Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 09, 2022 | |
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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-55264 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-0486747 | |
Entity Address, Address Line One | 140 Intracoastal Pointe Drive, Suite 404 | |
Entity Address, City or Town | Jupiter | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33477 | |
City Area Code | 561 | |
Local Phone Number | 743-8333 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | DYAI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 28,423,100 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 9,476,412 | $ 15,748,480 |
Short-term investment securities | 6,163,833 | 4,511,780 |
Interest receivable | 42,237 | 94,375 |
Accounts receivable | 1,145,451 | 277,831 |
Prepaid expenses and other current assets | 104,831 | 375,830 |
Total current assets | 16,932,764 | 21,008,296 |
Non-current assets: | ||
Investment in Alphazyme | 284,709 | 284,709 |
Other assets | 6,024 | 6,117 |
Total assets | 17,223,497 | 21,299,122 |
Current liabilities: | ||
Accounts payable | 1,095,208 | 1,547,953 |
Accrued expenses | 1,224,338 | 709,560 |
Deferred research and development obligations | 901,331 | 151,147 |
Deferred license revenue, current portion | 176,471 | 147,059 |
Total current liabilities | 3,397,348 | 2,555,719 |
Deferred license revenue, net of current portion | 264,706 | 352,941 |
Total liabilities | 3,662,054 | 2,908,660 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding | 0 | 0 |
Common stock, $.001 par value:Authorized shares - 100,000,000; issued shares - 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 | 40,518 | 40,483 |
Additional paid-in capital | 101,977,102 | 101,026,496 |
Treasury stock, shares held at cost - 12,253,502 | (18,929,915) | (18,929,915) |
Accumulated deficit | (69,526,262) | (63,746,602) |
Total stockholders’ equity | 13,561,443 | 18,390,462 |
Total liabilities and stockholders’ equity | $ 17,223,497 | $ 21,299,122 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 40,517,659 | 40,482,659 |
Common stock, shares outstanding (in shares) | 28,264,157 | 28,229,157 |
Treasury stock (in shares) | 12,253,502 | 12,253,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total revenue | $ 658,553 | $ 937,092 | $ 1,306,980 | $ 1,397,612 |
Costs and expenses: | ||||
Costs of research and development revenue | 411,109 | 829,504 | 815,855 | 1,220,266 |
Research and development | 1,830,798 | 2,209,242 | 3,173,660 | 4,017,340 |
General and administrative | 1,714,029 | 1,747,614 | 3,369,729 | 3,301,621 |
Foreign currency exchange loss, net | 20,621 | 17,806 | 10,373 | 46,078 |
Total costs and expenses | 3,976,557 | 4,804,166 | 7,369,617 | 8,585,305 |
Loss from operations | (3,318,004) | (3,867,074) | (6,062,637) | (7,187,693) |
Other income: | ||||
Interest income | 30,009 | 20,900 | 32,977 | 46,570 |
Other income | 0 | 0 | 250,000 | 0 |
Total other income | 30,009 | 20,900 | 282,977 | 46,570 |
Net loss | $ (3,287,995) | $ (3,846,174) | $ (5,779,660) | $ (7,141,123) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.12) | $ (0.14) | $ (0.20) | $ (0.26) |
Basic and diluted weighted-average common shares outstanding (in shares) | 28,264,157 | 27,645,366 | 28,257,776 | 27,589,627 |
Research and Development [Member] | ||||
Revenues: | ||||
Total revenue | $ 614,435 | $ 937,092 | $ 1,148,156 | $ 1,397,612 |
License [Member] | ||||
Revenues: | ||||
Total revenue | $ 44,118 | $ 0 | $ 158,824 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Outstanding (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 expense | $ 0 | $ 0 | 421,071 | 0 | 421,071 |
Issuance of common stock upon exercise of stock options (in shares) | 60,000 | 0 | |||
Issuance of common stock upon exercise of stock options | $ 60 | $ 0 | 115,740 | 0 | 115,800 |
Net loss | $ 0 | $ 0 | 0 | (3,294,949) | (3,294,949) |
Outstanding (in shares) at Mar. 31, 2021 | 39,807,659 | (12,253,502) | |||
Balance at Mar. 31, 2021 | $ 39,808 | $ (18,929,915) | 98,549,890 | (53,971,300) | 25,688,483 |
Outstanding (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 |
Issuance of common stock upon exercise of stock options (in shares) | 585,000 | ||||
Net loss | (7,141,123) | ||||
Outstanding (in shares) at Jun. 30, 2021 | 40,332,659 | (12,253,502) | |||
Balance at Jun. 30, 2021 | $ 40,333 | $ (18,929,915) | 99,865,825 | (57,817,474) | 23,158,769 |
Outstanding (in shares) at Mar. 31, 2021 | 39,807,659 | (12,253,502) | |||
Balance at Mar. 31, 2021 | $ 39,808 | $ (18,929,915) | 98,549,890 | (53,971,300) | 25,688,483 |
Stock-based compensation expense | $ 0 | $ 0 | 446,120 | 0 | 446,120 |
Issuance of common stock upon exercise of stock options (in shares) | 525,000 | 0 | |||
Issuance of common stock upon exercise of stock options | $ 525 | $ 0 | 869,815 | 0 | 870,340 |
Net loss | $ 0 | $ 0 | 0 | (3,846,174) | (3,846,174) |
Outstanding (in shares) at Jun. 30, 2021 | 40,332,659 | (12,253,502) | |||
Balance at Jun. 30, 2021 | $ 40,333 | $ (18,929,915) | 99,865,825 | (57,817,474) | 23,158,769 |
Outstanding (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 |
Stock-based compensation expense | $ 0 | $ 0 | 453,791 | 0 | 453,791 |
Issuance of common stock upon exercise of stock options (in shares) | 35,000 | 0 | |||
