | (3,246) | (2,568) |
Local business tax | (490) | (600) |
Miscellaneous income | 10,964 | 670 |
Total other income, net | 19,134 | 17,535 |
Loss before income taxes | (6,035,394) | (5,219,945) |
Income tax benefit | ||
Net loss | $ (6,035,394) | $ (5,219,945) |
Basic and diluted net loss per share | $ (0.05) | $ (0.05) |
Shares used to compute basic and diluted net loss per share | 116,394,806 | 102,973,369 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 91,767 | $ 7,174,854 | $ 164,022,957 | $ (154,444,983) | $ 16,844,595 |
Beginning Balance, shares at Dec. 31, 2020 | 91,766,928 | 16,017,133.483 | |||
Compensation expense relating to option issuances | 1,123,761 | 1,123,761 | |||
Net loss | (5,219,945) | (5,219,945) | |||
Series C dividend | $ 1,117,531 | (1,117,531) | |||
Series C dividend, shares | 33.016 | ||||
Series C redemption | $ (5,635,672) | (5,635,672) | |||
Series C Redemption, shares | (166.499) | ||||
ATM offering - net of expenses | $ 21,399 | 26,654,993 | 26,676,392 | ||
ATM offering - net of expenses, shares | 21,398,765 | ||||
Issuance of common stock from warrant exercise | $ 2,472 | 2,258,864 | 2,261,336 | ||
Issuance of common stock from warrant exercise, shares | 2,472,573 | ||||
Ending balance, value at Mar. 31, 2021 | $ 115,638 | $ 2,656,713 | 194,060,575 | (160,782,459) | 36,050,467 |
Ending Balance, shares at Mar. 31, 2021 | 115,638,266 | 16,017,000 | |||
Beginning balance, value at Dec. 31, 2021 | $ 116,395 | $ 2,656,713 | 194,987,219 | (171,274,128) | 26,486,199 |
Beginning Balance, shares at Dec. 31, 2021 | 116,394,806 | 16,017,000 | |||
Compensation expense relating to option issuances | 90,247 | 90,247 | |||
Net loss | (6,035,394) | (6,035,394) | |||
Ending balance, value at Mar. 31, 2022 | $ 116,395 | $ 2,656,713 | $ 195,077,466 | $ (177,309,522) | $ 20,541,052 |
Ending Balance, shares at Mar. 31, 2022 | 116,394,806 | 16,017,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (6,035,394) | $ (5,219,945) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 8,468 | 12,725 |
Gain on sale of property and equipment | (10,964) | |
Stock-based compensation expense | 90,247 | 1,123,761 |
Changes in operating assets and liabilities: | ||
Other receivables | 6,987 | |
Prepaid expenses and other current assets | 157,226 | 120,311 |
Accounts payable and accrued expenses | 146,478 | (364,281) |
Net cash used in operating activities | (5,636,952) | (4,327,429) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 12,000 | |
Purchase of property and equipment | (87,047) | |
Net cash used in investing activities | (75,047) | |
Cash flows from financing activities: | ||
Payments on short-term notes payable | (181,241) | (113,346) |
Redemption of Series C Preferred stock | (5,635,672) | |
Proceeds from issuance of common stock for warrant exercise | 2,261,336 | |
Net proceeds from issuance of common stock | 26,676,392 | |
Net cash provided by (used in) financing activities | (181,241) | 23,188,710 |
Net increase (decrease) in cash and cash equivalents | (5,893,240) | 18,861,281 |
Cash and cash equivalents at beginning of period | 27,265,703 | 17,639,575 |
Cash and cash equivalents at end of period | 21,372,463 | 36,500,856 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 3,246 | 2,568 |
Non-cash investing and financing activities: | ||
Stock dividend on Series C Preferred stock | $ 1,117,531 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Oragenics, Inc. (formerly known as Oragen, Inc.) (the “Company” or “we”) was incorporated in November, 1996; however, operating activity did not commence until 1999. We are focused on the development of the NT-CoV2-1 intranasal vaccine candidate to combat the novel Severe Acute Respiratory Syndrome coronavirus (“SARS-CoV-2”) coronavirus pandemic and the further development of effective treatments for novel antibiotics against infectious disease. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited interim consolidated financial statements as of March 31, 2022 and December 31, 2021 (audited) and three months ended March 31, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim consolidated financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial condition, results of operations and cash flows for the periods presented. The results of operations for the interim period ended March 31, 2022, are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2022, or any future period. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2022. The Company has incurred recurring losses and negative cash flows from operations since inception. To date, the Company has not generated significant revenues from operations. The Company incurred a net loss of $ 6,035,394 5,636,952 177,309,522 The Company expects to incur substantial expenditures to further develop its technologies. The Company believes the working capital at March 31, 2022 will be sufficient to meet the business objectives as presently structured through the fourth quarter of 2022. As such, there is substantial doubt that we can continue as a going concern beyond that date. The Company’s ability to continue operations after its current cash resources are exhausted depends on its ability to obtain additional financing or achieve profitable operations, as to which no assurances can be given. Cash requirements may vary materially from those now planned because of changes in the Company’s focus and direction of its research and development programs, competitive and technical advances, or other developments. Additional financing will be required to continue operations after the Company exhausts its current cash resources and to continue its long-term plans for clinical trials and new product development. There can be no assurance that any such financing can be realized by the Company, or if realized, what the terms thereof may be, or that any amount that the Company is able to raise will be adequate to support the Company’s working capital requirements until it achieves profitable operations. The Company intends to seek additional funding through sublicensing arrangements, joint venturing or partnering, sales of rights to technology, government grants and public or private financings. The Company’s future success depends on its ability to raise capital and ultimately generate revenue and attain profitability. The Company cannot be certain that additional capital, whether through selling additional debt or equity securities or obtaining a line of credit or other loan, will be available to it or, if available, will be on terms acceptable to the Company. If the Company issues additional securities to raise funds, these securities may have rights, preferences, or privileges senior to those of its common stock, and the Company’s current shareholders may experience dilution. If the Company is unable to obtain funds when needed or on acceptable terms, the Company may be required to curtail its current development programs, cut operating costs and forego future development and other opportunities. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of Oragenics, Inc. and our wholly-owned subsidiary Noachis Terra, Inc. All intercompany balances and transactions have been eliminated. New Accounting Standards There are no additional accounting pronouncements issued or effective during the three months ended March 31, 2022, that have had, or are expected to have, a material impact on our consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management 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 consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The principal area of estimation reflected in the consolidated financial statements is stock-based compensation. Stock-Based Payment Arrangements Generally, all forms of stock-based payments, including stock option grants, and warrants are measured at their fair value on the awards’ grant date using a Black-Scholes pricing model. Stock-based compensation awards issued to non-employees for services rendered are recorded at the fair value of the stock-based payment. The expense resulting from stock-based payments are recorded in research and development expense or general and administrative expense in the consolidated statement of operations, depending on the nature of the services provided. Stock-based payment expense is recorded over the requisite service period in which the grantee provides services to us. To the extent the stock option grants, or warrants do not vest at the grant date they are subject to forfeiture. Stock-Based Compensation US GAAP requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the consolidated financial statements based on their fair values as of the grant date. Stock-based compensation expense is recorded over the requisite service period in which the grantee provides services to us, to the extent the options do not vest at the grant date and are subject to forfeiture. For performance-based awards that do not include market-based conditions, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement. For awards with market-based performance conditions, we recognize the grant-date fair value of the award over the derived service period regardless of whether the underlying performance condition is met. In connection with adopting ASU 2016-09, the Company made an accounting policy election to account for forfeitures in compensation expense as they occur. Warrants The Company used the Black Scholes Option Pricing Model in calculating the relative fair value of any warrants that have been issued. Net Loss Per Share During all periods presented, the Company had securities outstanding that could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted net loss per share, as their effect would have been antidilutive because the Company reported a net loss for all periods presented. Basic and diluted net loss per share amounts are the same for the periods presented. Net loss per share is computed using the weighted average number of shares of common stock outstanding. Concentrations Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash accounts in commercial banks, which may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. As of March 31, 2022, the uninsured portion of this balance was $ 21,122,463 27,015,703 Grant Revenue Grant revenues are derived from a small business innovation research grant in the amount of $ 250,000 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 4. Stock-based Compensation The Company recognized stock-based compensation on all employee and non-employee awards as follows: Schedule of Stock Based Compensation Expenses Recognized For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Research and development $ 39,455 $ 30,927 General and administrative 50,792 1,092,834 Total Stock-based compensation $ 90,247 $ 1,123,761 The following table summarizes the stock option activity during the three months ended March 31, 2022: Summary of Stock Option Activity Number of Shares Weighted Average Weighted Average Aggregate (1) Outstanding at December 31, 2021 6,724,402 $ 0.95 7.99 $ 2,773 Granted — — — $ — Exercised — — — $ — Forfeited (54,498 ) 1.53 — $ — Outstanding at March 31, 2022 6,669,904 $ 0.95 7.75 $ — Exercisable at March 31, 2022 5,961,568 $ 0.96 7.61 $ — (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2021 and March 31, 2022, respectively. Total unrecognized compensation cost related to unvested stock options was $ 311,534 two years On February 25, 2022, the Company held its reconvened Annual Meeting. At the Annual Meeting, the shareholders of the Company approved and ratified the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) Which is a successor to the Company’s 2012 Equity Incentive Plan (the “2012 Plan”). The 2021 Plan was originally approved by the Company’s Board of Directors on March 13, 2021. The 2021 Plan provides the aggregate number of shares of Common Stock that may be issued under the 2021 Plan will not exceed the sum of (i) 10,000,000 As of March 31, 2022, 10,582,806 Each executive officer and non-employee director receiving equity-based awards is subject to a minimum dollar value stock ownership holding requirement with respect to the awards received as well as all prior equity awards under the Plan which requirements are intended to align the ability to sell shares with the performance of the Company’s stock price. The executive officer recipients each have a minimum dollar value stock ownership holding requirement threshold equal to two times (2x) their then base salaries below which dollar threshold they would be precluded from selling any shares of Company stock obtained from the Company under its Plan. Also, the non-employee directors are each subject to a minimum dollar value stock ownership holding requirement threshold equal to six times the annual Board retainer ($ 270,000 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Warrants | |
Warrants | 5. Warrants During the three months ended March 31, 2021, the Company issued an additional 2,472,573 360,000 1.00 2,112,573 0.90 2,261,336 A summary of warrant activity for the year ended December 31, 2021 and the three months ended March 31, 2022 is as follows: Schedule of Warrants Activity Warrants Weighted Average Price Balance - December 31, 2020 20,513,145 $ 1.36 Granted — — Exercised (2,472,573 ) 0.91 Expired — — Balance - December 31, 2021 18,040,572 1.42 Granted — — Exercised — — Expired — — Balance - March 31, 2022 18,040,572 $ 1.42 The warrants outstanding as of March 31, 2022 are as follows: Schedule of Warrants Outstanding Exercise Price Warrants Outstanding Expiration Date $ 3.10 48,387 9/19/2022 $ 2.00 900,000 4/10/2023 $ 3.10 462,106 5/10/2024 $ 3.10 602,414 7/25/2024 $ 3.10 1,064,518 11/8/2024 $ 1.00 3,174,500 7/17/2025 $ 0.90 2,588,647 3/25/2024 $ 1.25 9,200,000 5/1/2025 18,040,572 All outstanding warrants are classified as equity on the Company’s Consolidated Balance Sheets. |
Short-Term Notes Payable
