PDS Biotechnology (PDSB) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	PDS Biotechnology Corp
Entity Central Index Key	0001472091
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		5,177,487
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2019		Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 26,592,845		$ 103,695
Prepaid expenses and other current assets	1,313,931		156,628
Total current assets	27,906,776		260,323
Property and equipment, net	412,735		29,508
Intangible assets, net	1,223,000		41,692
Right-to-use assets	1,347,557		0
Other assets	155,670		12,800
Total assets	31,045,738		344,323
Current liabilities:
Accounts payable	2,665,266		1,412,951
Accrued expenses	446,962		601,889
Restructuring reserve	1,948,596	[1]	0
Operating lease liabilities- short term	477,300		0
Total current liabilities	5,538,124		2,014,840
Noncurrent liability:
Deferred tax liability	157,000		0
Operating lease liabilities- long term	902,972		0
Convertible promissory notes payable	0		30,000
STOCKHOLDERS' EQUITY
Preferred stock, 5,000,000 shares authorized at March 31, 2019 and December 31, 2018, 0 outstanding	0		0
Common stock, $0.00033 par value, 75,000,000 shares authorized at March 31, 2019 and December 31, 2018, 5,172,938 shares and 3,417,187shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	1,707		1,128
Additional paid-in capital	38,642,411		19,311,529
Accumulated deficit	(14,196,476)		(21,013,174)
Total stockholders' equity	24,447,642		(1,700,517)
Total liabilities and stockholders' equity	$ 31,045,738		$ 344,323
[1]	Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. For the three months ended March 31, 2019, the Company incurred $121,675 of restructuring expense which is recognized within general and administrative expense.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00033	$ 0.00033
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	5,172,938	3,417,187
Common stock, shares outstanding (in shares)	5,172,938	3,417,187

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Research and development expenses	$ 1,030,003	$ 201,138
General and administrative expenses	3,905,877	535,801
Total operating expenses	4,935,880	736,939
Loss from operations	(4,935,880)	(736,939)
Other income (expense):
Gain on bargain purchase	11,729,882	0
Interest income	23,302	6
Interest expense	(606)	(959)
Net income (loss)	6,816,698	(737,892)
Comprehensive income (loss)	$ 6,816,698	$ (737,892)
Per share information:
Net income (loss) per share, basic (in dollars per share)	$ 1.82	$ (0.24)
Net income (loss) per share, diluted (in dollars per share)	$ 1.47	$ (0.24)
Weighted average common shares outstanding, basic (in shares)	3,748,325	3,099,311
Weighted average common shares outstanding, diluted (in shares)	4,625,295	3,099,311

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 1,007	$ 17,492,083	$ (18,102,618)	$ (609,528)
Balance (in shares) at Dec. 31, 2017	3,051,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	$ 0	7,015	0	7,015
Capitalized offering costs	0	(44,000)	0	(44,000)
Issuance of common stock, net of issuance costs	$ 93	757,801	0	757,894
Issuance of common stock, net of issuance costs (in shares)	281,860
Warrant costs associated with stock issuance	$ 0	342,105	0	342,105
Net income (loss)	0	0	(737,892)	(737,892)
Balance at Mar. 31, 2018	$ 1,100	18,555,004	(18,840,510)	(284,406)
Balance (in shares) at Mar. 31, 2018	3,333,398
Balance at Dec. 31, 2017	$ 1,007	17,492,083	(18,102,618)	(609,528)
Balance (in shares) at Dec. 31, 2017	3,051,538
Balance at Dec. 31, 2018	$ 1,128	19,311,529	(21,013,174)	(1,700,517)
Balance (in shares) at Dec. 31, 2018	3,417,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	$ 0	2,754,871	0	2,754,871
Issuance of common stock, net of issuance costs	$ 16	749,984	0	750,000
Issuance of common stock, net of issuance costs (in shares)	48,930
Issuance of common stock for antidilution	$ 32	(32)	0	0
Issuance of common stock for antidilution (in shares)	97,960
Issuance of common stock for convertible debt	$ 3	32,950	0	32,953
Issuance of common stock for convertible debt (in shares)	9,683
Equity from merger transaction	$ 528	15,793,109	0	15,793,637
Equity from merger transaction (in shares)	1,599,178
Net income (loss)	$ 0	0	6,816,698	6,816,698
Balance at Mar. 31, 2019	$ 1,707	$ 38,642,411	$ (14,196,476)	$ 24,447,642
Balance (in shares) at Mar. 31, 2019	5,172,938

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 6,816,698	$ (737,892)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,754,871	7,015
Stock-based 401K company common match	0	0
Depreciation expense	18,958	7,231
Bargain purchase gain	(11,729,882)	0
Changes in assets and liabilities:
Prepaid expenses and other assets	(181,679)	15,272
Accounts payable	(620,212)	16,014
Accrued expenses	(304,441)	288,022
Restructuring reserve	(121,675)	0
Net cash used in operating activities	(3,367,362)	(404,338)
Cash flows from investing activities:
Cash received in reverse merger transaction	29,106,512	0
Net cash used in investing activities	29,106,512	0
Cash flows from financing activities:
Payments for capital lease obligation	0	(3,478)
Proceeds from issuance of common stock, net of issuance costs	750,000	1,055,999
Net cash provided by financing activities	750,000	1,052,521
Net increase in cash	26,489,150	648,183
Cash and cash equivalents at beginning of period	103,695	175,884
Cash and cash equivalents at end of period	26,592,845	824,067
Cash paid for:
Interest	150	405
