Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 07, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 1044 North U.S. Highway One, Suite 201 | |
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 $0.001 per share | |
Trading Symbol | DYAI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 28,811,061 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,403,176 | $ 5,794,272 |
Short-term investment securities | 772,804 | 6,847,270 |
Interest receivable | 9,822 | 58,285 |
Accounts receivable | 417,878 | 330,001 |
Prepaid expenses and other current assets | 484,188 | 392,236 |
Total current assets | 9,087,868 | 13,422,064 |
Non-current assets: | ||
Operating lease right-of-use asset, net | 153,112 | 0 |
Investment in Alphazyme | 0 | 284,709 |
Other assets | 14,586 | 6,045 |
Total assets | 9,255,566 | 13,712,818 |
Current liabilities: | ||
Accounts payable | 600,148 | 1,276,313 |
Accrued expenses | 620,242 | 955,081 |
Deferred research and development obligations | 13,897 | 40,743 |
Deferred license revenue, current portion | 176,471 | 176,471 |
Operating lease liability, current portion | 46,599 | 0 |
Total current liabilities | 1,457,357 | 2,448,608 |
Deferred license revenue, net of current portion | 44,118 | 176,471 |
Operating lease liability, net of current portion | 101,567 | 0 |
Total liabilities | 1,603,042 | 2,625,079 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding | 0 | 0 |
Authorized shares - 100,000,000; issued shares - 41,064,563 and 40,816,602, outstanding shares - 28,811,061 and 28,563,100 as of September 30, 2023 and December 31, 2022, respectively | 41,065 | 40,817 |
Additional paid-in capital | 104,746,897 | 103,458,697 |
Treasury stock, shares held at cost - 12,253,502 | (18,929,915) | (18,929,915) |
Accumulated deficit | (78,205,523) | (73,481,860) |
Total stockholders’ equity | 7,652,524 | 11,087,739 |
Total liabilities and stockholders’ equity | $ 9,255,566 | $ 13,712,818 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 41,064,563 | 40,816,602 |
Common stock, outstanding (in shares) | 28,811,061 | 28,563,061 |
Treasury stock (in shares) | 12,253,502 | 12,253,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Total revenue | $ 397,060 | $ 879,597 | $ 2,212,271 | $ 2,186,577 |
Costs and expenses: | ||||
Costs of research and development revenue | 105,869 | 602,847 | 1,625,731 | 1,418,702 |
Research and development | 716,351 | 743,585 | 2,444,469 | 3,917,245 |
General and administrative | 1,282,361 | 1,383,433 | 4,164,970 | 4,753,162 |
Foreign currency exchange loss | 12,600 | 13,205 | 38,143 | 23,578 |
Total costs and expenses | 2,117,181 | 2,743,070 | 8,273,313 | 10,112,687 |
Loss from operations | (1,720,121) | (1,863,473) | (6,061,042) | (7,926,110) |
Other income: | ||||
Interest income | 105,862 | 54,300 | 319,787 | 87,277 |
Other income | 0 | 0 | 1,017,592 | 250,000 |
Total other income | 105,862 | 54,300 | 1,337,379 | 337,277 |
Net loss | $ (1,614,259) | $ (1,809,173) | $ (4,723,663) | $ (7,588,833) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.16) | $ (0.27) |
Basic and diluted weighted-average common shares outstanding (in shares) | 28,811,061 | 28,391,894 | 28,794,712 | 28,302,332 |
Research and Development [Member] | ||||
Revenues: | ||||
Total revenue | $ 352,942 | $ 835,480 | $ 2,079,918 | $ 1,983,636 |
License [Member] | ||||
Revenues: | ||||
Total revenue | $ 44,118 | $ 44,117 | $ 132,353 | $ 202,941 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 |
Stock-based compensation expense | 0 | 0 | 453,791 | 0 | 453,791 |
Net loss | $ 0 | $ 0 | 0 | (2,491,665) | (2,491,665) |
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 |
Balance (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 |
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 |
Net loss | (7,588,833) | ||||
Issuance of common stock upon exercise of stock options (in shares) | 233,943 | ||||
Balance (in shares) at Sep. 30, 2022 | 40,716,602 | (12,253,502) | |||
Balance at Sep. 30, 2022 | $ 40,717 | $ (18,929,915) | 102,836,563 | (71,335,435) | 12,611,930 |
Balance (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) |
Balance (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 |
Stock-based compensation expense | 0 | 0 | 499,919 | 0 | 499,919 |
Net loss | $ 0 | $ 0 | 0 | (1,809,173) | (1,809,173) |
Issuance of common stock upon exercise of stock options (in shares) | 198,943 | 0 | |||
Issuance of common stock upon exercise of stock options | $ 199 | $ 0 | 359,542 | 0 | 359,741 |
Balance (in shares) at Sep. 30, 2022 | 40,716,602 | (12,253,502) | |||
Balance at Sep. 30, 2022 | $ 40,717 | $ (18,929,915) | 102,836,563 | (71,335,435) | 12,611,930 |
Balance (in shares) at Dec. 31, 2022 | 40,816,602 | (12,253,502) | |||
Balance at Dec. 31, 2022 | $ 40,817 | $ (18,929,915) | 103,458,697 | (73,481,860) | 11,087,739 |
Stock-based compensation expense | $ 0 | $ 0 | 330,639 | 0 | 330,639 |
Issuance of common stock upon vesting of restricted stock units (in shares) | 247,961 | 0 | |||
Issuance of common stock upon vesting of restricted stock units | $ 248 | $ 0 | 341,938 | 0 | 342,186 |
Net loss | $ 0 | $ 0 | 0 | (956,444) | (956,444) |
Balance (in shares) at Mar. 31, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Mar. 31, 2023 | $ 41,065 | $ (18,929,915) | 104,131,274 | (74,438,304) | 10,804,120 |
Balance (in shares) at Dec. 31, 2022 | 40,816,602 | (12,253,502) | |||
Balance at Dec. 31, 2022 | $ 40,817 | $ (18,929,915) | 103,458,697 | (73,481,860) | 11,087,739 |
Issuance of common stock upon vesting of restricted stock units (in shares) | 247,961 | ||||
Net loss | $ (4,723,663) | ||||
Issuance of common stock upon exercise of stock options (in shares) | 0 | ||||
Balance (in shares) at Sep. 30, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Sep. 30, 2023 | $ 41,065 | $ (18,929,915) | 104,746,897 | (78,205,523) | $ 7,652,524 |
Balance (in shares) at Mar. 31, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Mar. 31, 2023 | $ 41,065 | $ (18,929,915) | 104,131,274 | (74,438,304) | 10,804,120 |
Stock-based compensation expense | 0 | 0 | 334,316 | 0 | 334,316 |
Net loss | $ 0 | $ 0 | 0 | (2,152,960) | (2,152,960) |
Balance (in shares) at Jun. 30, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Jun. 30, 2023 | $ 41,065 | $ (18,929,915) | 104,465,590 | (76,591,264) | 8,985,476 |
Stock-based compensation expense | 0 | 0 | 281,307 | 0 | 281,307 |
Net loss | $ 0 | $ 0 | 0 | (1,614,259) | (1,614,259) |
Balance (in shares) at Sep. 30, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Sep. 30, 2023 | $ 41,065 | $ (18,929,915) | $ 104,746,897 | $ (78,205,523) | $ 7,652,524 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (4,723,663) | $ (7,588,833) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 946,262 | 1,408,210 |
Amortization of held-to-maturity securities, net | (47,516) | 37,094 |
Gain from the sale of investment in Alphazyme | (1,017,592) | 0 |
Foreign currency exchange loss (gain), net | 38,143 | 23,579 |
