Dyadic International (DYAI) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Document Information [Line Items]
Entity Central Index Key	0001213809
Entity Registrant Name	DYADIC INTERNATIONAL INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-55264
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0486747
Entity Address, Address Line One	140 Intracoastal Pointe Drive, Suite 404
Entity Address, City or Town	Jupiter
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33477
City Area Code	561
Local Phone Number	743-8333
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
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	DYAI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		27,554,157

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 13,055,558	$ 20,637,045
Short-term investment securities	14,177,441	8,457,452
Interest receivable	157,201	112,247
Accounts receivable	384,963	294,199
Prepaid expenses and other current assets	216,189	280,555
Total current assets	27,991,352	29,781,498
Non-current assets:
Investment in Alphazyme	284,709	284,709
Other assets	6,151	6,225
Total assets	28,282,212	30,072,432
Current liabilities:
Accounts payable	1,473,813	1,013,099
Accrued expenses	277,668	489,756
Deferred research and development obligations	842,248	123,016
Total current liabilities	2,593,729	1,625,871
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding	0	0
Common stock, $.001 par value: Authorized shares - 100,000,000; issued shares - 39,807,659 and 39,747,659, outstanding shares - 27,554,157 and 27,494,157 as of March 31, 2021 and December 31, 2020, respectively	39,808	39,748
Additional paid-in capital	98,549,890	98,013,079
Treasury stock, shares held at cost - 12,253,502	(18,929,915)	(18,929,915)
Accumulated deficit	(53,971,300)	(50,676,351)
Total stockholders’ equity	25,688,483	28,446,561
Total liabilities and stockholders’ equity	$ 28,282,212	$ 30,072,432

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	39,807,659	39,747,659
Common stock, shares outstanding (in shares)	27,554,157	27,494,157
Treasury stock (in shares)	12,253,502	12,253,502

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Research and development revenue	$ 460,520	$ 315,372
Costs and expenses:
Costs of research and development revenue	390,762	278,182
Research and development	1,808,098	755,453
General and administrative	1,554,007	1,653,392
Foreign currency exchange loss (gain), net	28,272	10,867
Total costs and expenses	3,781,139	2,697,894
Loss from operations	(3,320,619)	(2,382,522)
Interest income	25,670	168,383
Net loss	$ (3,294,949)	$ (2,214,139)
Basic and diluted net loss per common share (in dollars per share)	$ (0.12)	$ (0.08)
Basic and diluted weighted-average common shares outstanding (in shares)	27,533,268	27,452,490

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2019	$ 39,613	$ (18,929,915)	$ 96,105,851	$ (41,351,078)	$ 35,864,471
Stock-based compensation	$ 0	0	426,939	0	426,939
Exercise of stock options (in shares)	100,000
Net loss	$ 0	0	0	(2,214,139)	(2,214,139)
Balance at Mar. 31, 2020	$ 39,713	$ (18,929,915)	96,707,690	(43,565,217)	34,252,271
Balance (in shares) at Dec. 31, 2020	39,747,659	(12,253,502)
Balance at Dec. 31, 2020	$ 39,748	$ (18,929,915)	98,013,079	(50,676,351)	28,446,561
Stock-based compensation	$ 0	$ 0	421,071	0	$ 421,071
Exercise of stock options (in shares)	60,000	0			60,000	[1]
Exercise of stock options	$ 60	$ 0	115,740	0	$ 115,800
Net loss	$ 0	$ 0	0	(3,294,949)	(3,294,949)
Balance (in shares) at Mar. 31, 2021	39,807,659	(12,253,502)
Balance at Mar. 31, 2021	$ 39,808	$ (18,929,915)	$ 98,549,890	$ (53,971,300)	$ 25,688,483
[1]	Represents the following stock options exercised: A total of 60,000 stock options exercised with a weighted average exercise price of $1.93.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (3,294,949)	$ (2,214,139)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	421,071	426,939
Amortization of held-to-maturity securities, net	63,951	107,256
Foreign currency exchange loss (gain), net	28,272	10,867
Changes in operating assets and liabilities:
Interest receivable	(44,954)	102,565
Accounts receivable	(131,800)	35,258
Prepaid expenses and other current assets	64,297	(10,529)
Accounts payable	480,455	(292,361)
Accrued expenses	(212,088)	(326,000)
Deferred research and development obligation	719,232	163,799
Net cash used in operating activities	(1,906,513)	(1,996,345)
Cash flows from investing activities
Purchases of held-to-maturity investment securities	(11,283,940)	(11,652,385)
Proceeds from maturities of investment securities	5,500,000	13,350,000
Net cash (used in) provided by investing activities	(5,783,940)	1,697,615
Cash flows from financing activities
Proceeds from exercise of options	115,800	175,000
Net cash provided by financing activities	115,800	175,000
Effect of exchange rate changes on cash	(6,834)	(2,983)
Net decrease in cash and cash equivalents	(7,581,487)	(126,713)
Cash and cash equivalents at beginning of period	20,637,045	4,823,544
Cash and cash equivalents at end of period	$ 13,055,558	$ 4,696,831