Issuance of common stock upon exercise of stock options | $ 35 | $ 0 | 42,315 | 0 | 42,350 |
Net loss | $ 0 | $ 0 | 0 | (2,491,665) | (2,491,665) |
Outstanding (in shares) at Mar. 31, 2022 | 40,517,659 | (12,253,502) | |||
Balance at Mar. 31, 2022 | $ 40,518 | $ (18,929,915) | 101,522,602 | (66,238,267) | 16,394,938 |
Outstanding (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 |
Issuance of common stock upon exercise of stock options (in shares) | 35,000 | 35,000 | |||
Net loss | $ (5,779,660) | ||||
Outstanding (in shares) at Jun. 30, 2022 | 40,517,659 | (12,253,502) | |||
Balance at Jun. 30, 2022 | $ 40,518 | $ (18,929,915) | 101,977,102 | (69,526,262) | 13,561,443 |
Outstanding (in shares) at Mar. 31, 2022 | 40,517,659 | (12,253,502) | |||
Balance at Mar. 31, 2022 | $ 40,518 | $ (18,929,915) | 101,522,602 | (66,238,267) | 16,394,938 |
Stock-based compensation expense | 0 | 0 | 454,500 | 0 | 454,500 |
Net loss | $ 0 | $ 0 | 0 | (3,287,995) | (3,287,995) |
Outstanding (in shares) at Jun. 30, 2022 | 40,517,659 | (12,253,502) | |||
Balance at Jun. 30, 2022 | $ 40,518 | $ (18,929,915) | $ 101,977,102 | $ (69,526,262) | $ 13,561,443 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (5,779,660) | $ (7,141,123) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 908,291 | 867,191 |
Amortization of held-to-maturity securities, net | 25,217 | 159,481 |
Foreign currency exchange loss (gain), net | 10,372 | 46,079 |
Changes in operating assets and liabilities: | ||
Interest receivable | 52,138 | (51,066) |
Accounts receivable | (890,686) | (36,049) |
Prepaid expenses and other current assets | 273,288 | 179,617 |
Accounts payable | (430,899) | 1,427,809 |
Accrued expenses | 514,778 | 104,546 |
Deferred research and development obligation | 750,184 | 135,732 |
Deferred license revenue | (58,823) | 0 |
Net cash used in operating activities | (4,625,800) | (4,307,783) |
Cash flows from investing activities | ||
Purchases of held-to-maturity investment securities | (6,177,270) | (11,283,940) |
Proceeds from maturities of investment securities | 4,500,000 | 8,000,000 |
Net cash used in investing activities | (1,677,270) | (3,283,940) |
Cash flows from financing activities | ||
Proceeds from exercise of options | 42,350 | 986,140 |
Net cash provided by financing activities | 42,350 | 986,140 |
Effect of exchange rate changes on cash | (11,348) | (12,636) |
Net decrease in cash and cash equivalents | (6,272,068) | (6,618,219) |
Cash and cash equivalents at beginning of period | 15,748,480 | 20,637,045 |
Cash and cash equivalents at end of period | $ 9,476,412 | $ 14,018,826 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Organization and Summary of Significant Accounting Policies Description of Business Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) is a global biotechnology 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 The Company’s proprietary gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica ( formerly Myceliophthora thermophila). C1 C1 TM On December 31, 2015, C1 C1 may The Company has been focused on the animal and human biopharmaceutical industries, specifically in further improving and applying the proprietary C1 The Company’s lead asset, DYAI- 100, C1 2 C1 19. 1 2022 C1 2 Impact of COVID- 19 The outbreak of COVID- 19 The extent to which the COVID- 19 may 2 2 2 third 19 may may not 19 may Liquidity and Capital Resources We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flows 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 100 1 C1 no 100 1 Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements, including the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. All significant intra-entity transactions and balances have been eliminated in consolidation. The information included in this Quarterly Report on Form 10 December 31, 2021, 10 March 29, 2022. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation of all periods presented. The results of the Company’s operations for any interim periods are not Since concluding the DuPont Transaction, the Company has conducted business in one 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 the three June 30, 2022 2021 six June 30, 2022 2021 d from eleven and thirteen customers, respectively. As of June 30, 2022 and December 31, 2021 , the Company’s accounts receivable was from nine and eight customers, respectively. The loss of business from one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the three June 30, 2022 2021 , the Company had and customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or and or of the revenue, respectively. For the six months ended June 30, 2022 2021 , the Company had and customers outside of the United States that accounted for approximately or and or of the revenue, respectively. As of June 30, 2022 , the Company had customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or of accounts receivable. As of December 31, 2021 , the Company had four customers outside of the United States that accounted for approximately or of accounts receivable. The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the three June 30, 2022 2021 , CROs accounted for approximately or and or of total research services we purchased, respectively. For the six June 30, 2022 2021 , and CROs accounted for