Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 15, 2021 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity Central Index Key | 0001379006 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | NNVC | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 10,677,000 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 18,393,072 | $ 13,708,594 |
Prepaid expenses | 94,298 | 277,063 |
Total current assets | 18,487,370 | 13,985,657 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 14,100,815 | |
Accumulated depreciation | (4,556,384) | |
Property and equipment, net | 9,237,874 | 9,544,431 |
TRADEMARK AND PATENTS | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (104,701) | (100,566) |
Trademark and patents, net | 354,253 | 358,388 |
OTHER ASSETS | ||
Deferred financing costs | 12,190 | |
Security deposits | 3,515 | 3,515 |
Service agreements | 2,338 | 10,158 |
Other assets | 5,853 | 25,863 |
Total assets | 28,085,350 | 23,914,339 |
CURRENT LIABILITIES: | ||
Mortgage note payable - related party | 1,081,987 | |
Accounts payable | 185,142 | 380,727 |
Accounts payable - related party | 128,904 | 561,580 |
Loan payable | 0 | 62,843 |
Accrued expenses | 25,262 | 69,240 |
Total current liabilities | 339,308 | 2,156,377 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 10,677,448 and 9,083,414 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively | 10,677 | 9,083 |
Additional paid-in capital | 137,939,407 | 127,311,634 |
Accumulated deficit | (110,204,411) | (105,563,124) |
Total stockholders' equity | 27,746,042 | 21,757,962 |
Total liabilities and stockholders' equity | 28,085,350 | 23,914,339 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 369,376 and 368,602 shares issued and outstanding, at December 31, 2020 and June 30, 2020, respectively | $ 369 | $ 369 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 10,677,448 | 9,083,414 |
Common stock, shares, outstanding | 10,677,448 | 9,083,414 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 369,376 | 368,602 |
Preferred stock, shares outstanding | 369,376 | 368,602 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,493,200 | $ 1,012,085 | $ 3,066,271 | $ 2,494,490 |
General and administrative | 798,722 | 622,347 | 1,496,034 | 1,127,819 |
Total operating expenses | 2,291,922 | 1,634,432 | 4,562,305 | 3,622,309 |
LOSS FROM OPERATIONS | (2,291,922) | (1,634,432) | (4,562,305) | (3,622,309) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 1,187 | 784 | 4,246 | 6,001 |
Interest expense | (37,293) | (4,131) | (81,202) | (4,131) |
Loss on disposal of property and equipment | (2,026) | (2,026) | 0 | |
Loss on issuance of Series A preferred stock for accounts payable - related party | (142,669) | 0 | (142,669) | |
Change in fair value of derivative liability | (147,078) | 274,449 | ||
Other (expense) income | (38,132) | (293,094) | (78,982) | 133,650 |
LOSS BEFORE INCOME TAX PROVISION | (2,330,054) | (1,927,526) | (4,641,287) | (3,488,659) |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET LOSS | $ (2,330,054) | $ (1,927,526) | $ (4,641,287) | $ (3,488,659) |
NET LOSS PER COMMON SHARE | ||||
Net loss per common share- basic and diluted | $ (0.22) | $ (0.50) | $ (0.44) | $ (0.91) |
Weighted average common shares outstanding | ||||
Weighted average common shares outstanding - basic and diluted | 10,666,056 | 3,853,858 | 10,576,828 | 3,849,437 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Jun. 30, 2019 | $ 256 | $ 3,845 | $ 102,712,845 | $ (92,116,586) | $ 10,600,360 |
Balance (in shares) at Jun. 30, 2019 | 255,714 | 3,844,921 | |||
Series A Preferred Stock issued for employee stock compensation | 51,398 | 51,398 | |||
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 6,201 | ||||
Warrants issued to Scientific Advisory Board | 908 | 908 | |||
Common shares issued for Directors fees | $ 3 | 11,247 | 11,250 | ||
Common shares issued for Directors fees (in shares) | 2,553 | ||||
Net loss | (1,561,133) | (1,561,133) | |||
Balance at Sep. 30, 2019 | $ 256 | $ 3,854 | 102,803,392 | (93,677,719) | 9,129,783 |
Balance (in shares) at Sep. 30, 2019 | 256,101 | 3,853,675 | |||
Balance at Jun. 30, 2019 | $ 256 | $ 3,845 | 102,712,845 | (92,116,586) | 10,600,360 |
Balance (in shares) at Jun. 30, 2019 | 255,714 | 3,844,921 | |||
Net loss | (3,488,659) | ||||
Balance at Dec. 31, 2019 | $ 366 | $ 3,871 | 103,323,412 | (95,605,245) | 7,722,404 |
Balance (in shares) at Dec. 31, 2019 | 366,488 | 3,870,572 | |||
Balance at Sep. 30, 2019 | $ 256 | $ 3,854 | 102,803,392 | (93,677,719) | 9,129,783 |
Balance (in shares) at Sep. 30, 2019 | 256,101 | 3,853,675 | |||
Series A Preferred Stock issued for employee stock compensation | 49,394 | 49,394 | |||
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | ||||
Series A Preferred Stock issued for accounts payable-related party | $ 100 | 392,569 | 392,669 | ||
Series A Preferred Stock issued for accounts payable-related party (in Shares | 100,000 | ||||
Series A Preferred Stock issued for loan origination fee | $ 10 | 39,291 | 39,301 | ||
Series A Preferred Stock issued for loan origination fee (in shares) | 10,000 | ||||
Common stock issued for consulting and legal services rendered | $ 12 | 26,988 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 11,932 | ||||
Warrants issued to Scientific Advisory Board | 533 | 533 | |||
Common shares issued for Directors fees | $ 5 | 11,245 | 11,250 | ||
Common shares issued for Directors fees (in shares) | 4,965 | ||||
Net loss | (1,927,526) | (1,927,526) | |||
Balance at Dec. 31, 2019 | $ 366 | $ 3,871 | 103,323,412 | (95,605,245) | 7,722,404 |
Balance (in shares) at Dec. 31, 2019 | 366,488 | 3,870,572 | |||
Balance at Jun. 30, 2020 | $ 369 | $ 9,083 | 127,311,634 | (105,563,124) | 21,757,962 |
Balance (in shares) at Jun. 30, 2020 | 368,602 | 9,083,414 | |||
Series A Preferred Stock issued for employee stock compensation | $ 0 | $ 0 | 53,098 | 0 | 53,098 |
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | 0 | |||
Net proceeds from issuance of common stock in connection with equity financings | $ 1,576 | 10,440,640 | 10,442,216 | ||
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 1,575,342 | ||||
Common stock issued for consulting and legal services rendered | $ 5 | 26,995 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 5,135 | ||||
Warrants issued to Scientific Advisory Board | 1,986 | 1,986 | |||
Common shares issued for Directors fees | $ 2 | 11,248 | 11,250 | ||
Common shares issued for Directors fees (in shares) | 2,040 | ||||
Net loss | (2,311,233) | (2,311,233) | |||
Balance at Sep. 30, 2020 | $ 369 | $ 10,666 | 137,845,601 | (107,874,357) | 29,982,279 |
Balance (in shares) at Sep. 30, 2020 | 368,989 | 10,665,931 | |||
Balance at Jun. 30, 2020 | $ 369 | $ 9,083 | 127,311,634 | (105,563,124) | 21,757,962 |
Balance (in shares) at Jun. 30, 2020 | 368,602 | 9,083,414 | |||
Net loss | (4,641,287) | ||||
Balance at Dec. 31, 2020 | $ 369 | $ 10,677 | 137,939,407 | (110,204,411) | 27,746,042 |
Balance (in shares) at Dec. 31, 2020 | 369,376 | 10,677,448 | |||
Balance at Sep. 30, 2020 | $ 369 | $ 10,666 | 137,845,601 | (107,874,357) | 29,982,279 |
Balance (in shares) at Sep. 30, 2020 | 368,989 | 10,665,931 | |||
