Dyadic International (DYAI) 10-K29 Mar 222021 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2021	Mar. 28, 2022	Jun. 30, 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	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	DYAI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 83,800,000
Entity Common Stock, Shares Outstanding		28,264,157
Auditor Name	Mayer Hoffman McCann P.C
Auditor Location	St. Petersburg, FL
Auditor Firm ID	199

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 15,748,480	$ 20,637,045
Short-term investment securities	4,511,780	8,457,452
Interest receivable	94,375	112,247
Accounts receivable	277,831	294,199
Prepaid expenses and other current assets	375,830	280,555
Total current assets	21,008,296	29,781,498
Non-current assets:
Investment in Alphazyme	284,709	284,709
Other assets	6,117	6,225
Total assets	21,299,122	30,072,432
Current liabilities:
Accounts payable	1,547,953	1,013,099
Accrued expenses	709,560	489,756
Deferred research and development obligations	151,147	123,016
Deferred license revenue, current portion	147,059	0
Total current liabilities	2,555,719	1,625,871
Deferred license revenue, net of current portion	352,941	0
Total liabilities	2,908,660	1,625,871
Commitments and contingencies (Note 5)
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 - 40,332,659 and 39,747,659, outstanding shares - 28,079,157 and 27,494,157 as of June 30, 2021, and December 31, 2020, respectively	40,483	39,748
Additional paid-in capital	101,026,496	98,013,079
Treasury stock, shares held at cost - 12,253,502	(18,929,915)	(18,929,915)
Accumulated deficit	(63,746,602)	(50,676,351)
Total stockholders’ equity	18,390,462	28,446,561
Total liabilities and stockholders’ equity	$ 21,299,122	$ 30,072,432

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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)	40,482,659	39,747,659
Common stock, shares outstanding (in shares)	28,229,157	27,494,157
Treasury stock (in shares)	12,253,502	12,253,502

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Research and development revenue	$ 2,403,831	$ 1,601,921
Costs and expenses:
Costs of research and development revenue	1,944,438	1,424,931
Provision for contract losses	0	187,388
Research and development	8,392,370	3,868,121
General and administrative	6,697,617	6,084,799
Foreign currency exchange loss	96,893	62,345
Total costs and expenses	17,131,318	11,627,584
Loss from operations	(14,727,487)	(10,025,663)
Other income:
Interest income	51,704	446,999
Gain from the sale of investments in BDI	1,605,532	0
Unrealized gain from investment in Alphazyme	0	284,709
Total other income	1,657,236	731,708
Loss before income taxes	(13,070,251)	(9,293,955)
Provision for income taxes	0	31,318
Net loss	$ (13,070,251)	$ (9,325,273)
Basic and diluted net loss per common share (in dollars per share)	$ (0.47)	$ (0.34)
Basic and diluted weighted-average common shares outstanding (in shares)	27,838,047	27,471,587

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	39,612,659	(12,253,502)
Balance at Dec. 31, 2019	$ 39,613	$ (18,929,915)	$ 96,105,851	$ (41,351,078)	$ 35,864,471
Stock-based compensation expenses	$ 0	$ 0	1,651,893	0	$ 1,651,893
Issuance of common stock upon exercise of stock options (in shares)	135,000	0			135,000
Issuance of common stock upon exercise of stock options	$ 135	$ 0	255,335	0	$ 255,470
Net loss	$ 0	$ 0	0	(9,325,273)	(9,325,273)
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 expenses	$ 0	$ 0	1,784,102	0	$ 1,784,102
Issuance of common stock upon exercise of stock options (in shares)	735,000	0			735,000	[1]
Issuance of common stock upon exercise of stock options	$ 735	$ 0	1,229,315	0	$ 1,230,050
Net loss	$ 0	$ 0	0	(13,070,251)	(13,070,251)
Balance (in shares) at Dec. 31, 2021	40,482,659	(12,253,502)
Balance at Dec. 31, 2021	$ 40,483	$ (18,929,915)	$ 101,026,496	$ (63,746,602)	$ 18,390,462

[1]	Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (13,070,251)	$ (9,325,273)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,784,102	1,651,893
Amortization of held-to-maturity securities, net	329,612	331,277
Unrealized gain from investment in Alphazyme	0	(284,709)
Gain from the sale of investment in BDI	(1,605,532)	0
Foreign currency exchange loss	96,893	62,345
Changes in operating assets and liabilities:
Interest receivable	17,872	217,464
Accounts receivable	(31,792)	363,365
Income tax receivable	0	500,616
Prepaid expenses and other current assets	(95,366)	(2,410)
Accounts payable	549,562	(53,200)
Accrued expenses	219,824	(80,132)
Deferred license revenue	500,000	0
Deferred research and development obligations	28,131	44,372
Net cash used in operating activities	(11,276,945)	(6,574,392)
Cash flows from investing activities
Purchases of held-to-maturity investment securities	(11,283,940)	(17,638,947)
Proceeds from maturities of investment securities	14,900,000	39,761,000
Proceeds from the sale of investment in BDI	1,605,532	0
Net cash provided by investing activities	5,221,592	22,122,053
Cash flows from financing activities
Proceeds from exercise of options	1,230,050	255,470
Net cash provided by financing activities	1,230,050	255,470
Effect of exchange rate changes on cash	(63,262)	10,370
Net (decrease) increase in cash and cash equivalents	(4,888,565)	15,813,501
Cash and cash equivalents at beginning of period	20,637,045	4,823,544
Cash and cash equivalents at end of period	15,748,480	20,637,045	$ 4,823,544
Supplemental cash flow information
Cash received from income tax refund	$ 0	$ 500,616	$ 500,000