Changes in operating assets and liabilities: | ||
Interest receivable | 48,463 | 50,502 |
Accounts receivable | (107,666) | (14,837) |
Prepaid expenses and other current assets | (91,537) | (70,051) |
Operating lease assets and liabilities | (4,946) | 0 |
Accounts payable | (691,471) | (716,964) |
Accrued expenses | 7,347 | 278,331 |
Deferred research and development obligation | (132,353) | 293,897 |
Deferred license revenue | (26,846) | (102,941) |
Net cash used in operating activities | (5,803,375) | (6,402,013) |
Cash flows from investing activities | ||
Purchases of held-to-maturity investment securities | (2,251,018) | (8,487,198) |
Proceeds from maturities of investment securities | 8,373,000 | 5,500,000 |
Proceeds from the sale of investment in Alphazyme | 1,293,760 | 0 |
Net cash provided by (used in) investing activities | 7,415,742 | (2,987,198) |
Cash flows from financing activities | ||
Proceeds from exercise of options | 0 | 402,091 |
Net cash provided by financing activities | 0 | 402,091 |
Effect of exchange rate changes on cash | (3,463) | (22,243) |
Net increase (decrease) in cash and cash equivalents | 1,608,904 | (9,009,363) |
Cash and cash equivalents at beginning of period | 5,794,272 | 15,748,480 |
Cash and cash equivalents at end of period | 7,403,176 | 6,739,117 |
Supplemental cash flow information | ||
Vesting of restricted stock units | 342,186 | 0 |
Right-of-use asset obtained in exchange for lease obligations | $ 156,983 | $ 0 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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 several third two third Thermothelomyces heterothallica Myceliophthora thermophila C1. Subsequent to the Company selling its industrial technology business to Danisco USA (“Danisco”), the industrial biosciences business of DuPont (NYSE: DD) (the “DuPont Transaction”) on December 31, 2015, C1 C1 C1 The Company also developed the Dapibus™ thermophilic filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. Liquidity and Capital Resources The Company expects to incur losses and have negative net cash flows from operating activities as it continues developing its microbial platforms and related products, and as it expands its pipelines and engages in further research and development activities for internal products as well as for its third The Company expects its existing cash and cash equivalents, investments in debt securities, and operating cash flows will be sufficient to meet its operational, business, and other liquidity requirements for at least the next twelve 12 10 may may not not may no The Company has self-funded the development and cGMP manufacturing costs of its proprietary COVID- 19 100. February 2023, 100 1 C1 six 1 December 2023. not 1 100 2023. not 2/3 100 During the nine September 30, 2023 October 2023, 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”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) 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, 2022, 10 March 29, 2023. 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 The Company conducts business in one Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Estimates inherent in the preparation of these consolidated financial statements include, but are not 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 currently deals with four not For the three September 30, 2023 2022 seven eight nine September 30, 2023 2022, Significant customers are those that account for greater than 10% three September 30, 2023 2022 , four nine September 30, 2023 2022 , two and three significant customers accounted for approximately and $1,263,000 or 63.7% of research and development revenue, respectively. As of September 30, 2023 and December 31, 2022 , accounts receivable was from ten and six customers, of which, four three and $291,000 or 88.2% of total accounts receivable, 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 September 30, 2023 2022 , the Company had three and four customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or 36.0% and or of research and development revenue, respectively. For the nine September 30, 2023 2022 , the Company had four and six customers outside of the United States (i.e., European and Asian customers) that accounted for approximately $314,000 or 15.1% and $509,000 or 25.6% of research and development revenue, respectively. As of September 30, 2023 and December 31, 2022 , the Company had three and four or 34.8% and or of accounts receivable, respectively. The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the three September 30, 2023 2022 , three CROs accounted for approximately or and or of total research services we purchased, respectively. For the nine September 30, 2023 2022 , three CROs accounted for approximately $3,639,000 or 96.4% and $4,146,000 or 97.4% of total research services we purchased, respectively. As of September 30, 2023 and December 31, 2022 , three CROs accounted for approximately $526,000 or 87.6% and $1,018,000 or 79.7% of 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’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. The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company classifies its investments in debt securities as held-to-maturity. Held-to-maturity securities are those securities that the Company has the ability and intent to hold until maturity. Held-to-maturity securities are recorded at amortized cost, net of allowance for credit losses if applicable, and adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts are amortized over the life of the related held-to-maturity security. When a debt security is purchased at a premium, both the face value of the debt and premium amount are reflected as investing outflow. 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 es. The impairment of the investment that is related to the credit loss, if any, is expensed in the period in which the event or change occurred. The Company classifies its investments in money market funds as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. As of September 30, 2023 December 31, 2022, As of September 30, 2023 December 31, 2022 not 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. Accounts receivable are stated net of an allowance for credit losses, if deemed necessary based on the Company’s evaluation of collectability and potential credit losses. Management assesses the collectability of its accounts receivable using the specific identification of account balances and considers the credit quality and financial condition of its significant customers, historical information regarding credit losses and the Company’s evaluation of current and expected future economic conditions and changes in our customer collection trends. If necessary, an allowance for credit losses is recorded against accounts receivable such that the carrying value of accounts receivable reflects the net amount expected to be collected. Accounts receivable balances are written off against the allowance for credit losses when the potential for collectability is considered remote. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 September 30, 2023 December 31, 2022 Accounts receivable consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Billed receivable $ 238,695 $ 115,469 Unbilled receivable 179,183 214,532 $ 417,878 $ 330,001 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Prepaid insurance $ 311,389 $ 265,429 Prepaid expenses - various 110,094 124,273 Prepaid research and development expenses 62,370 — Prepaid taxes 335 2,534 $ 484,188 $ 392,236 Accounts Payable Accounts payable consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Research and development expenses $ 508,068 $ 1,067,958 Legal expenses 25,003 56,514 Other 67,077 151,841 $ 600,148 $ 1,276,313 Accrued Expenses Accrued expenses consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Employee wages and benefits $ 429,820 $ 580,264 Research and development expenses 177,875 343,457 Other 12,547 31,360 $ 620,242 $ 955,081 Leases The Company determines if an arrangement is, or contains, a lease at contract inception and during modifications or renewal of existing leases. The Company does not twelve not 842. For operating leases, right-of-use assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses an estimated rate of interest that they would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease right-of-use asset also includes any lease payments made and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s prior lease for its corporate headquarters located at 140 August 31, 2023, no August 2023, “1044 1044 1, September 1, 2023 ( three 3% 1044 1044 three 3 two 2 one 1 not not For the three nine September 30, 2023, $15,000, and $45,000, respectively. As September 30, 2023, 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 nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 556,042 $ 550,750 $ 1,947,228 $ 3,302,911 Personnel related costs 147,426 186,993 447,034 593,258 Facilities, overhead and other 12,883 5,842 50,207 21,076 $ 716,351 $ 743,585 $ 2,444,469 $ 3,917,245 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 carried 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 Income Taxes For the nine September 30, 2023 no September 30, 2023 December 31, 2022 y $17.1 million and September 30, 2023 December 31, 2022 Other Income For the nine September 30, 2023 nine September 30, 2022, 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 expenses 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 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 nine September 30, 2023 three nine September 30, 2022, Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13 2016 13 2016 13 January 1, 2023, 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 | 9 Months Ended |
Sep. 30, 2023 | |
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, net of allowance for credit losses, and its investments in money market funds are classified as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of September 30, 2023 December 31, 2022 September 30, 2023 (Unaudited) Allowance Gross Gross Level for Unrealized Unrealized (1) Fair Value Credit Losses Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 434,388 $ — $ — $ — $ 434,388 Money Market Funds (2) 1 6,968,788 — — — 6,968,788 Subtotal 7,403,176 — — — 7,403,176 Short-Term Investment Securities (3) Corporate Bonds (4)(5) 2 772,483 — — 321 772,804 Total $ 8,175,659 $ — $ — $ 321 $ 8,175,980 December 31, 2022 (Audited) Allowance Gross Gross Level for Unrealized Unrealized (1) Fair Value Credit Losses Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ — $ 26,782 Money Market Funds (2) 1 5,767,490 — — — 5,767,490 Subtotal 5,794,272 — — — 5,794,272 Short-Term Investment Securities (3) Corporate Bonds (4)(5) 2 6,800,062 — — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ — $ (47,208 ) $ 12,641,542 _________________ Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 ( 3 12 ( 4 three September 30, 2023 2022 nine September 30, 2023 2022 ar ended December 31, 2022 , the Company received discounts of $6,280 to purchase held-to-maturity investment securities. ( 5 September 30, 2023 December 31, 2022, not no |
Note 3 - Research and Collabora
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3: Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies Inzymes ApS On September 18, 2023, Under the terms of the Inzymes Agreement, a research collaboration to develop a basket of dairy enzymes will be fully funded by Inzymes with an upfront payment of $0.6 million and an additional payment payable upon the first first The Inzymes Agreement can be terminated in its entirety along with any sublicense granted, with or without cause by either party, within 30 60 For the three nine September 30, 2023 , the Company recorded research and development revenues of approximately , in connection with the Inzymes Agreement. October 2023, first A Global Food Ingredient Company On May 10, 2022, Under the initial terms of the JDA, Dyadic was to develop its proprietary production cell lines for the manufacture of animal free ingredient product candidates. As of September 30, 2023, one $1.35 not, For the three nine September 30, 2023 , the Company recorded research and development revenues of approximately $0 and $565,000, respectively, as well as success fees of approximately $66,000 in three March 31, 2023, For the three nine September 30, 2022 , the Company recorded research and development revenues of approximately $339,000 and $452,000, respectively, in connection with the JDA. Phibro/Abic On February 10, 2022, July 1, 2020. April 2022. July 2022, Phibro/Abic may 90 Under the Phibro/Abic Agreement, the Company has received an exclusivity payment in April 2022 not September 30, 2023 no no Janssen On December 16, 2021, C1 one On October 2, 2023, December 31, 2023. As of September 30, 2023 , the upfront payment was recorded in deferred license revenue, current and non-current portion in the amount of approximately and , respectively. For the three nine September 30, 2023 , the Company recognized approximately and of the upfront payment as license revenue, respectively. For the three nine September 30, 2022 the Company recorded research and development revenues of approximately $127,000 and $507,000 , respectively, in connection with the Janssen Agreement. IDBiologics, Inc. On July 8, 2020, 2017 2, Pursuant to the terms of the IDBiologics Agreement, on July 8, 2021 , June 30, 2023, C1 2 not The Company evaluated the nature of its equity interest in IDBiologics and determined that IDBiologics is a Variable Interest Entity (“VIE”) due to the capital structure of the entity. However, the Company is not not not On April 25, 2021, 2022, three nine September 30, 2023. three nine September 30, 2022, Alphazyme On May 5, 2019, December 31, 2015, C1 On June 24, 2020, C1 C1 On December 1, 2020, The Company evaluated the nature of its equity interest investment in Alphazyme and determined that Alphazyme is a VIE due to the capital structure of the entity. However, the Company is not not not not On January 18, 2023, June 24, 2020, C1 September 30, 2023 no During the nine September 30, 2023 |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 | 9 Months Ended |