Short-Term Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Notes Payable | 6. Short-Term Notes Payable As of March 31, 2022 and December 31, 2021, the Company had $ 122,175 303,416 Products Liability Insurance The product liability insurance policy has been renewed in subsequent periods without premium financing. Directors’ and Officers’ Insurance On July 24, 2021, the Company entered into a short-term note payable for $ 600,169 5.34 10-month May 24, 2022 On July 24, 2020, the Company entered into a short-term note payable for $ 413,784 5.39 11-month June 28, 2021 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Additional Consideration-NTI Acquisition In connection with the Company’s acquisition of NTI, the Company is obligated to pay the former sole shareholder of NTI contingent consideration based upon the exercise of certain of the Company’s outstanding warrants as follows: (i) twenty percent ( 20 0.75 0.90 45 1.00 The Company’s previously issued warrants carrying an exercise price of $0.75 have expired by their terms. As a result, no additional consideration will be due to the former sole shareholder of NTI relating to these warrants During the three months ended March 31, 2021, 2,472,573 360,000 1.00 2,112,573 0.90 As a result of the warrant exercises in 2021, the Company paid $ 542,263 During the three months ended March 31, 2022, no warrants were exercised that resulted in the payment of additional consideration to the sole former shareholder of NTI. NIH License Through NTI, the Company is a party to a Patent License and Biological Materials License Agreement (the “License Agreement” or “NIH License”), dated March 23, 2020, with the United States Department of Health and Human Services (the “HHS”), as represented by the National Institute of Allergy and Infectious Diseases (“NIAID”), an Institute within the National Institutes of Health (“NIH”). Under the terms of the License Agreement, we hold a nonexclusive, worldwide license to certain specified patent rights (including patent applications, provisional patent applications and Patent Cooperation Treaty (“PCT”) patent applications) and biological materials relating to the use of pre-fusion coronavirus spike proteins to exploit products (“Licensed Products”) and practice processes (“Licensed Processes”) that are covered by the licensed patent rights and biological materials for the purpose of developing and commercializing a vaccine product candidate for SARS-CoV-2. Under the terms of the License Agreement, the NIAID is entitled to receive a non-creditable, nonrefundable upfront license issue royalty of $ 30,000 11,739 The License Agreement will expire upon (a) twenty ( 20 NRC License On July 26, 2021, the Company entered into a non-exclusive Technology License Agreement (the “License Agreement”) with the National Research Council of Canada (“NRC”) pursuant to which the NRC grants to the Company a license to use NRC’s inventions, patents, trade secrets, know-how, copyright, biological material, designs, and/or technical information created by or on behalf of the NRC (the “NRC Technologies”) relating to the derivatives of CHO 2353 TM ”) As consideration for the grant of the license, the Company will pay to the NRC an annual (low five digits) license fee, with the initial portion of the fee covering the first three years of the license. Additionally, we will pay certain milestone payments (a) upon transfer of each Stable Cell listed in the Agreement and (b) with regard to each of the first three Products, (i) upon submission of the Investigational New Drug application (IND) related thereto, (ii) upon dosing the first patient in a Phase 1 or Phase 2 clinical trial, (iii) upon dosing the first patient in a Phase 3 clinical trial and (iv) upon first regulatory approval. Milestone payments range from the low five digits to high six digits. In addition, Oragenics will pay a low single-digit royalty to the NRC for the sale of Products, based on sales revenue, commencing after the first commercial sale. Pursuant to the License Agreement, the NRC is required to bear the responsibility and pay the costs to obtain and maintain patents related to the NRC Technologies in the U.S., Canada, Brazil, European Union, Japan, South Korea, Singapore, Australia, China, and India, and the NRC shall use reasonable efforts to obtain and maintain those patents. Additional countries may be requested by us, in which event, the NRC will file and maintain such patents, at our expense. Pursuant to the License Agreement, we are required to indemnify and hold the NRC and its employees and agents harmless from and against all liability and damages in connection with or arising out of all claims, demands, losses, damages, costs including solicitor and client costs, actions, suits or proceedings brought by any third party that are in any manner based upon, arising out of, related to, occasioned by, or attributable to the manufacturing, distribution, shipment, offering for sale, sale, or use of Products, services based on the NRC Technologies and product liability and infringement of intellectual property rights other than copyright, if any, licensed under the License Agreement. Unless terminated earlier, the License Agreement will terminate twenty ( 20 In addition, in connection with the initiative to develop its vaccine, we also previously entered into a material transfer agreement with the NRC for SARS-CoV-2 trimeric spike protein Wuhan variant and SARS-CoV-2 trimeric spike protein South African variant to move forward with pre-clinical testing. Leases Lab Facility-Alachua. 