Note 1 - Organization and Summa

Note 1 - Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	Note 1: 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 and a satellite office in the Netherlands, and it utilizes a number of third two third Thermothelomyces heterothallica Myceliophthora thermophila C1. C1 On December 31, 2015, C1 C1 may After the DuPont Transaction, the Company has primarily been focused on the animal and human biopharmaceutical industries, specifically in further improving and applying the proprietary C1 C1 C1 Impact of COVID- 19 The outbreak of COVID- 19 The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19 Liquidity and Capital Resources 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 the C1 no may, Summary of Significant Accounting Policies Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% Since concluding the DuPont Transaction, the Company has conducted business in one operating segment, which is identified by the Company based on how resources are allocated, and operating decisions are made. Management evaluates performance and allocates resources based on the Company as a whole. 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 each of the years ended December 31, 2021 2020 December 31, 2021 2020 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 years ended December 31, 2021 2020 December 31, 2021 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020 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 As of December 31, 2021 2020 not December 31, 2021 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 December 31, 2021 2020 Accounts receivable consist of the following: December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 294,199 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555 Accounts Payable Accounts payable consist of the following: December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099 Accrued Expenses Accrued expenses consist of the following: December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 489,756 Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input method, revenue will be recognized based on 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: Customer options: 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 related to 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, during the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121 Provision for Contract Losses The Company assesses the profitability of our collaboration agreements to provide research services to our contracted business partners and identifies those contracts where current operating results or forecasts indicate probable future losses. If an anticipated contract cost exceeds anticipated contract revenue, a provision for the entire estimated loss on the contract is recorded and then accreted into the statement of operations over the remaining term of the contract. The provision for contract losses is based on judgment and estimates, including revenues and costs, where applicable, the consideration of our business partners’ reimbursement, and when such loss is deemed probable to occur and is reasonable to estimate. 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 For the year ended December 31, 2021, For the year ended December 31, 2020, third December 31, 2021, not Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740. 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 U.S. GAAP. The Company does not not Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our Board of Directors (the “Board”), 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. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. 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 shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2021 2020 Recently 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	12 Months Ended
Note 2 - Cash, Cash Equivalent, and Investments	Dec. 31, 2021
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	Note 2: 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 short-term and long-term investment securities by major security type as of December 31, 2021 2020 December 31, 2021 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,377,094 $ — $ — $ 1,377,094 Money Market Funds 1 14,371,386 — — $ 14,371,386 Subtotal 15,748,480 — — 15,748,480 Short-Term Investment Securities (2) Corporate Bonds (3) 2 4,509,285 — (2,495 ) $ 4,511,780 Total $ 20,257,765 $ — $ (2,495 ) $ 20,260,260 December 31, 2020 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 $283,940 December 31, 2021 2020 The Company considers 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 December 31, 2021 not

Note 3 - Research and Collabora

Note 3 - Research and Collaboration Agreements, Sublicense Agreements and Investments in Privately Held Companies	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 3: Janssen On December 16, 2021, C1 one C1 C1 €1.6 C1 seven C1 one C1 C1 seven seven nine C1 Janssen may no 90 Accounting Treatment The Company applied ASC 808, 808 not 606, 606 The Company identified the following promises under the Janssen Agreement: ( 1 C1 2 3 4 5 C1 6 7 The Company concluded that the research and development services under the R&D Funding represents a separate unit of account, because it is a prerequisite to the license agreement and a third not Other promises including the reservation of targets and tech transfer are not not not not not Based on management’s assessment, the Company concluded two performance obligations should be accounted for separately: ( 1 2 C1 €1.6 1 As noted above, the Company received a non-refundable upfront payment of $0.5 million to reserve the initial protein targets until Janssen decides to exercise an option to license in the future, which represents a right to access the C1 The Company also excluded option exercise fees and future milestone payments that the Company was eligible to receive under the Janssen Agreement, from the initial transaction price. The Company will not At December 31, 2021, IDBiologics, Inc. On July 8, 2020, 2017 2, Pursuant to the term of the IDBiologics Agreement, on July 8, 2021, C1 2 not 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 On April 25, 2021, December 31, 2021, y $194,000 of r Alphazyme On May 5, 2019, December 31, 2015, tary C1 On June 24, 2020, greement (the “Amended Sub-License Agreement”) with Alphazyme to amend and restate the Alphazyme Sub-License Agreement. Pursuant to the Amended Sub-License Agreement and in consideration of Dyadic’s transfer of its 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 its investment in Alphazyme resulting from a third December 31, 2021, not no BDI On June 30, 2017, The Company paid EUR €1.0 C1 C1 €936,000 two The Company concluded that BDI is not not not not not The Company performed a valuation analysis of the components of the transaction and concluded that the fair value of BDI equity interest was considered immaterial, the RSA Initial Payment of approximately USD $1.1 million (EUR €1.0 On July 26, 2021, $1.6 m August 2021. In connection with the BDI Sale, the Company also entered into an amendment to the Service Framework Agreement (the “Amended SFA”) with BDI Pharma. Under the Amended SFA, the Company maintains the right to engage in research and development projects at BDI Pharma until June 30, 2025, June 30, 2030, 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 (“Shareholders 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. On February 15, 2022,