Supplemental cash flow information:
Conversion of convertible notes and accrued interest into common stock	32,953	0
Consideration in connection with reverse merger transaction	$ 15,793,638	$ 0

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2019
Nature of Operations [Abstract]
Nature of Operations	Note 1 – PDS Biotechnology Corporation, a Delaware corporation (the “Company,” “PDS” or the “combined company”), is a clinical stage immuno-oncology company with a growing pipeline of clinical-stage immunotherapies to treat various early-stage and late-stage cancers, including head and neck cancer, prostate cancer, breast cancer, cervical cancer, anal cancer, and other cancers. All of PDS’s products are based on the proprietary Versamune ® platform technology, which activates and directs the human immune system to unleash a powerful and targeted attack against cancer cells. On March 15, 2019, the Company, then operating as Edge Therapeutics, Inc. (“Edge”), completed its reverse merger with privately held PDS Biotechnology Corporation (“Private PDS”), pursuant to and in accordance with the terms of the Agreement and Plan of Merger, dated as of November 23, 2018, as amended on January 24, 2019, by and among the Company, Echos Merger Sub, a wholly-owned subsidiary of the Company (“Merger Sub”), and Private PDS, whereby Private PDS merged with and into Merger Sub, with Private PDS surviving as the Company’s wholly-owned subsidiary (the “Merger”). For accounting purposes, the Merger is treated as a “reverse acquisition” under generally accepted accounting principles in the United States (“U.S. GAAP”) and Private PDS is considered the accounting acquirer. Accordingly, upon consummation of the Merger, the historical financial statements of Private PDS became the Company’s historical financial statements, and the historical financial statements of Private PDS are included in the comparative prior periods. See “Note 3 – Reverse Merger” for more information on the Merger. As part of the Merger, the Company acquired all of Edge's assets relating to current and future research and development. From the Company’s inception, it has devoted substantially all of its efforts to business planning, engaging regulatory, manufacturing and other technical consultants, acquiring operating assets, planning and executing clinical trials and raising capital.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies (A) Unaudited interim financial statements: The interim balance sheet at March 31, 2019, the statements of operations and comprehensive income and loss for the three months ended March 31, 2019 and 2018, and cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. The balance sheet as of December 31, 2018 included herein was derived from the audited condensed consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Private PDS audited financial statements and notes thereto as of and for the year ended December 31, 2018, filed by the Company with the SEC in its Current Report on Form 8-K/A on April 30, 2019. (B) Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (C) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the Company’s review of strategic alternatives, the Company’s ability to preserve its cash resources, the Company’s ability to add product candidates to its pipeline, the Company’s intellectual property, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products. As such, there can be no assurance that the Company’s future research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property. (D) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with a maturity weighted average of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. (E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred. (F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss. (G) Intangibles: The Company’s intangible assets as of March 31, 2019 consist of in-process research and development (“IPR&D”) intangible assets acquired as part of the reverse merger transaction on March 15, 2019. The fair value of IPR&D using a discounted cash flow method and subject to ongoing assessment within the valuation period. In determining the value of IPR&D, management considers, among other factors, the stage of completion of the projects, the technological feasibility of the projects, whether the projects have an alternative future use, and the estimated residual cash flows that could be generated from the various projects and technologies over their respective projected economic lives. The discount rate used is determined at the time of acquisition and includes a rate of return which accounts for the time value of money, as well as risk factors reflecting the economic risk that the projected cash flows may not be realized. The Company reviews its IPR&D at least annually for possible impairment. IPR&D is reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the IPR&D below their carrying values. The Company tests its IPR&D each year on October 1. The Company’s IPR&D asset totaled $1.2 million at March 31, 2019. There were no trigger events during the three months ended March 31, 2019 to which an impairment analysis would be warranted. (H) Stock-based compensation: Pre merger, the Company measured and recognized share-based compensation expense, for both employee and director option awards, based on the grant date fair value of the awards. The Company recognized share-based compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. The Company determined the fair value of share-based awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. These awards were recorded in expense and additional paid-in capital in shareholders’ equity (deficit) over the applicable service periods based on the fair value of the options at the end of each period. The Company classified share-based compensation expense in its condensed consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. The Company estimated the fair value of employee and director share options as of the date of grant using the Black-Scholes option pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimated its expected share price volatility based on the historical volatility of a publicly traded set of peer companies. The expected term of the Company’s share options had been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the yield curve of a zero-coupon U.S. Treasury bond on the date of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future. The Company also estimated the fair value of consultant and non-employee share options using the Black-Scholes option pricing model reflecting the same assumptions as applied to employee and director options in each of the reporting periods, other than the expected life, which is assumed to be the remaining contractual life of the options. Prospectively, the Company will measure employee stock-based awards at grant-date fair value and recognize employee compensation expense on a straight-line basis over the vesting period of the award. Determining the appropriate fair value of stock-based awards will require the input of subjective assumptions, including, for stock options, the expected life of the option, and expected stock price volatility. The Company will use the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management's best estimates and involve inherent uncertainties and the application of management's judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options will be estimated using the "simplified method," as the Company has limited historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company will utilize comparable public companies and company specific as a basis for its expected volatility to calculate the fair value of options grants. The risk-free interest rate will be based on U.S. Treasury notes with a term approximating the expected life of the option. (I) Common stock warrants The Company measures and recognizes warrants, for non-employees for the value or goods or services received or in conjunction with the issuance of a debt or equity financing issuance based on the grant date fair value of the warrant. The Company determines the fair value of warrants granted to non-employees or investors as either the fair value of the consideration received or the fair value of the debt or equity instruments issued, whichever is more reliably measurable. All issuances of debt and equity instruments issued to investors or non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the debt and equity instruments issued. These awards can be recorded as either an expense or liability depending on the nature of the warrant. Generally, if a warrant cannot be settled in cash by the holder or a stock settled transaction, the warrant is considered an equity transaction to the Company and has an offsetting debit to additional paid-in capital in shareholders’ (deficit) equity based on the fair value of the warrant at the issuance date. The Company estimates the fair value of warrants as of the date of grant using the Black-Scholes option pricing model as described in Stock-Based Compensation in the previous section. (J) Net income (loss) per common share: Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. All participating securities are excluded from basic weighted-average common shares outstanding. In computing both basic net income (loss) per share attributable to common stockholders and diluted net income (loss) per share attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities, including stock options and warrants. Diluted net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders includes any dilutive effect from outstanding stock options and warrants using the treasury stock method. The common stock issuable upon the conversion or exercise of the following dilutive securities as of March 31, 2018 has been excluded from the diluted net loss per share attributable to common stockholders calculation because their effect would have been antidilutive for the period presented: As of March 31, 2018 Stock options to purchase Common Stock 513,534 Convertible promissory note 9,051 Warrants to purchase Common Stock 115,860 Total 638,445 The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net income (loss) per share attributable to common stockholders: Three Months Ended March, 2019 2018 Numerator Basic and diluted net income (loss) $ 6,816,698 $ (737,892 ) Denominator Shares used in computing basic net income (loss) per share 3,748,325 3,099,311 Shares from dilutive securities 876,970 – Shares used in computing diluted net income (loss) per share 4,625,295 3,099,311 Net income (loss) per share, basic $ 1.82 $ (0.24 ) Net income (loss) per share, diluted $ 1.47 $ (0.24 ) (K) Accounting standards not yet adopted: In August 2018, the Financial Accounting Standards Board (“FASB”) issued No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 