12,870 13,338 Corporate Office – Tampa. 2,207 4,138 4,392 4,524 4,800 Supplemental balance sheet information related to leases is as follows: Schedule of Supplemental Balance Sheet Information Related to Leases March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term In Years Operating leases 2.21 2.45 Weighted Average Discount Rate Operating leases 5.70 % 5.70 % Maturities of operating lease liabilities are as follows: Schedule of Maturities of Operating Lease Liabilities Year ended December 31: 2022 $ 163,244 2023 169,656 2024 146,718 Total $ 479,618 Less: Imputed interest (33,155 ) Present value of lease liabilities $ 446,463 The cost component of operating leases is as follows: Schedule of Cost Component of Operating Leases For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Operating lease cost $ 57,129 $ 56,964 Short-term lease cost 1,634 611 Total lease cost $ 58,763 $ 57,575 Supplemental cash flow information related to operating leases is as follows: Schedule of Supplemental Cash Flow Information Related to Operating Leases For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 58,535 $ 56,554 |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders’ Equity | 8. Shareholders’ Equity Common Stock The Company’s Board of Directors and the Company’s shareholders, at its reconvened 2020 Annual Meeting on February 25, 2022, approved an amendment to our Amended and Restated Articles of Incorporation to (i) increase the number of authorized shares of common stock from 200,000,000 250,000,000 During the three months ended March 31, 2022, the Company issued no shares of common stock . During the three months ended March 31, 2021, the Company issued an aggregate of 23,871,338 21,398,765 27.8 2,472,573 2.3 Preferred Stock Series C Non-Voting, Non-Convertible, Preferred Stock Dividend and Redemption During the three months ended March 31, 2021, the Company provided a notice of redemption, to the holder of the Company’s Series C Preferred Stock to redeem all outstanding Series C Preferred Stock (which included the dividend of 26.697 5.6 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of Oragenics, Inc. and our wholly-owned subsidiary Noachis Terra, Inc. All intercompany balances and transactions have been eliminated. |
New Accounting Standards | New Accounting Standards There are no additional accounting pronouncements issued or effective during the three months ended March 31, 2022, that have had, or are expected to have, a material impact on our consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management 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 consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The principal area of estimation reflected in the consolidated financial statements is stock-based compensation. |
Stock-Based Payment Arrangements | Stock-Based Payment Arrangements Generally, all forms of stock-based payments, including stock option grants, and warrants are measured at their fair value on the awards’ grant date using a Black-Scholes pricing model. Stock-based compensation awards issued to non-employees for services rendered are recorded at the fair value of the stock-based payment. The expense resulting from stock-based payments are recorded in research and development expense or general and administrative expense in the consolidated statement of operations, depending on the nature of the services provided. Stock-based payment expense is recorded over the requisite service period in which the grantee provides services to us. To the extent the stock option grants, or warrants do not vest at the grant date they are subject to forfeiture. |
Stock-Based Compensation | Stock-Based Compensation US GAAP requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the consolidated financial statements based on their fair values as of the grant date. Stock-based compensation expense is recorded over the requisite service period in which the grantee provides services to us, to the extent the options do not vest at the grant date and are subject to forfeiture. For performance-based awards that do not include market-based conditions, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement. For awards with market-based performance conditions, we recognize the grant-date fair value of the award over the derived service period regardless of whether the underlying performance condition is met. In connection with adopting ASU 2016-09, the Company made an accounting policy election to account for forfeitures in compensation expense as they occur. |
Warrants | Warrants The Company used the Black Scholes Option Pricing Model in calculating the relative fair value of any warrants that have been issued. |