Series A Preferred Stock issued for employee stock compensation | 50,602 | 50,602 | |||
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 7 | 26,993 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 7,411 | ||||
Warrants issued to Scientific Advisory Board | 1,215 | 1,215 | |||
Common shares issued for Directors fees | $ 4 | 14,996 | 15,000 | ||
Common shares issued for Directors fees (in shares) | 4,106 | ||||
Net loss | (2,330,054) | (2,330,054) | |||
Balance at Dec. 31, 2020 | $ 369 | $ 10,677 | $ 137,939,407 | $ (110,204,411) | $ 27,746,042 |
Balance (in shares) at Dec. 31, 2020 | 369,376 | 10,677,448 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,641,287) | $ (3,488,659) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 103,700 | 100,792 |
Loss on issuance of preferred shares for accounts payable- related party | 0 | 142,669 |
Common shares issued as compensation and for services | 80,250 | 76,500 |
Warrants granted to Scientific Advisory Board | 3,201 | 1,441 |
Depreciation | 348,096 | |
Amortization of loan origination fees | 18,013 | 1,638 |
Amortization | 4,135 | 4,135 |
Change in fair value of derivative liabilities | 0 | (274,449) |
Loss on disposal of property and equipment | 2,026 | 0 |
Write-off of deferred financing costs | 12,190 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 182,765 | 12,382 |
Other assets | 7,820 | 7,820 |
Accounts payable | (195,585) | 362,464 |
Accounts payable - related party | (432,676) | 163,587 |
Accrued expenses | (43,978) | (16,239) |
NET CASH USED IN OPERATING ACTIVITIES | (4,551,330) | (2,560,245) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (43,565) | (4,139) |
NET CASH USED IN FINANCING ACTIVITIES | (43,565) | (4,139) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock and warrants | 10,442,216 | 0 |
Proceeds from note payable -related party | 0 | 1,100,000 |
Payment of note payable - related party | (1,100,000) | 0 |
Deferred financing costs | 0 | (383,175) |
Payment of loan payable | (62,843) | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 9,279,373 | 716,825 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 4,684,478 | (1,847,559) |
Cash and cash equivalents at beginning of period | 13,708,594 | 2,555,207 |
Cash and cash equivalents at end of period | 18,393,072 | 707,648 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 655 | 0 |
Non-cash Financing and Investing Activities: | ||
Series A preferred stock issued for accounts payable-related party | 0 | 250,000 |
Series A preferred stock issued for loan origination fee | $ 0 | $ 39,301 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2020 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business NanoViricides, Inc. (the “Company”) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides is also unique in the bio-pharma field in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines that we develop, as well as for production scale-up, and c-GMP-like production in quantities needed for human clinical trials, where our design, development, and production work is performed. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates are performed by external collaborators and contract organizations. The Company has several drugs in various stages of early development. COVID-19 has become our lead drug program due to the necessity of responding to the pandemic. The Company began development of a drug to treat COVID-19 patients just as the cases of the novel disease were being reported from China. Our drug candidates for COVID-19 successfully entered core safety pharmacology studies required prior to any human clinical trials around October/November, 2020. These studies have now been completed; we have received draft reports from the external CRO, and are awaiting the final reports that will be required for an IND. The Company is currently working on a pre-IND application to the US FDA to seek guidance for an IND. The Company is also involved with tasks needed for setting up and executing human clinical trials for our COVID-19 drug candidates assuming that the IND is approved by the US FDA. The Company plans on re-engaging our other lead antiviral program against herpes viruses, i.e. the HerpeCide™ program, as soon as it becomes feasible to conduct the corresponding antiviral human clinical studies. In the HerpeCide program alone, we have drug candidates against at least five indications at different stages of development. Of these, the Company is advancing the shingles drug candidate towards human clinical trials. The IND-enabling Safety/Toxicology studies required for doing so have been completed and we were in the process of preparing an IND application for this drug candidate when the SRAS-CoV-2 virus struck, whereupon we pivoted our efforts to respond to the threat of what has now become the COVID-19 pandemic. In addition, our drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced studies and are expected to follow the shingles drug candidate into human clinical trials. Shingles in adults and chicken pox in children is caused by the same virus, namely VZV (Varicella-zoster virus, aka HHV-3 or human herpesvirus-3). There are estimated to be approximately 120,000-150,000 annual chickenpox cases in the USA in the post-vaccination-era, i.e. since childhood vaccination with the live attenuated varicella virus Oka strain has become standard. In addition, we have drugs in development against all influenzas in our FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses. Our drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which we have broad, exclusive licenses. The first license agreement we executed with TheraCour on September 1, 2005 (“Exclusive License Agreement”), gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. On February 15, 2010, the Company executed an Additional License Agreement with TheraCour. Pursuant to the Additional License Agreement, the Company was granted exclusive licenses for technologies, developed by TheraCour, for the development of drug candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes. In addition, on November 1, 2019, the Company entered into a world-wide, exclusive, sub-licensable, license (“VZV License Agreement”) to use, promote, offer for sale, import, export, sell and distribute drugs that treat VZV infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront payments to TheraCour and agreed to the following milestone payments to TheraCour; the issuance of 75,000 shares of the Company’s Series A Convertible Preferred Stock upon the grant of an IND Application; $1,500,000 in cash upon completion of Phase I Clinical Trials; $2,500,000 in cash upon completion of Phase II clinical trials; and $5,000,000 in cash upon completion of Phase III clinical trials. The Company has requested TheraCour for a license in the field of coronaviruses. A Memorandum of Understanding (“MOU”) towards licensing this field has been agreed to and executed on June 8, 2020. The MOU provides a limited license to the Company for the entire application of human coronavirus infections (the “COVID License Agreement”), while the full license is being perfected. In furtherance of the “COVID” License Agreement the Company has appointed a third party consulting firm for independent evaluation of this market space. The terms of the COVID License Agreement, except as otherwise specified in the MOU, is expected to be generally consistent with the terms of the VZV License Agreement dated November 1, 2019, and shall include consistent milestone payments, royalties and sublicense and income derived from grants and contracts. |