Note 4 - Income Taxes

Note 4 - Income Taxes	12 Months Ended
Note 4 - Income Taxes	Dec. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 4: The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017 January 1, 2018. 35% 21% no December 31, 2019. The TCJA repealed the corporate AMT but permitted unused AMT credit carryforwards to be used to reduce the regular tax obligation in future years. Any AMT credit carryforwards that do not 50% 2018 2020, 100% 2021. March 2020, 2021 2018 2019, Accordingly, we reclassified the balance of the AMT credit from the deferred tax asset to an income tax receivable in 2018. 2019, 50% 2018. 2020, 50% 2019. For the year ended December 31, 2021, no The significant components of gain (loss) before income taxes are as follows: Years Ended December 31, 2021 2020 U.S. operations $ (13,115,869 ) $ (9,246,122 ) Foreign operations 45,618 (47,833 ) Total loss before provision for income taxes $ (13,070,251 ) $ (9,293,955 ) The Company has no current or deferred income tax for the years ended December 31, 2021 2020 The income tax provision differs from the expense amount that would result from applying the federal statutory rates to income before income taxes due to permanent differences, state income taxes and a change in the deferred tax valuation allowance. The reconciliation between the statutory tax rate and the Company’s actual effective tax rate is as follows: Years Ended December 31, 2021 2020 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.52 ) (3.60 ) Non-deductible items (0.84 ) (0.45 ) Change in valuation allowance 28.09 24.19 True-up adjustment 0.06 1.33 Foreign operations 0.09 (0.13 ) Change in tax rate (1.88 ) — Other — (0.34 ) Effective income tax rate — % — % The significant components of the Company’s net deferred income tax assets are as follows: December 31, 2021 2020 Stock option expense $ 947,400 $ 689,600 NOL carryforward 10,509,900 7,080,600 Research and development credits 1,656,500 1,656,500 Unrealized gain from investment in Alphazyme (72,100 ) (69,800 ) Other (6,100 ) 7,900 Deferred tax asset, net of deferred tax liabilities 13,035,600 9,364,800 Valuation allowance (13,035,600 ) (9,364,800 ) Net deferred tax asset $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, Management evaluates whether it is more likely than not not December 31, 2021 2020. The Company had net operating loss (“NOL”) carryforwards available as of December 31, 2021 2020, 2040. Indian Tax Income generated in India is subject to Tax Deducted at Source (“TDS”), which is a means of collecting income tax at the source when income is generated rather than at later by the Indian government. The TDS amount paid can be used as foreign tax credit for US tax purposes. However, we do not December 31, 2020. December 31, 2021.

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	12 Months Ended
Note 5 - Commitments and Contingencies	Dec. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5: Leases Jupiter, Florida Headquarters The Company’s corporate headquarters are located in Jupiter, Florida. The Company occupies approximately 2,000 square feet with a monthly rental rate and common area maintenance charges of approximately $4,400. The lease will expire on September 1, 2022. The Netherlands Office The Company maintains a small satellite office in Wageningen, The Netherlands. The Company occupies a flexible office space for an annual rental rate of approximately $4,000. The lease expires on January 31, 2023, VTT Research Contract Extension On June 28, 2019, June 2022 €2.52 three C1 C1 third €350,000 November 9, 2021, €191,700 90 Purchase Obligations The following table provides a schedule of commitments related to agreements to purchase certain services in the ordinary course of business, as of December 31, 2021 2022 $ 2,617,601 2023 374,689 2024 327,041 Total $ 3,319,331 The purchase obligations in the table above are primarily related to our contracts with the Company’s contract research organizations to provide certain research services. The contracts set forth the Company’s minimum purchase requirements that are subject to adjustments based on certain performance conditions. All contracts expire in or prior to 2024. Legal Proceedings We are not one