Net Loss Per Share | Net Loss Per Share During all periods presented, the Company had securities outstanding that could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted net loss per share, as their effect would have been antidilutive because the Company reported a net loss for all periods presented. Basic and diluted net loss per share amounts are the same for the periods presented. Net loss per share is computed using the weighted average number of shares of common stock outstanding. |
Concentrations | Concentrations Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash accounts in commercial banks, which may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. As of March 31, 2022, the uninsured portion of this balance was $ 21,122,463 27,015,703 |
Grant Revenue | Grant Revenue Grant revenues are derived from a small business innovation research grant in the amount of $ 250,000 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Based Compensation Expenses Recognized | The Company recognized stock-based compensation on all employee and non-employee awards as follows: Schedule of Stock Based Compensation Expenses Recognized For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Research and development $ 39,455 $ 30,927 General and administrative 50,792 1,092,834 Total Stock-based compensation $ 90,247 $ 1,123,761 |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the three months ended March 31, 2022: Summary of Stock Option Activity Number of Shares Weighted Average Weighted Average Aggregate (1) Outstanding at December 31, 2021 6,724,402 $ 0.95 7.99 $ 2,773 Granted — — — $ — Exercised — — — $ — Forfeited (54,498 ) 1.53 — $ — Outstanding at March 31, 2022 6,669,904 $ 0.95 7.75 $ — Exercisable at March 31, 2022 5,961,568 $ 0.96 7.61 $ — (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2021 and March 31, 2022, respectively. |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrants | |
Schedule of Warrants Activity | A summary of warrant activity for the year ended December 31, 2021 and the three months ended March 31, 2022 is as follows: Schedule of Warrants Activity Warrants Weighted Average Price Balance - December 31, 2020 20,513,145 $ 1.36 Granted — — Exercised (2,472,573 ) 0.91 Expired — — Balance - December 31, 2021 18,040,572 1.42 Granted — — Exercised — — Expired — — Balance - March 31, 2022 18,040,572 $ 1.42 |
Schedule of Warrants Outstanding | The warrants outstanding as of March 31, 2022 are as follows: Schedule of Warrants Outstanding Exercise Price Warrants Outstanding Expiration Date $ 3.10 48,387 9/19/2022 $ 2.00 900,000 4/10/2023 $ 3.10 462,106 5/10/2024 $ 3.10 602,414 7/25/2024 $ 3.10 1,064,518 11/8/2024 $ 1.00 3,174,500 7/17/2025 $ 0.90 2,588,647 3/25/2024 $ 1.25 9,200,000 5/1/2025 18,040,572 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: Schedule of Supplemental Balance Sheet Information Related to Leases March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term In Years Operating leases 2.21 2.45 Weighted Average Discount Rate Operating leases 5.70 % 5.70 % |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities are as follows: Schedule of Maturities of Operating Lease Liabilities Year ended December 31: 2022 $ 163,244 2023 169,656 2024 146,718 Total $ 479,618 Less: Imputed interest (33,155 ) Present value of lease liabilities $ 446,463 |
Schedule of Cost Component of Operating Leases | The cost component of operating leases is as follows: Schedule of Cost Component of Operating Leases For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Operating lease cost $ 57,129 $ 56,964 Short-term lease cost 1,634 611 Total lease cost $ 58,763 $ 57,575 |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases is as follows: Schedule of Supplemental Cash Flow Information Related to Operating Leases For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 58,535 $ 56,554 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net loss | $ 6,035,394 | $ 5,219,945 | |
Cash used in operations | 5,636,952 | $ 4,327,429 | |
Accumulated deficit | $ 177,309,522 | $ 171,274,128 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Uninsured portion of balance | $ 21,122,463 | $ 27,015,703 | |
Revenue | 15,083 | ||
Grant [Member] | |||
Product Information [Line Items] | |||
Revenue | $ 250,000 |
Schedule of Stock Based Compens
Schedule of Stock Based Compensation Expenses Recognized (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based compensation | $ 90,247 | $ 1,123,761 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based compensation | 39,455 | 30,927 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based compensation | $ 50,792 | $ 1,092,834 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Share-Based Payment Arrangement [Abstract] | |||
