Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2016 | Jun. 08, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 1,987,661 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 2,363,465 | $ 434,217 |
Prepaid insurance | 70,376 | 33,143 |
Total current assets | 2,433,841 | 467,360 |
Other assets | ||
Computer equipment (net of accumulated amortization of $158 at April 30, 2016 and $0 at July 31, 2015) | 6,370 | 0 |
Patents and patent applications (net of accumulated amortization of $8,044 at April 30, 2016 and $7,015 at July 31, 2015) | 19,406 | 20,435 |
Total assets | 2,459,617 | 487,795 |
Current liabilities | ||
Accounts payable and accrued liabilities | 206,821 | 315,460 |
Accrued salaries and wages | 3,630,596 | 3,129,060 |
Deferred revenue | 250,000 | 0 |
Due to related parties | 0 | 130,000 |
Total current liabilities | 4,087,417 | 3,574,520 |
Deferred revenue | 2,083,500 | 5,300,000 |
Total liabilities | 6,170,917 | 8,874,520 |
Stockholders' deficit | ||
Common stock; par value $0.001; 1,000,000,000 shares authorized; 1,981,433 shares issued and outstanding at April 30, 2016 and 1,841,866 shares issued and outstanding at July 31, 2015 | 1,981 | 1,842 |
Additional paid-in capital | 56,381,654 | 44,982,519 |
Accumulated deficit | (60,094,935) | (53,371,086) |
Total stockholders' deficit | (3,711,300) | (8,386,725) |
Total liabilities and stockholders' deficit | $ 2,459,617 | $ 487,795 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 158 | $ 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 8,044 | $ 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 | 1,981,433 | 1,841,866 |
Common Stock, Shares, Outstanding | 1,981,433 | 1,841,866 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Revenue | $ 2,605,097 | $ 120,000 | $ 9,585,097 | $ 680,000 |
Operating expenses | ||||
General and administrative | 1,130,730 | 1,863,512 | 14,407,688 | 4,710,134 |
Research and development | 1,062,505 | 96,906 | 1,865,014 | 1,340,754 |
Total operating expenses | 2,193,235 | 1,960,418 | 16,272,702 | 6,050,888 |
Income (loss) from operations | 411,862 | (1,840,418) | (6,687,605) | (5,370,888) |
Other income (expense) | ||||
Interest income (expense) | 0 | 4,102 | (11,319) | (23,480) |
Income (loss) on foreign exchange | 4,266 | (14,379) | (24,925) | (7,278) |
Total other income (expense) | 4,266 | (10,277) | (36,244) | (30,758) |
Income (loss) before provision for income taxes | 416,128 | (1,850,695) | (6,723,849) | (5,401,646) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ 416,128 | $ (1,850,695) | $ (6,723,849) | $ (5,401,646) |
Basic income (loss) per common share | $ 0.22 | $ (1.01) | $ (3.57) | $ (2.99) |
Diluted income (loss) per common share | $ 0.15 | $ (1.01) | $ (3.57) | $ (2.99) |
Basic weighted average common shares outstanding | 1,916,554 | 1,830,134 | 1,882,088 | 1,803,634 |
Diluted weighted average common shares outstanding | 2,734,760 | 1,830,134 | 1,882,088 | 1,803,634 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - 9 months ended Apr. 30, 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 (in shares) at Jul. 31, 2015 | 1,841,866 | |||
Stock issued for services | 1,215,719 | $ 124 | 1,215,595 | 0 |
Stock issued for services (in shares) | 123,852 | |||
Stock issued upon the exercise of options | 0 | $ 15 | (15) | 0 |
Stock issued upon the exercise of options (in shares) | 15,715 | |||
Stock based compensation from issuance of stock options | 10,183,555 | $ 0 | 10,183,555 | 0 |
Net loss | (6,723,849) | 0 | 0 | (6,723,849) |
Balance at Apr. 30, 2016 | $ (3,711,300) | $ 1,981 | $ 56,381,654 | $ (60,094,935) |
Balance (in shares) at Apr. 30, 2016 | 1,981,433 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash flows used in operating activities | ||
Net loss | $ (6,723,849) | $ (5,401,646) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization | 1,187 | 1,030 |
Issuance of common stock for services | 1,215,719 | 305,825 |
Stock based compensation from issuance of options | 10,183,555 | 911,256 |
Stock based compensation from issuance of warrants | 0 | 409,312 |
Changes in assets and liabilities: | ||
Increase in prepaid insurance | (37,233) | (26,903) |
Decrease in deferred revenue | (4,300,000) | 0 |
Decrease in accounts payable | (108,639) | (124,558) |
Increase (decrease) in accrued salaries and wages | 501,536 | 841,613 |
Net cash provided by (used in) operating activities | 732,276 | (3,084,071) |
Cash flows used in investing activities | ||
Purchase of equipment | (6,528) | 0 |
Net cash used in investing activities | (6,528) | 0 |
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 | 4,388,530 |
Net cash provided by financing activities | 1,203,500 | 4,168,530 |
Net increase in cash and cash equivalents | 1,929,248 | 1,084,459 |
Cash and cash equivalents, beginning of period | 434,217 | 254,770 |
Cash and cash equivalents, end of period | 2,363,465 | 1,339,229 |
Supplemental disclosure | ||
Interest paid during the period | 78,865 | 0 |
Taxes paid during the period | 0 | 0 |
Non-Cash Transactions | ||
Cashless exercise of options | $ 15 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Apr. 30, 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 nine months ended April 30, 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 |
Going Concern
Going Concern | 9 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern The accompanying financial statements have been prepared assuming the Company 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, has a working capital deficit as of April 30, 2016 of $ 1,653,576 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies The Company 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 April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock 416,128 1,916,554 0.22 (1,850,695) 1,830,134 (1.01) Effective of Dilutive Securities: Stock options and warrants 818,206 Diluted: Income (loss) attributable to common stock, including assumed conversions 416,128 2,734,760 0.15 (1,850,695) 1,830,134 (1.01) For the Nine Months Ended April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) The Company 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 | 9 Months Ended |
Apr. 30, 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 April 30, 2016 14.5 8.5 During the nine months ended April 30, 2016, the Company received loans from each of its three executive officers, all of whom are directors, totaling $ 151,191 6 |
Deferred Revenue
Deferred Revenue | 9 Months Ended |
Apr. 30, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 5. Deferred Revenue On May 15, 2014, the Company entered into an agreement and subsequently received funding from an individual investor in the amount of $ 300,000 1.5 1.5 37,500 300,000 On July 22, 2014, the Company 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, the Company 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, the Company 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, the Company received a $ 1,600,000 2.1333 618,000 0.824 715,500 0.954 On December 8, 2015, the Company 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 | 9 Months Ended |
Apr. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Common Stock Pursuant to an agreement dated September 1, 2015, the Company issued 10,000 80,500 On October 6, 2015, the Company issued 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 9,000 64,050 94,500 11,000 13,000 121,760 24,000 On February 1, 2016, the Company issued 5,500 57,750 On February 8, 2016, the Company issued 10,746 106,385 On March 8, 2016, the Company issued 3,582 32,775 On March 25, 2016, the Company issued 15,715 30,000 On April 26, 2016, the Company issued 50,000 431,500 Stock Options As required by the Stock Compensation Topic, ASC 718, the Company 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, the Company granted 1,437,500 7.25 10 10,062,500 The Company also recognized stock based compensation expense of $ 121,055 Market value of stock on measurement date $ 7.00 Risk-free interest rate 2.05 % Dividend yield 0 % Volatility factor 373 % Term 10 years Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 3,157,500 $ 9.42 $ 7.58 Granted 1,437,500 7.25 Exercised (30,000) 5.00 Outstanding at April 30, 2016 4,565,000 $ 8.77 $ 7.68 $ 5,969,725 Exercisable at April 30, 2016 4,277,500 $ 8.37 $ 8.07 $ 5,969,725 Non-vested options Number of Weighted Average Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,450,000) 7.01 Non-vested at April 30, 2016 25,000 $ 3.85 At April 30, 2016, there was $ 44,352 Warrants Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ Issued Expired (119,767) 35.14 Outstanding at April 30, 2016 1,218,785 $ 17.99 3.11 $ 34,144 Exercisable at April 30, 2016 493,785 $ 22.39 5.22 $ 34,144 |
Licensing Agreement
Licensing Agreement | 9 Months Ended |
Apr. 30, 2016 | |
Licensing Agreement [Abstract] | |
Licensing Agreement | 7. Licensing Agreement 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 During February 2016, the Company 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 10,746 106,385 On April 26, 2016 (the “Amendment Date”), the Company and Aegis entered into the Amended and Restated Material Transfer, Option and Research License Agreement (the “Restated License Agreement”) which amends and restates in its entirety the Material Transfer, Option and Research License Agreement, dated as of December 1, 2014, by and between the Company and Aegis. Under the Restated License Agreement, the Company has been granted an exclusive royalty-free research license, for a period of time (the “Compound Research Period”) to Aegis’ proprietary delivery enhancement and stabilization agents, including, but not limited to, Aegis’ ProTek® and Intravail® technologies (collectively, the “Technology”) to enable the Company to conduct a feasibility study of opioid antagonists when used with the Technology (the “Study”) and evaluate the Company’s interest in licensing the Technology through use of the Compound in additional studies. The Company agreed to pay Aegis (i) an aggregate of $ 300,000 50 0.001 75 150,000 50,000 431,500 During the term of the Restated License Agreement, the Company has a right of first refusal and option to add any, or all of the “Additional Compounds” (as defined in the Restated License Agreement), which the Company may exercise at any time upon written notice to Aegis. The Company has granted Aegis a co-exclusive license with the Company to use the data from the Company’s Studies under the Restated License Agreement for certain purposes. Pursuant to the Restated License Agreement, Aegis granted the Company an exclusive option (the “Opiant Option”) to obtain an exclusive, worldwide, royalty-bearing license (with the right to grant sublicenses through multiple tiers) under Aegis’s interests in the Technology and any “Joint Invention” (as such term is defined in the Restated License Agreement) to the Technology to research, develop, make, have made, use, sell, offer for sale, and import products containing the “Compound” (as defined in the Restated License Agreement) or an Additional Compound. The Company may exercise such Opiant Option with respect to the Compounds by written notice to Aegis within 90 days of the completion of the Study for (i) the Compounds or (ii) the Additional Compounds. In the event the Company exercises the Opiant Option, the parties have 120 days to negotiate and execute a definitive license agreement. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events On May 17, 2016, the Company granted 70,000 10.00 5 On May 18, 2016, the Company made a capital call of $ 266,500 0.355 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The Company 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 April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock 416,128 1,916,554 0.22 (1,850,695) 1,830,134 (1.01) Effective of Dilutive Securities: Stock options and warrants 818,206 Diluted: Income (loss) attributable to common stock, including assumed conversions 416,128 2,734,760 0.15 (1,850,695) 1,830,134 (1.01) For the Nine Months Ended April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company 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 Accoun16
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Apr. 30, 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 April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock 416,128 1,916,554 0.22 (1,850,695) 1,830,134 (1.01) Effective of Dilutive Securities: Stock options and warrants 818,206 Diluted: Income (loss) attributable to common stock, including assumed conversions 416,128 2,734,760 0.15 (1,850,695) 1,830,134 (1.01) For the Nine Months Ended April 30, 2016 2015 Income Weighted Per Share Income Weighted Per Share Basic: Income (loss) attributable to common stock (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) Effective of Dilutive Securities: Stock options and warrants Diluted: Income (loss) attributable to common stock, including assumed conversions (6,723,849) 1,882,088 (3.57) (5,401,646) 1,803,634 (2.99) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Apr. 30, 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 nine months ended April 30, 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 nine months ended April 30, 2016 is presented in the table below: Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 3,157,500 $ 9.42 $ 7.58 Granted 1,437,500 7.25 Exercised (30,000) 5.00 Outstanding at April 30, 2016 4,565,000 $ 8.77 $ 7.68 $ 5,969,725 Exercisable at April 30, 2016 4,277,500 $ 8.37 $ 8.07 $ 5,969,725 Warrant activity for the nine months ended April 30, 2016 is presented in the table below: Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ Issued Expired (119,767) 35.14 Outstanding at April 30, 2016 1,218,785 $ 17.99 3.11 $ 34,144 Exercisable at April 30, 2016 493,785 $ 22.39 5.22 $ 34,144 |
Schedule of Nonvested Share Activity | A summary of the status of the Company’s non-vested options as of April 30, 2016 and changes during the nine months ended April 30, 2016 are presented below: Non-vested options Number of Weighted Average Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,450,000) 7.01 Non-vested at April 30, 2016 25,000 $ 3.85 |
Organization and Basis of Pre18
Organization and Basis of Presentation (Details Textual) | 9 Months Ended |
Apr. 30, 2016 | |
Stockholders' Equity, Reverse Stock Split | 1:100 Reverse Stock Split |
Going Concern (Details Textual)
Going Concern (Details Textual) | Apr. 30, 2016USD ($) |
Going Concern [Line Items] | |
Working Capital Deficit | $ 1,653,576 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income (Loss), Basic | $ 416,128 | $ (1,850,695) | $ (6,723,849) | $ (5,401,646) |
Weighted Average Common Shares Outstanding, Basic | 1,916,554 | 1,830,134 | 1,882,088 | 1,803,634 |
Per Share, Basic | $ 0.22 | $ (1.01) | $ (3.57) | $ (2.99) |
Income (Loss), Diluted | $ 416,128 | $ (1,850,695) | $ (6,723,849) | $ (5,401,646) |
Weighted Average Common Shares Outstanding, Diluted | 2,734,760 | 1,830,134 | 1,882,088 | 1,803,634 |
Per Share, Diluted | $ 0.15 | $ (1.01) | $ (3.57) | $ (2.99) |
Stock Options And Warrants [Member] | ||||
Income (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 818,206 | 0 | 0 | 0 |
Per Share | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | ||
Dec. 31, 2014 | Apr. 30, 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% | ||
Receivable with Imputed Interest, Due Date | Apr. 30, 2016 | ||
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 | Feb. 29, 2016 | Dec. 23, 2015 | Sep. 22, 2015 | Feb. 17, 2015 | Oct. 31, 2014 | Jul. 28, 2014 | Jul. 22, 2014 | Apr. 30, 2016 |
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% | 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 | 10 | |||||||||||
Deferred Revenue, Additions | $ 618,000 | $ 1,000,000 | $ 715,500 | $ 1,600,000 | $ 111,470 | $ 3,000,000 | |||||||||
Reaserach and Development Arrangement 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] | 9 Months Ended |
Apr. 30, 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 ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 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 | |
Exercised | (30,000) | |
Outstanding at April 30, 2016 | 4,565,000 | 3,157,500 |
Exercisable at April 30, 2016 | 4,277,500 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 7 years 8 months 5 days | 7 years 6 months 29 days |
Exercisable | 8 years 25 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ 5,969,725 | |
Exercisable | $ 5,969,725 | |
Weighted- average Exercise Price | ||
Outstanding at July 31, 2015 | $ 9.42 | |
Granted | 7.25 | |
Exercised | 5 | |
Outstanding at April 30, 2016 | 8.77 | $ 9.42 |
Exercisable at April 30, 2016 | $ 8.37 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 9 Months Ended |
Apr. 30, 2016$ / sharesshares | |
Number of Options | |
Non-vested at July 31, 2015 | shares | 37,500 |
Granted | shares | 1,437,500 |
Vested | shares | (1,450,000) |
Non-vested at April 30, 2016 | shares | 25,000 |
Weighted Average Grant Date Fair Value | |
Non-vested at July 31, 2015 | $ / shares | $ 3.85 |
Granted | $ / shares | 7 |
Vested | $ / shares | 7.01 |
Non-vested at April 30, 2016 | $ / shares | $ 3.85 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - Warrant [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jul. 31, 2015 | |
Number of Shares | ||
Outstanding at July 31, 2015 | 1,338,552 | |
Issued | 0 | |
Expired | (119,767) | |
Outstanding at April 30, 2016 | 1,218,785 | 1,338,552 |
Exercisable at April 30, 2016 | 493,785 | |
Weighted- average Exercise Price | ||
Outstanding at July 31, 2015 | $ 19.53 | |
