Palisade Bio (PALI) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Document Information [Line Items]
Entity Registrant Name	PALISADE BIO, INC.
Entity Central Index Key	0001357459
Trading Symbol	pali
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		7,302,040
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.01 par value

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 6,560,948	$ 10,529,244
Trade and other receivables	25,259	116,279
Prepaid expenses	1,308,690	1,399,790
Assets held for sale	860,702	835,483
Total current assets	8,755,599	12,880,796
Property and equipment, net	7,243	10,776
Patents, net	141,642	147,133
ROU and other assets	10,439	10,439
Total assets	8,914,923	13,049,144
CURRENT LIABILITIES
Accounts payable and accrued expenses	520,913	649,345
Accrued severance and bonuses	274,261	2,322,241
Liabilities associated with assets held for sale	219,757	234,344
Total current liabilities	1,014,931	3,205,930
Warrant liabilities, at fair value	171,202	75,298
Total liabilities	1,186,133	3,281,228
Commitments and contingencies (Note 5)
STOCKHOLDERS' EQUITY
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 200,000 shares issued and outstanding at March 31, 2021 and December 31, 2020	2,000	2,000
Common stock, $0.01 par value; 300,000,000 shares authorized, 2,882,617 shares issued and outstanding at March 31, 2021 and December 31, 2020	28,826	28,826
Additional paid-in capital	248,228,181	247,980,188
Accumulated other comprehensive loss	(2,776)	(734)
Accumulated deficit	(240,527,441)	(238,242,364)
Total stockholders' equity	7,728,790	9,767,916
Total liabilities and stockholders' equity	$ 8,914,923	$ 13,049,144

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, shares authorized (in shares)	7,000,000	7,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	200,000	200,000
Preferred stock, shares outstanding (in shares)	200,000	200,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	2,882,617	2,882,617
Common stock, shares outstanding (in shares)	2,882,617	2,882,617

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues		$ 6,020
Operating expenses:
Research and development expenses	471,107	696,889
General and administrative expenses	1,720,413	1,299,595
Total operating expenses	2,191,520	1,996,484
Operating loss	(2,191,520)	(1,990,464)
Other income (expense):
Interest income	3,917	13,289
Interest expense	(1,570)	(2,579)
Warrant inducement expense		(5,620,089)
Gain (loss) on fair value of liability classified warrants	(95,904)	24,625
Total other income (expense)	(93,557)	(5,584,754)
Net loss	$ (2,285,077)	$ (7,575,218)
Net loss per share - basic and diluted (in dollars per share)	$ (0.79)	$ (5.58)
Weighted average common shares outstanding - basic and diluted (in shares)	2,886,446	1,356,527
Comprehensive loss:
Net loss	$ (2,285,077)	$ (7,575,218)
Foreign currency translation adjustment	(2,042)	(962)
Comprehensive loss	$ (2,287,119)	$ (7,576,180)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	200,000	644,410
Balance at Dec. 31, 2019	$ 2,000	$ 6,444	$ 227,099,279	$ (6,186)	$ (221,975,544)	$ 5,125,993
Share-based payments			75,892			75,892
Issuance of common stock and inducement warrants for warrant exercises (in shares)		926,926
Issuance of common stock and inducement warrants for warrant exercises		$ 9,269	12,342,983			12,352,252
Foreign currency translation adjustments				(962)		(962)
Net loss					(7,575,218)	(7,575,218)
Balance (in shares) at Mar. 31, 2020	200,000	1,571,336
Balance at Mar. 31, 2020	$ 2,000	$ 15,713	239,518,154	(7,148)	(229,550,762)	9,977,957
Balance (in shares) at Dec. 31, 2020	200,000	2,882,617
Balance at Dec. 31, 2020	$ 2,000	$ 28,826	247,980,188	(734)	(238,242,364)	9,767,916
Share-based payments			247,993			247,993
Foreign currency translation adjustments				(2,042)		(2,042)
Net loss					(2,285,077)	(2,285,077)
Balance (in shares) at Mar. 31, 2021	200,000	2,882,617
Balance at Mar. 31, 2021	$ 2,000	$ 28,826	$ 248,228,181	$ (2,776)	$ (240,527,441)	$ 7,728,790