Sep. 30, 2023 | |
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 April 16, 2021, 2021 2011. As of September 30, 2023 2021 December 31, 2022 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 nine September 30, 2023 Risk-Free interest rate 3.90% - 5.12% Expected dividend yield —% Expected stock price volatility 62.22% - 64.27% Expected life of options (in years) 1.13 - 6.25 The following table summarizes the stock option activities during the nine September 30, 2023 Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Granted (1) 800,350 1.45 Exercised — — Expired (2) (320,000 ) 1.62 Canceled (3) (15,680 ) 3.50 Outstanding at September 30, 2023 5,495,767 $ 3.08 5.80 $ 987,330 Exercisable at September 30, 2023 4,191,818 $ 3.15 5.03 $ 559,251 _________________ Notes: ( 1 • Annual share-based compensation awards on January 3, 2023 one four one four one two ( 2 • (a) 270,000 stock options with an exercise price of $1.39 per share granted to an executive, (b) 25,000 stock options with an exercise price of $1.75 per share granted to a member of the Board of Directors, and (c) 25,000 stock options with an exercise price of $3.99 per share granted to a consultant. ( 3 • (a) 15,680 stock options with weighted average exercise price of $3.50 per share were canceled for a terminated employee. Restricted Stock Units Restricted stock units (the “RSUs”) are granted subject to certain restrictions. Vesting conditions are determined at the discretion of the Board of Directors. The fair market value of RSUs is generally determined based on the closing market price of the stock on the grant date. The following table summarizes the restricted stock award activity during the nine September 30, 2023 Weighted-Average Grant Date Shares Fair Value Outstanding at December 31, 2022 — $ — Granted (1) 411,005 1.38 Vested (1) (247,961 ) 1.38 Outstanding at September 30, 2023 163,044 $ 1.38 _________________ Notes: ( 1 • On January 3, 2023, 2022. one 2023. November 2022. January 3, 2023 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 share-based compensation expense was allocated among the following expense categories: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 General and administrative $ 270,672 $ 441,279 $ 913,804 $ 1,219,827 Research and development 10,635 58,640 32,458 188,383 Total $ 281,307 $ 499,919 $ 946,262 $ 1,408,210 The following table summarizes the Company’s non-cash share-based compensation expenses: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share based compensation expense- stock option $ 224,749 $ 499,919 $ 779,663 $ 1,408,210 Share based compensation expense- restricted stock units 56,558 — 166,599 — Total $ 281,307 $ 499,919 $ 946,262 $ 1,408,210 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 6: Issuances of Common Stock For the nine September 30, 2023 , there were shares of the Company’s common stock issued resulting from the vesting of restricted stock units with a weighted average issue price of per share. For the nine September 30, 2022 , there were shares of the Company’s common stock issued resulting from the exercise of stock options with a weighted average issue price of per share. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 7: Subsequent Events For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through November 8, 2023 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Liquidity and Capital Resources, Policy [Policy Text Block] | Liquidity and Capital Resources The Company expects to incur losses and have negative net cash flows from operating activities as it continues developing its microbial platforms and related products, and as it expands its pipelines and engages in further research and development activities for internal products as well as for its third The Company expects its existing cash and cash equivalents, investments in debt securities, and operating cash flows will be sufficient to meet its operational, business, and other liquidity requirements for at least the next twelve 12 10 may may not not may no The Company has self-funded the development and cGMP manufacturing costs of its proprietary COVID- 19 100. February 2023, 100 1 C1 six 1 December 2023. not 1 100 2023. not 2/3 100 During the nine September 30, 2023 October 2023, |
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”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) 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, 2022, 10 March 29, 2023. 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 The Company conducts business in one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Estimates inherent in the preparation of these consolidated financial statements include, but are not 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 currently deals with four not For the three September 30, 2023 2022 seven eight nine September 30, 2023 2022, Significant customers are those that account for greater than 10% three September 30, 2023 2022 , four nine September 30, 2023 2022 , two and three significant customers accounted for approximately and $1,263,000 or 63.7% of research and development revenue, respectively. As of September 30, 2023 and December 31, 2022 , accounts receivable was from ten and six customers, of which, four three and $291,000 or 88.2% of total accounts receivable, 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 September 30, 2023 2022 , the Company had three and four customers outside of the United States (i.e., European and Asian customers) that accounted for approximately or 36.0% and or of research and development revenue, respectively. For the nine September 30, 2023 2022 , the Company had four and six customers outside of the United States (i.e., European and Asian customers) that accounted for approximately $314,000 or 15.1% and $509,000 or 25.6% of research and development revenue, respectively. As of September 30, 2023 and December 31, 2022 , the Company had three and four or 34.8% and or of accounts receivable, respectively. The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the three September 30, 2023 2022 , three CROs accounted for approximately or and or of total research services we purchased, respectively. For the nine September 30, 2023 2022 , three CROs accounted for approximately $3,639,000 or 96.4% and $4,146,000 or 97.4% of total research services we purchased, respectively. As of September 30, 2023 and December 31, 2022 , three CROs accounted for approximately $526,000 or 87.6% and $1,018,000 or 79.7% of 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’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. The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company classifies its investments in debt securities as held-to-maturity. Held-to-maturity securities are those securities that the Company has the ability and intent to hold until maturity. Held-to-maturity securities are recorded at amortized cost, net of allowance for credit losses if applicable, and adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts are amortized over the life of the related held-to-maturity security. When a debt security is purchased at a premium, both the face value of the debt and premium amount are reflected as investing outflow. 