modifies disclosure requirements related to fair value measurement and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. ASU 2018-13 also allows for early adoption of any removed or modified disclosures upon issuance of ASU 2018-13 while delaying adoption of the additional disclosures until their effective date. The Company is currently evaluating the potential impact of the new guidance In August 2018, the FASB issued No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). ASU 2018-15 reduces complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of the new guidance (L) Accounting standards adopted: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The Company adopted the new lease standard, as of January 1, 2019, using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company did not have to reassess whether expired or existing contracts are or contain a lease; did not have to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. Furthermore, the Company did not have any leases impacted by ASC 842 on the adoption date. As part of the purchase price allocation from the reverse merger, the Company record a Right of Use asset and Liability of $1.4 million. The new lease standard also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (“ROU”) assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets (office building). The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as operating costs and property taxes are expensed as incurred. ASU 2018-07, Improvements to Nonemployee Share Based Payment Accounting, eliminates the separate accounting model for nonemployee share-based payment awards and generally requires companies to account for share-based payment transactions with nonemployees in the same way as share-based payment transactions with employees. PDS adopted this ASU on January 1, 2019 and there was not a material impact requiring the retrospective adjustment to retained earnings on transition.

Reverse Merger

Reverse Merger	3 Months Ended
	Mar. 31, 2019
Reverse Merger [Abstract]
Reverse Merger	Note 3 – Reverse Merger On March 15, 2019, the Company (then operating as Edge), Merger Sub and Private PDS completed the Merger in accordance with the Plan of Merger and Reorganization, dated as of November 23, 2018, as amended on January 24, 2019, pursuant to and in accordance with which Merger Sub merged with and into Private PDS, with Private PDS surviving as the Company’s wholly-owned subsidiary. Immediately following completion of the Merger, the Company effected the Reverse Stock Split at a ratio of one new share for every twenty shares of its common stock then-outstanding, and changed its corporate name from Edge Therapeutics, Inc. to PDS Biotechnology Corporation, and Private PDS, now the Company’s wholly-owned subsidiary, changed its name to PDS Operating Corporation. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. In connection with the Merger, each share of Private PDS’s common stock outstanding immediately prior to the Merger was converted into 0.3262 shares (on a post-Reverse Stock Split basis) of the Company’s common stock. As a result, the Company issued 3,573,760 shares of its common stock to the stockholders of Private PDS in exchange for all of the outstanding shares of common stock of Private PDS. For accounting purposes, Private PDS is considered to be the accounting acquirer in the Merger because Private PDS’s stockholders owned approximately 70% of the combined company’s common stock immediately following the closing of the Merger. As the accounting acquirer, Private PDS’s assets and liabilities continue to be recorded at their historical carrying amounts and the historical operations that will be reflected in the Company’s financial statements will be those of Private PDS. All references in the unaudited interim condensed consolidated financial statements to the number of shares and per share amounts of the Company’s common stock have been retroactively restated to reflect completion of the Merger and the Reverse Stock Split. Purchase Price Pursuant to the Plan of Merger and Reorganization Agreement, as amended, Edge issued to Private PDS’s stockholders a number of shares of Edge’s common stock representing approximately 70% of the outstanding shares of common stock of the combined company. The purchase price, which represents the consideration transferred to Edge’s stockholders in the Merger is calculated based on the number of shares of common stock of the combined company that Edge’s stockholders owned as of the closing of the Merger on March 15, 2019, which consists of the following: Number of shares of the combined company to be owned by Edge security holders (1) 1,600,166 Multiplied by the price per share of Edge’s common stock as of March 15, 2019 $ 9.87 Purchase price (in thousands) $ 15,794 (1) The amount includes 1,576,916 shares of Edge’s common stock outstanding as of March 15, 2019 plus 23,250 stock options of Edge that were in the money and vested immediately upon closing of the Merger. At closing, 753 of in-the-money options and 235 fractional shares paid out in cash to shareholders were not issued as common stock resulting in 1,599,178 common shares issued. Preliminary Purchase Price Allocation The preliminary purchase price was allocated to the net assets acquired of Edge based upon their preliminary estimated fair values as of March 15, 2019. The in-process research and development asset (“IPR&D”) that is recognized relates to Edge’s NEWTON 2 clinical trial for EG-1962 . The allocation of the preliminary purchase price to the net assets of Edge, based on the fair values as of March 15, 2019, is as follows: Cash and cash equivalents $ 29,106,513 Prepaid expense and other assets 1,441,732 Right to use asset 1,384,810 Intangible assets-IPR&D 1,223,000 Total identifiable assets acquired 33,156,055 Accounts payable, accrued expenses, other liabilities (4,530,383 ) Lease liability (945,152 ) Deferred tax liability (157,000 ) Total liabilities assumed (5,632,535 ) Net identifiable assets acquired 27,523,520 Bargain purchase gain (11,729,882 ) Purchase price $ 15,793,638 The fair value of the IPR&D was determined using the discounted cash flow method based on probability- adjusted cash flow success scenarios to develop EG-1962 into a commercial product, estimating the revenue and costs. The rates utilized to discount the net cash flows to the present value are commensurate with the stage of development of the projects and uncertainties in the economic estimates used in the projections. Pro Forma Financial Information The following pro forma consolidated results of net loss for the three months ended March 31, 2019 and 2018 assume the Merger was completed as of January 1, 2018: Three Months Ended March 31, 2019 2018 Pro forma operating expenses $ 15,053,452 $ 20,833,121 Pro forma net loss (15,714,303 ) (21,577,995 ) Pro forma basic and diluted net loss per share $ (4.19 ) $ (4.64 ) The March 31, 2019 pro forma net loss excludes the bargain purchase gain that resulted from the Merger.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 4 – Fair Value of Financial Instruments There were no transfers among Levels 1, 2, or 3 during 2019 or 2018. Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2019: (unaudited) Cash and cash equivalents $ 26,592,845 $ 26,592,845 $ – $ – As of December 31, 2018: Cash and cash equivalents $ 103,695 $ 103,695 $ – $ –

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Intangible Assets [Abstract]
Intangible Assets	Note 5 – Intangible Assets As of March 31, 2019, $1,223,000 was for IPR&D resulting from the Merger’s preliminary purchase price allocation. See Note 3. As of December 31, 2018, the balance of $41,692 consisted of NIH licensing fees. This balance was expensed into research and development costs during the three months ended March 31, 2019.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Note 6 – Leases We adopted Accounting Standards Codification (ASC) Topic 842 on the date of the Merger and recognized an operating right-of-use (ROU) asset of $1.4 million and operating lease liabilities of $1.4 million at adoption. The Company leases office space in Berkeley Heights, New Jersey which expires on November 15, 2021 under an operating lease. The Company has the option to renew the lease for five years. The Company evaluated the renewal option at the lease commencement date to determine if it is reasonably certain to excise the option. The lease provides for an initial monthly base amount plus annual escalations through the term of the lease. In addition to the monthly base amount in the lease agreement, the Company is required to pay its proportionate share of real estate taxes and operating expenses during the lease term which are expensed as incurred. The discount rate implicit within the lease is not determinable, therefore on the date of the Merger The discount rate used to measure the operating lease liability as of March 31, 2019 was 10.15%. For the three months ended March 31, 2019, the Company’s operating lease expense was $24,662. As of March 31, 2019, other information related to the operating lease are as follows: Cash paid for amounts included in measurement of lease liabilities: Operating cash flows for operating lease $ 49,324 Right-of-use asset obtained in exchange for new operating lease liability $ 1,384,810 Remaining lease term - operating lease liability 2.7 Discount rate - operating lease 10.15 % Reported as of March 31, 2019 Current portion of operating lease liability $ 477,300 Operating leases, net of current portion 902,972 Total $ 1,380,272 Future minimum lease payments under non-cancelable operating leases as of March 31, 2019 were as follows: Year ended December 31, 2019 (excluding the three months ended March 31, 2019) $ 445,193 2020 603,371 2021 530,386 Total future minimum lease payments 1,578,950 Less imputed interest (198,678 ) Total $ 1,380,272

Accrued Expenses and Restructur

Accrued Expenses and Restructuring Reserve	3 Months Ended
	Mar. 31, 2019
Accrued Expenses and Restructuring Reserve [Abstract]
Accrued Expenses and Restructuring Reserve	Note 7 – Accrued Expenses and Restructuring Reserve Accrued expenses and other liabilities consist of the following: As of March 31, 2019 As of December 31, 2018 Accrued research and development costs $ 172,190 $ 71,329 Accrued professional fees 221,528 421,617 Accrued compensation 45,244 54,269 Accrued other – 46,674 Accrued rent 8,000 8,000 Total $ 446,962 $ 601,889 Restructuring Reserve As of March 31, 2019 As of December 31, 2018 Restructuring reserve (1) $ 1,948,596 $ – Total $ 1,948,596 $ – (1) Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. For the three months ended March 31, 2019, the Company incurred $121,675 of restructuring expense which is recognized within general and administrative expense.