Liquidity
Liquidity | 6 Months Ended |
Dec. 31, 2020 | |
Liquidity | |
Liquidity | Note 2 - Liquidity The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company has an accumulated deficit at December 31, 2020 of approximately $110.2 million and a net loss of approximately $4.6 million and net cash used in operating activities of approximately $4.6 million for the six months then ended. In addition, the Company has not generated any revenues and no revenues are anticipated in the foreseeable future. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of December 31, 2020, the Company had available cash and cash equivalents of approximately $18.4 million. Since the onset of the COVID-19 pandemic, the Company has focused its efforts primarily on a single lead program to minimize cost outlays, namely, taking the shingles drug candidate against VZV into human clinical trials. The prior lead program for a shingles drug will follow the COVID-19 drug program. On July 8, 2020 the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Kingswood Capital Markets, a Division of Benchmark Investments, Inc. (“Kingswood”). The offering was consummated on July 10, 2020, whereby the Company sold 1,369,863 shares of common stock and a fully exercised Underwriters’ over-allotment option of 205,479 additional shares at the public offering price of $7.30 per share. No warrants were issued in this offering. The net proceeds to the Company from the offering was approximately $10.4 million after deducting underwriting discounts and commissions and other estimated offering expenses. On July 31, 2020, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. and Kingswood (each a “Sales Agent” and collectively, the “Sales Agents”), pursuant to which the Company may offer and sell, from time to time, through or to the Sales Agents, shares of common stock (the “Placement Shares”), having an aggregate offering price of up to $50 million (the “ATM Offering”). Sales pursuant to the Sales Agreement will be made only upon instructions by the Company to the Sales Agents, and the Company cannot provide any assurances that it will issue any shares pursuant to the Sales Agreement. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions, the trading price of the Company’s common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. The Company is not obligated to make any sales of common stock under the Sales Agreement and the Company cannot provide any assurances that it will issue any shares pursuant to the Sales Agreement. The Company will pay a commission rate of up to 3.5% of the gross sales price per share sold and agreed to reimburse the Sales Agents for certain specified expenses, including the fees and disbursements of its legal counsel in an amount not to exceed $50,000 and have agreed to reimburse the Sales Agents an amount not to exceed $2,500 per quarter during the term of the Sales Agreement for legal fees to be incurred by the Sales Agents. The Company has also agreed pursuant to the Sales Agreement to provide each Sales Agent with customary indemnification and contribution rights. The Company has not performed any ATM Offerings as of this report. The Company believes that it has several important milestones that it will be achieving in the ensuing year. Management believes that as it achieves these milestones, the Company’s ability to raise additional funds in the public markets would be enhanced. The Company has not experienced a direct financial adverse impact of the effects of the Coronavirus (COVID-19) pandemic. However, the pandemic required the Company to reorganize its priorities, because of the impact on the ability to conduct antiviral drug trials for our then lead program for Shingles drug treatment. While clinical trials were in general adversely affected, the ability to enroll patients into the shingles antiviral drug clinical trial with the desired inclusion criteria became limited due to the widespread coronavirus infection. The shingles clinical trial design and conduct would also become more complex. The emergence of widespread health emergencies due to COVID-19 have led to regional quarantines, shutdowns, shortages, disruptions of supply chains, and economic instability. The impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted at this time. Though the Company has not experienced a direct financial impact, if the financial markets and/or the overall economy are impacted for an extended period, the Company’s ability to raise funds, in the future, may be materially adversely affected. Management believes that the Company’s existing resources will be sufficient to fund its planned operations and expenditures for at least the next twelve months from the issuance of these financial statements. However, the Company cannot provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates. The Company will need to raise additional capital to fund its long-term operations and research and development plans including human clinical trials for its various drug candidates until it generates revenue that reaches a level sufficient to provide self-sustaining cash flows. The accompanying financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Presentation – Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s Form 10‑K for the fiscal year ended June 30, 2020 filed with the SEC on October 13, 2020. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10‑K for the fiscal year ended June 30, 2020 filed on October 13, 2020. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31, 2020 December 31, 2019 Options 5,000 5,000 Warrants 21,646 370,012 Total potentially outstanding dilutive common shares 26,646 375,012 The Company has also issued 369,376 shares of Series A preferred stock outstanding as of December 31, 2020. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At December 31, 2020, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,292,816 and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Related Party Transactions | Note 4 - Related Party Transactions Related Parties Related parties with whom the Company had transactions are: Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. ("TheraCour") An entity owned and controlled by Dr. Anil Diwan For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ — $ — $ 2,560 $ 4,139 As of December 31, June 30, 2020 2020 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. On October 2, 2018, the Company agreed to enter into an agreement with TheraCour for a waiver of two months worth of prepaid balance in advance of anticipated invoicing, due under prior agreements until the filing of an IND and the application of the then current advance as a credit against current open invoices. Additionally, TheraCour agreed to defer $25,000 per month of development fees, beginning with July 2018 through December 31, 2019. Accounts payable due TheraCour at