Note 6 - Share-based Compensati

Note 6 - Share-based Compensation	12 Months Ended
Note 6 - Share-based Compensation	Dec. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 6: Description of Equity Plans The 2021 “2021 April 9, 2021, June 11, 2021. 2021 2011 “2011 2021 2021 no 2011 2021 2011 April 16, 2021. As of December 31, 2021 nal share 2021 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 2021 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. The assumptions used in the Black-Scholes option pricing model for stock options granted for the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Risk-free interest rate 0.05% - 1.24% 0.25% - 1.72% Expected dividend yield —% —% Expected stock price volatility 54.52% - 60.80% 39.94% - 51.22% Expected life of options 0.5 - 6.25 Years 1.75 - 6.25 Years The following table summarizes the combined stock option activity under the Company’s Equity Compensation Plans: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2019 3,860,390 $ 1.76 5.69 $ 13,287,932 Granted 913,000 5.24 Exercised (135,000 ) 1.89 Expired — — Canceled — — Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 870,825 5.11 Exercised (2) (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Exercisable at December 31, 2021 3,384,516 $ 2.45 5.21 $ 7,674,636 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 • One-time award on August 24, 2021, one • One-time award on November 1, 2021, one • One-time award on November 9, 2021, December 31, 2021. not ( 2 • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. The weighted average grant-date fair market value of stock options granted for the years ended December 31, 2021 2020 December 31, 2021 2020 As of December 31, 2021 2020 , total unrecognized compensation cost related to non-vested stock options granted under the Company’s equity compensation plans was $856,982 and $477,232, respectively, which is expected to be recognized over a weighted average period of 3.07 years and 2.84 years, respectively. The Company will adjust unrecognized compensation cost for actual forfeitures as they occur. Compensation Expenses We recognize all share-based payments to employees, consultants, and our Board, 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 For performance-based awards, the Company recognizes related stock-based compensation expenses based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. There was no performance-based award recognized during the years ended December 31, 2021 2020 Total non-cash stock option compensation expense was allocated among the following expense categories: Years Ended December 31, 2021 2020 General and administrative $ 1,571,328 $ 1,466,461 Research and development 212,774 185,432 Total $ 1,784,102 $ 1,651,893

Note 7 - Shareholders' Equity

Note 7 - Shareholders' Equity	12 Months Ended
Note 7 - Shareholders' Equity	Dec. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7: Issuances of Common Stock For the years ended December 31, 2021 2020 Treasury Stock As of December 31, 2021 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 no

Note 8 - Subsequent Events

Note 8 - Subsequent Events	12 Months Ended
Note 8 - Subsequent Events	Dec. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 8: For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through March 29, 2022 not Stock Option Grant On January 3, 2022, one four On January 3, 2022, On January 3, 2022, one On January 3, 2022, four On January 3, 2022, one Termination of a Material Definitive Agreement On March 17, 2022, August 11, 2021 not

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Impact of COVID-19, Policy [Policy Text Block]	Impact of COVID- 19 The outbreak of COVID- 19 The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19
Liquidity and Capital Resources, Policy [Policy Text Block]	Liquidity and Capital Resources 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 the C1 no may,
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% Since concluding the DuPont Transaction, the Company has conducted business in one operating segment, which is identified by the Company based on how resources are allocated, and operating decisions are made. Management evaluates performance and allocates resources based on the Company as a whole.
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 each of the years ended December 31, 2021 2020 December 31, 2021 2020 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 years ended December 31, 2021 2020 December 31, 2021 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020
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 As of December 31, 2021 2020 not December 31, 2021 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 December 31, 2021 2020 Accounts receivable consist of the following: December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 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: December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555
Accounts Payable, Policy [Policy Text Block]	Accounts Payable Accounts payable consist of the following: December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099
Accrued Expenses, Policy [Policy Text Block]	Accrued Expenses Accrued expenses consist of the following: December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 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 method, revenue will be recognized based on 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: Customer options: 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 related to 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, during the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121
Provision for Contract Losses, Policy [Policy Text Block]	Provision for Contract Losses The Company assesses the profitability of our collaboration agreements to provide research services to our contracted business partners and identifies those contracts where current operating results or forecasts indicate probable future losses. If an anticipated contract cost exceeds anticipated contract revenue, a provision for the entire estimated loss on the contract is recorded and then accreted into the statement of operations over the remaining term of the contract. The provision for contract losses is based on judgment and estimates, including revenues and costs, where applicable, the consideration of our business partners’ reimbursement, and when such loss is deemed probable to occur and is reasonable to estimate.
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 For the year ended December 31, 2021, For the year ended December 31, 2020, third December 31, 2021, not
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740.
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 U.S. 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 (the “Board”), 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. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date.
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 shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2021 2020
New Accounting Pronouncements, Policy [Policy Text Block]	Recently 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)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 294,199
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099
Schedule of Accrued Liabilities [Table Text Block]	December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 489,756
Schedule of Research and Development Costs [Table Text Block]	Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121