Note 1 - Organization and Summa

Note 1 - Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	Note 1: Organization and Summary of Significant Accounting Policies Description of Business Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) is a global biotechnology platform company based in Jupiter, Florida with operations in the United States, a satellite office in the Netherlands and predominantly three two third Thermothelomyces heterothallica Myceliophthora thermophila C1. C1 On December 31, 2015, C1 C1 may After the DuPont Transaction, the Company has been focused on the biopharmaceutical industry, specifically in further improving and applying the proprietary C1 C1 19 19 100, first 1 Effective April 17, 2019, Impact of COVID- 19 The outbreak of COVID- 19 To date, some of our employees are still working remotely. The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19 We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flow to provide the working capital needs for our operations. We believe that our existing cash position and investment in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not may C1 no may, Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements, including the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. All significant intra-entity transactions and balances have been eliminated in consolidation. The information included in this Quarterly Report on Form 10 December 31, 2020, 10 March 30, 2021. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation of all periods presented. The results of the Company’s operations for any interim periods are not Since concluding the DuPont Transaction, the Company has conducted business in one Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands’ FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For the three March 31, 2021 2020 eight five March 31, 2021 December 31, 2020 seven nine one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the three March 31, 2021 three March 31, 2020 three March 31, 2021 December 31, 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. As of and for the three March 31, 2021 three three March 31, 2020, one December 31, 2020 one Cash and Cash Equivalents We treat highly liquid investments with original maturities of three Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company’s investments in money market funds have been classified and accounted for as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. As of March 31, 2021 December 31, 2020 not March 31, 2021 December 31, 2020 Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 no March 31, 2021 December 31, 2020 Accounts receivable consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Billed receivable $ 293,323 $ 130,532 Unbilled receivable 91,640 163,667 $ 384,963 $ 294,199 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Prepaid insurance $ 94,841 $ 204,988 Prepaid expenses - various 120,534 72,403 Prepaid taxes 814 3,164 $ 216,189 $ 280,555 Accounts Payable Accounts payable consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Research and development expenses $ 1,337,755 $ 904,572 Legal expenses 93,071 24,496 Other 42,987 84,031 $ 1,473,813 $ 1,013,099 Accrued Expenses Accrued expenses consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Employee wages and benefits $ 175,210 $ 447,881 Research and development expenses 42,006 28,508 Other 60,452 13,367 $ 277,668 $ 489,756 Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input methods, revenue will be recognized on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not 19 not third 2 Revenue related to sublicensing agreements: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are for the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, including related party, during the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 (Unaudited) (Unaudited) Outside contracted services $ 1,659,194 $ 613,790 Personnel related costs 148,162 123,638 Facilities, overhead and other 742 18,025 $ 1,808,098 $ 755,453 Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately-held companies, which usually do not may may may no may not may may not may not Income Taxes The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017 January 1, 2018. 35% 21% no December 31, 2020 For the three March 31, 2021 no March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under GAAP. The Company does not not Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our board of directors (“Board of Directors”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common stock shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options were exercised and converted into common stock, calculated by applying the treasury stock method. For the three March 31, 2021 2020 Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not

Note 2 - Cash, Cash Equivalent,

Note 2 - Cash, Cash Equivalent, and Investments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	Note 2: Cash, Cash Equivalent, and Investments The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, and its investments in money market funds are classified as cash equivalents. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of March 31, 2021 December 31, 2020 March 31, 2021 (Unaudited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,217,419 $ — $ — $ 1,217,419 Money Market Funds 1 11,838,139 — — 11,838,139 Subtotal 13,055,558 — — 13,055,558 Short-Term Investment Securities (2) Corporate Bonds (3) 2 14,161,252 1,658 (17,847 ) 14,177,441 Total $ 27,216,810 $ 1,658 $ (17,847 ) $ 27,232,999 December 31, 2020 (Audited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 149,015 $ — $ — $ 149,015 Money Market Funds 1 20,488,030 — — 20,488,030 Subtotal 20,637,045 — — 20,637,045 Short-Term Investment Securities (2) Corporate Bonds (3) 2 8,473,461 22,473 (6,463 ) 8,457,451 Total $ 29,110,506 $ 22,473 $ (6,463 ) $ 29,094,496 _________________ Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 12 ( 3 three March 31, 2021 2020 December 31, 2020 The Company considers the declines in market value of its investment portfolio to be temporary in nature. The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not March 31, 2021 not