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 es. The impairment of the investment that is related to the credit loss, if any, is expensed in the period in which the event or change occurred. The Company classifies its investments in money market funds as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. As of September 30, 2023 December 31, 2022, As of September 30, 2023 December 31, 2022 not |
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. Accounts receivable are stated net of an allowance for credit losses, if deemed necessary based on the Company’s evaluation of collectability and potential credit losses. Management assesses the collectability of its accounts receivable using the specific identification of account balances and considers the credit quality and financial condition of its significant customers, historical information regarding credit losses and the Company’s evaluation of current and expected future economic conditions and changes in our customer collection trends. If necessary, an allowance for credit losses is recorded against accounts receivable such that the carrying value of accounts receivable reflects the net amount expected to be collected. Accounts receivable balances are written off against the allowance for credit losses when the potential for collectability is considered remote. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 September 30, 2023 December 31, 2022 Accounts receivable consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Billed receivable $ 238,695 $ 115,469 Unbilled receivable 179,183 214,532 $ 417,878 $ 330,001 |
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: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Prepaid insurance $ 311,389 $ 265,429 Prepaid expenses - various 110,094 124,273 Prepaid research and development expenses 62,370 — Prepaid taxes 335 2,534 $ 484,188 $ 392,236 |
Accounts Payable, Policy [Policy Text Block] | Accounts Payable Accounts payable consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Research and development expenses $ 508,068 $ 1,067,958 Legal expenses 25,003 56,514 Other 67,077 151,841 $ 600,148 $ 1,276,313 |
Accrued Expenses, Policy [Policy Text Block] | Accrued Expenses Accrued expenses consist of the following: September 30, 2023 December 31, 2022 (Unaudited) (Audited) Employee wages and benefits $ 429,820 $ 580,264 Research and development expenses 177,875 343,457 Other 12,547 31,360 $ 620,242 $ 955,081 |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is, or contains, a lease at contract inception and during modifications or renewal of existing leases. The Company does not twelve not 842. For operating leases, right-of-use assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses an estimated rate of interest that they would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease right-of-use asset also includes any lease payments made and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s prior lease for its corporate headquarters located at 140 August 31, 2023, no August 2023, “1044 1044 1, September 1, 2023 ( three 3% 1044 1044 three 3 two 2 one 1 not not For the three nine September 30, 2023, $15,000, and $45,000, respectively. As September 30, 2023, |
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 nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 556,042 $ 550,750 $ 1,947,228 $ 3,302,911 Personnel related costs 147,426 186,993 447,034 593,258 Facilities, overhead and other 12,883 5,842 50,207 21,076 $ 716,351 $ 743,585 $ 2,444,469 $ 3,917,245 |
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 carried 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 |
Income Tax, Policy [Policy Text Block] | Income Taxes For the nine September 30, 2023 no September 30, 2023 December 31, 2022 y $17.1 million and September 30, 2023 December 31, 2022 |
Other Income Policy [Policy Text Block] | Other Income For the nine September 30, 2023 nine September 30, 2022, |
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 expenses 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 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 nine September 30, 2023 three nine September 30, 2022, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13 2016 13 2016 13 January 1, 2023, 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) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 (Unaudited) (Audited) Billed receivable $ 238,695 $ 115,469 Unbilled receivable 179,183 214,532 $ 417,878 $ 330,001 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | September 30, 2023 December 31, 2022 (Unaudited) (Audited) Prepaid insurance $ 311,389 $ 265,429 Prepaid expenses - various 110,094 124,273 Prepaid research and development expenses 62,370 — Prepaid taxes 335 2,534 $ 484,188 $ 392,236 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 (Unaudited) (Audited) Research and development expenses $ 508,068 $ 1,067,958 Legal expenses 25,003 56,514 Other 67,077 151,841 $ 600,148 $ 1,276,313 |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 (Unaudited) (Audited) Employee wages and benefits $ 429,820 $ 580,264 Research and development expenses 177,875 343,457 Other 12,547 31,360 $ 620,242 $ 955,081 |
Schedule of Research and Development Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Outside contracted services $ 556,042 $ 550,750 $ 1,947,228 $ 3,302,911 Personnel related costs 147,426 186,993 447,034 593,258 Facilities, overhead and other 12,883 5,842 50,207 21,076 $ 716,351 $ 743,585 $ 2,444,469 $ 3,917,245 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents, and Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | September 30, 2023 (Unaudited) Allowance Gross Gross Level for Unrealized Unrealized (1) Fair Value Credit Losses Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 434,388 $ — $ — $ — $ 434,388 Money Market Funds (2) 1 6,968,788 — — — 6,968,788 Subtotal 7,403,176 — — — 7,403,176 Short-Term Investment Securities (3) Corporate Bonds (4)(5) 2 772,483 — — 321 772,804 Total $ 8,175,659 $ — $ — $ 321 $ 8,175,980 December 31, 2022 (Audited) Allowance Gross Gross Level for Unrealized Unrealized (1) Fair Value Credit Losses Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ — $ 26,782 Money Market Funds (2) 1 5,767,490 — — — 5,767,490 Subtotal 5,794,272 — — — 5,794,272 Short-Term Investment Securities (3) Corporate Bonds (4)(5) 2 6,800,062 — — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ — $ (47,208 ) $ 12,641,542 |