Note 2 - Cash, Cash Equivalen_2

Note 2 - Cash, Cash Equivalent, and Investments (Tables)	12 Months Ended
Note 2 - Cash, Cash Equivalent, and Investments (Tables)	Dec. 31, 2021
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	December 31, 2021 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,377,094 $ — $ — $ 1,377,094 Money Market Funds 1 14,371,386 — — $ 14,371,386 Subtotal 15,748,480 — — 15,748,480 Short-Term Investment Securities (2) Corporate Bonds (3) 2 4,509,285 — (2,495 ) $ 4,511,780 Total $ 20,257,765 $ — $ (2,495 ) $ 20,260,260 December 31, 2020 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 4 - Income Taxes (Tables)

Note 4 - Income Taxes (Tables)	12 Months Ended
Note 4 - Income Taxes (Tables)	Dec. 31, 2021
Notes Tables
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	Years Ended December 31, 2021 2020 U.S. operations $ (13,115,869 ) $ (9,246,122 ) Foreign operations 45,618 (47,833 ) Total loss before provision for income taxes $ (13,070,251 ) $ (9,293,955 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years Ended December 31, 2021 2020 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.52 ) (3.60 ) Non-deductible items (0.84 ) (0.45 ) Change in valuation allowance 28.09 24.19 True-up adjustment 0.06 1.33 Foreign operations 0.09 (0.13 ) Change in tax rate (1.88 ) — Other — (0.34 ) Effective income tax rate — % — %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2021 2020 Stock option expense $ 947,400 $ 689,600 NOL carryforward 10,509,900 7,080,600 Research and development credits 1,656,500 1,656,500 Unrealized gain from investment in Alphazyme (72,100 ) (69,800 ) Other (6,100 ) 7,900 Deferred tax asset, net of deferred tax liabilities 13,035,600 9,364,800 Valuation allowance (13,035,600 ) (9,364,800 ) Net deferred tax asset $ — $ —

Note 5 - Commitments and Cont_2

Note 5 - Commitments and Contingencies (Tables)	12 Months Ended
Note 5 - Commitments and Contingencies (Tables)	Dec. 31, 2021
Notes Tables
Long-term Purchase Commitment [Table Text Block]	2022 $ 2,617,601 2023 374,689 2024 327,041 Total $ 3,319,331

Note 6 - Share-based Compensa_2

Note 6 - Share-based Compensation (Tables)	12 Months Ended
Note 6 - Share-based Compensation (Tables)	Dec. 31, 2021
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Years Ended December 31, 2021 2020 Risk-free interest rate 0.05% - 1.24% 0.25% - 1.72% Expected dividend yield —% —% Expected stock price volatility 54.52% - 60.80% 39.94% - 51.22% Expected life of options 0.5 - 6.25 Years 1.75 - 6.25 Years
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2019 3,860,390 $ 1.76 5.69 $ 13,287,932 Granted 913,000 5.24 Exercised (135,000 ) 1.89 Expired — — Canceled — — Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 870,825 5.11 Exercised (2) (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Exercisable at December 31, 2021 3,384,516 $ 2.45 5.21 $ 7,674,636
Share-based Payment Arrangement, Activity [Table Text Block]	Years Ended December 31, 2021 2020 General and administrative $ 1,571,328 $ 1,466,461 Research and development 212,774 185,432 Total $ 1,784,102 $ 1,651,893

Note 1 - Organization and Sum_3

Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	12 Months Ended
	Aug. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares
Number of Operating Segments		1
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 2,403,831	$ 1,601,921
Accounts Receivable, Allowance for Credit Loss, Ending Balance		$ 0	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares		4,774,215	4,638,390
Alphazyme [Member]
Equity Securities without Readily Determinable Fair Value, Amount			$ 284,709
BDI Holdings [Member]
Proceeds from Sales of Business, Affiliate and Productive Assets	$ 1,600,000	$ 1,600,000
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Number of Customers		14	14
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Non-US [Member]
Concentration Risk, Number of Customers		8	7
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 1,716,000	$ 796,000
Concentration Risk, Percentage		71.30%	49.70%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Concentration Risk, Number of Customers		8	9
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Non-US [Member]
Concentration Risk, Number of Customers		4	7
Concentration Risk, Percentage		56.40%	41.60%
Accounts Receivable, after Allowance for Credit Loss, Total		$ 157,000	$ 123,000
Supplier Concentration Risk [Member] \| Contract Research Organizations [Member]
Concentration Risk, Number of Suppliers		3	1
Supplier Concentration Risk [Member] \| Contract Research Organizations [Member] \| Three CROs [Member]
Concentration Risk, Percentage		95.10%
Research Services Purchased		$ 9,061,000
Supplier Concentration Risk [Member] \| Contract Research Organizations [Member] \| One CRO [Member]
Concentration Risk, Percentage			91.60%
Research Services Purchased			$ 4,576,000
Supplier Concentration Risk [Member] \| Accounts Payable [Member]
Concentration Risk, Number of Suppliers		2	1
Supplier Concentration Risk [Member] \| Accounts Payable [Member] \| One CRO [Member]
Concentration Risk, Percentage			68.10%
Accounts Payable, Total			$ 690,000
Supplier Concentration Risk [Member] \| Accounts Payable [Member] \| Two CROs [Member]
Concentration Risk, Percentage		84.80%
Accounts Payable, Total		$ 1,312,000