Number of options, outstanding, beginning balance | 6,724,402 | ||
Weighted average exercise price, beginning balance | $ 0.95 | ||
Weighted average contractual term | 7 years 9 months | 7 years 11 months 26 days | |
Aggregate Intrinsic value outstanding, beginning | [1] | $ 2,773 | |
Number of options, outstanding, Granted | |||
Weighted average exercise price,Granted | |||
Number of options, outstanding,Exercised | |||
Weighted average exercise price,Exercised | |||
Number of options, outstanding, Forfeited | (54,498) | ||
Weighted average exercise price, Forfeited | $ 1.53 | ||
Number of options, outstanding,Ending Balance | 6,669,904 | 6,724,402 | |
Weighted average exercise price,Ending Balance | $ 0.95 | $ 0.95 | |
Aggregate Intrinsic value outstanding Ending | [1] | $ 2,773 | |
Number of options, outstanding,Exercisable Ending Balance | 5,961,568 | ||
Weighted average exercise price,Exercisable Ending Balance | $ 0.96 | ||
Weighted average contractual term, exercisable | 7 years 7 months 9 days | ||
Aggregate Intrinsic value Exercisable, Ending | [1] | ||
[1] | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2021 and March 31, 2022, respectively. |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) | Feb. 25, 2022 | Mar. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock options | $ 311,534 | |
Weighted average period | 2 years | |
Non Employee Directors [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Annual retainer amount for the threshold of stock precluded from selling | $ 270,000 | |
2021 Equity Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Issuance of stock, shares | 10,000,000 | |
Reserved for future issuance | 10,582,806 |
Schedule of Warrants Activity (
Schedule of Warrants Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Warrants | ||
Warrants, beginning balance | 18,040,572 | 20,513,145 |
Weighted average price, beginning balance | $ 1.42 | $ 1.36 |
Warrants, Granted | ||
Weighted average price,Granted | ||
Warrants, Exercised | (2,472,573) | |
Weighted average price,Exercised | $ 0.91 | |
Warrants, Expired | ||
Weighted average price Expired | ||
Warrants, Exercised | 2,472,573 | |
Warrants, ending balance | 18,040,572 | 18,040,572 |
Weighted average price ending balance | $ 1.42 | $ 1.42 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding (Details) | Mar. 31, 2022$ / sharesshares |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding | 18,040,572 |
Range One [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 3.10 |
Warrants Outstanding | 48,387 |
Expiration Date | Sep. 19, 2022 |
Range Two [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 2 |
Warrants Outstanding | 900,000 |
Expiration Date | Apr. 10, 2023 |
Range Three [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 3.10 |
Warrants Outstanding | 462,106 |
Expiration Date | May 10, 2024 |
Range Four [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 3.10 |
Warrants Outstanding | 602,414 |
Expiration Date | Jul. 25, 2024 |
Range Five [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 3.10 |
Warrants Outstanding | 1,064,518 |
Expiration Date | Nov. 8, 2024 |
Range Six [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 1 |
Warrants Outstanding | 3,174,500 |
Expiration Date | Jul. 17, 2025 |
Range Seven [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 0.90 |
Warrants Outstanding | 2,588,647 |
Expiration Date | Mar. 25, 2024 |
Range Eight [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding Exercise Price | $ / shares | $ 1.25 |
Warrants Outstanding | 9,200,000 |
Expiration Date | May 1, 2025 |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Proceeds from warrant exercises | $ 2,261,336 | |
Warrant [Member] | ||
Number of common stock issued in offering | 2,472,573 | |
Proceeds from warrant exercises | $ 2,261,336 | |
Warrant One [Member] | ||
Warrants to purchase shares of common stock | 360,000 | |
Warrants exercise price per share | $ 1 | |
Warrant Two [Member] | ||
Warrants to purchase shares of common stock | 2,112,573 | |
Warrants exercise price per share | $ 0.90 |
Short-Term Notes Payable (Detai
Short-Term Notes Payable (Details Narrative) - USD ($) | Jul. 24, 2021 | Jul. 24, 2020 | Mar. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||||
Short-term notes payable | $ 122,175 | $ 303,416 | ||
Short-term Note Payable [Member] | Directors' and Officers' Insurance [Member] | ||||
Short-Term Debt [Line Items] | ||||
Short-term notes payable | $ 600,169 | $ 413,784 | ||
Debt interest rate | 5.34% | 5.39% | ||
Amortization period | 10-month | 11-month | ||
Debt maturity date | May 24, 2022 | Jun. 28, 2021 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted average remaining lease term in years, operating leases | 2 years 2 months 15 days | 2 years 5 months 12 days |
Weighted average discount rate, operating leases | 5.70% | 5.70% |