approximately $2,794,000 or 96.5% and or of total research services we purchased, respectively. As of June 30, 2022 and December 31, 2021 , two CROs accounted for approximately or and approximately $1,312,000 or 84.8% of the accounts payable, respectively. The loss of one Cash and Cash Equivalents We treat highly liquid investments with original maturities of three Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 As of June 30, 2022 December 31, 2021, not June 30, 2022 December 31, 2021 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 June 30, 2022 December 31, 2021 Accounts receivable consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Billed receivable $ 794,428 $ 101,175 Unbilled receivable 351,023 176,656 $ 1,145,451 $ 277,831 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Prepaid expenses - other $ 69,464 $ 45,839 Prepaid insurance 29,518 326,712 Prepaid research and development expenses 5,564 — Prepaid taxes 285 3,279 $ 104,831 $ 375,830 Accounts Payable Accounts payable consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 896,760 $ 1,363,889 Legal expenses 95,597 27,675 Other 102,851 156,389 $ 1,095,208 $ 1,547,953 Accrued Expenses Accrued expenses consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 833,517 $ 194,250 Employee wages and benefits 309,203 405,758 Other 81,618 109,552 $ 1,224,338 $ 709,560 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 for the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, including related party, during the three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 1,616,605 $ 2,036,753 $ 2,752,161 $ 3,695,947 Personnel related costs 199,475 149,587 406,265 297,749 Facilities, overhead and other 14,718 22,902 15,234 23,644 $ 1,830,798 $ 2,209,242 $ 3,173,660 $ 4,017,340 Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately held companies, which usually do not may may may no may not may may not may not Income Taxes For the six June 30, 2022 no June 30, 2022 December 31, 2021 y $15.7 million June 30, 2022 December 31, 2021 Other Income The other income recognized during the six June 30, 2022 Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under GAAP. The Company does not not Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our board of directors (“Board of Directors”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common stock shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options were exercised and converted into common stock, calculated by applying the treasury stock method. For the three six June 30, 2022 2021 Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents, and Investments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2: Cash, Cash Equivalents, and Investments The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, and its investments in money market funds are classified as cash equivalents. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of June 30, 2022 December 31, 2021 June 30, 2022 (Unaudited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,521,964 $ — $ — $ 1,521,964 Money Market Funds 1 7,954,448 — — 7,954,448 Subtotal 9,476,412 — — 9,476,412 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,111,831 — (52,002 ) 6,163,833 Total $ 15,588,243 $ — $ (52,002 ) $ 15,640,245 December 31, 2021 (Audited) 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 _________________ Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 12 ( 3 The premiums paid to purchase held-to-maturity investment securities was and for the three ded June 30, 2022 2021 six June 30, 2022 2021 December 31, 2021 The Company considers the declines in market value of its investment portfolio to be temporary in nature. The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not June 30, 2022 not |
Note 3 - Research and Collabora
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3: Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies A Global Food Ingredient Company On May 10, 2022, Under the terms of the JDA, Dyadic is to develop its proprietary production cell lines for the manufacture of animal free ingredient product candidates. The research collaboration will be fully funded by the GFIC in an amount approximating $4.1 million over two eight The JDA can be terminated in its entirety, or any sublicense granted, in each case with or without cause, by either party within 90 Accounting Treatment The Company considered the guidance in ASC 808, 808 not 606, 606 The Company identified the following promises under the JDA: ( 1 2 two 3 4 The Company concluded that, while participation on the join steering committee was capable of being distinct from other promises, such participation is considered to be part of the research and development services and does not not not Based on management’s assessment, the Company concluded the agreed-upon research and development services and the R&D license under the R&D plan should be combined and accounted for as one 1 Under the JDA, the Company is also eligible to receive Success Fees upon certain milestones, a Commercialization Fee upon commercialization, and future sales-based royalty payments. The Success Fees are considered constrained variable considerations and excluded from the transaction price at inception. The Company will re-evaluate the Success Fees and