Expired | 35.14 | |
Outstanding at April 30, 2016 | 17.99 | $ 19.53 |
Exercisable at April 30, 2016 | $ 22.39 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 3 years 1 month 10 days | 3 years 6 months 18 days |
Exercisable | 5 years 2 months 19 days | |
Aggregate Intrinsic Value | ||
Outstanding at April 30, 2016 | $ 34,144 | |
Exercisable at April 30, 2016 | $ 34,144 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Mar. 08, 2016 | Feb. 08, 2016 | Feb. 02, 2016 | Oct. 06, 2015 | Apr. 26, 2016 | Mar. 25, 2016 | Mar. 21, 2016 | Dec. 18, 2015 | Nov. 19, 2015 | Sep. 30, 2015 | Apr. 30, 2016 | Sep. 30, 2016 | Jun. 30, 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, Shares, Issued for Services | 3,582 | 5,500 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 32,775 | $ 57,750 | $ 1,215,719 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 10,746 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 106,385 | ||||||||||||
Share-based Compensation, Total | 121,760 | ||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 15,715 | $ 0 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 30,000 | ||||||||||||
Scenario, Forecast [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 24,000 | ||||||||||||
Letter Of Intent [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Additional Stock Issue During Period Upon Milestones | 92,634 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 9,000 | $ 7,000 | $ 14,327 | ||||||||||
Stock Issued During Period, Shares, New Issues | 94,500 | 64,050 | 120,347 | ||||||||||
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] | |||||||||||||
Stock Issued During Period, Shares | 13,697 | ||||||||||||
Stock Issued During Period, Value | $ 106,152 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 431,500 | ||||||||||||
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 | 121,055 | ||||||||||||
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 | $ 44,352 | ||||||||||||
Issue Date One [Member] | Scenario, Forecast [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 11,000 | ||||||||||||
Issue Date Two [Member] | Scenario, Forecast [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 13,000 |
Licensing Agreement (Details Te
Licensing Agreement (Details Textual) - USD ($) | Feb. 08, 2016 | Oct. 06, 2015 | Apr. 26, 2016 | Apr. 30, 2016 | Jul. 31, 2015 |
Payments to Acquire Management Contract Rights | $ 75,000 | ||||
Stock Issued During Period, Value, New Issues | $ 10,746 | ||||
Stock Issued During Period, Shares, New Issues | 106,385 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Aegis Therapeutics, LLC [Member] | |||||
Payments to Acquire Management Contract Rights | $ 75,000 | ||||
Stock Issued During Period, Shares, Other | 13,697 | ||||
Stock Issued During Period, Value, Other | $ 106,152 | ||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||
Stock Issued During Period, Shares, New Issues | 431,500 | ||||
Licensing Agreement Value | $ 300,000 | ||||
Percentage of shares issued for Amendment Agreement | 50.00% | ||||
Percentage of shares To be issued on Average Closing Price | 75.00% | ||||
License Extension Payment Consideration | $ 150,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Oct. 06, 2015 | May. 18, 2016 | May. 17, 2016 | Feb. 29, 2016 | Dec. 23, 2015 | Sep. 22, 2015 | Jul. 28, 2014 | Jul. 22, 2014 | Apr. 30, 2016 | Dec. 08, 2015 | Feb. 17, 2015 | Nov. 13, 2014 | Oct. 31, 2014 | Sep. 09, 2014 | Sep. 08, 2014 | Aug. 13, 2014 | May. 15, 2014 |
Subsequent Event [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,437,500 | ||||||||||||||||
Percentage Interest In Asset | 0.824% | 1.50% | 0.954% | 2.1333% | 0.22294% | 6.00% | 1.50% | 0.75% | 1.97609% | 2.06723% | 0.98% | 0.98% | 0.88891% | 0.84469% | 1.50% | ||
Deferred Revenue, Additions | $ 618,000 | $ 1,000,000 | $ 715,500 | $ 1,600,000 | $ 111,470 | $ 3,000,000 | |||||||||||
Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,000 | ||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The options vest as follows: 23,334 vest upon the uplisting of the Company to the NASDAQ Stock Market; 23,334 vest upon the cumulative funding of the Company of or in excess of $5,000,000 by institutional investors; and 23,332 vest upon the first submission of a new drug application to the FDA. | ||||||||||||||||
Percentage Interest In Asset | 0.355% | ||||||||||||||||
Deferred Revenue, Additions | $ 266,500 |