Note 1 - Organization and Sum_4

Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable	$ 277,831	$ 294,199
Billed Revenues [Member]
Accounts receivable	101,175	130,532
Unbilled Revenues [Member]
Accounts receivable	$ 176,656	$ 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 ($)	Dec. 31, 2021	Dec. 31, 2020
Prepaid insurance	$ 326,712	$ 204,988
Prepaid expenses - various	45,839	72,403
Prepaid taxes	$ 3,279	$ 3,164

Note 1 - Organization and Sum_6

Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Research and development expenses	$ 1,363,889	$ 904,572
Legal expenses	27,675	24,496
Other	156,389	84,031
Accounts Payable, Current, Total	$ 1,547,953	$ 1,013,099

Note 1 - Organization and Sum_7

Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Employee wages and benefits	$ 405,758	$ 447,881
Research and development expenses	194,250	28,508
Other	$ 109,552	$ 13,367

Note 1 - Organization and Sum_8

Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Outside contracted services	$ 7,607,035	$ 3,302,034
Personnel related costs	669,328	531,405
Facilities, overhead and other	116,007	34,682
Research And Development Expense, Including Related Party	$ 8,392,370	$ 3,868,121

Note 2 - Cash, Cash Equivalen_3

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

Note 2 - Cash, Cash Equivalen_4

Note 2 - Cash, Cash Equivalent, and Investments - Major Security Type (Details) - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalent, fair value		$ 15,748,480	$ 20,637,045
Cash, adjusted cost		1,377,094	149,015
Money Market Funds, adjusted cost		14,371,386	20,488,030
Cash and cash equivalents, adjusted cost		15,748,480	20,637,045
Gross Unrealized Holding Gains		0	22,473
Gross Unrealized Holding Losses		(2,495)	(6,463)
Short-term investment securities		4,511,780	8,457,452
Total, fair value		20,257,765	29,110,506
Total, adjusted		20,260,260	29,094,496
Corporate Bond Securities [Member]
Short-term investment securities	[1],[2]	4,511,780	8,457,451
Fair Value, Inputs, Level 2 [Member] \| Short-term Corporate Bonds [Member]
Gross Unrealized Holding Gains	[1],[2]	0	22,473
Cash [Member]
Cash and cash equivalent, fair value		1,377,094	149,015
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalent, fair value		14,371,386	20,488,030
Short-term Corporate Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Corporate Bonds, fair value	[1],[2]	4,509,285	8,473,461
Gross Unrealized Holding Losses	[1],[2]	$ (2,495)	$ (6,463)

[1]	For the three months ended September 30, 2021 and 2020, there was no premium paid to purchase held-to-maturity investment securities. The premium paid to purchase held-to-maturity investment securities was $283,940 and $221,156 for the nine months ended September 30, 2021, and 2020, respectively. The premium paid to purchase held-to-maturity investment securities was $282,946 for the year ended December 31, 2020.
[2]	Short-term investment securities will mature within 12 months or less, from the applicable reporting date.

Note 3 - Research and Collabo_2

Note 3 - Research and Collaboration Agreements, Sublicense Agreements and Investments in Privately Held Companies (Details Textual)

Jun. 24, 2020

Jun. 30, 2017USD ($)

Jun. 30, 2017EUR (€)

Aug. 31, 2021USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 16, 2021USD ($)

Dec. 16, 2021EUR (€)

Jul. 26, 2021

Jul. 08, 2021shares

Dec. 01, 2020

Apr. 26, 2019

Upfront Payment Payable

$ 500,000

Research and Development Expense, Related Party

$ 0

Number of Performance Obligations

Cost of Goods and Services Sold, Total

1,944,438

$ 1,424,931

Accounts Receivable, after Allowance for Credit Loss, Current, Total

277,831

294,199

Collaborative Arrangement, Payment for Research and Development Agreement

$ 1,100,000

€ 1,000,000

BDI Holdings [Member]

Proceeds from Sales of Business, Affiliate and Productive Assets

$ 1,600,000

1,600,000

Research Services Agreement [Member]

Collaborative Arrangement, Payment for Research and Development Agreement | €

€ 1

Alphazyme [Member]

Sale of Stock, Percentage of Ownership after Transaction

2.50%

Equity Securities without Readily Determinable Fair Value, Amount

284,709

Novovet [Member]

Equity Method Investment, Ownership Percentage

20.00%

Unbilled Revenues [Member]

Accounts Receivable, after Allowance for Credit Loss, Current, Total

176,656

$ 163,667

ID Biologics Inc [Member]

Investment Owned, Balance, Shares (in shares) | shares

129,661

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

0.37%

Alphazyme [Member]

Ownership Percentage

1.99%

BDI Holdings [Member]