estimate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company will not For each of the three six June 30, 2022, f approximately $113,000 Phibro/Abic On February 10, 2022, July 1, 2020. April 2022. July 2022, Phibro/Abic may 90 Accounting Treatment The Company considered the guidance in ASC 808, 808 not 606, 606 The Company identified the following obligations under the Phibro/Abic Agreement: ( 1 C1 2 3 Based on management’s assessment, the Company conclu ded two p 1 2 C1 Accordingly, the Company records the R&D services as research and development revenue using the cost-based input method in accordance with the Company’s policy (see Note 1 Under the Phibro/Abic Agreement, the Company is eligible to receive an exclusivity payment of $100,000, certain milestone payment upon regulatory approval, and future sales-based royalty payments. The milestone payment is considered constrained variable consideration and excluded from the transaction price at inception. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company will not For each of the three six June 30, 2022 three six June 30, 2022, pany recorded research and development revenues of approximately $40,000 and $54,000, respectively, in connection with the Phibro/Abic Agreement. 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 considered 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 esolved or other changes in circumstances occur. As of June 30, 2022 , the upfront payment was recorded in deferred license revenue, current and non-current portion in the amount of and , respectively. For the three six June 30, 2022 , the Company recognized and of the upfront payment as license revenue, respectively. For three six June 30, 2022, 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, three six June 30, 2022 tely $0 and $109,000, respectively, of research and development revenue related to IDBiologics. Alphazyme On May 5, 2019, December 31, 2015, C1 On June 24, 2020, C1 C1 On December 1, 2020, m a third 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 As of June 30, 2022 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, 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, For the three six June 30, 2022 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, On June 29, 2022, |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4: Commitments and Contingencies Legal Proceedings We are not one |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 5: Share-Based Compensation 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 June 30, 2022 , the Company had stock options outstanding and an additional shares of common stock available for grant under the 2021 December 31, 2021 , there were 4,774,215 stock options outstanding and 4,263,386 shares of common stock available for grant under the 2021 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 during the six June 30, 2022 Risk-Free interest rate 1.40% - 3.24% Expected dividend yield —% Expected stock price volatility 61.30 - 61.58% Expected life of options (in years) 5.50 - 6.25 The following table summarizes the stock option activities during the six June 30, 2022 Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Granted (1) 865,825 4.43 Exercised (35,000 ) 1.21 Expired (30,000 ) 6.87 Canceled (75,000 ) 4.81 Outstanding at June 30, 2022 5,500,040 $ 3.23 6.20 $ 4,113,421 Exercisable at June 30, 2022 4,070,223 $ 2.79 5.24 $ 3,937,808 _________________ Notes: ( 1 • Annual share-based compensation awards on January 3, 2022 one four $4.81per one four one • On June 10, 2022, one Compensation Expenses We recognize all share-based payments to employees and our Board of Directors, as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations, and these charges had no 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. Total non-cash stock option compensation expense was allocated among the following expense categories: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative $ 389,885 $ 401,133 $ 778,548 $ 778,185 Research and development 64,615 44,987 129,743 89,006 Total $ 454,500 $ 446,120 $ 908,291 $ 867,191 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6: Issuances of Common Stock For the six June 30, 2022 35,000 shares of the Company’s common stock issued resulting from the exercise of stock options with a weighted average issue price of $1.21 per share. For the six June 30, 2021 , there were 585,000 shares of the Company’s common stock issued resulting from the exercise of stock options with a weighted average issue price of $1.68 per share. Open Market Sale Agreement On August 13, 2020, may We have not not may 415 4 1933, We will pay Jefferies a commission equal to 3.0% of the gross proceeds from each sale of shares of our common stock sold through Jefferies under the sale agreement and will provide Jefferies with customary indemnification and contribution rights. In addition, we agreed to reimburse certain legal expenses and fees by Jefferies in connection with the offering up to a maximum of $50,000, in addition to certain ongoing disbursements of Jefferies’ counsel, if required. The sale agreement will terminate upon the sale of all $50.0 million of shares under the sale agreement, unless earlier terminated by either party as permitted therein. The issuance and sale, if any, of shares of our common stock by us under the sale agreement will be made pursuant to a registration statement on Form S- 3 August 13, 2020, August 25, 2020 no |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 7: Subsequent Events Management continues to actively monitor the COVID- 19 For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through August 10, 2022 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 not 19 may |