Note 3 - Research and Collabora

Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately-held Companies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 3: Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately-Held Companies BDI On June 30, 2017, The R&D Agreements provide a framework under which the parties will engage in a research and development collaboration encompassing several different projects over approximately a two C1 C1 C1 Upon closing of the BDI transaction, the Company paid EUR €1.0 C1 C1 €936,000 two €1 € 8.0 not €1.5 two The Company has concluded that BDI is not not not not not The Company performed a valuation analysis of the components of the transaction and allocated the consideration based on the relative fair value of each component. As the fair value of BDI equity interest was considered immaterial, the RSA Initial Payment of approximately USD $1.1 €1.0 June 2019, 2019. On February 18, 2021, three March 31, 2021 Novovet and Luina Bio On April 26, 2019, December 31, 2015, C1 In consideration of the license granted pursuant to the Luina Bio Sub-License Agreement, Dyadic received a 20% equity interest in Novovet (“Novovet Up-Front Consideration”) in accordance with the terms of Novovet’s Shareholder Agreement, and will receive a percentage of royalties on future net sales and non-sales revenue, if any, which incorporates Dyadic’s proprietary C1 The Company evaluated the nature of its equity interest investment in Novovet and determined that Novovet is a VIE, because Novovet does not third not not not not To date Novovet has not not C1 not 606. C1 2021 Alphazyme On May 5, 2019, December 31, 2015, C1 On June 24, 2020, C1 C1 On December 1, 2020, The Company evaluated the nature of its equity interest investment in Alphazyme and determined that Alphazyme is a VIE due to the capital structure of the entity. However, the Company is not not not not For the year ended December 31, 2020, $284,709 third March31, 2021 not IDBiologics, Inc. On July 8, 2020, 2017 2, Under the term of the IDBiologics Agreement, Dyadic agreed to receive 129,611 shares of IDBiologics’ common stock, which represent 0.37% of IDBiologics’ outstanding equity, in exchange for the services to be provided by Dyadic. Such services include the use of Dyadic’s C1 2 3 The Company evaluated the nature of its equity interest in IDBiologics and determined that IDBiologics is a VIE due to the capital structure of the entity. However, the Company is not not not No three March 31, 2021

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 4: Commitments and Contingencies Legal Proceedings We are not one

Note 5 - Share-based Compensati

Note 5 - Share-based Compensation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 5: Share-Based Compensation Description of Equity Plans The 2011 “2011 April 28, 2011 June 15, 2011. 2011 2006 “2006 2011 2011 no 2006 2011 2006 2006 not 2006 2011 January 1, 2019 2020. At our 2021 June 11, 2021, 2021 “2021 April 9, 2021. 2021 2011 April 16, 2021. 2021 no 2011 not 2021 not 2011 As of March 31, 2021 2011 December 31, 2020 2011 Stock Options Options are granted to purchase common stock at prices that are equal to the fair value of the common stock on the date the option is granted. Vesting is determined by the Board of Directors at the time of grant. The term of any stock option awards under the Company’s 2011 ten one three The grant-date fair value of each option grant is estimated using the Black-Scholes option pricing model and amortized on a straight-line basis over the requisite service period, which is generally the vesting period, for each separately vesting portion of the award as if the award was, in substance, multiple awards. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including the following: Risk-free interest rate Expected dividend yield not Expected stock price volatility. 2016, Expected life of option. 5 3 The assumptions used in the Black-Scholes option pricing model for stock options granted during the three March 31, 2021 Risk-Free interest rate 0.13%-0.55% Expected dividend yield —% Expected stock price volatility 54.52%-56.07% Expected life of options (in years) 2.00-6.25 The following table summarizes the stock option activities during the three March 31, 2021 Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 745,825 5.25 Exercised (2) (60,000 ) 1.93 Expired — — Canceled — — Outstanding at March 31, 2021 5,324,215 $ 2.84 6.03 $ 14,209,431 Exercisable at March 31, 2021 4,016,141 $ 2.28 5.09 $ 12,927,908 _________________ Notes: ( 1 • Annual share-based compensation awards on January 4, 2021 one four one four one • One-time award on January 8, 2021 one • One-time award on January 21, 2021, one • One-time award on March 22, 2021, one ( 2 • A total of 60,000 stock options exercised with a weighted average exercise price of $1.93. Compensation Expenses We recognize all share-based payments to employees and our Board of Directors, as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations, and these charges had no Total non-cash stock option compensation expense was allocated among the following expense categories: Three Months Ended March 31, 2021 2020 General and administrative $ 377,052 $ 380,251 Research and development 44,019 46,688 Total $ 421,071 $ 426,939