Note 5 - Share-based Compensa_2
Note 5 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-Free interest rate 3.90% - 5.12% Expected dividend yield —% Expected stock price volatility 62.22% - 64.27% Expected life of options (in years) 1.13 - 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, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Granted (1) 800,350 1.45 Exercised — — Expired (2) (320,000 ) 1.62 Canceled (3) (15,680 ) 3.50 Outstanding at September 30, 2023 5,495,767 $ 3.08 5.80 $ 987,330 Exercisable at September 30, 2023 4,191,818 $ 3.15 5.03 $ 559,251 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Outstanding at December 31, 2022 — $ — Granted (1) 411,005 1.38 Vested (1) (247,961 ) 1.38 Outstanding at September 30, 2023 163,044 $ 1.38 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 General and administrative $ 270,672 $ 441,279 $ 913,804 $ 1,219,827 Research and development 10,635 58,640 32,458 188,383 Total $ 281,307 $ 499,919 $ 946,262 $ 1,408,210 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share based compensation expense- stock option $ 224,749 $ 499,919 $ 779,663 $ 1,408,210 Share based compensation expense- restricted stock units 56,558 — 166,599 — Total $ 281,307 $ 499,919 $ 946,262 $ 1,408,210 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) ft² shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) ft² shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Operating Segments | 1 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 397,060 | $ 879,597 | $ 2,212,271 | $ 2,186,577 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | $ 0 | ||
Operating Lease, Expense | 15,000 | 45,000 | |||
Operating Lease, Liability | 148,000 | 148,000 | |||
Operating Lease, Right-of-Use Asset | 153,112 | 153,112 | 0 | ||
Deferred Tax Assets, Net | $ 17,100,000 | $ 17,100,000 | $ 15,500,000 | ||
Deferred Tax Assets, Valuation Allowance Coverage, Percent | 100% | 100% | |||
Other Income | $ 1,018,000 | $ 250,000 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,281,097 | 5,281,097 | |||
Share-Based Payment Arrangement [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,658,811 | 5,658,811 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 163,044 | 163,044 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,495,767 | 5,495,767 | |||
Weighted Average [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 153,000 | $ 153,000 | |||
The 1044 N Lease [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 1,719 | 1,719 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Number of Customers | 7 | 8 | 12 | 13 | |
Concentration Risk, Significant Customers | 4 | 3 | 2 | 3 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 3 | 4 | 4 | 6 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 127,000 | $ 133,000 | $ 314,000 | $ 509,000 | |
Concentration Risk, Percentage | 36% | 16% | 15.10% | 25.60% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Four Significant Customers [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 297,000 | $ 697,000 | $ 1,263,000 | ||
Concentration Risk, Percentage | 84.10% | 83.40% | 63.70% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Significant Customers [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,137,000 | ||||
Concentration Risk, Percentage | 54.70% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 10 | 6 | |||
Concentration Risk, Significant Customers | 4 | 3 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 3 | 4 | |||
Concentration Risk, Percentage | 34.80% | 27.40% | |||
Accounts Receivable, after Allowance for Credit Loss | $ 145,000 | $ 145,000 | $ 91,000 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Significant Customers [Member] | |||||
Concentration Risk, Percentage | 73% | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 305,000 | $ 305,000 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 88.20% | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 291,000 | ||||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | |||||
Concentration Risk, Number of Suppliers | 3 | 3 | |||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member] | |||||
Concentration Risk, Percentage | 93.40% | 99.50% | 96.40% | 97.40% | |
Research Services Purchased | $ 977,000 | $ 1,352,000 | $ 3,639,000 | $ 4,146,000 | |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||||
Concentration Risk, Number of Suppliers | 3 | ||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Three CROs [Member] | |||||
Concentration Risk, Percentage | 87.60% | 79.70% | |||
Accounts Payable | 526,000 | $ 526,000 | $ 1,018,000 | ||
Inzymes Agreement APS [Member] | |||||
Non-refundable Upfront Payment, Received | 600,000 | 600,000 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 67,000 | 67,000 | |||
Alphazyme [Member] | |||||
Proceeds from Sale, Maturity and Collection of Investments | $ 1,300,000 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 417,878 | $ 330,001 |
Billed Revenues [Member] | ||
Accounts receivable | 238,695 | 115,469 |
Unbilled Revenues [Member] | ||
Accounts receivable | $ 179,183 | $ 214,532 |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid insurance | $ 311,389 | $ 265,429 |
Prepaid expenses - various | 110,094 | 124,273 |
Prepaid research and development expenses | 62,370 | 0 |
Prepaid taxes | 335 | 2,534 |
Prepaid Expense and Other Assets, Current | $ 484,188 | $ 392,236 |
Note 1 - Organization and Sum_6
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Research and development expenses | $ 508,068 | $ 1,067,958 |
Legal expenses | 25,003 | 56,514 |
Other | 67,077 | 151,841 |
Accounts Payable, Current | $ 600,148 | $ 1,276,313 |
Note 1 - Organization and Sum_7
Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Employee wages and benefits | $ 429,820 | $ 580,264 |
Research and development expenses | 177,875 | 343,457 |
Other | 12,547 | 31,360 |
Accrued Liabilities, Current | $ 620,242 | $ 955,081 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Outside contracted services | $ 556,042 | $ 550,750 | $ 1,947,228 | $ 3,302,911 |
Personnel related costs | 147,426 | 186,993 | 447,034 | 593,258 |
Facilities, overhead and other | 12,883 | 5,842 | 50,207 | 21,076 |
Research And Development Expense, Including Related Party | $ 716,351 | $ 743,585 | $ 2,444,469 | $ 3,917,245 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents, and Investments (Details Textual) - Corporate Debt Securities [Member] - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Held-to-maturity, Securities Purchased, Discount | $ 1,148 | $ 33,982 | $ 6,280 | ||
Debt Securities, Held-to-maturity, Premium Paid on Purchase | $ 5,072 | $ 24,198 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents, and Investments - Major Security Type (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Cash and cash equivalent, fair value | $ 7,403,176 | $ 5,794,272 | |