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 flows 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 100 1 C1 no 100 1 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements, including the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. All significant intra-entity transactions and balances have been eliminated in consolidation. The information included in this Quarterly Report on Form 10 December 31, 2021, 10 March 29, 2022. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation of all periods presented. The results of the Company’s operations for any interim periods are not Since concluding the DuPont Transaction, the Company has conducted business in one 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 the three June 30, 2022 2021 six June 30, 2022 2021 d from eleven and thirteen customers, respectively. As of June 30, 2022 and December 31, 2021 , the Company’s accounts receivable was from nine and eight customers, respectively. The loss of business from one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the three June 30, 2022 2021 , the Company had and customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or and or of the revenue, respectively. For the six months ended June 30, 2022 2021 , the Company had and customers outside of the United States that accounted for approximately or and or of the revenue, respectively. As of June 30, 2022 , the Company had customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or of accounts receivable. As of December 31, 2021 , the Company had four customers outside of the United States that accounted for approximately or of accounts receivable. The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the three June 30, 2022 2021 , CROs accounted for approximately or and or of total research services we purchased, respectively. For the six June 30, 2022 2021 , and CROs accounted for approximately $2,794,000 or 96.5% and or of total research services we purchased, respectively. As of June 30, 2022 and December 31, 2021 , two CROs accounted for approximately or and approximately $1,312,000 or 84.8% of the accounts payable, respectively. The loss of one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We treat highly liquid investments with original maturities of three |
Investment, Policy [Policy Text Block] | Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 As of June 30, 2022 December 31, 2021, not June 30, 2022 December 31, 2021 |
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 June 30, 2022 December 31, 2021 Accounts receivable consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Billed receivable $ 794,428 $ 101,175 Unbilled receivable 351,023 176,656 $ 1,145,451 $ 277,831 |
Accounts Payable, Policy [Policy Text Block] | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Prepaid expenses - other $ 69,464 $ 45,839 Prepaid insurance 29,518 326,712 Prepaid research and development expenses 5,564 — Prepaid taxes 285 3,279 $ 104,831 $ 375,830 Accounts Payable Accounts payable consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 896,760 $ 1,363,889 Legal expenses 95,597 27,675 Other 102,851 156,389 |
Accrued Expenses, Policy [Policy Text Block] | Accrued Expenses Accrued expenses consist of the following: June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 833,517 $ 194,250 Employee wages and benefits 309,203 405,758 Other 81,618 109,552 |
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 for the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, including related party, during the three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 1,616,605 $ 2,036,753 $ 2,752,161 $ 3,695,947 Personnel related costs 199,475 149,587 406,265 297,749 Facilities, overhead and other 14,718 22,902 15,234 23,644 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately held companies, which usually do not may may may no may not may may not may not |
Income Tax, Policy [Policy Text Block] | Income Taxes For the six June 30, 2022 no June 30, 2022 December 31, 2021 y $15.7 million June 30, 2022 December 31, 2021 |
Other Income Policy [Policy Text Block] | Other Income The other income recognized during the six June 30, 2022 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under GAAP. The Company does not not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our board of directors (“Board of Directors”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common stock shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options were exercised and converted into common stock, calculated by applying the treasury stock method. For the three six June 30, 2022 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2022 December 31, 2021 (Unaudited) (Audited) Billed receivable $ 794,428 $ 101,175 Unbilled receivable 351,023 176,656 $ 1,145,451 $ 277,831 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2022 December 31, 2021 (Unaudited) (Audited) Prepaid expenses - other $ 69,464 $ 45,839 Prepaid insurance 29,518 326,712 Prepaid research and development expenses 5,564 — Prepaid taxes 285 3,279 $ 104,831 $ 375,830 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 896,760 $ 1,363,889 Legal expenses 95,597 27,675 Other 102,851 156,389 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2022 December 31, 2021 (Unaudited) (Audited) Research and development expenses $ 833,517 $ 194,250 Employee wages and benefits 309,203 405,758 Other 81,618 109,552 |
