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) |