Note 6 - Shareholders' Equity

Note 6 - Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 6: Shareholders Equity Issuances of Common Stock For the three March 31, 2021 three March 31, 2020 Changes in Stockholders Equity Three Months Ended March 31, 2021 (Unaudited) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Deficit Total January 1, 2021 $ 39,748 $ (18,929,915 ) $ 98,013,079 $ (50,676,351 ) $ 28,446,561 Stock-based compensation — — 421,071 — 421,071 Stock issued 60 — 115,740 — 115,800 Net loss — — — (3,294,949 ) (3,294,949 ) March 31, 2021 $ 39,808 $ (18,929,915 ) $ 98,549,890 $ (53,971,300 ) $ 25,688,483 Three Months Ended March 31, 2020 (Unaudited) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Deficit Total January 1, 2020 $ 39,613 $ (18,929,915 ) $ 96,105,851 $ (41,351,078 ) $ 35,864,471 Stock-based compensation — — 426,939 — 426,939 Stock issued 100 — 174,900 — 175,000 Net loss — — — (2,214,139 ) (2,214,139 ) March 31, 2020 $ 39,713 $ (18,929,915 ) $ 96,707,690 $ (43,565,217 ) $ 34,252,271 Treasury Stock As of March 31, 2021 December 31, 2020 Open Market Sale Agreement On August 13, 2020, may We have not not may 415 4 1933, We will pay Jefferies a commission equal to 3.0% of the gross proceeds from each sale of shares of our common stock sold through Jefferies under the sale agreement and will provide Jefferies with customary indemnification and contribution rights. In addition, we agreed to reimburse certain legal expenses and fees by Jefferies in connection with the offering up to a maximum of $50,000, in addition to certain ongoing disbursements of Jefferies’ counsel, if required. The sale agreement will terminate upon the sale of all $50.0 million of shares under the sale agreement, unless earlier terminated by either party as permitted therein. The issuance and sale, if any, of shares of our common stock by us under the sale agreement will be made pursuant to a registration statement on Form S- 3 August 13, 2020 August 25, 2020 no

Note 7 - Subsequent Events

Note 7 - Subsequent Events	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 7: Subsequent Events Management continues to actively monitor the COVID- 19 For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through May 13, 2021 not

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Impact of COVID-19, Policy [Policy Text Block]	Impact of COVID- 19 The outbreak of COVID- 19 To date, some of our employees are still working remotely. The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19 We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flow to provide the working capital needs for our operations. We believe that our existing cash position and investment in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not may C1 no may,
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements, including the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. All significant intra-entity transactions and balances have been eliminated in consolidation. The information included in this Quarterly Report on Form 10 December 31, 2020, 10 March 30, 2021. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation of all periods presented. The results of the Company’s operations for any interim periods are not Since concluding the DuPont Transaction, the Company has conducted business in one
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands’ FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For the three March 31, 2021 2020 eight five March 31, 2021 December 31, 2020 seven nine one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the three March 31, 2021 three March 31, 2020 three March 31, 2021 December 31, 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. As of and for the three March 31, 2021 three three March 31, 2020, one December 31, 2020 one
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents We treat highly liquid investments with original maturities of three
Investment, Policy [Policy Text Block]	Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company’s investments in money market funds have been classified and accounted for as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. As of March 31, 2021 December 31, 2020 not March 31, 2021 December 31, 2020
Accounts Receivable [Policy Text Block]	Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 no March 31, 2021 December 31, 2020 Accounts receivable consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Billed receivable $ 293,323 $ 130,532 Unbilled receivable 91,640 163,667 $ 384,963 $ 294,199
Prepaid Expenses and Other Current Assets, Policy [Policy Text Block]	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Prepaid insurance $ 94,841 $ 204,988 Prepaid expenses - various 120,534 72,403 Prepaid taxes 814 3,164 $ 216,189 $ 280,555
Accounts Payable, Policy [Policy Text Block]	Accounts Payable Accounts payable consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Research and development expenses $ 1,337,755 $ 904,572 Legal expenses 93,071 24,496 Other 42,987 84,031 $ 1,473,813 $ 1,013,099
Accrued Expenses, Policy [Policy Text Block]	Accrued Expenses Accrued expenses consist of the following: March 31, 2021 December 31, 2020 (Unaudited) (Audited) Employee wages and benefits $ 175,210 $ 447,881 Research and development expenses 42,006 28,508 Other 60,452 13,367 $ 277,668 $ 489,756
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input methods, revenue will be recognized on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not 19 not third 2 Revenue related to sublicensing agreements: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are for the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, including related party, during the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 (Unaudited) (Unaudited) Outside contracted services $ 1,659,194 $ 613,790 Personnel related costs 148,162 123,638 Facilities, overhead and other 742 18,025 $ 1,808,098 $ 755,453
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third
Equity Securities without Readily Determinable Fair Value [Policy Text Block]	Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately-held companies, which usually do not may may may no may not may may not may not
Income Tax, Policy [Policy Text Block]	Income Taxes The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017 January 1, 2018. 35% 21% no December 31, 2020 For the three March 31, 2021 no March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under GAAP. The Company does not not
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our board of directors (“Board of Directors”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common stock shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options were exercised and converted into common stock, calculated by applying the treasury stock method. For the three March 31, 2021 2020
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not