Schedule of Research and Development Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 1,616,605 $ 2,036,753 $ 2,752,161 $ 3,695,947 Personnel related costs 199,475 149,587 406,265 297,749 Facilities, overhead and other 14,718 22,902 15,234 23,644 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents, and Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | June 30, 2022 (Unaudited) Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,521,964 $ — $ — $ 1,521,964 Money Market Funds 1 7,954,448 — — 7,954,448 Subtotal 9,476,412 — — 9,476,412 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,111,831 — (52,002 ) 6,163,833 Total $ 15,588,243 $ — $ (52,002 ) $ 15,640,245 December 31, 2021 (Audited) 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 |
Note 5 - Share-based Compensa_2
Note 5 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-Free interest rate 1.40% - 3.24% Expected dividend yield —% Expected stock price volatility 61.30 - 61.58% Expected life of options (in years) 5.50 - 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Granted (1) 865,825 4.43 Exercised (35,000 ) 1.21 Expired (30,000 ) 6.87 Canceled (75,000 ) 4.81 Outstanding at June 30, 2022 5,500,040 $ 3.23 6.20 $ 4,113,421 Exercisable at June 30, 2022 4,070,223 $ 2.79 5.24 $ 3,937,808 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative $ 389,885 $ 401,133 $ 778,548 $ 778,185 Research and development 64,615 44,987 129,743 89,006 Total $ 454,500 $ 446,120 $ 908,291 $ 867,191 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 1 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 658,553 | $ 937,092 | $ 1,306,980 | $ 1,397,612 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | $ 0 | ||
Deferred Tax Assets, Net, Total | $ 15,700,000 | $ 15,700,000 | $ 13,100,000 | ||
Deferred Tax Assets, Valuation Allowance Coverage, Percent | 100% | 100% | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,605,040 | 4,799,215 | 5,605,040 | 4,799,215 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Number of Customers | 7 | 11 | 11 | 13 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 4 | 6 | 5 | 7 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 239,000 | $ 797,000 | $ 375,000 | $ 1,121,000 | |
Concentration Risk, Percentage | 38.90% | 85.10% | 32.70% | 80.20% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 9 | 8 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 5 | 4 | |||
Concentration Risk, Percentage | 15.60% | 56.40% | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 179,000 | $ 179,000 | $ 157,000 | ||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | |||||
Concentration Risk, Number of Customers | 2 | 2 | |||
Concentration Risk, Number of Suppliers | 2 | 3 | |||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Two CROs [Member] | |||||
Concentration Risk, Percentage | 96.20% | 95.80% | 96.50% | ||
Research Services Purchased | $ 1,299,000 | $ 2,622,000 | $ 2,794,000 | ||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member] | |||||
Concentration Risk, Percentage | 96.80% | ||||
Research Services Purchased | $ 4,639,000 | ||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||||
Concentration Risk, Number of Suppliers | 2 | 2 | |||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Two CROs [Member] | |||||
Concentration Risk, Percentage | 79.70% | 84.80% | |||
Accounts Payable, Total | $ 873,000 | $ 873,000 | $ 1,312,000 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable | $ 1,145,451 | $ 277,831 |
Billed Revenues [Member] | ||
Accounts receivable | 794,428 | 101,175 |
Unbilled Revenues [Member] | ||
Accounts receivable | $ 351,023 | $ 176,656 |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Prepaid expenses - other | $ 69,464 | $ 45,839 |
Prepaid insurance | 29,518 | 326,712 |
Prepaid research and development expenses | 5,564 | 0 |
Prepaid taxes | 285 | 3,279 |
Prepaid Expense and Other Assets, Current | $ 104,831 | $ 375,830 |
Note 1 - Organization and Sum_6
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Research and development expenses | $ 896,760 | $ 1,363,889 |
Legal expenses | 95,597 | 27,675 |
Other | 102,851 | 156,389 |
Accounts Payable, Current, Total | $ 1,095,208 | $ 1,547,953 |
Note 1 - Organization and Sum_7
Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Research and development expenses | $ 833,517 | $ 194,250 |
Employee wages and benefits | 309,203 | 405,758 |
Other | 81,618 | 109,552 |
Accrued Liabilities, Current, Total | $ 1,224,338 | $ 709,560 |
Note 1 - Organization and Sum_8
Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Outside contracted services | $ 1,616,605 | $ 2,036,753 | $ 2,752,161 | $ 3,695,947 |
Personnel related costs | 199,475 | 149,587 | 406,265 | 297,749 |
Facilities, overhead and other | 14,718 | 22,902 | 15,234 | 23,644 |