Schedule of Maturities of Opera
Schedule of Maturities of Operating Lease Liabilities (Details) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 163,244 |
2023 | 169,656 |
2024 | 146,718 |
Total | 479,618 |
Less: Imputed interest | (33,155) |
Present value of lease liabilities | $ 446,463 |
Schedule of Cost Component of O
Schedule of Cost Component of Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 57,129 | $ 56,964 |
Short-term lease cost | 1,634 | 611 |
Total lease cost | $ 58,763 | $ 57,575 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 58,535 | $ 56,554 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | May 01, 2020$ / shares | Nov. 30, 2019USD ($) | Nov. 30, 2016USD ($)ft² | Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($) |
Loss Contingencies [Line Items] | ||||||
Monthly lease payments | $ | $ 58,535 | $ 56,554 | ||||
Tampa Facility [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Area of office space leased | ft² | 2,207 | |||||
Range One [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 3.10 | |||||
Range Two [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 2 | |||||
Minimum [Member] | Alachua Facility [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Payments of rent | $ | $ 12,870 | |||||
Minimum [Member] | Tampa Facility [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Monthly lease payments | $ | $ 4,524 | $ 4,138 | ||||
Maximum [Member] | Tampa Facility [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Monthly lease payments | $ | $ 4,800 | $ 4,392 | ||||
Warrant [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Exercise of warrants | shares | 2,472,573 | |||||
Warrant [Member] | Range One [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 1 | |||||
Exercise of warrants | shares | 360,000 | |||||
Warrant [Member] | Range Two [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 0.90 | |||||
Exercise of warrants | shares | 2,112,573 | |||||
Warrant One [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 1 | |||||
Noachis Terra, Inc. [Member] | Warrant [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Operating activities | $ | $ 542,263 | |||||
Stock Purchase Agreement [Member] | Warrant [Member] | Mr. Joseph Hernandez [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 0.75 | |||||
Stock Purchase Agreement [Member] | Warrant [Member] | Mr. Joseph Hernandez [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Warrants exercise price per share | $ / shares | $ 0.90 | |||||
Stock Purchase Agreement [Member] | Warrant One [Member] | Mr. Joseph Hernandez [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Percentage of warrant exercise | 45.00% | |||||
Warrants exercise price per share | $ / shares | $ 1 | |||||
Stock Purchase Agreement [Member] | Noachis Terra, Inc. [Member] | Warrant [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Contingent consideration descriptions | (i) twenty percent (20%) of the cash proceeds received by the Company upon exercise of the Company’s warrants carrying an exercise price of $0.75 and $0.90 and (ii) forty-five percent (45%) of the cash proceeds received by the Company upon exercise of the Company’s warrants carrying an exercise price of $1.00, in each case, for so long as the warrants remain outstanding | |||||
Percentage of warrant exercise | 20.00% | |||||
Warrants exercise term description | The Company’s previously issued warrants carrying an exercise price of $0.75 have expired by their terms. As a result, no additional consideration will be due to the former sole shareholder of NTI relating to these warrants | |||||
License Agreement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Royalty expenses | $ | 30,000 | |||||
Reimbursement expenses | $ | $ 11,739 | |||||
Agreement expiration term | 20 years | |||||
Alachua Facility [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Payments of rent | $ | $ 13,338 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 25, 2022 | Feb. 24, 2022 | Dec. 31, 2021 | Mar. 15, 2021 | Jan. 28, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Common stock shares authorized | 250,000,000 | 250,000,000 | 200,000,000 | 200,000,000 | |||
Gross proceeds from common stock | $ 26,676,392 | ||||||
Warrants outstanding | 18,040,572 | ||||||
Series C Preferred Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Redemption of preferred shares | 26.697 | ||||||
Redemption of preferred stock | $ 5,600,000 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares issued during the period | 23,871,338 | ||||||
Warrants outstanding | 2,472,573 | ||||||
Gross proceeds from warrants | $ 2,300,000 | ||||||
Common Stock [Member] | ATM Program [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares issued during the period | 21,398,765 | ||||||
Gross proceeds from common stock | $ 27,800,000 |