Note 1 - Organization and Sum_2

Note 1 - Organization and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, 2021 December 31, 2020 (Unaudited) (Audited) Billed receivable $ 293,323 $ 130,532 Unbilled receivable 91,640 163,667 $ 384,963 $ 294,199
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, 2021 December 31, 2020 (Unaudited) (Audited) Prepaid insurance $ 94,841 $ 204,988 Prepaid expenses - various 120,534 72,403 Prepaid taxes 814 3,164 $ 216,189 $ 280,555
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	March 31, 2021 December 31, 2020 (Unaudited) (Audited) Research and development expenses $ 1,337,755 $ 904,572 Legal expenses 93,071 24,496 Other 42,987 84,031 $ 1,473,813 $ 1,013,099
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2021 December 31, 2020 (Unaudited) (Audited) Employee wages and benefits $ 175,210 $ 447,881 Research and development expenses 42,006 28,508 Other 60,452 13,367 $ 277,668 $ 489,756
Schedule of Research and Development Costs [Table Text Block]	Three Months Ended March 31, 2021 2020 (Unaudited) (Unaudited) Outside contracted services $ 1,659,194 $ 613,790 Personnel related costs 148,162 123,638 Facilities, overhead and other 742 18,025 $ 1,808,098 $ 755,453

Note 2 - Cash, Cash Equivalen_2

Note 2 - Cash, Cash Equivalent, and Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	March 31, 2021 (Unaudited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,217,419 $ — $ — $ 1,217,419 Money Market Funds 1 11,838,139 — — 11,838,139 Subtotal 13,055,558 — — 13,055,558 Short-Term Investment Securities (2) Corporate Bonds (3) 2 14,161,252 1,658 (17,847 ) 14,177,441 Total $ 27,216,810 $ 1,658 $ (17,847 ) $ 27,232,999 December 31, 2020 (Audited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 149,015 $ — $ — $ 149,015 Money Market Funds 1 20,488,030 — — 20,488,030 Subtotal 20,637,045 — — 20,637,045 Short-Term Investment Securities (2) Corporate Bonds (3) 2 8,473,461 22,473 (6,463 ) 8,457,451 Total $ 29,110,506 $ 22,473 $ (6,463 ) $ 29,094,496

Note 5 - Share-based Compensa_2

Note 5 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-Free interest rate 0.13%-0.55% Expected dividend yield —% Expected stock price volatility 54.52%-56.07% Expected life of options (in years) 2.00-6.25
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 745,825 5.25 Exercised (2) (60,000 ) 1.93 Expired — — Canceled — — Outstanding at March 31, 2021 5,324,215 $ 2.84 6.03 $ 14,209,431 Exercisable at March 31, 2021 4,016,141 $ 2.28 5.09 $ 12,927,908
Share-based Payment Arrangement, Activity [Table Text Block]	Three Months Ended March 31, 2021 2020 General and administrative $ 377,052 $ 380,251 Research and development 44,019 46,688 Total $ 421,071 $ 426,939

Note 6 - Shareholders' Equity (

Note 6 - Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Three Months Ended March 31, 2021 (Unaudited) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Deficit Total January 1, 2021 $ 39,748 $ (18,929,915 ) $ 98,013,079 $ (50,676,351 ) $ 28,446,561 Stock-based compensation — — 421,071 — 421,071 Stock issued 60 — 115,740 — 115,800 Net loss — — — (3,294,949 ) (3,294,949 ) March 31, 2021 $ 39,808 $ (18,929,915 ) $ 98,549,890 $ (53,971,300 ) $ 25,688,483 Three Months Ended March 31, 2020 (Unaudited) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Deficit Total January 1, 2020 $ 39,613 $ (18,929,915 ) $ 96,105,851 $ (41,351,078 ) $ 35,864,471 Stock-based compensation — — 426,939 — 426,939 Stock issued 100 — 174,900 — 175,000 Net loss — — — (2,214,139 ) (2,214,139 ) March 31, 2020 $ 39,713 $ (18,929,915 ) $ 96,707,690 $ (43,565,217 ) $ 34,252,271

Note 1 - Organization and Sum_3

Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)
Number of Research Organizations	3
Number of Operating Segments	1
Revenue from Contract with Customer, Excluding Assessed Tax, Total	$ 460,520	$ 315,372
Accounts Receivable, Allowance for Credit Loss, Ending Balance	0		$ 0
Unrecognized Tax Benefits, Ending Balance	0		0
Deferred Tax Assets, Net, Total	$ 10,200,000		$ 9,400,000
Deferred Tax Assets, Valuation Allowance Coverage, Percent	100.00%		100.00%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	5,324,215	4,663,390
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Number of Customers	8	5
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member]
Concentration Risk, Number of Customers	6	3
Concentration Risk, Percentage	76.70%	58.00%
Revenue from Contract with Customer, Excluding Assessed Tax, Total	$ 353,000	$ 183,000
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk, Number of Customers	7		9
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member]
Concentration Risk, Number of Customers	4		7
Concentration Risk, Percentage	46.00%		41.60%
Accounts Receivable, after Allowance for Credit Loss, Total	$ 174,000		$ 123,000
Supplier Concentration Risk [Member] | Contract Research Organizations [Member]
Concentration Risk, Percentage	98.10%
Concentration Risk, Number of Suppliers	3	1
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member]
Research Services Purchased	$ 2,017,000
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | One CRO [Member]
Concentration Risk, Percentage		100.00%
Research Services Purchased		$ 855,000
Supplier Concentration Risk [Member] | Accounts Payable [Member]
Concentration Risk, Number of Suppliers			1
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Three CROs [Member]
Concentration Risk, Percentage	89.80%
Accounts Payable, Total	$ 1,324,000
Supplier Concentration Risk [Member] | Accounts Payable [Member] | One CRO [Member]
Concentration Risk, Percentage			68.10%
Accounts Payable, Total			$ 690,000