December 31, 2020 was $619,904 which was offset by a two month advance (see above) of $491,000. There was no advance at June 30, 2020. $ 128,904 $ 561,580 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Research and Development Costs Paid to Related Party Development fees and other costs charged by TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2020 and June 30, 2020 $ 606,742 $ 543,108 $ 1,255,066 $ 1,119,315 Mortgage Note Payable - Related Party On December 16, 2019, the Company entered into an Open End Mortgage Note (the “Note”) with Dr. Anil Diwan, the Company’s founder, Chairman, President and CEO, to loan the Company up to $2,000,000 in two tranches of $1,000,000 (the “Loan”). The Note was paid off on December 31, 2020. The Note bore interest at the rate of 12% per annum and was secured by a mortgage granted against the Company’s headquarters. Dr. Anil Diwan received 10,000 shares of the Company’s Series A preferred stock as a loan origination fee which was amortized over the one year term of the loan using the effective interest method. The fair value of the 10,000 shares of the Company’s Series A preferred stock when issued on December 16, 2019 was $39,301. The Series A preferred stock fair value is based on the greater of the i) the converted value to common at a ratio of 1:3.5; or ii) the value of the voting rights since the Holder would lose the voting rights upon conversion. For the assumptions used in calculating the fair value of the preferred shares, the conversion of the shares is triggered by a change of control. Amortization expense on the loan origination fee for the three and six months ended December 31, 2020 was $8,188 and $18,013, respectively, and $1,638 for both the three and six months ended December 31, 2019. The Company had drawn down $1.1 million of this loan. Interest was payable only on the amount drawn down. The lender had escrowed $132,000 of interest payable pursuant to the Loan. For the three and six months ended December 31, 2020, the Company incurred interest expense of $29,040 and $62,773, respectively, and $2,493 for both the three and six months ended December 31, 2019, which reduced the interest escrow balance included in prepaid expenses. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2020 | |
Property and Equipment | |
Property and Equipment | Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: December 31, June 30, 2020 2020 GMP Facility $ 8,020,470 $ 8,020,471 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,794,608 5,756,956 Total Property and Equipment 14,138,466 14,100,815 Less Accumulated Depreciation (4,900,592) (4,556,384) Property and Equipment, Net $ 9,237,874 $ 9,544,431 Depreciation expense for the three months ended December 31, 2020 and 2019 were $172,934 and $172,863, respectively, and for the six months ended December 31, 2020 and 2019 were $348,096 and $345,764, respectively. |
Trademark and Patents
Trademark and Patents | 6 Months Ended |
Dec. 31, 2020 | |
Trademarks and Patents | |
Trademarks and Patents | Note 6 - Trademark and Patents Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, 2020 2020 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (104,701) (100,566) Trademarks and Patents, Net $ 354,253 $ 358,388 Amortization expense amounted to $2,068 and $2,068 for the three months ended December 31, 2020 and 2019, respectively, and for the six months ended December 31, 2020 and 2019 were $4,135 and $4,135, respectively. |
Accrued expenses
Accrued expenses | 6 Months Ended |
Dec. 31, 2020 | |
Accrued expenses | |
Accrued expenses | Note 7 - Accrued expenses Accrued expenses consisted of the following: December 31, June 30, 2020 2020 Severance payment $ 3,000 $ 21,000 Accrued payroll 22,262 38,240 Consultant — 10,000 Accrued Expenses $ 25,262 $ 69,240 |
Loan Payable
Loan Payable | 6 Months Ended |
Dec. 31, 2020 | |
Loan Payable | |
Loan Payable | Note 8 – Loan Payable The Company financed its Directors and Officers liability insurance policies through BankDirect. The original loan balance, as of January 1, 2020, was $155,173 payable at the rate of $15,874 per month through October 2020 including interest at an annual interest rate of 5%. At December 31, 2020 and June 30, 2020, the loan balances were $0 and $62,843, respectively. For the three and six months ended December 31, 2020, the Company incurred interest expense of $66 ad $655, respectively. |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Equity Transactions | |
Equity Transactions | Note 9 - Equity Transactions On July 11, 2018 the Board of Directors approved an extension of the employment agreement with Dr. Anil Diwan, the Company’s President. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized the issuance of 26,250 shares of the Company’s Series A preferred stock to Dr. Anil Diwan. The shares shall be vested in one-third increments on June 30, 2019, June 30, 2020 and June 30, 2021 and are subject to forfeiture. The Company recognized non-cash compensation expense related to the issuance of the Series A preferred stock of $45,654 and $91,308 for the three and six months ended December 31, 2020. The balance of $91,308 will be recognized as the remaining 8,750 shares vest and service is rendered for the year ended June 30, 2021. On July 8, 2020 the Company entered into an Underwriting Agreement with Kingswood. Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to issue and sell 1,369,863 shares of our common stock, par value $0.001 per share (the “Underwritten Shares”), at a price to the public of $7.30 per share. Pursuant to the Underwriting Agreement, the Company also granted the underwriter an option to purchase up to an additional 205,479 shares of common stock (together with the Underwritten Shares, the “Shares”) within 45 days after the date of the Underwriting Agreement to cover over-allotments, if any. The shares were issued pursuant to a prospectus supplement dated July 8, 2020 which was filed with the Securities and Exchange Commission on July 9, 2020 in connection with a takedown from the Company’s shelf registration statement on Form S-3, as amended (File No. 333-237370), which became effective on April 2, 2020 and the base prospectus dated April 2, 2020 contained in that registration statement. The offering was consummated on July 10, 2020, whereby the Company sold 1,369,863 shares of common stock and a fully exercised Underwriters’ overallotment of 205,479 additional shares at the public offering price of $7.30 per share. The net proceeds to the Company from the offering was approximately $10.4 million after placement agent fees and other estimated offering expenses. The Company accounted for the proceeds of the Offering at July 10 2020 as follows: Gross proceeds $ 11,499,997 Less: offering costs and expenses (1,057,781) Net proceeds from issuance of common stock $ 10,442,216 For the three and six months ended December 31, 2020, the Company’s Board of Directors authorized the issuance of 387 and 774, respectively fully vested shares of its Series A preferred stock for employee compensation. The Company recorded expense of $4,948 and $12,392, respectively for the three and six months ended December 31, 2020 related to these issuances. The fair value