Ownership Percentage

16.10%

BDI Holdings [Member] | Research Services Agreement [Member]

Collaborative Arrangement, Equity Interest Acquired

16.10%

Collaborative Arrangement, Minimum Obligation For Research and Development

$ 936,000

VLPBio Member

Ownership Percentage

3.30%

VLPBio Member | Research Services Agreement [Member]

Collaborative Arrangement, Equity Interest Acquired

3.30%

Janssen Pharmaceutical Companies [Member]

Non-refundable Upfront Payment, Received

$ 500,000

Deferred License Revenue

500,000

ID Biologics Inc [Member]

Cost of Goods and Services Sold, Total

194,000

ID Biologics Inc [Member] | Unbilled Revenues [Member]

Accounts Receivable, after Allowance for Credit Loss, Current, Total

$ 27,000

Research and Development [Member] | Janssen Pharmaceutical Companies [Member]

Contract with Customer, Asset, after Allowance for Credit Loss, Total | €

€ 1,600,000

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 4 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Cuts and Jobs Act, Change In Alternative Minimum Tax, Income Tax Benefit	$ 1,001,233
Proceeds from Income Tax Refunds	0	$ 500,616	$ 500,000	$ 500,000
Current Income Tax Expense (Benefit), Total	0	0
Operating Loss Carryforwards, Total	39,900,000	27,300,000
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely	$ 37,100,000
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely, Available to Offset Taxable Income, Percentage	80.00%
Unrecognized Tax Benefits, Ending Balance		0
Ministry of Finance, India [Member]
Foreign Income Tax Expense (Benefit), Continuing Operations, Total	$ 0	$ 31,000

Note 4 - Income Taxes - Compone

Note 4 - Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
U.S. operations	$ (13,115,869)	$ (9,246,122)
Foreign operations	45,618	(47,833)
Loss before income taxes	$ (13,070,251)	$ (9,293,955)

Note 4 - Income Taxes - Reconci

Note 4 - Income Taxes - Reconciliation Between Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Tax at U.S. statutory rate	(21.00%)	(21.00%)
State taxes, net of federal benefit	(4.52%)	(3.60%)
Non-deductible items	(0.84%)	(0.45%)
Change in valuation allowance	28.09%	24.19%
True-up adjustment	0.06%	1.33%
Foreign operations	0.09%	(0.13%)
Change in tax rate	(1.88%)	0.00%
Other	0.00%	(0.34%)
Effective income tax rate	0.00%	0.00%

Note 4 - Income Taxes - Compo_2

Note 4 - Income Taxes - Component of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Stock option expense	$ 947,400	$ 689,600
NOL carryforward	10,509,900	7,080,600
Research and development credits	1,656,500	1,656,500
Unrealized gain from investment in Alphazyme	(72,100)	(69,800)
Other	(6,100)	7,900
Deferred tax asset, net of deferred tax liabilities	13,035,600	9,364,800
Valuation allowance	(13,035,600)	(9,364,800)
Net deferred tax asset	$ 0	$ 0

Note 5 - Commitments and Cont_3

Note 5 - Commitments and Contingencies (Details Textual)	Nov. 09, 2021EUR (€)	Jun. 28, 2019EUR (€)	Dec. 31, 2021USD ($)a
VTT Technical Research Centre of Finland Ltd [Member]
Commitment Development Period (Year)		3 years
Commitment Success Bonus Award		€ 350,000
Commitment To Pay, Expanded	€ 191,700
Commitment To Pay, Expanded, Period (Year)	6 years
Jupiter Florida Headqauarters Lease [Member]
Area of Real Estate Property (Acre) \| a			2,000
Operating Leases, Monthly Rental Rate \| $			$ 4,400
Netherlands Office Lease [Member]
Operating Leases, Annual Rental Rate \| $			$ 4,000
Commitment To Pay		€ 2.52

Note 5 - Commitments and Cont_4

Note 5 - Commitments and Contingencies - Purchase Obligations (Details)	Dec. 31, 2021USD ($)
2022	$ 2,617,601
2023	374,689
2024	327,041
Total	$ 3,319,331

Note 6 - Share-based Compensa_3

Note 6 - Share-based Compensation (Details Textual) - USD ($)

Nov. 09, 2021

Nov. 01, 2021

Aug. 24, 2021

Mar. 22, 2021

Jan. 21, 2021

Jan. 08, 2021

Jan. 04, 2021

Dec. 31, 2021

Dec. 31, 2020

Apr. 16, 2021

Dec. 31, 2019

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

4,774,215

4,638,390

3,860,390

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

870,825

[1]

913,000

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

$ 5.11

[1]

$ 5.24

Share-based Payment Arrangement, Expense

$ 1,784,102

$ 1,651,893

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

735,000

[2]

135,000

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

$ 1.67

[2]

$ 1.89

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)

$ 2.49

$ 2.09

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

$ 1,729,850

$ 481,139

Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount

$ 856,982

$ 477,232

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

3 years 25 days

2 years 10 months 2 days

Range 1 [Member]