Note 1 - Organization and Sum_4

Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable	$ 384,963	$ 294,199
Billed Revenues [Member]
Accounts receivable	293,323	130,532
Unbilled Revenues [Member]
Accounts receivable	$ 91,640	$ 163,667

Note 1 - Organization and Sum_5

Note 1 - Organization and Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Prepaid insurance	$ 94,841	$ 204,988
Prepaid expenses - various	120,534	72,403
Prepaid taxes	814	3,164
Prepaid Expense and Other Assets, Current	$ 216,189	$ 280,555

Note 1 - Organization and Sum_6

Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Research and development expenses	$ 1,337,755	$ 904,572
Legal expenses	93,071	24,496
Other	42,987	84,031
Accounts Payable, Current, Total	$ 1,473,813	$ 1,013,099

Note 1 - Organization and Sum_7

Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Employee wages and benefits	$ 175,210	$ 447,881
Research and development expenses	42,006	28,508
Other	60,452	13,367
Accrued Liabilities, Current, Total	$ 277,668	$ 489,756

Note 1 - Organization and Sum_8

Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Outside contracted services	$ 1,659,194	$ 613,790
Personnel related costs	148,162	123,638
Facilities, overhead and other	742	18,025
Research And Development Expense, Including Related Party	$ 1,808,098	$ 755,453

Note 2 - Cash, Cash Equivalen_3

Note 2 - Cash, Cash Equivalent, and Investments (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Corporate Debt Securities [Member]
Debt Securities, Held-to-maturity, Premium Paid on Purchase	$ 283,940	$ 196,385	$ 282,946

Note 2 - Cash, Cash Equivalen_4

Note 2 - Cash, Cash Equivalent, and Investments - Major Security Type (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Cash and cash equivalent, fair value		$ 13,055,558	$ 20,637,045
Cash, adjusted cost		1,217,419	149,015
Money Market Funds, adjusted cost		11,838,139	20,488,030
Cash and cash equivalents, adjusted cost		13,055,558	20,637,045
Gross Unrealized Holding Gains		1,658	22,473
Gross Unrealized Holding Losses		(17,847)	(6,463)
Short-term investment securities		14,177,441	8,457,452
Total, fair value		27,216,810	29,110,506
Total, adjusted		27,232,999	29,094,496
Corporate Bond Securities [Member]
Short-term investment securities	[1],[2]	14,177,441	8,457,451
Fair Value, Inputs, Level 2 [Member] | Short-term Corporate Bonds [Member]
Gross Unrealized Holding Gains	[1],[2]	1,658	22,473
Cash [Member]
Cash and cash equivalent, fair value		1,217,419	149,015
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalent, fair value		11,838,139	20,488,030
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Corporate Bonds, fair value	[1],[2]	14,161,252	8,473,461
Gross Unrealized Holding Losses	[1],[2]	$ (17,847)	$ (6,463)
[1]	Short-term investment securities will mature within 12 months or less, from the applicable reporting date.
[2]	The premium paid to purchase held-to-maturity investment securities was $283,940 and $196,385 for the three months ended March 31, 2021 and 2020, respectively. The premium paid to purchase held-to-maturity investment securities was $282,946 for the year ended December 31, 2020.

Note 3 - Research and Collabo_2

Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately-held Companies (Details Textual) € in Millions	Jun. 24, 2020	Jun. 30, 2017EUR (€)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 01, 2020	Jul. 08, 2020shares	Apr. 26, 2019	Jun. 30, 2017USD ($)	Jun. 30, 2017EUR (€)
Collaborative Arrangement, Duration Of Agreement (Year)		2 years
Collaborative Arrangement, Payment for Research and Development Agreement | €		€ 1.1
Cost of Goods and Services Sold, Total			$ 390,762	$ 278,182
Novovet [Member]
Equity Method Investment, Ownership Percentage								20.00%
Alphazyme [Member]
Sale of Stock, Percentage of Ownership after Transaction	2.50%
Equity Securities without Readily Determinable Fair Value, Amount					$ 284,709
Service Agreement to Perform Research Project [Member] | BDI [Member]
Cost of Goods and Services Sold, Total			$ 15,000
Research Services Agreement [Member]
Collaborative Arrangement, Payment for Additional Development and Commercialization | €										€ 1.5
Service Framework Agreement [Member]
Collaborative Arrangement, Duration Of Agreement (Year)		2 years
Collaborative Arrangement, Minimum Obligation For Research and Development									$ 1,000,000
Collaborative Arrangement, Outstanding Commitment									1,000,000
Alphazyme [Member]
Ownership Percentage						1.99%
ID Biologics Inc [Member]
Collaborative Arrangement, Number of Shares To Be Received (in shares) | shares							129,611
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							0.37%
ID Biologics Inc [Member] | Share-based Payment Arrangement, Tranche One [Member]
Collaborative Arrangement, Vesting Percentages							50.00%
ID Biologics Inc [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Collaborative Arrangement, Vesting Percentages							25.00%
ID Biologics Inc [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Collaborative Arrangement, Vesting Percentages							25.00%
Research Services Agreement [Member]
Collaborative Arrangement, Payment for Research and Development Agreement | €		€ 1
Research Services Agreement [Member] | BDI Holdings [Member]
Collaborative Arrangement, Duration Of Agreement (Year)		2 years
Collaborative Arrangement, Equity Interest Acquired		16.10%
Collaborative Arrangement, Minimum Obligation For Research and Development									$ 936,000
Collaborative Arrangement, Maximum Obligation For Research and Development | €										8
Research Services Agreement [Member] | BDI Holdings [Member] | Minimum [Member]
Collaborative Arrangement, Minimum Obligation For Research and Development | €										€ 1
Collaborative Arrangement, Revenue Sharing, Percentage		50.00%
Research Services Agreement [Member] | BDI Holdings [Member] | Maximum [Member]
Collaborative Arrangement, Revenue Sharing, Percentage		75.00%
Research Services Agreement [Member] | VL Pbio Member
Collaborative Arrangement, Equity Interest Acquired		3.30%

Note 5 - Share-based Compensa_3

Note 5 - Share-based Compensation (Details Textual) - $ / shares

Apr. 16, 2021

Mar. 22, 2021

Jan. 21, 2021

Jan. 08, 2021

Jan. 04, 2021

Jan. 01, 2019

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Apr. 28, 2011

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)

5,324,215

4,638,390

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

[1]

745,825

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

[1]

$ 5.25

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)

[2]

60,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)

$ 1.93

[2]

$ 1.78

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)

2 years

Executives and Key Personnel [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

417,500

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

$ 5.16

Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year)

1 year

Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

35,000

227,500

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

$ 5.50

$ 5.16

Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

23,325

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

$ 5.16

Consultant [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

30,000

7,500

5,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

$ 6.87

$ 5.65

$ 5.16

Share-based Payment Arrangement, Option [Member] | Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

1 year

1 year

Share-based Payment Arrangement, Option [Member] | Employees [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

4 years

Share-based Payment Arrangement, Option [Member] | Consultant [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

1 year

1 year

1 year

Share-based Payment Arrangement, Option [Member] | Share-based Compensation Award Tranche Two through Five [Member] | Executives and Key Personnel [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

4 years

The 2011 Plan [Member]

Common Stock, Capital Shares Reserved for Future Issuance (in shares)

3,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)

1,500,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)

5,324,215

4,638,390

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)

1,388,386

2,134,211

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

10 years

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

1 year

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | Contractor [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)

2 years

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)

5 years

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

3 years

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Contractor [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)

3 years

The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)

10 years

The 2011 Plan [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)

3,000,000

[1]

Represents the following stock options granted: Annual share-based compensation awards on January 4, 2021, including: (a) 417,500 stock options with an exercise price of $5.16 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 227,500 stock options with an exercise price of $5.16 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,325 stock options with an exercise price of $5.16 per share granted to employees, vesting annually in equal installments over four years and (d) 5,000 stock options with an exercise price of $5.16 per share granted to a consultant, vesting upon one year anniversary. One-time award on January 8, 2021, 35,000 stock options with an exercise price of $5.50 per share granted to a new member of the Board of Directors, vesting in one year from the grant date. One-time award on January 21, 2021, 7,500 stock options with an exercise price of $5.65 per share granted to a consultant, vesting in one year from the grant date. One-time award on March 22, 2021, 30,000 stock options with an exercise price of $6.87 per share granted to a consultant, vesting in one year from the grant date.

[2]

Represents the following stock options exercised: A total of 60,000 stock options exercised with a weighted average exercise price of $1.93.