of the Series A Preferred stock was the following for the dates indicated: Date Shares Value 7/31/2020 129 $ 3,155 8/31/2020 129 2,391 9/30/2020 129 1,898 10/31/2020 129 1,749 11/30/2020 129 1,596 12/31/2020 129 1,603 774 $ 12,392 There is currently no market for the shares of Series A preferred stock and they can only be converted into shares of common stock upon a change of control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the Series A preferred stock granted to various employees and others on the date of grant. The Series A preferred stock fair value is based on the greater of i) the converted value to common at a ratio of 1:3.5; or ii) the value of the voting rights since the holder would lose the voting rights upon conversion. The conversion of the shares is triggered by a change of control. The common stock price for the six months ended December 31, 2020 was in the range $2.87 to $9.97. During the six months ended December 31, 2020, the Scientific Advisory Board was granted in August 2020 fully vested warrants to purchase 572 shares of common stock with an exercise price of $6.86 per share expiring in August 2024 and in November 2020 fully vested warrants to purchase 572 shares of common stock with an exercise price of $4.19 per share expiring in November 2024. The fair value of the warrants was $1,215 for the three months ended December 31, 2020 and $3,201 for the six months ended December 31, 2020 and was recorded as consulting expense. The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) Expected volatility 91.4-91.5 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) .24-.32 % For the three and six months ended December 31, 2020, the Company’s Board of Directors authorized the issuance of 7,411 and 12,546, respectively. fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded expense of $27,000 and $54,000, respectively, for the three and six months ended December 31, 2020, which was the fair value on the dates of issuance. For the three and six months ended December 31, 2020, the Company’s Board of Directors authorized the issuance of 4,106 and 6,146. respectively, fully vested shares of its common stock with a restrictive legend for Director Services. The Company recorded an expense of $15,000 and $26,250 for the three and six months ended December 31, 2020, which was the fair value on the dates of issuance. |
Stock Options and Warrants
Stock Options and Warrants | 6 Months Ended |
Dec. 31, 2020 | |
Stock Options and Warrants | |
Stock Options and Warrants | Note 10 - Stock Warrants and Options Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2020 22,218 $ 30.82 2.28 $ 4,533 Granted 1,144 5.53 — — Expired 1,716 37.90 — — Outstanding and exercisable at December 31, 2020 21,646 $ 28.92 2.04 $ 137 Of the above warrants, 1,141 expire in fiscal year ending June 30, 2021; 2,287 expire in fiscal year ending June 30, 2022, 14,787 expire in fiscal year ending June 30, 2023, 2,287 warrants expire in the fiscal year ending June 30, 2024 and 1,144 warrants expire in the fiscal year ending June 30, 2025. Stock Options Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Options Shares ($) (years) ($) Outstanding and exercisable at June 30, 2020 5,000 $ 10.00 1.16 $ — Granted — — — — Outstanding and exercisable at December 31, 2020 5,000 $ 10.00 .67 — The options expire on August 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 11 - Commitments and Contingencies Legal Proceedings There are no pending legal proceedings against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no action, suit or proceeding has been threatened against the Company. Employment Agreements The Company and Dr. Anil Diwan, President, CEO and Chairman of the Board of Directors, entered into an extension of employment agreement effective July 1, 2018 for a term of three years. Dr. Anil Diwan’s will be paid an annual base salary of $400,000. Additionally, Dr. Diwan was awarded a grant of 26,250 shares of the Company’s Series A preferred stock. 8,750 shares vest equally on June 30, 2019, 2020 and 2021. Any unvested shares are subject to forfeiture. On March 3, 2010, the Company entered into an employment agreement with Dr. Jayant Tatake to serve as Vice President of Research and Development. The employment agreement provides for a term of four years with a base salary of $150,000. In addition, the Company issued 1,340 shares of Series A preferred stock and 1,786 shares of common stock upon entering into the agreement, and will issue an additional 1,340 shares of Series A preferred stock and 1,786 shares of common stock on each anniversary date of the agreement. The shares of Series A preferred stock were issued in recognition of Dr. Tatake’s work towards the achievement of several patents by the Company. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. On March 3, 2010, the Company entered into an employment agreement with Dr. Randall Barton to serve as Chief Scientific Officer. The employment agreement provided for a term of four years with a base salary of $150,000. In addition, the Company issued 1,786 shares of common stock upon entering into the agreement, and will issue an additional 1,786 shares of common stock on each anniversary date of the agreement. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. On May 30, 2013, the Company entered into an employment agreement with Meeta Vyas, wife of our President, CEO and Chairman of the Board, to serve as its Chief Financial Officer. The employment agreement provided for a term of three years with a base salary of $9,000 per month and 129 shares of Series A preferred stock, also on a monthly basis. On January 1, 2015, her cash compensation was increased to $10,800 per month. The agreement is renewable on an annual basis. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. License Agreements The Company is dependent upon its license agreements with TheraCour (See Notes 1 and 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour for an exclusive license for the Company to use, promote, offer for sale, import, export, sell and distribute products for the treatment of VZV derived indications. Process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront payments to TheraCour and agreed to the following milestone payments to TheraCour; the issuance of 75,000 shares of the Company’s Series A preferred stock upon the grant of an IND Application; $1,500,000 in cash upon completion of Phase I Clinical Trials; $2,500,000 in cash upon completion of Phase II clinical trials; and $5,000,000 in cash upon completion of Phase III clinical trials. On June 8, 2020, the Company executed a Memorandum of Understanding (“MOU”) with TheraCour that provides a limited license to the Company for the entire application of human coronavirus infections, while the full license is being perfected. The Company has appointed a third party consulting firm for independent evaluation of this market space. Dr. Anil Diwan is recused from these discussions due to a conflict of interest. The terms of the COVID License Agreement, except as otherwise specified in the MOU, is expected to be generally consistent with the VZV License Agreement dated November 1, 2019, and shall include consistent milestone payments, royalties and sublicense and income derived from grants and contracts. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Basis of Presentation - Interim Financial Information | Basis of Presentation – Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s Form 10‑K for the fiscal year ended June 30, 2020 filed with the SEC on October 13, 2020. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10‑K for the fiscal year ended June 30, 2020 filed on October 13, 2020. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31, 2020 December 31, 2019 Options 5,000 5,000 Warrants 21,646 370,012 Total potentially outstanding dilutive common shares 26,646 375,012 The Company has also issued 369,376 shares of Series A preferred stock outstanding as of December 31, 2020. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At December 31, 2020, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,292,816 and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation | The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31, 2020 December 31, 2019 Options 5,000 5,000 Warrants 21,646 370,012 Total potentially outstanding dilutive common shares 26,646 375,012 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Summary of related parties | Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. ("TheraCour") An entity owned and controlled by Dr. Anil Diwan For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ — $ — $ 2,560 $ 4,139 As of December 31, June 30, 2020 2020 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. On October 2, 2018, the Company agreed to enter into an agreement with TheraCour for a waiver of two months worth of prepaid balance in advance of anticipated invoicing, due under prior agreements until the filing of an IND and the application of the then current advance as a credit against current open invoices. Additionally, TheraCour agreed to defer $25,000 per month of development fees, beginning with July 2018 through December 31, 2019. Accounts payable due TheraCour at December 31, 2020 was $619,904 which was offset by a two month advance (see above) of $491,000. There was no advance at June 30, 2020. $ 128,904 $ 561,580 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Research and Development Costs Paid to Related Party Development fees and other costs charged by TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2020 and June 30, 2020 $ 606,742 $ 543,108 $ 1,255,066 $ 1,119,315 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Property and Equipment | |
Schedule of property and equipment | Property and equipment, stated at cost, less accumulated depreciation consisted of the following: December 31, June 30, 2020 2020 GMP Facility $ 8,020,470 $ 8,020,471 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,794,608 5,756,956 Total Property and Equipment 14,138,466 14,100,815 Less Accumulated Depreciation (4,900,592) (4,556,384) Property and Equipment, Net $ 9,237,874 $ 9,544,431 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Trademarks and Patents | |
Schedule of trademark and patents, stated at cost, less accumulated amortization | Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, 2020 2020 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (104,701) (100,566) Trademarks and Patents, Net $ 354,253 $ 358,388 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Accrued expenses | |
Schedule of accrued expenses | Accrued expenses consisted of the following: December 31, June 30, 2020 2020 Severance payment $ 3,000 $ 21,000 Accrued payroll 22,262 38,240 Consultant — 10,000 Accrued Expenses $ 25,262 $ 69,240 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Schedule of proceeds of the offering | The Company accounted for the proceeds of the Offering at July 10 2020 as follows: Gross proceeds $ 11,499,997 Less: offering costs and expenses (1,057,781) Net proceeds from issuance of common stock $ 10,442,216 |
Schedule of estimation of estimated the fair value of the warrants granted | The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) Expected volatility 91.4-91.5 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) .24-.32 % |
Series A Preferred stock | |
Schedule of fair value of Series A Preferred Stock | The fair value of the Series A Preferred stock was the following for the dates indicated: Date Shares Value 7/31/2020 129 $ 3,155 8/31/2020 129 2,391 9/30/2020 129 1,898 10/31/2020 129 1,749 11/30/2020 129 1,596 12/31/2020 129 1,603 774 $ 12,392 |
Stock Options and Warrants (Tab
Stock Options and Warrants (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Equity Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Options Shares ($) (years) ($) Outstanding and exercisable at June 30, 2020 5,000 $ 10.00 1.16 $ — Granted — — — — Outstanding and exercisable at December 31, 2020 5,000 $ 10.00 .67 — |
Stock Warrants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2020 22,218 $ 30.82 2.28 $ 4,533 Granted 1,144 5.53 — — Expired 1,716 37.90 — — Outstanding and exercisable at December 31, 2020 21,646 $ 28.92 2.04 $ 137 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) - USD ($) | Nov. 01, 2019 | Dec. 31, 2020 |
Cash upon completion of Phase I Clinical Trials | $ 1,500,000 | |
Cash upon completion of Phase II Clinical Trials | 2,500,000 | |
Cash upon completion of Phase III Clinical Trials | $ 5,000,000 | |
TheraCour | ||
Issuance of shares | 75,000 | |
Cash upon completion of Phase I Clinical Trials | $ 1,500,000 | |
Cash upon completion of Phase II Clinical Trials | 2,500,000 | |
Cash upon completion of Phase III Clinical Trials | $ 5,000,000 | |
Percentage of Net Sales Allocated for Royalty Payments | 15.00% | 15.00% |
Series A Convertible Preferred Stock [Member] | ||
Issuance of shares | 75,000 |
Liquidity (Details)
Liquidity (Details) - USD ($) | Jul. 31, 2020 | Jul. 10, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 |
Financial Condition [Line Items] | |||||||||
Retained Earnings (Accumulated Deficit) | $ (110,204,411) | $ (110,204,411) | $ (105,563,124) | ||||||
Net loss | (2,330,054) | $ (2,311,233) | $ (1,927,526) | $ (1,561,133) | (4,641,287) | $ (3,488,659) | |||
Net Cash Provided by (Used in) Operating Activities | (4,551,330) | $ (2,560,245) | |||||||
Revenue | 0 | ||||||||
Cash and cash equivalents | $ 18,393,072 | $ 18,393,072 | $ 13,708,594 | ||||||
Sales Agreement [Member] | |||||||||
Financial Condition [Line Items] | |||||||||
Commission rate | 3.50% | ||||||||
Fees and disbursements of legal counsel in an amount not to exceed | $ 50,000 | ||||||||
Amount not to exceed quarter during the term of sales agreement | 2,500 | ||||||||
Underwriting option | |||||||||
Financial Condition [Line Items] | |||||||||
Underwriters option to purchase additional shares (in shares) | 205,479 | ||||||||
Price of a share | $ 7.30 | ||||||||
Net proceeds from the offering | $ 10,400,000 | ||||||||
Shares issued | 1,369,863 | ||||||||
Additional shares | 205,479 | ||||||||
ATM Offering [Member] | Sales Agreement [Member] | |||||||||
Financial Condition [Line Items] | |||||||||
Net proceeds from the offering | $ 50,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Warrants and Options (Details) - shares | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 26,646 | 375,012 |