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

500,000

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

$ 1.67

Range 2 [Member]

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

150,000

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

$ 1.63

Range 3 [Member]

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

60,000

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

$ 1.93

Range 4 [Member]

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

25,000

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

$ 1.39

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)

25,000

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)

$ 4.14

$ 4.96

$ 6.87

$ 5.65

$ 5.16

A New Executive [Member]

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

$ 4.10

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

75,000

Share-based Payment Arrangement, Expense

$ 0

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

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

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

Performance Award [Member]

Share-based Payment Arrangement, Expense

$ 0

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, Options, Outstanding, Number, Ending Balance (in shares)

4,774,215

4,638,390

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

4,263,386

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)

1 year

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

[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.

•

One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date.

•
One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date.

•
One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards.

[2]

Represents the following stock options exercised:

•

500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39.

Note 6 - Share-based Compensa_4

Note 6 - Share-based Compensation - Black-Scholes Options Pricing Model (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minimum [Member]
Risk-Free interest rate, minimum	0.05%
Risk-Free interest rate, maximum		0.25%
Expected stock price volatility, minimum	54.52%
Expected stock price volatility, maximum		39.94%
Maximum [Member]
Risk-Free interest rate, maximum	1.24%	1.72%
Expected stock price volatility, maximum	60.80%	51.22%

Note 6 - Share-based Compensa_5

Note 6 - Share-based Compensation - Stock Option Activity (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2021		Dec. 31, 2020
Outstanding, shares (in shares)		4,638,390		3,860,390
Outstanding, weighted average exercise price (in dollars per share)		$ 2.44		$ 1.76
Weighted-average remaining contractual term, outstanding (Year)	5 years 8 months 8 days	6 years 1 month 20 days		5 years 7 months 20 days
Aggregate intrinsic value, outstanding	$ 13,287,932	$ 8,413,444		$ 13,701,610
Granted, shares (in shares)		870,825	[1]	913,000
Granted, weighted average exercise price (in dollars per share)		$ 5.11	[1]	$ 5.24
Exercised, shares (in shares)		(735,000)	[2]	(135,000)
Exercised, weighted average exercise price (in dollars per share)		$ 1.67	[2]	$ 1.89
Expired, shares (in shares)		0		0
Expired, weighted average exercise price (in dollars per share)		$ 0		$ 0
Canceled, shares (in shares)		0		0
Canceled, weighted average exercise price (in dollars per share)		$ 0		$ 0
Outstanding, shares (in shares)	3,860,390	4,774,215		4,638,390
Outstanding, weighted average exercise price (in dollars per share)	$ 1.76	$ 3.04		$ 2.44
Exercisable, shares (in shares)		3,384,516
Exercisable, weighted average exercise price (in dollars per share)		$ 2.45
Weighted-average remaining contractual term, exercisable (Year)		5 years 2 months 15 days
Aggregate intrinsic value, exercisable		$ 7,674,636

[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. • One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards.
[2]	Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39.

Note 6 - Share-based Compensa_6

Note 6 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation	$ 1,784,102	$ 1,651,893
General and Administrative Expense [Member]
Stock-based compensation	1,571,328	1,466,461
Research and Development Expense [Member]
Stock-based compensation	$ 212,774	$ 185,432

Note 7 - Shareholders' Equity (

Note 7 - Shareholders' Equity (Details Textual) - USD ($)	Aug. 13, 2020	Dec. 31, 2021		Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)		735,000	[1]	135,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)		$ 1.67	[1]	$ 1.89
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)		735,000		135,000

[1]	Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39.

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - $ / shares	Jan. 03, 2022	Nov. 01, 2021	Aug. 24, 2021	Mar. 22, 2021	Jan. 21, 2021	Jan. 08, 2021	Jan. 04, 2021	Dec. 31, 2021	[1]	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								870,825		913,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)								$ 5.11		$ 5.24
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
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
Director [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)						1 year	1 year
Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		25,000	25,000	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)		$ 4.14	$ 4.96	$ 6.87	$ 5.65		$ 5.16
Consultant [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		1 year	1 year	1 year	1 year		1 year
Subsequent Event [Member] \| Executives and Key Personnel [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	325,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 4.81
Subsequent Event [Member] \| Executives and Key Personnel [Member] \| Share-based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Subsequent Event [Member] \| Executives and Key Personnel [Member] \| Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
Subsequent Event [Member] \| A Key Personnel [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	75,000
Share-based Compensation Arrangements by Share-based Payment Award, Other than Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 4.81
Subsequent Event [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	277,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 4.81
Subsequent Event [Member] \| Director [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Subsequent Event [Member] \| Nonexecutive 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)	$ 4.81
Subsequent Event [Member] \| Nonexecutive Employees [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
Subsequent Event [Member] \| Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	15,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 4.81
Subsequent Event [Member] \| Consultant [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year

[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. • One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards.