Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jan. 31, 2016 | Mar. 11, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | OPIANT PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,385,508 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | OPNT | |
Entity Common Stock, Shares Outstanding | 1,912,946 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 1,281,556 | $ 434,217 |
Prepaid insurance | 27,083 | 33,143 |
Total current assets | 1,308,639 | 467,360 |
Other assets | ||
Patents and patent applications (net of accumulated amortization of $7,358 at October 31, 2015 and $7,015 at July 31, 2015) | 19,749 | 20,435 |
Total assets | 1,328,388 | 487,795 |
Current liabilities | ||
Accounts payable and accrued liabilities | 35,215 | 315,460 |
Accrued salaries and wages | 3,863,501 | 3,129,060 |
Due to related parties | 0 | 130,000 |
Total current liabilities | 3,898,716 | 3,574,520 |
Deferred revenue | 2,333,500 | 5,300,000 |
Total liabilities | 6,232,216 | 8,874,520 |
Stockholders' deficit | ||
Common stock; par value $0.001; 1,000,000,000 shares authorized; 1,886,890 shares issued and outstanding at January 31, 2016 and 1,841,866 shares issued and outstanding at July 31, 2015 | 1,887 | 1,842 |
Additional paid-in capital | 55,605,348 | 44,982,519 |
Accumulated deficit | (60,511,063) | (53,371,086) |
Total stockholders' deficit | (4,903,828) | (8,386,725) |
Total liabilities and stockholders' deficit | $ 1,328,388 | $ 487,795 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 7,701 | $ 7,015 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 1,886,890 | 1,841,866 |
Common Stock, Shares, Outstanding | 1,886,890 | 1,841,866 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenue | $ 6,860,000 | $ 560,000 | $ 6,980,000 | $ 560,000 |
Operating expenses | ||||
General and administrative | 2,485,578 | 2,138,609 | 13,276,958 | 2,846,622 |
Research and development | 373,059 | 1,191,747 | 802,509 | 1,243,848 |
Total operating expenses | 2,858,637 | 3,330,356 | 14,079,467 | 4,090,470 |
Income (loss) from operations | 4,001,363 | (2,770,356) | (7,099,467) | (3,530,470) |
Other income (expense) | ||||
Interest expense | (5,491) | (19,370) | (11,319) | (27,582) |
Income (loss) on foreign exchange | (25,832) | 14,112 | (29,191) | 7,101 |
Total other income (expense) | (31,323) | (5,258) | (40,510) | (20,481) |
Income (loss) before provision for income taxes | 3,970,040 | (2,775,614) | (7,139,977) | (3,550,951) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ 3,970,040 | $ (2,775,614) | $ (7,139,977) | $ (3,550,951) |
Basic income (loss) per common share | $ 2.11 | $ (1.54) | $ (3.83) | $ (1.98) |
Diluted income (loss) per common share | $ 1.52 | $ (1.54) | $ (3.83) | $ (1.98) |
Basic weighted average common shares outstanding | 1,880,279 | 1,806,303 | 1,865,230 | 1,797,032 |
Diluted weighted average common shares outstanding | 2,605,270 | 1,806,303 | 1,865,230 | 1,797,032 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - 6 months ended Jan. 31, 2016 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Jul. 31, 2015 | $ (8,386,725) | $ 1,842 | $ 44,982,519 | $ (53,371,086) |
Balance, shares at Jul. 31, 2015 | 1,841,866 | |||
Stock issued for services | 456,483 | $ 45 | 456,438 | 0 |
Stock issued for services (in shares) | 45,024 | |||
Stock based compensation from issuance of stock options | 10,166,391 | $ 0 | 10,166,391 | 0 |
Net loss | (7,139,977) | 0 | 0 | (7,139,977) |
Balance at Jan. 31, 2016 | $ (4,903,828) | $ 1,887 | $ 55,605,348 | $ (60,511,063) |
Balance, shares at Jan. 31, 2016 | 1,886,890 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Cash flows used in operating activities | ||
Net loss | $ (7,139,977) | $ (3,550,951) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization | 686 | 687 |
Issuance of common stock for services | 456,483 | 155,701 |
Stock based compensation from issuance of options | 10,166,391 | 328,420 |
Stock based compensation from issuance of warrants | 0 | 144,724 |
Changes in assets and liabilities: | ||
Increase in prepaid insurance | 6,060 | (6,939) |
Decrease in deferred revenue | (4,300,000) | 0 |
Decrease in accounts payable | (280,245) | (122,986) |
Increase in accrued salaries and wages | 734,441 | 677,006 |
Net cash used in operating activities | (356,161) | (2,374,338) |
Cash flows provided by financing activities | ||
Proceeds from related parties notes payable | 151,191 | 0 |
Payments of related parties notes payable | (281,191) | (220,000) |
Investment received in exchange for royalty agreement | 1,333,500 | 3,400,487 |
Net cash provided by financing activities | 1,203,500 | 3,180,487 |
Net increase in cash and cash equivalents | 847,339 | 806,149 |
Cash and cash equivalents, beginning of period | 434,217 | 254,770 |
Cash and cash equivalents, end of period | 1,281,556 | 1,060,919 |
Supplemental disclosure | ||
Interest paid during the period | 78,865 | 0 |
Taxes paid during the period | $ 0 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Opiant Pharmaceuticals, Inc. (formerly Lightlake Therapeutics Inc.) (“Opiant”, “we”, “our”, the “Company”) is a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive and eating disorders. The Company changed its name to Opiant on January 28, 2016. The Company also has worked on developing a treatment to reverse opioid overdoses, now known as NARCAN® (naloxone hydrochloride) Nasal Spray, which was approved by the U.S. Food and Drug Administration (“FDA”) in November 2015. The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended July 31, 2015 and notes thereto and other pertinent information contained in the Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the six months ended January 31, 2016 are not necessarily indicative of the results for the full fiscal year ending July 31, 2016. Reverse Stock Split In December 2014, the Company effected a one-for-one hundred reverse stock split of its common stock (the “1:100 Reverse Stock Split”). The number of authorized shares of common stock and preferred stock remained the same following the 1:100 Reverse Stock Split. Unless otherwise noted, impacted amounts included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock splits as if such stock splits occurred on the first day of the first period presented. Impacted amounts include but are not limited to shares of common stock issued and outstanding, stock options, shares reserved, exercise prices of warrants or options, and loss per share. There was no impact on preferred or common stock authorized resulting from the |
Going Concern
Going Concern | 6 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern The accompanying financial statements have been prepared assuming Opiant will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses, a working capital deficit as of January 31, 2016 of $ 2,590,077 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Opiant prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings (loss) per share is calculated by dividing the net income (loss) available to common stockholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. Diluted income per share reflects the potential dilution that would occur if outstanding stock options and warrants were exercised utilizing the treasury stock method. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the Three Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock 3,970,040 1,880,279 2.11 (2,775,614) 1,806,303 (1.54) Effective of Dilutive Securities: Stock options and warrants 724,991 Diluted: Income (loss) attributable to common stock, including assumed conversions 3,970,040 2,605,270 1.52 (2,775,614) 1,806,303 (1.54) For the Six Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) Opiant has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jan. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions At July 31, 2015, the Company had loans outstanding with each of its three executive officers, all of whom are directors, in the total amount of $ 130,000 14.5 8.5 During the six months ended January 31, 2016, the Company received loans from each of its three executive officers, all of whom are directors, totaling $151,191. The loans bore interest at 6% per annum until January 31, 2016. During the six months ended January 31, 2016, the Company fully repaid the loans and interest payable. |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jan. 31, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 5. Deferred Revenue On May 15, 2014, Opiant entered into an agreement and subsequently received funding from an individual investor in the amount of $ 300,000 1.5 37,500 300,000 On July 22, 2014, Opiant received a $ 3,000,000 6.0 111,470 0.22294 422,344 444,530 1,033,614 988,043 0.844687 0.888906 2.067228 1.976085 3,000,000 On September 9, 2014, Opiant entered into an agreement and subsequently received funding from an individual investor in the amount of $ 500,000 0.98 50,000 500,000 On October 31, 2014, Opiant entered into an agreement and subsequently received funding from an individual investor in the amount of $ 500,000 0.98 50,000 500,000 On September 22, 2015, Opiant received a $ 1,600,000 2.1333 618,000 0.824 715,500 0.954 On December 8, 2015, Opiant entered into an agreement with an individual investor to receive $ 500,000 0.75 1,000,000 1.50 500,000 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jan. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Common Stock Pursuant to an agreement dated September 1, 2015, Opiant issued 10,000 80,500 On October 6, 2015, the Company entered into an amendment to an agreement to use certain technology owned by Aegis Therapeutics, LLC (“Aegis’ Technology”). This amendment had an effective date of May 19, 2015 and allowed the Company to evaluate Aegis’ Technology until August 17, 2015. The amendment also provided an opportunity for the Company to elect to further extend the period of time during which the Company could evaluate Aegis’ Technology until February 13, 2016. In exchange for electing to further extend this period of time, the Company paid Aegis $ 75,000 13,697 106,152 On November 19, 2015, the Company issued 14,327 120,347 92,634 On December 16, 2015, the Company entered into a services agreement with a term of one year. Pursuant to the agreement, the Company issued 7,000 64,050 9,000 11,000 13,000 85,434 33,000 Stock Options As required by the Stock Compensation Topic, ASC 718, Opiant measures and recognizes compensation expense for all share based payment awards made to the officers and directors based on estimated fair values at the grant date and over the requisite service period. On October 27, 2015, Opiant granted 1,437,500 7.25 10 10,062,500 Opiant also recognized stock based compensation expense of $ 103,891 Market value of stock on measurement date $ 7.00 Risk-free interest rate 2.05 % Dividend yield 0 % Volatility factor 373 % Term 10 years Weighted- average Weighted- Remaining average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (years) Value Outstanding at July 31, 2015 3,157,500 9.42 7.58 Granted 1,437,500 7.25 Forfeited/expired/cancelled Outstanding at January 31, 2016 4,595,000 8.74 7.91 $ 9,768,125 Exercisable at January 31, 2016 4,302,083 8.34 8.30 $ 9,768,125 Weighted Average Number of Grant Date Non-vested options Options Fair Value Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,445,834) 7.00 Non-vested at January 31, 2016 29,166 $ 3.85 At January 31, 2016, there was $ 95,583 Warrants Weighted- Weighted- average average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ Issued Expired (90,167) 30.27 Outstanding at January 31, 2016 1,248,385 $ 17.49 3.06 $ Exercisable at January 31, 2016 523,385 $ 23.95 5.17 $ |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events During February 2016, Opiant elected to further extend the period of time during which the Company could evaluate Aegis’ Technology until August 11, 2016. The Company paid Aegis $ 75,000 10,746 On March 7, 2016, Opiant announced the receipt of a $ 2.5 On March 8, 2016, 3,582 On February 1, 2016, 5,500 |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates Opiant prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings Per Share, Policy | Basic and Diluted Net Income (Loss) Per Share Earnings (loss) per share is calculated by dividing the net income (loss) available to common stockholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. Diluted income per share reflects the potential dilution that would occur if outstanding stock options and warrants were exercised utilizing the treasury stock method. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the Three Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock 3,970,040 1,880,279 2.11 (2,775,614) 1,806,303 (1.54) Effective of Dilutive Securities: Stock options and warrants 724,991 Diluted: Income (loss) attributable to common stock, including assumed conversions 3,970,040 2,605,270 1.52 (2,775,614) 1,806,303 (1.54) For the Six Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Opiant has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the components of basic and diluted net income (loss) per common share is presented in the tables below: For the Three Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock 3,970,040 1,880,279 2.11 (2,775,614) 1,806,303 (1.54) Effective of Dilutive Securities: Stock options and warrants 724,991 Diluted: Income (loss) attributable to common stock, including assumed conversions 3,970,040 2,605,270 1.52 (2,775,614) 1,806,303 (1.54) For the Six Months Ended January 31, 2016 2015 Income (Loss) Weighted Average Common Per Share Income (Loss) Weighted Average Common Per Share $ Shares Outstanding $ $ Shares Outstanding $ Basic: Income (loss) attributable to common stock (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (7,139,977) 1,865,230 (3.83) (3,550,951) 1,797,032 (1.98) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Assumptions Used in the Valuation | The assumptions used in the valuation for all of the options granted for the six months ended January 31, 2016 were as follows: Market value of stock on measurement date $ 7.00 Risk-free interest rate 2.05 % Dividend yield 0 % Volatility factor 373 % Term 10 years |
Schedule of Options and Warrants Outstanding | Stock option activity for six months ended January 31, 2016 is presented in the table below: Weighted- average Weighted- Remaining average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (years) Value Outstanding at July 31, 2015 3,157,500 9.42 7.58 Granted 1,437,500 7.25 Forfeited/expired/cancelled Outstanding at January 31, 2016 4,595,000 8.74 7.91 $ 9,768,125 Exercisable at January 31, 2016 4,302,083 8.34 8.30 $ 9,768,125 Warrant activity for the three months ended January 31, 2016 is presented in the table below: Weighted- Weighted- average average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ Issued Expired (90,167) 30.27 Outstanding at January 31, 2016 1,248,385 $ 17.49 3.06 $ Exercisable at January 31, 2016 523,385 $ 23.95 5.17 $ |
Schedule of Nonvested Share Activity | A summary of the status of Opiant’s non-vested options as of January 31, 2016 and changes during the three months ended January 31, 2016 are presented below: Weighted Average Number of Grant Date Non-vested options Options Fair Value Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,445,834) 7.00 Non-vested at January 31, 2016 29,166 $ 3.85 |
Organization and Basis of Pre17
Organization and Basis of Presentation (Details Textual) | 6 Months Ended |
Jan. 31, 2016 | |
Stockholders' Equity, Reverse Stock Split | 1:100 Reverse Stock Split |
Going Concern (Details Textual)
Going Concern (Details Textual) | Jan. 31, 2016USD ($) |
Going Concern [Line Items] | |
Working Capital Deficit | $ 2,590,077 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ 3,970,040 | $ (2,775,614) | $ (7,139,977) | $ (3,550,951) |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 3,970,040 | $ (2,775,614) | $ (7,139,977) | $ (3,550,951) |
Weighted Average Number of Shares Outstanding, Basic | 1,880,279 | 1,806,303 | 1,865,230 | 1,797,032 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 724,991 | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 2,605,270 | 1,806,303 | 1,865,230 | 1,797,032 |
Earnings Per Share, Basic, Total | $ 2.11 | $ (1.54) | $ (3.83) | $ (1.98) |
Earnings Per Share, Diluted, Total | $ 1.52 | $ (1.54) | $ (3.83) | $ (1.98) |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due to Related Parties | $ 130,000 | |
Debt Instrument Penalty Rate Stated Percentage | 8.50% | |
Debt Instrument, Interest Rate, Stated Percentage | 14.50% | |
Executive Officer [Member] | Loans Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | $ 151,191 | |
Loans Receivable, Basis Spread on Variable Rate | 6.00% |
Deferred Revenue (Details Textu
Deferred Revenue (Details Textual) - USD ($) | Dec. 08, 2015 | Oct. 06, 2015 | Nov. 13, 2014 | Sep. 09, 2014 | Sep. 08, 2014 | Aug. 13, 2014 | May. 15, 2014 | Dec. 23, 2015 | Sep. 22, 2015 | Feb. 17, 2015 | Oct. 31, 2014 | Jul. 28, 2014 | Jul. 22, 2014 | Jan. 31, 2016 | Jan. 31, 2015 |
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Proceeds from funding agreement | $ 500,000 | $ 1,033,614 | $ 500,000 | $ 444,530 | $ 422,344 | $ 300,000 | $ 988,043 | $ 500,000 | |||||||
Interest in asset | 0.75% | 0.824% | 2.06723% | 0.98% | 0.88891% | 0.84469% | 1.50% | 0.954% | 2.1333% | 1.97609% | 0.98% | 0.22294% | 6.00% | 1.50% | |
Number of shares issuable | 50,000 | 37,500 | 50,000 | ||||||||||||
Deferred Revenue, Additions | $ 618,000 | $ 715,500 | $ 1,600,000 | $ 111,470 | $ 3,000,000 | $ 1,000,000 | |||||||||
Reaserach and Development Arrangementmay May 15, 2014, [Member] | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Deferred Revenue, Revenue Recognized | $ 300,000 | ||||||||||||||
Reaserach and Development Arrangement July 22, 2014, [Member] | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Deferred Revenue, Revenue Recognized | 3,000,000 | ||||||||||||||
Reaserach and Development Arrangement September 9, 2014, [Member] | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Deferred Revenue, Revenue Recognized | 500,000 | ||||||||||||||
Reaserach and Development Arrangement October 31, 2014, [Member] | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Deferred Revenue, Revenue Recognized | 500,000 | ||||||||||||||
Reaserach and Development Arrangement December 8, 2015, , [Member] | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Deferred Revenue, Revenue Recognized | $ 500,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Employee Stock Option [Member] | 6 Months Ended |
Jan. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Market value of stock on measurement date | $ 7 |
Risk-free interest rate | 2.05% |
Dividend yield | 0.00% |
Volatility factor | 373.00% |
Term | 10 years |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2016 | Jul. 31, 2015 | |
Number of Shares | ||
Granted | 1,437,500 | |
Stock Option [Member] | ||
Number of Shares | ||
Outstanding at July 31, 2015 | 3,157,500 | |
Granted | 1,437,500 | |
Forfeited/expired/cancelled | 0 | |
Outstanding at January 31, 2016 | 4,595,000 | 3,157,500 |
Exercisable at January 31, 2016 | 4,302,083 | |
Aggregate Intrinsic Value | ||
Outstanding at January 31, 2016 | $ 9,768,125 | |
Exercisable at January 31, 2016 | $ 9,768,125 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 7 years 10 months 28 days | 7 years 6 months 29 days |
Exercisable | 8 years 3 months 18 days | |
Weighted- average Exercise Price | ||
Outstanding at July 31, 2015 | $ 9.42 | |
Granted | 7.25 | |
Forfeited/expired/cancelled | 0 | |
Outstanding at January 31, 2016 | 8.74 | $ 9.42 |
Exercisable at January 31, 2016 | $ 8.34 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 6 Months Ended |
Jan. 31, 2016$ / sharesshares | |
Number of Options | |
Non-vested at July 31, 2015 | shares | 37,500 |
Granted | shares | 1,437,500 |
Vested | shares | (1,445,834) |
Non-vested at January 31, 2016 | shares | 29,166 |
Weighted Average Grant Date Fair Value | |
Non-vested at July 31, 2015 | $ / shares | $ 3.85 |
Granted | $ / shares | 7 |
Vested | $ / shares | 7 |
Non-vested at January 31, 2016 | $ / shares | $ 3.85 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - USD ($) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2016 | Jul. 31, 2015 | |
Weighted- average Exercise Price | ||
Outstanding at July 31, 2015 | $ 19.53 | |
Expired | 30.27 | |
Outstanding at January 31, 2016 | 17.49 | $ 19.53 |
Exercisable at January 31, 2016 | $ 23.95 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding at January 31, 2016 | 3 years 22 days | 3 years 6 months 18 days |
Exercisable at January 31, 2016 | 5 years 2 months 1 day | |
Aggregate Intrinsic Value | ||
Outstanding at January 31, 2016 | $ 0 | |
Exercisable at January 31, 2016 | $ 0 | |
Warrant [Member] | ||
Number of Shares | ||
Outstanding at July 31, 2015 | 1,338,552 | |
Issued | 0 | |
Expired | (90,167) | |
Outstanding at January 31, 2016 | 1,248,385 | 1,338,552 |
Exercisable at January 31, 2016 | 523,385 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 5 Months Ended | 6 Months Ended | |||
Dec. 16, 2015 | Nov. 19, 2015 | Sep. 30, 2015 | Oct. 06, 2015 | Jan. 31, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,437,500 | |||||
Stock Issued During Period, Value, Issued for Services | $ 456,483 | |||||
Share-based Compensation, Total | $ 85,434 | |||||
Scenario, Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 33,000 | |||||
Letter Of Intent [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 7,000 | $ 14,327 | ||||
Stock Issued During Period, Shares, New Issues | 64,050 | 120,347 | ||||
Additional Stock Issue During Period Upon Milestones | 92,634 | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | |||||
Stock Issued During Period, Value, Issued for Services | $ 80,500 | |||||
Aegis Therapeutics, LLC [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payments to Acquire Management Contract Rights | $ 75,000 | |||||
Stock Issued During Period, Shares | 13,697 | |||||
Stock Issued During Period, Value | $ 106,152 | |||||
Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,437,500 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.25 | |||||
October 27, 2015 [Member] | Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,437,500 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Allocated Share-based Compensation Expense | $ 10,062,500 | |||||
Vested Options [Member] | Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | 103,891 | |||||
Non Vested Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 95,583 | |||||
Issue Date One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 9,000 | |||||
Issue Date Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 11,000 | |||||
Issue Date Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 13,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Mar. 08, 2016 | Mar. 07, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Jan. 31, 2016 |
Subsequent Event [Line Items] | |||||
Stock to Be Issued | 75,000 | ||||
Stock Issued During Period, Shares, Purchase of Assets | 10,746 | ||||
Stock Issued During Period, Value, Issued for Services | $ 456,483 | ||||
Subsequent Event [Member] | Consuntant [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Value, Issued for Services | $ 2,500,000 | ||||
Stock Issued During Period, Shares, Issued for Services | 3,582 | 5,500 |