Employee Stock Option [Member] | ||
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 5,000 | 5,000 |
Derivative liability - Old Warrants | ||
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 21,646 | 370,012 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended | ||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | Jun. 30, 2020shares | |
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,646 | 375,012 | |
Series A Convertible Preferred Stock [Member] | |||
Accounting Policies [Line Items] | |||
Preferred Stock, Shares Outstanding | 369,376 | 368,602 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,292,816 | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3.5 | ||
Percentage of Change of Control | $ | $ 60 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Research and development | $ 1,493,200 | $ 1,012,085 | $ 3,066,271 | $ 2,494,490 | |
TheraCour | |||||
Property and Equipment | 2,560 | 4,139 | |||
Account Payable - Related Party | 128,904 | 128,904 | $ 561,580 | ||
Research and development | $ 606,742 | $ 543,108 | $ 1,255,066 | $ 1,119,315 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Dec. 17, 2019USD ($) | Dec. 16, 2019USD ($)shares | Nov. 01, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Oct. 02, 2018USD ($) |
Related Party Transaction [Line Items] | |||||||||
Other General and Administrative Expense | $ 2,000 | ||||||||
Percentage of Direct Costs | 30.00% | ||||||||
Research and Development Expense | $ 1,493,200 | $ 1,012,085 | $ 3,066,271 | $ 2,494,490 | |||||
Accrued Royalties | 0 | $ 0 | |||||||
TheraCour | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage Of Net Sales Allocated For Royalty Payments | 15.00% | 15.00% | |||||||
TheraCour | |||||||||
Related Party Transaction [Line Items] | |||||||||
Research and Development Expense | 606,742 | 543,108 | $ 1,255,066 | 1,119,315 | |||||
Series A Preferred stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Series A shares issued in exchange of deferred development fees owed (in shares) | shares | 10,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 774 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 39,301 | 4,948 | $ 12,392 | ||||||
Converted value to common shares | 3.5 | ||||||||
Amortization expense on loan origination fee | 8,188 | $ 1,638 | $ 18,013 | $ 1,638 | |||||
Series A Preferred stock | TheraCour | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deferred monthly development fees | $ 25,000 | ||||||||
Series A shares issued in exchange of deferred development fees owed (in shares) | shares | 619,904 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 2 | ||||||||
Deferred development fees exchanged for shares | $ 491,000 | $ 491,000 | $ 0 |
Related Party Transactions - Mo
Related Party Transactions - Mortgage Note Payable - Related Party (Details) | Dec. 16, 2019USD ($)itemshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) |
Related Party Transaction [Line Items] | ||||||
Amount of loan | $ 155,173 | |||||
Amount of interest payable escrowed | $ 132,000 | $ 132,000 | ||||
Amount of interest expense which reduced the interest escrow retained by the lender | 62,773 | |||||
Prepaid Interest | 29,040 | $ 2,493 | 29,040 | $ 2,493 | ||
Series A Preferred stock | ||||||
Related Party Transaction [Line Items] | ||||||
Series A shares issued in exchange of deferred development fees owed (in shares) | shares | 10,000 | |||||
Series A shares issued in exchange of deferred development fees owed | $ 39,301 | 4,948 | 12,392 | |||
Amortization expense on loan origination fee | 8,188 | $ 1,638 | 18,013 | $ 1,638 | ||
Open End Mortgage Note | Dr. Anil Diwan | ||||||
Related Party Transaction [Line Items] | ||||||
Number of tranches | item | 2 | |||||
Amount of loan per tranche | $ 1,000,000 | |||||
Interest rate per annum (as a percent) | 12.00% | |||||
Drew down amount | $ 1,100,000 | $ 1,100,000 | ||||
Open End Mortgage Note | Dr. Anil Diwan | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of loan | $ 2,000,000 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Property and Equipment | ||
GMP Facility | $ 8,020,470 | $ 8,020,471 |
Land | 260,000 | 260,000 |
Office Equipment | 57,781 | 57,781 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 5,794,608 | 5,756,956 |
Total Property and Equipment | 14,100,815 | |
Less Accumulated Depreciation | (4,556,384) | |
Property and Equipment, Net | $ 9,237,874 | $ 9,544,431 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Property and Equipment | |||
Depreciation | $ 172,934 | $ 172,863 | $ 348,096 |
Trademark and Patents - Tradema
Trademark and Patents - Trademarks and Patents (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Trademarks and Patents | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (104,701) | (100,566) |
Trademarks and Patents, Net | $ 354,253 | $ 358,388 |
Trademark and Patents - Additio
Trademark and Patents - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trademarks and Patents | ||||
Amortization | $ 2,068 | $ 2,068 | $ 4,135 | $ 4,135 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Accrued expenses | ||
Severance payment | $ 3,000 | $ 21,000 |
Accrued payroll | 22,262 | 38,240 |
Consultant | 0 | 10,000 |
Accrued Expenses | $ 25,262 | $ 69,240 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2020 |
Loan Payable | ||||
Original Loan balance | $ 155,173 | |||
Amount of loan repayment per month | $ 15,874 | |||
Interest rate | 5.00% | |||
Loan payable | $ 0 | $ 0 | $ 62,843 | |
Interest expense | $ 66 | $ 655 |
Equity Transactions - Proceeds
Equity Transactions - Proceeds of offering (Details) | Jul. 10, 2020USD ($) |
Equity Transactions | |
Gross proceeds | $ 11,499,997 |
Less: offering costs and expenses | (1,057,781) |
Net proceeds from issuance of common stock | $ 10,442,216 |
Equity Transactions - Fair Valu
Equity Transactions - Fair Value of Series A Preferred stock (Details) - Series A Preferred stock - USD ($) | Dec. 16, 2019 | Jul. 11, 2018 | Dec. 31, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 774 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 39,301 | $ 4,948 | $ 12,392 | |
Issuance Date One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 26,250 | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 3,155 | |||
Issuance Date Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 2,391 | |||
Issuance Date Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,898 | |||
Issuance Date Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,749 | |||
Issuance Date Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,596 | |||
Issuance Date Six [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,603 |
Equity Transactions - CEO (Deta
Equity Transactions - CEO (Details) - Chief Executive Officer [Member] | 6 Months Ended |
Dec. 31, 2020 | |
Expected life (year) | 4 years |
Expected annual rate of quarterly dividends | 0.00% |
Minimum [Member] | |
Expected volatility | 91.40% |
Risk-free rate(s) | 0.24% |
Maximum [Member] | |
Expected volatility | 91.50% |
Risk-free rate(s) | 0.32% |
Equity Transactions - Warrants
Equity Transactions - Warrants - Fair Value Assumptions (Details) | Dec. 31, 2020 |