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (2,285,077)	$ (7,575,218)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	9,025	29,078
Share-based compensation expense	247,993	75,892
Warrant inducement expense		5,620,089
(Gain) loss on fair value of liability classified warrants	95,904	(24,625)
Changes in operating assets and liabilities:
Trade and other receivables	91,020	2,050
Prepaid expenses	89,469	93,054
ROU and other assets		9,334
Accounts payable and accrued expenses	(130,835)	138,584
Accrued severance and bonuses	(2,047,980)	(36,936)
Other current liabilities	1,761	1,042
Lease and other long term liabilities	(12,515)	(9,973)
Net cash used in operating activities	(3,941,235)	(1,677,629)
Cash flows from investing activities:
Net cash provided by investing activities
Cash flows from financing activities:
Proceeds from warrant exercises		6,732,163
Payments of short-term note payable		(138,735)
Net cash provided by (used in) financing activities		6,593,428
Effects of exchange rates on cash	(1,042)	(692)
Net increase (decrease) in cash and cash equivalents	(3,942,277)	4,915,107
Cash and cash equivalents, beginning of period	10,554,519	5,114,917
Cash and cash equivalents, end of period	6,612,242	10,030,024
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 1,570	$ 2,579

Note 1 - Organization, Business

Note 1 - Organization, Business and Financial Condition	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Organization, Business and Financial Condition Merger with Seneca Biopharma, Inc. On April 27, 2021, December 16, 2020 ( 1, April 27, 2021 1 6 1 6 Unless the context otherwise requires, references to the “Company,” “Palisade,” the “combined organization,” “we,” “our” or “us” in this report refer to Palisade Bio, Inc. and its subsidiary after completion of the Merger. In addition, references to “Seneca” or refers to the registrant prior to the completion of the Merger. Prior to the Merger, LBS was incorporated as Leading Biosciences, Inc. under the laws of the State of Delaware on September 6, 2011, Nature of Business Palisade Bio is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative therapies to improve the lives of patients affected by a broad range of diseases and conditions triggered by gastrointestinal dysregulation. The Company is on the forefront of elucidating the role the gut plays in driving multiple disease states and conditions inside and outside the gastrointestinal tract. The Company is applying this knowledge and its industry experience to develop oral small-molecule drugs to maintain the integrity of the gut epithelial barrier, microbiome, and gut immune cells to improve acute and chronic Gastrobiome™-mediated outcomes. The Company's initial focus is combatting the interruption of GI function (ileus) following major surgery to reduce recovery times and shorten patients' length of stay in the hospital. The Company's programs have the potential to prevent the formation of post-operative adhesions, as well as to address the myriad of health conditions and complications associated with chronic disruption of the intestinal mucosal barrier. The following Unaudited Condensed Consolidated Financial Statements are representative of Seneca's operations prior to the Closing and the adoption of LBS's business plan and the commencement of conducting LBS's business. The operations of our wholly-owned and controlled subsidiary located in the People's Republic of China are consolidated in our condensed consolidated financial statements and all intercompany activity has been eliminated. Liquidity and Going Concern Financial Condition Since our inception, we have financed our operations through the sales of our securities, issuance of long-term debt, the exercise of investor warrants, and to a lesser degree from grants and research contracts as well as the licensing of our intellectual property to third We had cash and cash equivalents of approximately $6.6 March 31, 2021. Based on our expected operating cash requirements, we anticipate our current cash and investments on hand will be insufficient to fund our operations for more than 12 no may We will require additional capital to continue our pre-clinical and clinical development plans. To continue to fund our operations and the development of our product candidates we anticipate raising additional cash through the private and public sales of equity or debt securities, collaborative arrangements, licensing agreements, asset sales or a combination thereof. Although management believes that such funding sources will be available, there can be no not may not not Impact of the COVID- 19 The COVID- 19 December 2019 19 may may The Company continues to monitor the potential impact of the COVID- 19 not not 19 may 19,

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Basis of Presentation In management's opinion, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly Seneca's financial position, results of operations and cash flows. The unaudited condensed consolidated balance sheet at December 31, 2020, not may not 10 December 31, 2020, may Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of Seneca's licensed technology and related patents, Seneca's net operating loss and related valuation allowance for tax purposes, the fair value of Seneca's liability classified warrants and Seneca's share-based compensation related to employees and directors, consultants and advisors, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates. Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair values of Seneca's liability classified warrants were estimated using Level 3 3 Foreign Currency Translation The functional currency of the combined organization's wholly owned foreign subsidiary is its local currency. Assets and liabilities of the foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for the foreign subsidiary are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss. Cash, Cash Equivalents and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market accounts and certificates of deposit with original maturities of 90 may Financial instruments that potentially subject Seneca to concentrations of credit risk consist primarily of cash equivalents. Seneca's investment policy, approved by Seneca's Board of Directors, limits the amount Seneca may one not Cash and cash equivalents at March 31, 2021 $6,560,900 $51,300 Revenue Seneca analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. Seneca recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with the pre-clinical development and clinical trials of Seneca's product candidates. For the three March 31, 2020, $52,200, nt expenses. Seneca evaluated the grants and concluded that, based on the specific terms, they represent a cost reimbursement activity as opposed to a revenue generating activity, and are best reflected as an offset to the underlying research and development expense. Income (Loss) per Common Share Basic income (loss) per common share is computed by dividing total net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. For periods of net income when the effects are dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding and the dilutive impact of all dilutive potential common shares. Dilutive potential common shares consist primarily of convertible preferred stock, stock options, restricted stock units and common stock purchase warrants. The dilutive impact of potential common shares resulting from common stock equivalents is determined by applying the treasury stock method. Seneca's unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted income per share excludes net income attributable to the unvested restricted shares from the numerator and excludes the impact of the shares from the denominator. For all periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses; accordingly, diluted loss per share is the same as basic loss per share or the three March 31, 2021 2020. 1.1 1.3 three March 31, 2021 2020, Share-Based Compensation Seneca accounts for share-based compensation at fair value; accordingly, it expenses the estimated fair value of share-based awards over the requisite service period. Share-based compensation cost for stock options and warrants is generally determined at the grant date using an option pricing model. Option pricing models require Seneca to make assumptions, including expected volatility and expected term of the options. If any of the assumptions Seneca uses in the model were to significantly change, share-based compensation expense may Intangible and Long-Lived Assets Seneca assess impairment of our long-lived assets using a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not No three March 31, 2021 2020. Income Taxes Seneca account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. Seneca also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” Leases Seneca determines if an arrangement is or contains a lease at its inception. Seneca has made accounting policy elections whereby Seneca (i) does not 12 not ROU assets represent Seneca's right to use an underlying asset for the lease term and lease liabilities represent Seneca's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. See Note 5, Significant New Accounting Pronouncements Recently Adopted Guidance In August 2020, ASU No. 2020 06, 470 20 815 40 December 15, 2023, may January 1, 2021. not Unadopted Guidance In June 2016, ASU No. 2016 13, December 15, 2022, not Seneca has reviewed other recent accounting pronouncements and concluded that they are either not no

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 3. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These levels are: · Level 1 · Level 2 not · Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Seneca has segregated its financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. At March 31, 2021 December 31, 2020, May 2016 August 2017 4 3 Level 1 Level 2 Level 3 Total Liabilities Liability classified stock purchase warrants $ - $ - $ 75,298 $ 75,298 Balance at December 31, 2020 $ - $ - $ 75,298 $ 75,298 Liability classified stock purchase warrants $ - $ - $ 171,202 $ 171,202 Balance at March 31, 2021 $ - $ - $ 171,202 $ 171,202 The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 Mark-to-market liabilities - stock purchase warrants Balance at December 31, 2019 $ 84,596 Change in fair value (gain) (24,625 ) Balance at March 31, 2020 $ 59,971 Balance at December 31, 2020 $ 75,298 Change in fair value - loss 95,904 Balance at March 31, 2021 $ 171,202 The (gains) losses resulting from the changes in the fair value of the liability classified warrants are classified as other income or expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. The fair value of the common stock purchase warrants is determined based on the Black-Scholes option pricing model or other option pricing models as appropriate and includes the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. Changes in any of the assumptions related to the unobservable inputs identified above may For both the three March 31, 2021 2020,

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 4. Seneca has granted share-based compensation awards to employees, board members and service providers. Awards may ten Awards vest either upon the grant date or over varying periods of time. The stock options provide for exercise prices equal to or greater than the fair value of the common stock at the date of the grant. Restricted stock units grant the holder the right to receive fully paid common shares with various restrictions on the holder's ability to transfer the shares. As of March 31, 2021, 1.1 Seneca typically records share-based compensation expense on a straight-line basis over the requisite service period. Share-based compensation expenses included in our condensed consolidated statements of operations and comprehensive loss are as follows: Three Months Ended March 31, 2021 2021 2020 Research and development expenses $ 4,632 $ - General and administrative expenses 243,361 75,892 Total $ 247,993 $ 75,892 Stock Options A summary of stock option activity and related information for the three March 31, 2021 Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2021 299,563 $ 46.80 9.0 $ 438,650 Granted - $ - Exercised - $ - $ - Forfeited - $ - Outstanding at March 31, 2021 299,563 $ 46.80 8.8 $ 1,821,552 Exercisable at March 31, 2021 153,024 $ 87.60 8.6 $ 872,827 Range of Exercise Prices Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value $3.72 281,078 $ 3.72 9.0 $ 1,821,552 $35.40 - $52.80 8,626 $ 37.92 8.2 - $133.20 - $483.60 3,888 $ 175.26 4.2 - $1,435.20 - $5,928.00 5,971 $ 2,002.86 1.6 - 299,563 $ 46.80 8.8 $ 1,821,552 Seneca uses the Black-Scholes option pricing model for “plain vanilla” options and other pricing models as appropriate to calculate the fair value of options. Seneca generally uses the “simplified method” to estimate expected life. No three March 31, 2021 2020. All compensation expense related to outstanding awards had been recognized as of March 31, 2021. In March 2021, nine twelve March 31, 2021 no In April 2021, RSUs Seneca has gra nted restricted stock units (RSU's) to certain employees and board members that entitle the holders to receive shares of common stock upon vesting and subject to certain restrictions regarding the exercise of the RSUs. The grant date fair value of RSUs is based upon the market price of the underlying common stock on the date of grant. No three March 31, 2021 2020. RSU's vesting in the three March 31, 2021 2020, $4,200 $7,500, At March 31, 2021, 4,817 $9.48 $49,100. no March 31, 2021. No three March 31, 2021 2020. Restricted Stock Seneca has granted restricted stock to certain board members that vest quarterly over the grant year. The grant date fair value of the restricted stock is based upon the market price of the common stock on the date of grant. No three March 31, 2021 2020. Restricted stock vesting in the three March 31, 2020, $6.66 $5,100. No three March 31, 2021. No March 31, 2021. Stock Purchase Warrants. Seneca has issued warrants to purchase common stock to certain officers, directors, stockholders and service providers as well as in conjunction with debt and equity offerings and at various times repla cement warrants were issued as an inducement for warrant exercises. In May 2016 August 2017, 14,552 18,750 contained in the warrants. At March 31, 2021, 24,856 3 A summary of outstanding warrants at March 31, 2021 Range of Exercise Prices Number of Warrants Outstanding Range of Expiration Dates $5.40 - $7.50 538,901 May 2021 - May 2025 $10.20 - $20.28 180,056 July 2024 - January 2025 $36.00 - $4,695.60 32,565 July 2021 - April 2024 751,522 Preferred and Common Stock Seneca has outstanding 200,000 4.5% December 2016. 4.5% 6,479

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5. Leases As of March 31, 2021, one one Prior to the completion of the Merger, Seneca's corporate offices and primary research facilities were located in Germantown, Maryland, where Seneca leased approximately 1,500 $5,600 12 December 31, 2021. not Prior to the completion of the Merger, Seneca leased approximately 11,300 September 2019, $4,400 September 2024 first Seneca recognized total rent expense of approximately $21,900 $30,400 three March 31, 2021 2020, $16,900 three March 31, 2021 2020, three March 31 2021 2020 Operating lease cost $ 21,900 $30,417 Variable lease cost - - Total net lease cost $ 21,900 $30,417 At March 31, 2021, $188,700 $147,300 Future payments under the lone long-term operating lease as of March 31, 2021 Future undiscounted cash flows: 2021 * $ 42,500 2022 59,700 2023 61,700 2024 14,500 Total 178,400 Discount factor (31,100 ) Lease liability 147,300 Less current liability (42,000 ) Non-current lease liability $ 105,300 * reflects the remaining 9 months of 2021 Accrued Severance In connection with the termination of certain employees pursuant to the Merger, the Company became obligated to pay an aggregate of approximately $4.35 $2.3 December 31, 2020. March 2021 Severance and Bonus Received upon termination “without cause” Name Severance and Bonus Kenneth Carter, PhD $ 816,995 Dane Saglio $ 452,572 Matthew Kalnik, PhD $ 599,868 Senior VP of R&D $ 384,702 Total: $ 2,254,137 Additional Severance in Connection with a Change in Control subsequent to the consummation of the Merger Name CIC Severance and Bonus 1 Kenneth Carter, PhD $ 277,248 Dane Saglio $ 100,857 Matthew Kalnik, PhD $ 150,225 Senior VP of R&D $ 85,567 Total: $ 613,897 ______________________________________ 1. Repurchase of Employee Stock Options Immediately prior to the closing of the Merger, each respective employee's outstanding common stock options were purchased by Seneca for the following consideration: Name Option Repurchase Kenneth Carter, PhD $ 188,787 Dane Saglio $ 362,391 Matthew Kalnik, PhD $ 476,662 Senior VP of R&D $ 395,166 Total: $ 1,423,006 As of March 31, 2021, $2.17 April 27, 2021,an $0.4 $1.9 September 2022. Other From time to time, Seneca is party to legal proceedings that it believes to be ordinary, routine litigation incidental to the business. Seneca is currently not May 14, 2021, On January 8, 2021, Sheridan v. Palisade Bio, Inc., et al. No. 1:21 00166 Also, on January 8, 2021, 1, Pirjamaat v. Palisade Bio, Inc., et al. No. 1:21 00172 On January 13, 2021, Johnson v. Palisade Bio, Inc., et al. No. 1:21 00310 On January 15, 2021, Mathews v. Palisade Bio, Inc., et al. No. 1:21 00242 On January 22, 2021, Pechal v. Palisade Bio, Inc., et al. No. 1:21 00585 On February 25, 2021, Curtis v. Palisade Bio, Inc., et al. No. 1:21 00292 On March 1, 2021, 1, Valdez v. Palisade Bio, Inc. No. 1:21 00980 On March 2, 2021, Anderson v. Palisade Bio, Inc., et al. No. 1:21 00326 On March 3, 2021, McIntire v. Palisade Bio, Inc., et al. No. 1:21 01869 On February 26, 2021, No. 21 0166.

Note 6 - Related Party Receivab

Note 6 - Related Party Receivable	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6. On August 10, 2016, six $658,000 In March 2019, 50% $229,000 not

Note 7 - Disposal Group Assets

Note 7 - Disposal Group Assets Held for Sale	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 7. In late 2020, third 566 one March 31, 2021. no no no Seneca concluded the net proceeds from the sale are expected to exceed the net carrying value of the assets and liabilities and accordingly, no March 31, 2021. The assets and liabilities classified as a disposal group held for sale are comprised of the following: March 31, 2021 Cash $ 51,294 Prepaid expenses 146,659 Property and equipment, net 1,120 Patents, net 458,738 ROU and other assets 202,891 Disposal group assets held for sale $ 860,702 Accounts payable and accrued expenses $ 72,420 Lease liabilities 147,337 Disposal group liabilities associated with assets held for sale $ 219,757

Note 8 - Subsequent Events

Note 8 - Subsequent Events	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 8. On April 27, 2021, 1 6. 8 April 27, 2021.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation In management's opinion, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly Seneca's financial position, results of operations and cash flows. The unaudited condensed consolidated balance sheet at December 31, 2020, not may not 10 December 31, 2020, may
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of Seneca's licensed technology and related patents, Seneca's net operating loss and related valuation allowance for tax purposes, the fair value of Seneca's liability classified warrants and Seneca's share-based compensation related to employees and directors, consultants and advisors, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair values of Seneca's liability classified warrants were estimated using Level 3 3
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency of the combined organization's wholly owned foreign subsidiary is its local currency. Assets and liabilities of the foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for the foreign subsidiary are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market accounts and certificates of deposit with original maturities of 90 may Financial instruments that potentially subject Seneca to concentrations of credit risk consist primarily of cash equivalents. Seneca's investment policy, approved by Seneca's Board of Directors, limits the amount Seneca may one not Cash and cash equivalents at March 31, 2021 $6,560,900 $51,300
Revenue from Contract with Customer [Policy Text Block]	Revenue Seneca analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. Seneca recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with the pre-clinical development and clinical trials of Seneca's product candidates. For the three March 31, 2020, $52,200, nt expenses. Seneca evaluated the grants and concluded that, based on the specific terms, they represent a cost reimbursement activity as opposed to a revenue generating activity, and are best reflected as an offset to the underlying research and development expense.
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) per Common Share Basic income (loss) per common share is computed by dividing total net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. For periods of net income when the effects are dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding and the dilutive impact of all dilutive potential common shares. Dilutive potential common shares consist primarily of convertible preferred stock, stock options, restricted stock units and common stock purchase warrants. The dilutive impact of potential common shares resulting from common stock equivalents is determined by applying the treasury stock method. Seneca's unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted income per share excludes net income attributable to the unvested restricted shares from the numerator and excludes the impact of the shares from the denominator. For all periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses; accordingly, diluted loss per share is the same as basic loss per share or the three March 31, 2021 2020. 1.1 1.3 three March 31, 2021 2020,
Share-based Payment Arrangement [Policy Text Block]	Share-Based Compensation Seneca accounts for share-based compensation at fair value; accordingly, it expenses the estimated fair value of share-based awards over the requisite service period. Share-based compensation cost for stock options and warrants is generally determined at the grant date using an option pricing model. Option pricing models require Seneca to make assumptions, including expected volatility and expected term of the options. If any of the assumptions Seneca uses in the model were to significantly change, share-based compensation expense may
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible and Long-Lived Assets Seneca assess impairment of our long-lived assets using a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not No three March 31, 2021 2020.
Income Tax, Policy [Policy Text Block]	Income Taxes Seneca account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. Seneca also recognize a tax benefit from uncertain tax positions only if it is “more likely than not”
Lessee, Leases [Policy Text Block]	Leases Seneca determines if an arrangement is or contains a lease at its inception. Seneca has made accounting policy elections whereby Seneca (i) does not 12 not ROU assets represent Seneca's right to use an underlying asset for the lease term and lease liabilities represent Seneca's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. See Note 5,
New Accounting Pronouncements, Policy [Policy Text Block]	Significant New Accounting Pronouncements Recently Adopted Guidance In August 2020, ASU No. 2020 06, 470 20 815 40 December 15, 2023, may January 1, 2021. not Unadopted Guidance In June 2016, ASU No. 2016 13, December 15, 2022, not Seneca has reviewed other recent accounting pronouncements and concluded that they are either not no

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Liabilities Liability classified stock purchase warrants $ - $ - $ 75,298 $ 75,298 Balance at December 31, 2020 $ - $ - $ 75,298 $ 75,298 Liability classified stock purchase warrants $ - $ - $ 171,202 $ 171,202 Balance at March 31, 2021 $ - $ - $ 171,202 $ 171,202
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Mark-to-market liabilities - stock purchase warrants Balance at December 31, 2019 $ 84,596 Change in fair value (gain) (24,625 ) Balance at March 31, 2020 $ 59,971 Balance at December 31, 2020 $ 75,298 Change in fair value - loss 95,904 Balance at March 31, 2021 $ 171,202

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2021 2021 2020 Research and development expenses $ 4,632 $ - General and administrative expenses 243,361 75,892 Total $ 247,993 $ 75,892
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2021 299,563 $ 46.80 9.0 $ 438,650 Granted - $ - Exercised - $ - $ - Forfeited - $ - Outstanding at March 31, 2021 299,563 $ 46.80 8.8 $ 1,821,552 Exercisable at March 31, 2021 153,024 $ 87.60 8.6 $ 872,827
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Range of Exercise Prices Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value $3.72 281,078 $ 3.72 9.0 $ 1,821,552 $35.40 - $52.80 8,626 $ 37.92 8.2 - $133.20 - $483.60 3,888 $ 175.26 4.2 - $1,435.20 - $5,928.00 5,971 $ 2,002.86 1.6 - 299,563 $ 46.80 8.8 $ 1,821,552
Schedule of Share-based Compensation, Warrant Activity [Table Text Block]	Range of Exercise Prices Number of Warrants Outstanding Range of Expiration Dates $5.40 - $7.50 538,901 May 2021 - May 2025 $10.20 - $20.28 180,056 July 2024 - January 2025 $36.00 - $4,695.60 32,565 July 2021 - April 2024 751,522

Note 5 - Commitments and Cont_2

Note 5 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Lease, Cost [Table Text Block]	2021 2020 Operating lease cost $ 21,900 $30,417 Variable lease cost - - Total net lease cost $ 21,900 $30,417
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Future undiscounted cash flows: 2021 * $ 42,500 2022 59,700 2023 61,700 2024 14,500 Total 178,400 Discount factor (31,100 ) Lease liability 147,300 Less current liability (42,000 ) Non-current lease liability $ 105,300 * reflects the remaining 9 months of 2021
Restructuring and Related Costs [Table Text Block]	Name Severance and Bonus Kenneth Carter, PhD $ 816,995 Dane Saglio $ 452,572 Matthew Kalnik, PhD $ 599,868 Senior VP of R&D $ 384,702 Total: $ 2,254,137 Name CIC Severance and Bonus 1 Kenneth Carter, PhD $ 277,248 Dane Saglio $ 100,857 Matthew Kalnik, PhD $ 150,225 Senior VP of R&D $ 85,567 Total: $ 613,897
Schedule of Options to be Repurchased [Table Text Block]	Name Option Repurchase Kenneth Carter, PhD $ 188,787 Dane Saglio $ 362,391 Matthew Kalnik, PhD $ 476,662 Senior VP of R&D $ 395,166 Total: $ 1,423,006

Note 7 - Disposal Group Asset_2

Note 7 - Disposal Group Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	March 31, 2021 Cash $ 51,294 Prepaid expenses 146,659 Property and equipment, net 1,120 Patents, net 458,738 ROU and other assets 202,891 Disposal group assets held for sale $ 860,702 Accounts payable and accrued expenses $ 72,420 Lease liabilities 147,337 Disposal group liabilities associated with assets held for sale $ 219,757

Note 1 - Organization, Busine_2

Note 1 - Organization, Business and Financial Condition (Details Textual)	Apr. 27, 2021	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Cash and Cash Equivalents, at Carrying Value, Ending Balance		$ 6,560,948	$ 10,529,244
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	6

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies and Basis of Presentation (Details Textual) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 6,560,948		$ 10,529,244
Cost Reimbursements from SBIR Grant as Offset to Research and Development Expenses		$ 52,200
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1.1	1.3
Asset Impairment Charges, Total	$ 0	$ 0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 51,300

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair value of liabilities	$ 171,202	$ 75,298
Stock Purchase Warrants [Member]
Liability classified stock purchase warrants	171,202	75,298
Fair Value, Inputs, Level 1 [Member]
Fair value of liabilities
Fair Value, Inputs, Level 1 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants
Fair Value, Inputs, Level 2 [Member]
Fair value of liabilities
Fair Value, Inputs, Level 2 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants
Fair Value, Inputs, Level 3 [Member]
Fair value of liabilities	171,202	75,298
Fair Value, Inputs, Level 3 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants	$ 171,202	$ 75,298

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Activity for Items Measured at Fair Value on a Recurring Basis (Details) - Stock Purchase Warrants [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 75,298	$ 84,596
Change in fair value (gain)	95,904	(24,625)
Balance	$ 171,202	$ 59,971

Note 4 - Stockholders' Equity_2

Note 4 - Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Aug. 30, 2017	Dec. 31, 2016	May 31, 2016	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				1,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)				0	0
Series A 4.5% Convertible Preferred Stock [Member] | Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)		200,000
Preferred Stock, Dividend Rate, Percentage		4.50%
Convertible Preferred Stock, Issuable Upon Conversion of All Shares (in shares)		6,479
Stock Purchase Warrants [Member]
Class of Warrant or Right, Issued During Period (in shares)	18,750		14,552
Class of Warrant or Right, Outstanding (in shares)				24,856
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Terminated Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)				270 days
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | Terminated Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)				1 year
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)				4,200	7,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)				4,817
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)				$ 9.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding				$ 49,100
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares)				0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)				0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)				0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares)				0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 6.66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested					$ 5,100

Note 4 - Stockholders' Equity -

Note 4 - Stockholders' Equity - Share-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense	$ 247,993	$ 75,892
Research and Development Expense [Member]
Share-based compensation expense	4,632
General and Administrative Expense [Member]
Share-based compensation expense	$ 243,361	$ 75,892

Note 4 - Stockholders' Equity_3

Note 4 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Options Outstanding (in shares)	299,563
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 46.80
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	8 years 292 days	9 years
Options Outstanding, Aggregate Intrinsic Value	$ 1,821,552	$ 438,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Options Granted, Weighted Average Exercise Price (in dollars per share)
Options Exercised (in shares)
Options Exercised, Weighted Average Exercise Price (in dollars per share)
Options Forfeited (in shares)
Options Forfeited, Weighted Average Exercise Price (in dollars per share)
Options Outstanding (in shares)	299,563
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 46.80
Options Exercisable (in shares)	153,024
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 87.60
Options Exercisable, Weighted Average Remaining Contractual Life (Year)	8 years 219 days
Options Exercisable, Aggregate Intrinsic Value	$ 872,827

Note 4 - Stockholders' Equity_4

Note 4 - Stockholders' Equity - Stock Options by Exercise Price Range (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Number of options outstanding (in shares)	299,563
Weighted-average exercise price (in dollars per share)	$ 46.80		$ 46.80
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	8 years 292 days	9 years
Options Outstanding, Aggregate Intrinsic Value	$ 1,821,552	$ 438,650
Range One [Member]
Number of options outstanding (in shares)	281,078
Weighted-average exercise price (in dollars per share)	$ 3.72
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	9 years
Options Outstanding, Aggregate Intrinsic Value	$ 1,821,552
Range Two [Member]
Number of options outstanding (in shares)	8,626
Weighted-average exercise price (in dollars per share)	$ 37.92
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	8 years 73 days
Options Outstanding, Aggregate Intrinsic Value
Range of exercise prices, lower limit (in dollars per share)	$ 35.40
Range of exercise prices, upper limit (in dollars per share)	$ 52.80
Range Three [Member]
Number of options outstanding (in shares)	3,888
Weighted-average exercise price (in dollars per share)	$ 175.26
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	4 years 73 days
Options Outstanding, Aggregate Intrinsic Value
Range of exercise prices, lower limit (in dollars per share)	$ 133.20
Range of exercise prices, upper limit (in dollars per share)	$ 483.60
Range Four [Member]
Number of options outstanding (in shares)	5,971
Weighted-average exercise price (in dollars per share)	$ 2,002.86
Options Outstanding, Weighted Average Remaining Contractual Life (Year)	1 year 219 days
Options Outstanding, Aggregate Intrinsic Value
Range of exercise prices, lower limit (in dollars per share)	$ 1,435.20
Range of exercise prices, upper limit (in dollars per share)	$ 5,928

Note 4 - Stockholders' Equity_5

Note 4 - Stockholders' Equity - Summary of Warrants (Details) - Stock Purchase Warrants [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of warrants outstanding (in shares) | shares	751,522
Range One [Member]
Lower exercise price range (in dollars per share)	$ 5.40
Higher exercise price range (in dollars per share)	$ 7.50
Number of warrants outstanding (in shares) | shares	538,901
Range One [Member] | Minimum [Member]
Expiration dates	May 2021
Range One [Member] | Maximum [Member]
Expiration dates	May 2025
Range Two [Member]
Lower exercise price range (in dollars per share)	$ 10.20
Higher exercise price range (in dollars per share)	$ 20.28
Number of warrants outstanding (in shares) | shares	180,056
Range Two [Member] | Minimum [Member]
Expiration dates	July 2024
Range Two [Member] | Maximum [Member]
Expiration dates	January 2025
Range Three [Member]
Lower exercise price range (in dollars per share)	$ 36
Higher exercise price range (in dollars per share)	$ 4,695.60
Number of warrants outstanding (in shares) | shares	32,565
Range Three [Member] | Minimum [Member]
Expiration dates	July 2021
Range Three [Member] | Maximum [Member]
Expiration dates	April 2024

Note 5 - Commitments and Cont_3

Note 5 - Commitments and Contingencies (Details Textual)	Apr. 27, 2021USD ($)	Sep. 30, 2019USD ($)ft²	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Operating Lease, Expense			$ 21,900	$ 30,400
Accrued Severance			4,350,000		$ 2,300,000
Employee Severance [Member]
Payments for Postemployment Benefits			2,170,000
Employee Severance [Member] | Subsequent Event [Member]
Accrued Severance	$ 1,900,000
Payments for Postemployment Benefits	$ 400
Other Assets [Member]
Operating Lease, Right-of-Use Asset			188,700
Short-term Notes and Other Current Liabilities and Lease Liability, Net of Current Portion [Member]
Operating Lease, Liability, Total			147,300
Short-term Leases [Member]
Operating Lease, Expense			$ 16,900	$ 16,900
UNITED STATES
Number of Facilities			1
CHINA
Number of Facilities			1
Area of Real Estate Property (Square Foot) | ft²		11,300
Lease Monthly Payment		$ 4,400
Germantown, MD [Member]
Area of Real Estate Property (Square Foot) | ft²			1,500
Lease Monthly Payment			$ 5,600
Lessee, Operating Lease, Term of Contract (Month)			1 year

Note 5 - Commitments and Cont_4

Note 5 - Commitments and Contingencies - Lease Cost (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease cost	$ 21,900	$ 30,417
Variable lease cost
Total net lease cost	$ 21,900	$ 30,417

Note 5 - Commitments and Cont_5

Note 5 - Commitments and Contingencies - Maturities of Operating Lease (Details)	Mar. 31, 2021USD ($)
2021	$ 42,500	[1]
2022	59,700
2023	61,700
2024	14,500
Total	178,400
Discount factor	(31,100)
Liabilities [Member]
Lease liability	147,300
Current Liabilities [Member]
Less current liability	(42,000)
Disposal Group Assets [Member]
Non-current lease liability	$ 105,300
[1]	reflects the remaining 9 months of 2021

Note 5 - Commitments and Cont_6

Note 5 - Commitments and Contingencies - Termination Costs (Details) - Employee Severance [Member]	Mar. 17, 2021USD ($)
Termination cost	$ 2,254,137
Additional severance benefits	613,897	[1]
Former Executive Chairman [Member]
Termination cost	816,995
Additional severance benefits	277,248	[1]
Former Chief Financial Officer [Member]
Termination cost	452,572
Additional severance benefits	100,857	[1]
Former Chief Operating Officer [Member]
Termination cost	599,868
Additional severance benefits	150,225	[1]
Former Senior Vice President of R&D [Member]
Termination cost	384,702
Additional severance benefits	$ 85,567	[1]
[1]	Represents additional severance benefits in connection with a termination without cause in connection with a change in control.

Note 5 - Commitments and Cont_7

Note 5 - Commitments and Contingencies - Options to be Repurchased (Details)	Mar. 17, 2021USD ($)
Options to be repurchased	$ 1,423,006
Former Executive Chairman [Member]
Options to be repurchased	188,787
Former Chief Financial Officer [Member]
Options to be repurchased	362,391
Former Chief Operating Officer [Member]
Options to be repurchased	476,662
Former Senior Vice President of R&D [Member]
Options to be repurchased	$ 395,166

Note 6 - Related Party Receiv_2

Note 6 - Related Party Receivable (Details Textual) - Chief Scientific Officer [Member] - Repayment Agreement of Improperly Expense Reimbursement [Member] - USD ($)	Aug. 10, 2016	Mar. 31, 2019
Due from Related Parties, Term (Year)	6 years
Due from Related Parties, Total	$ 658,000
Debt Instrument, Decrease, Forgiveness		$ 229,000

Note 7 - Disposal Group Asset_3

Note 7 - Disposal Group Assets Held for Sale - Disposal Group Held for Sale Assets and Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Disposal group assets held for sale	$ 860,702	$ 835,483
Disposal group liabilities associated with assets held for sale	219,757	$ 234,344
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	51,294
Prepaid expenses	146,659
Property and equipment, net	1,120
Patents, net	458,738
ROU and other assets	202,891
Disposal group assets held for sale	860,702
Accounts payable and accrued expenses	72,420
Lease liabilities	147,337
Disposal group liabilities associated with assets held for sale	$ 219,757

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - Reverse Stock Split [Member]	Apr. 27, 2021
Stockholders' Equity Note, Stock Split, Conversion Ratio	6
Subsequent Event [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	6