Convertible Promissory Note

Convertible Promissory Note	3 Months Ended
	Mar. 31, 2019
Convertible Promissory Note [Abstract]
Convertible Promissory Note	Note 8 – Convertible Promissory Note In November 2017, the Company received $30,000 from an investor in exchange for a convertible promissory note (2017 issuances). The 2017 issuances bear interest at 7.50% per annum. The original terms of the promissory note was amended in December 2018 and states that in the event the Company consummates a sale of the Company prior to the conversion or repayment in full of this Note, the outstanding principal amount and all accrued but unpaid interest due shall automatically convert into the numbers of shares of the Company’s common stock equal to (a) the principal amount plus all accrued but unpaid interest thereon, divided by (b) $3.40, which shall be automatically issued to Holder as of immediately prior to the consummation of such Sale of the Company. This event occurred on March 15, 2019, the date of the Merger, on which 9,683 shares of common stock were issued.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 9 – Stock-Based Compensation The Company has five equity compensation plans: the 2009 Amended Stock Plan, the 2010 Equity Incentive Plan, the 2012 Equity Incentive Plan, 2014 Equity Incentive Plan and the 2018 Stock Incentive Plan (the “Plans”). Originally, the Company was able to grant up to 27,410 and 54,820 shares of Common Stock as both incentive stock options (“ISOs”) and nonqualified stock options (“NQs”) under the 2010 Equity Incentive Plan and the 2012 Equity Incentive Plan, respectively. In 2013, the Company’s stockholders approved an increase to 63,957 shares authorized for issuance under the 2010 Equity Incentive Plan. In 2014, the Board of Directors of the Company (the “Board”) approved an increase to 67,520 shares authorized for issuance under the 2010 Equity Incentive Plan. In 2014, the Company’s stockholders approved the 2014 Equity Incentive Plan pursuant to which the Company may grant up to 91,367 shares as ISOs, NQs and restricted stock units (“RSUs”), subject to increases as hereafter described (the “Plan Limit”). In addition, on January 1, 2015 and each January 1 thereafter prior to the termination of the 2014 Equity Incentive Plan, pursuant to the terms of the 2014 Equity Incentive Plan, the Plan Limit was and shall be increased by the lesser of (x) 4% of the number of shares of Common Stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine in its discretion. On January 1, 2016, 2017, 2018 and 2019 the Plan Limit was increased to 152,366 shares, 210,203 shares, 271,941 shares and 323,529 shares, respectively. In March 2019, the Plan was amended and restated which removed the annual increase component and was limited to 826,292 shares. In 2018, the Company’s stockholders approved the 2018 Stock Incentive Plan pursuant to which the Company may grant up to 558,071 shares as Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Deferred Stock, (v) Stock Reload Options and/or (vi) Other Stock-Based Awards. Pursuant to the terms of the Plans, ISOs have a term of ten years from the date of grant or such shorter term as may be provided in the option agreement. Unless specified otherwise in an individual option agreement, ISOs generally vest over a four year term and NQs generally vest over a one to five year terms. Unless terminated by the Board, the Plans shall continue to remain effective for a term of ten years or until such time as no further awards may be granted and all awards granted under the Plans are no longer outstanding. The Company’s stock-based compensation expense was recognized in operating expense as follows: Three Months Ended March 31, 2019 2018 (unaudited) Stock-Based Compensation Research and development $ 440,700 $ 3,219 General and administrative 2,314,171 3,796 Total $ 2,754,871 $ 7,015 The fair value of options and warrants granted during the three months ended March 31, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Three Months Ended March 31, 2019 2018 Weighted Average Weighted Average (unaudited) Volatility 83.00 % 0.00 % Risk-Free Interest Rate 2.49 % 0.00 % Expected Term in Years 6.25 – Dividend Rate 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.54 $ – No grants were issued for the three months ended March 31, 2018. The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 541,117 $ 7.20 Assumed in connection with Merger 347,697 121.52 Granted 389,707 9.04 Exercised – – Forfeited (55,521 ) 5.01 Options outstanding at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168 Vested and expected to vest at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168 Exercisable at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168 At March 31, 2019 there was approximately $0 of unamortized stock option compensation expense, which is expected to be recognized over a remaining average vesting period of 0.00 years