Note 5 - Share-based Compensa_4

Note 5 - Share-based Compensation - Black-Scholes Options Pricing Model (Details)	3 Months Ended
	Mar. 31, 2021
Risk-Free interest rate, minimum	0.13%
Risk-Free interest rate, maximum	0.55%
Expected stock price volatility, minimum	54.52%
Expected stock price volatility, maximum	56.07%
Minimum [Member]
Expected life of options (Year)	2 years
Maximum [Member]
Expected life of options (Year)	6 years 3 months

Note 5 - Share-based Compensa_5

Note 5 - Share-based Compensation - Stock Option Activity (Details) - USD ($)		3 Months Ended			12 Months Ended
		Mar. 31, 2021		Mar. 31, 2020	Dec. 31, 2020
Outstanding, shares (in shares)		4,638,390
Outstanding, weighted average exercise price (in dollars per share)		$ 2.44
Weighted-average remaining contractual term, outstanding (Year)		6 years 10 days			5 years 7 months 20 days
Aggregate intrinsic value, outstanding		$ 14,209,431			$ 13,701,610
Granted, shares (in shares)	[1]	745,825
Granted, weighted average exercise price (in dollars per share)	[1]	$ 5.25
Exercised, shares (in shares)	[2]	(60,000)
Exercised, weighted average exercise price (in dollars per share)		$ 1.93	[2]	$ 1.78
Expired, shares (in shares)		0
Expired, weighted average exercise price (in dollars per share)		$ 0
Canceled, shares (in shares)		0
Canceled, weighted average exercise price (in dollars per share)		$ 0
Outstanding, shares (in shares)		5,324,215			4,638,390
Outstanding, weighted average exercise price (in dollars per share)		$ 2.84			$ 2.44
Exercisable, shares (in shares)		4,016,141
Exercisable, weighted average exercise price (in dollars per share)		$ 2.28
Weighted-average remaining contractual term, exercisable (Year)		5 years 1 month 2 days
Aggregate intrinsic value, exercisable		$ 12,927,908
[1]	Represents the following stock options granted: Annual share-based compensation awards on January 4, 2021, including: (a) 417,500 stock options with an exercise price of $5.16 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 227,500 stock options with an exercise price of $5.16 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,325 stock options with an exercise price of $5.16 per share granted to employees, vesting annually in equal installments over four years and (d) 5,000 stock options with an exercise price of $5.16 per share granted to a consultant, vesting upon one year anniversary. One-time award on January 8, 2021, 35,000 stock options with an exercise price of $5.50 per share granted to a new member of the Board of Directors, vesting in one year from the grant date. One-time award on January 21, 2021, 7,500 stock options with an exercise price of $5.65 per share granted to a consultant, vesting in one year from the grant date. One-time award on March 22, 2021, 30,000 stock options with an exercise price of $6.87 per share granted to a consultant, vesting in one year from the grant date.
[2]	Represents the following stock options exercised: A total of 60,000 stock options exercised with a weighted average exercise price of $1.93.

Note 5 - Share-based Compensa_6

Note 5 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation	$ 421,071	$ 426,939
General and Administrative Expense [Member]
Stock-based compensation	377,052	380,251
Research and Development Expense [Member]
Stock-based compensation	$ 44,019	$ 46,688

Note 6 - Shareholders' Equity_2

Note 6 - Shareholders' Equity (Details Textual) - USD ($)		Aug. 13, 2020	Mar. 31, 2021		Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	[1]		60,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)			$ 1.93	[1]	$ 1.78
Treasury Stock, Common, Shares (in shares)			12,253,502			12,253,502
Treasury Stock, Value, Ending Balance			$ 18,929,915			$ 18,929,915
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001	$ 0.001			$ 0.001
Open Market Sale Agreement [Member]
Sale of Stock, Authorized Offering Amount		$ 50,000,000
Sale of Stock, Percentage of Commissions Paid of Gross Proceeds From Sale Of Each Share		3.00%
Sale of Stock, Reimbursable Legal Expenses		$ 50,000
Sale of Stock, Termination Amount Under Agreement		$ 50,000,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			60,000		100,000
[1]	Represents the following stock options exercised: A total of 60,000 stock options exercised with a weighted average exercise price of $1.93.

Note 6 - Shareholders' Equity -

Note 6 - Shareholders' Equity - Schedule of Stockholders Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 28,446,561	$ 35,864,471
Stock-based compensation	421,071	426,939
Stock issued	115,800	175,000
Net loss	(3,294,949)	(2,214,139)
Balance	25,688,483	34,252,271
Common Stock [Member]
Balance	39,748	39,613
Stock-based compensation	0	0
Stock issued	60	100
Net loss	0	0
Balance	39,808	39,713
Treasury Stock [Member]
Balance	(18,929,915)	(18,929,915)
Stock-based compensation	0	0
Stock issued	0	0
Net loss	0	0
Balance	(18,929,915)	(18,929,915)
Additional Paid-in Capital [Member]
Balance	98,013,079	96,105,851
Stock-based compensation	421,071	426,939
Stock issued	115,740	174,900
Net loss	0	0
Balance	98,549,890	96,707,690
Retained Earnings [Member]
Balance	(50,676,351)	(41,351,078)
Stock-based compensation	0	0
Stock issued	0	0
Net loss	(3,294,949)	(2,214,139)
Balance	$ (53,971,300)	$ (43,565,217)