Research And Development Expense, Including Related Party | $ 1,830,798 | $ 2,209,242 | $ 3,173,660 | $ 4,017,340 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents, and Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Corporate Debt Securities [Member] | |||||
Debt Securities, Held-to-maturity, Premium Paid on Purchase | $ 8,420 | $ 0 | $ 29,270 | $ 283,940 | $ 283,940 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents, and Investments - Major Security Type (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |||
Cash and cash equivalent, fair value | $ 9,476,412 | $ 15,748,480 | |||
Cash, adjusted cost | 1,521,964 | 1,377,094 | |||
Money Market Funds, adjusted cost | 7,954,448 | 14,371,386 | |||
Cash and cash equivalents, adjusted cost | 9,476,412 | 15,748,480 | |||
Corporate Bonds, gross unrealized holding losses | (52,002) | (2,495) | |||
Short-term investment securities | 6,163,833 | 4,511,780 | |||
Total, fair value | 15,588,243 | 20,257,765 | |||
Total, adjusted | 15,640,245 | 20,260,260 | |||
Total, fair value | 15,588,243 | 20,257,765 | |||
Short-term Corporate Bonds [Member] | |||||
Short-term investment securities | [1],[2] | 6,163,833 | |||
Corporate Bond Securities [Member] | |||||
Short-term investment securities | [3] | 4,511,780 | |||
Cash [Member] | |||||
Cash and cash equivalent, fair value | 1,521,964 | 1,377,094 | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Cash and cash equivalent, fair value | 7,954,448 | 14,371,386 | [4] | ||
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Corporate Bonds, fair value | 6,111,831 | [1],[2] | 4,509,285 | [3] | |
Corporate Bonds, gross unrealized holding losses | $ (52,002) | [1],[2] | $ (2,495) | [3] | |
[1]Short-term investment securities will mature within 12 months or less, from the applicable reporting date.[2]The premiums paid to purchase held-to-maturity investment securities was $20,850 and $283,940 for the three months ended March 31, 2022, and 2021 , respectively. The premiums paid to purchase held-to-maturity investment securities was $283,940 for the year ended December 31, 2021.[3]The premiums paid to purchase held-to-maturity investment securities was $20,850 and $283,940 for the three months ended March 31, 2022, and 2021, respectively. The premiums paid to purchase held-to-maturity investment securities was $283,940 for the year ended December 31, 2021.[4]Long-term investment securities will mature longer than 12 months from the applicable reporting date. |
Note 3 - Research and Collabo_2
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
May 10, 2022 USD ($) | Jun. 24, 2020 | Jun. 30, 2017 USD ($) | Jun. 30, 2017 EUR (€) | Apr. 30, 2022 USD ($) | Aug. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Feb. 10, 2022 | Dec. 16, 2021 USD ($) | Dec. 16, 2021 EUR (€) | Jul. 26, 2021 | Jul. 08, 2021 shares | Dec. 01, 2020 USD ($) | Apr. 26, 2019 | |
Collaborative Arrangement, Payment for Research and Development Agreement | $ 1,100,000 | € 1,000,000 | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 658,553 | $ 937,092 | $ 1,306,980 | $ 1,397,612 | |||||||||||||||
Number of Performance Obligations | 2 | 2 | |||||||||||||||||
Upfront Payment Payable | $ 500,000 | ||||||||||||||||||
Research and Development Expense, Related Party | $ 0 | ||||||||||||||||||
Deferred License Revenue, Current | 176,471 | 176,471 | 147,059 | ||||||||||||||||
Deferred License Revenue, Net of Current Portion | 264,706 | 264,706 | $ 352,941 | ||||||||||||||||
Cost of Goods and Services Sold, Total | 411,109 | 829,504 | 815,855 | 1,220,266 | |||||||||||||||
Research and Development Expense, Total | 1,830,798 | 2,209,242 | 3,173,660 | 4,017,340 | |||||||||||||||
BDI Holdings [Member] | |||||||||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,600,000 | ||||||||||||||||||
Research Services Agreement [Member] | |||||||||||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | € | € 1,000,000 | ||||||||||||||||||
Alphazyme [Member] | |||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 2.50% | ||||||||||||||||||
Novovet [Member] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20% | ||||||||||||||||||
ID Biologics Inc [Member] | |||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 129,661 | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.37% | ||||||||||||||||||
Cost of Goods and Services Sold, Total | 0 | 109,000 | |||||||||||||||||
Alphazyme [Member] | |||||||||||||||||||
Ownership Percentage | 1.99% | ||||||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 284,709 | ||||||||||||||||||
BDI Holdings [Member] | |||||||||||||||||||
Ownership Percentage | 16.10% | ||||||||||||||||||
Research and Development Expense, Total | 0 | 0 | |||||||||||||||||
BDI Holdings [Member] | Research Services Agreement [Member] | |||||||||||||||||||
Collaborative Arrangement, Equity Interest Acquired | 16.10% | 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% | 3.30% | |||||||||||||||||
Research and Development [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 614,435 | 937,092 | 1,148,156 | 1,397,612 | |||||||||||||||
License [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,118 | $ 0 | 158,824 | $ 0 | |||||||||||||||
A Global Food Ingredient Company [Member] | |||||||||||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | $ 4,100,000 | ||||||||||||||||||