Scientific Advisory Board Common Stock Warrants [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Details) - USD ($) | Jul. 10, 2020 | Jul. 08, 2020 | Dec. 16, 2019 | Jul. 11, 2018 | Nov. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Class of Stock [Line Items] | |||||||||||
Common shares sold | 10,677,448 | 10,677,448 | 9,083,414 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Underwriting option | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common shares sold | 1,369,863 | ||||||||||
Share Price | $ 7.30 | ||||||||||
Net proceeds from the offering | $ 10,400,000 | ||||||||||
Underwriters Option To Purchase Additional Shares, Number | 205,479 | ||||||||||
Purchase Agreement With Institutional Investors [Member] | Underwriting option | |||||||||||
Class of Stock [Line Items] | |||||||||||
Underwriter's Option, Period To Avail Over Allotment Option | 45 days | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,369,863 | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 7.30 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||
Net proceeds from the offering | $ 10,400,000 | ||||||||||
Underwriters Option To Purchase Additional Shares, Number | 205,479 | ||||||||||
Derivative liability - Old Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | $ 1,215 | $ 3,201 | |||||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 572 | 572 | 572 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.19 | $ 6.86 | |||||||||
Director [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation | $ 15,000 | $ 26,250 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,106 | 6,146 | |||||||||
Consulting Services [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation | $ 27,000 | $ 54,000 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 7,411 | 12,546 | |||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Compensation Not yet Recognized, Stock Options | $ 91,308 | ||||||||||
Series A Convertible Preferred Stock [Member] | Forecast [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 8,750 | ||||||||||
Series A Preferred stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation | $ 45,654 | $ 91,308 | |||||||||
Stock Issued During Period, Shares, In Exchange For Deferred Development Fees | 10,000 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 39,301 | $ 4,948 | $ 12,392 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 774 | ||||||||||
Ratio of Converted Value To Common | 3.50% | ||||||||||
Series A Preferred stock | Minimum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share Price | $ 2.87 | $ 2.87 | |||||||||
Series A Preferred stock | Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share Price | $ 9.97 | $ 9.97 | |||||||||
Series A Preferred stock | Employee Compensations [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 4,948 | $ 12,392 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 387 | 774 |
Stock Options and Warrants - St
Stock Options and Warrants - Stock Warrants (Details) - Stock Warrants - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding and exercisable | 22,218 | |
Number of Shares, Granted | 1,144 | |
Number of Shares, Expired | 1,716 | |
Number of Shares, Outstanding and exercisable | 21,646 | 22,218 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 30.82 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 5.53 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 37.90 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 28.92 | $ 30.82 |
Weighted Average Remaining Contractual Term (years), Granted | 0 years | |
Weighted Average Remaining Contractual Term (years), Expired | 0 years | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 2 years 15 days | 2 years 3 months 11 days |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 137 | $ 4,533 |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Stock Options and Warrants - _2
Stock Options and Warrants - Stock options (Details) - Equity Option - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding and exercisable | 5,000 | |
Number of Shares, Granted | 0 | |
Number of Shares, Outstanding and exercisable | 5,000 | 5,000 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 10 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 10 | $ 10 |
Weighted Average Remaining Contractual Term (years), Granted | 0 years | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 8 months 1 day | 1 year 1 month 28 days |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 0 |
Aggregate Intrinsic Value, Granted (in dollars) | $ 0 |
Stock Options and Warrant - Add
Stock Options and Warrant - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2020shares | |
June 30, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 1,141 |
June 30 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 2,287 |
June 30, 2023 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 14,787 |
June 30 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 2,287 |
June 30, 2025 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 1,144 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Nov. 01, 2019 | Jan. 01, 2015 | May 30, 2013 | Mar. 03, 2010 | Dec. 31, 2020 | Jun. 30, 2020 |
Commitments and Contingencies [Line Items] | ||||||
Common stock, shares issued | 10,677,448 | 9,083,414 | ||||
Employment Agreement Term | 3 years | |||||
Cash upon completion of Phase I Clinical Trials | $ 1,500,000 | |||||
Cash upon completion of Phase II Clinical Trials | 2,500,000 | |||||
Cash upon completion of Phase III Clinical Trials | $ 5,000,000 | |||||
TheraCour | ||||||
Commitments and Contingencies [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 75,000 | |||||
Cash upon completion of Phase I Clinical Trials | $ 1,500,000 | |||||
Cash upon completion of Phase II Clinical Trials | 2,500,000 | |||||
Cash upon completion of Phase III Clinical Trials | $ 5,000,000 | |||||
Percentage of Net Sales Allocated for Royalty Payments | 15.00% | 15.00% | ||||
President And Board Of Directors, Chairman [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Base Salary | $ 400,000 | |||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 26,250 | |||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||
Chief Scientific Officer [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Common stock, shares issued | 1,786 | |||||
Additional Common Stock Shares Issued | 1,786 | |||||
Increase In Base Salary | $ 150,000 | |||||
Employment Agreement Term | 4 years | |||||
Vice President [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Common stock, shares issued | 1,786 | |||||
Additional Common Stock Shares Issued | 1,786 | |||||
Preferred stock, shares issued | 1,340 | |||||
Additional Preferred Stock Shares Issued | 1,340 | |||||
Increase In Base Salary | $ 150,000 | |||||
Employment Agreement Term | 4 years | |||||
Chief Financial Officer [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Increase In Base Salary | $ 10,800 | $ 9,000 | ||||
Employment Agreement Term | 3 years | |||||
Chief Financial Officer [Member] | Series A Preferred stock | ||||||
Commitments and Contingencies [Line Items] | ||||||
Preferred stock, shares issued | 129 | |||||
Mr Taraporewala [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Percentage of Net Sales Allocated for Royalty Payments | 15.00% |