Cash, adjusted cost | 434,388 | 26,782 | |
Money Market Funds, adjusted cost | 6,968,788 | 5,767,490 | |
Cash and cash equivalents, adjusted cost | 7,403,176 | 5,794,272 | |
Corporate Bonds, allowance for credit loss | 0 | 0 | |
Corporate Bonds, gross unrealized holding gains | 0 | 0 | |
Corporate Bonds, gross unrealized holding losses | 321 | 47,208 | |
Total, fair value | 8,175,659 | 12,594,334 | |
Total, adjusted | 8,175,980 | 12,641,542 | |
Corporate Bonds, gross unrealized holding losses | (321) | (47,208) | |
Cash [Member] | |||
Cash and cash equivalent, fair value | 434,388 | 26,782 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalent, fair value | 6,968,788 | [1] | 5,767,490 |
Short-term Corporate Bonds [Member] | |||
Corporate Bonds, adjusted cost | 772,804 | 6,847,270 | |
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Corporate Bonds, fair value | 772,483 | [2],[3],[4] | 6,800,062 |
Corporate Bonds, allowance for credit loss | 0 | [2],[3],[4] | 0 |
Corporate Bonds, gross unrealized holding gains | 0 | [2],[3],[4] | 0 |
Corporate Bonds, gross unrealized holding losses | 321 | 47,208 | |
Corporate Bonds, gross unrealized holding losses | $ (321) | $ (47,208) | |
[1]All of our money market funds were invested in U.S. Government money market funds.[2]For the three months ended March 31, 2023 and 2022, the Company received discounts of $15,233 and paid premiums of $20,850 to purchase held-to-maturity investment securities, respectively. For the year ended December 31, 2022 the Company received discounts of $6,280 to purchase held-to-maturity investment securities.[3]Short-term investment securities will mature within 12 months or less, from the applicable reporting date.[4]The Company considers the declines in market value of its investment portfolio to be temporary in nature. As of March 31, 2023 and December 31, 2022, the Company did not consider any of its investments to be other-than-temporarily impaired and no allowance for credit losses was recorded. |
Note 3 - Research and Collabo_2
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
May 10, 2022 | Jun. 24, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Oct. 05, 2023 | Dec. 31, 2022 | Jul. 08, 2021 | Dec. 01, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 397,060 | $ 879,597 | $ 2,212,271 | $ 2,186,577 | ||||||
Deferred License Revenue, Current | 176,471 | 176,471 | $ 176,471 | |||||||
Deferred License Revenue, Net of Current Portion | 44,118 | 44,118 | $ 176,471 | |||||||
Alphazyme [Member] | ||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 2.50% | |||||||||
Proceeds from Sale, Maturity and Collection of Investments | 1,300,000 | |||||||||
ID Biologics Inc [Member] | ||||||||||
Investment Owned, Balance, Shares (in shares) | 129,661 | |||||||||
Investment Owned, Net Assets, Percentage | 0.30% | |||||||||
Alphazyme [Member] | ||||||||||
Ownership Percentage | 1.99% | |||||||||
Research and Development [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 352,942 | 835,480 | 2,079,918 | 1,983,636 | ||||||
Inzymes Agreement APS [Member] | ||||||||||
Non-refundable Upfront Payment, Received | 600,000 | 600,000 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,000 | 67,000 | ||||||||
Inzymes Agreement APS [Member] | Subsequent Event [Member] | ||||||||||
Non-refundable Upfront Payment, Received | $ 600,000 | |||||||||
A Global Food Ingredient Company [Member] | ||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | $ 600,000 | |||||||||
Collaborative Arrangement, Duration Of Agreement (Year) | 1 year | |||||||||
A Global Food Ingredient Company [Member] | Research and Development [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 565,000 | ||||||||
A Global Food Ingredient Company [Member] | Research and Development [Member] | Purchase Provision Terms [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 339,000 | 452,000 | ||||||||
A Global Food Ingredient Company [Member] | Success Fees [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,000 | |||||||||
Janssen Pharmaceutical Companies [Member] | ||||||||||
Deferred License Revenue, Current | 176,000 | 176,000 | ||||||||
Deferred License Revenue, Net of Current Portion | 44,118 | 44,118 | ||||||||
Deferred License Revenue | 44,000 | 132,000 | ||||||||
Janssen Pharmaceutical Companies [Member] | Research and Development [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,000 | 507,000 | ||||||||
ID Biologics Inc [Member] | Research and Development [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 | $ 109,000 |
Note 5 - Share-based Compensa_3
Note 5 - Share-based Compensation (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Jan. 03, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Apr. 16, 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 5,495,767 | 5,031,097 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | [1] | 800,350 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.45 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | [2] | 320,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.62 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 15,680 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.5 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 1 year 1 month 17 days | |||||
Executives and Key Personnel [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 406,250 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | |||||
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) | 262,500 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 25,000 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.75 | |||||
Employees [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 24,100 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | |||||
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) | $ 1.38 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 25,000 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.99 | |||||
Consultant Two [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 37,500 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.23 | |||||
Executive Officer [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 270,000 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.39 | |||||
Terminated Employee [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 15,680 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.5 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [3] | 411,005 | ||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 163,044 | |||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,961 | |||||
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] | Consultant Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 months | |||||
Share-Based Payment Arrangement, Option [Member] | Share-based Compensation Award Tranche Two through Five [Member] | Executives and Key Personnel [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
The 2011 Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,000,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 5,495,767 | 5,031,097 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,796,886 | 3,672,561 | ||||
The 2011 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares) | 163,044 | |||||
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 3, 2023, including: (a) 406,250 stock options with an exercise price of $1.38 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 262,500 stock options with an exercise price of $1.38 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 24,100 stock options with an exercise price of $1.38 per share granted to employees, vesting annually in equal installments over four years, (d) 15,000 stock options with an exercise price of $1.38 per share granted to a consultant, vesting upon one year anniversary, and (e) 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, vesting over two months from the grant date.[2]Represents the following stock options expired:•(a) 270,000 stock options with an exercise price of $1.39 per share granted to an executive, (b) 25,000 stock options with an exercise price of $1.75 per share granted to a member of the Board of Directors, and (c) 25,000 stock options with an exercise price of $3.99 per share granted to a consultant.[3]Represents the following restricted stock unit granted: •On January 3, 2023, the Company granted 247,961 RSUs fully vested, to executives and key personnel in lieu of cash bonus earned for the year ended 2022. The Company also granted 163,044 RSUs, vesting upon one year anniversary of the grant, to the Board of Directors as a result of reduction in director cash compensation for 2023. The grant of these RSUs was approved by the Compensation Committee of the Board of Directors in November 2022. The fair value of the common stock is the Company's closing stock price as reported on the Nasdaq Stock Exchange. |
Note 5 - Share-based Compensa_4
Note 5 - Share-based Compensation - Black-Scholes Options Pricing Model (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Minimum [Member] | |
Risk-Free interest rate, minimum | 3.90% |
Expected stock price volatility, minimum | 62.22% |
Expected life of options (Year) | 1 year 1 month 17 days |
Maximum [Member] | |
Risk-Free interest rate, maximum | 5.12% |
Expected stock price volatility, maximum | 64.27% |
Expected life of options (Year) | 6 years 3 months |
Note 5 - Share-based Compensa_5
Note 5 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | ||
Outstanding, shares (in shares) | 5,031,097 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.25 | ||
Weighted-average remaining contractual term, outstanding (Year) | 5 years 9 months 18 days | 5 years 9 months | |
Aggregate intrinsic value, outstanding | $ 987,330 | $ 13,000 | |
Granted, shares (in shares) | [1] | 800,350 | |
Granted, weighted average exercise price (in dollars per share) | $ 1.45 | ||
Exercised, shares (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Expired, shares (in shares) | [2] | (320,000) | |
Expired, weighted average exercise price (in dollars per share) | $ 1.62 | ||
Canceled, shares (in shares) | (15,680) | ||
Canceled, weighted average exercise price (in dollars per share) | $ 3.5 | ||
Outstanding, shares (in shares) | 5,495,767 | 5,031,097 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.08 | $ 3.25 | |
Exercisable, shares (in shares) | 4,191,818 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 3.15 | ||
Weighted-average remaining contractual term, exercisable (Year) | 5 years 10 days | ||
Aggregate intrinsic value, exercisable | $ 559,251 | ||
[1]Represents the following stock options granted: • Annual share-based compensation awards on January 3, 2023, including: (a) 406,250 stock options with an exercise price of $1.38 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 262,500 stock options with an exercise price of $1.38 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 24,100 stock options with an exercise price of $1.38 per share granted to employees, vesting annually in equal installments over four years, (d) 15,000 stock options with an exercise price of $1.38 per share granted to a consultant, vesting upon one year anniversary, and (e) 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, vesting over two months from the grant date.[2]Represents the following stock options expired:•(a) 270,000 stock options with an exercise price of $1.39 per share granted to an executive, (b) 25,000 stock options with an exercise price of $1.75 per share granted to a member of the Board of Directors, and (c) 25,000 stock options with an exercise price of $3.99 per share granted to a consultant. |
Note 5 - Share-based Compensa_6
Note 5 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Outstanding, Balance, RSU (in shares) | shares | 0 | |
Outstanding, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 | |
Granted, RSU (in shares) | shares | 411,005 | [1] |
Granted, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | [1] |
Vested, RSU (in shares) | shares | (247,961) | [1] |
Vested, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | [1] |
Outstanding, Balance, RSU (in shares) | shares | 163,044 | |
Outstanding, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | |
[1]Represents the following restricted stock unit granted: •On January 3, 2023, the Company granted 247,961 RSUs fully vested, to executives and key personnel in lieu of cash bonus earned for the year ended 2022. The Company also granted 163,044 RSUs, vesting upon one year anniversary of the grant, to the Board of Directors as a result of reduction in director cash compensation for 2023. The grant of these RSUs was approved by the Compensation Committee of the Board of Directors in November 2022. The fair value of the common stock is the Company's closing stock price as reported on the Nasdaq Stock Exchange. |
Note 5 - Share-based Compensa_7
Note 5 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation | $ 281,307 | $ 499,919 | $ 946,262 | $ 1,408,210 |
Share-Based Payment Arrangement, Option [Member] | ||||
Stock-based compensation | 224,749 | 499,919 | 779,663 | 1,408,210 |
Restricted Stock Units (RSUs) [Member] | ||||
Stock-based compensation | 56,558 | 0 | 166,599 | 0 |
General and Administrative Expense [Member] | ||||
Stock-based compensation | 270,672 | 441,279 | 913,804 | 1,219,827 |
Research and Development Expense [Member] | ||||
Stock-based compensation | $ 10,635 | $ 58,640 | $ 32,458 | $ 188,383 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||||
Common Stock [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 247,961 | 247,961 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Other than Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 198,943 | 35,000 | 233,943 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.72 |