Collaborative Arrangement, Duration Of Agreement (Year) | 2 years | ||||||||||||||||||
A Global Food Ingredient Company [Member] | Research and Development [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 113,000 | 113,000 | |||||||||||||||||
Abic Biolgical Latories Ltd. [Member] | |||||||||||||||||||
Number of Performance Obligations | 2 | ||||||||||||||||||
Abic Biolgical Latories Ltd. [Member] | Research and Development [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,000 | 54,000 | |||||||||||||||||
Abic Biolgical Latories Ltd. [Member] | License [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 100,000 | 0 | $ 100,000 | 100,000 | |||||||||||||||
Janssen Pharmaceutical Companies [Member] | |||||||||||||||||||
Non-refundable Upfront Payment, Received | $ 500,000 | ||||||||||||||||||
Deferred License Revenue, Current | 176,000 | 176,000 | |||||||||||||||||
Deferred License Revenue, Net of Current Portion | 265,000 | 265,000 | |||||||||||||||||
Deferred License Revenue | 44,000 | 59,000 | |||||||||||||||||
Janssen Pharmaceutical Companies [Member] | Research and Development [Member] | |||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 181,000 | $ 246,000 | |||||||||||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | € | € 1,600,000 |
Note 5 - Share-based Compensa_3
Note 5 - Share-based Compensation (Details Textual) - $ / shares | 6 Months Ended | ||||
Jun. 10, 2022 | Jan. 03, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 16, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 5,500,040 | 4,774,215 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 865,825 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.43 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 6 months | ||||
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 | ||||
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) | 277,500 | ||||
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, 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 | ||||
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, 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 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Share-Based Payment Arrangement, Option [Member] | Non-executive Members of the Board [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) | $ 2.60 | ||||
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 Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 75,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | ||||
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) | 5,500,040 | 4,774,215 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,652,561 | 4,263,386 | |||
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 |
Note 5 - Share-based Compensa_4
Note 5 - Share-based Compensation - Black-Scholes Options Pricing Model (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Minimum [Member] | |
Risk-Free interest rate, minimum | 1.40% |
Expected stock price volatility, minimum | 61.30% |
Expected life of options (Year) | 5 years 6 months |
Maximum [Member] | |
Risk-Free interest rate, maximum | 3.24% |
Expected stock price volatility, maximum | 61.58% |
Expected life of options (Year) | 6 years 3 months |
Note 5 - Share-based Compensa_5
Note 5 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | |
Outstanding, shares (in shares) | 4,774,215 | 4,774,215 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.04 | $ 3.04 | |
Weighted-average remaining contractual term, outstanding (Year) | 6 years 1 month 20 days | 6 years 2 months 12 days | |
Aggregate intrinsic value, outstanding | $ 8,413,444 | $ 4,113,421 | |
Granted, shares (in shares) | 865,825 | ||
Granted, weighted average exercise price (in dollars per share) | $ 4.43 | ||
Exercised, shares (in shares) | (35,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 1.21 | ||
Expired, shares (in shares) | (30,000) | ||
Expired, weighted average exercise price (in dollars per share) | $ 6.87 | ||
Canceled, shares (in shares) | (75,000) | ||
Canceled, weighted average exercise price (in dollars per share) | $ 4.81 | ||
Outstanding, shares (in shares) | 4,774,215 | 5,500,040 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.04 | $ 3.23 | |
Exercisable, shares (in shares) | 4,070,223 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.79 | ||
Weighted-average remaining contractual term, exercisable (Year) | 5 years 2 months 26 days | ||
Aggregate intrinsic value, exercisable | $ 3,937,808 |
Note 5 - Share-based Compensa_6
Note 5 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation | $ 454,500 | $ 446,120 | $ 908,291 | $ 867,191 |
General and Administrative Expense [Member] | ||||
Stock-based compensation | 389,885 | 401,133 | 778,548 | 778,185 |
Research and Development Expense [Member] | ||||
Stock-based compensation | $ 64,615 | $ 44,987 | $ 129,743 | $ 89,006 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Aug. 13, 2020 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 35,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.21 | ||||||
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% | ||||||
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) | 35,000 | 525,000 | 60,000 | 35,000 | 585,000 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.21 | $ 1.68 |