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 10 – Income Taxes In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company expects to have a loss for 2019 and there will be no current income tax expense. Additionally, there was a full valuation allowance against the net deferred tax assets as of March 31, 2019 and December 31, 2018. the Company recorded no income tax benefit due to realization uncertainties. The Company’s U.S. statutory rate is 21%. The primary factor impacting the effective tax rate for the three months ended March 31, 2019 is the anticipated full year operating loss which will require full valuation allowances against any associated net deferred tax assets. Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2018, there were no uncertain positions. The Company’s U.S. federal and state net operating losses have occurred since its inception and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties for the three months ended March 31, 2019 and for the year ended December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11 – Commitments and Contingencies Class Action Civil Litigation From time to time in the ordinary course of the Company’s business, the Company is subject to claims, legal proceedings and disputes. On April 23, 2018, a purported securities class action complaint was filed against Edge, Brian Leuthner (Edge’s President and Chief Executive Officer) and Andrew Saik (Edge’s Chief Financial Officer and the Company’s current Chief Financial Officer) in the United States District Court for the District of New Jersey, captioned Sanfilippo v. Edge Therapeutics, Inc. Edge and the Edge Board were named as defendants in two individual lawsuits and two putative class action lawsuits regarding the Merger, each of which alleged that the registration statement on Form S-4 (Registration No. 333-228937) filed by Edge on December 21, 2018 omitted material information with respect to the proposed transaction, which rendered the registration statement on Form S-4 false or misleading. The case captioned Michael Condon v. Edge Therapeutics et al., case no. 2:19-cv-00152 (the “Condon Action”), was filed on January 4, 2019 in the United States District Court for the District of New Jersey. The case captioned Adam Franchi et al. v. Edge Therapeutics et al., case no. 1:19-cv-00058-UNA (the “Franchi Action”), was filed on January 9, 2019 in the United States District Court for the District of Delaware. The case captioned Jeffrey L. Prince v. Edge Therapeutics et al., case no. 1:19-cv-00280 (the “Prince Action”), was filed on January 10, 2019 in the United States District Court for the Southern District of New York. The case captioned Brian Foldenauer et al. v. Edge Therapeutics et al., case no. 1:19-cv-00280 (the “Foldenauer Action”), was filed on January 22, 2019 in the United States District Court for the District of Delaware. The causes of action set forth in each of the Condon Action, the Franchi Action, the Prince Action and the Foldenauer Action were (i) a claim against Edge and Edge’s board of directors for violations of Section 14(a) of the Exchange Act, as well as (ii) a claim against Edge’s board of directors for violations of Section 20(a) of the Exchange Act. In the Franchi Action, Private PDS was also named as a defendant in respect of the claim regarding violations of Section 20(a) of the Exchange Act. In each case, the plaintiffs sought, among other things, injunctive relief, rescissory damages, and an award of attorneys’ fees and expenses. On January 18, 2019, the plaintiffs in the Prince Action filed a motion for a preliminary injunction barring any stockholder vote on the Merger until revised disclosures was made to Edge’s stockholders, and withdrew the motion for a preliminary injunction on February 1, 2019. In March 2019, Edge (and Private PDS, with respect to the Franchi Action) settled each of the aforementioned actions in their entirety, and each case was voluntarily dismissed with prejudice, as follows: (i) the Franchi Action was dismissed on March 12, 2019; (ii) the Condon Action was dismissed on April 22, 2019; and (iii) the Prince Action and the Foldenauer Action were dismissed on March 14, 2019. Retainer/Advisory and Finders’ Fee Agreements The Company entered into a consultant agreement with related party consultant (Related Party Consultant #1) described in Note 12, beginning in May 2016. Under the terms of the arrangement the Company will pay a 4.00% Finders’ Fee of the aggregate gross proceeds received by the Company in any offering of Company securities from investors first introduced to the Company by related party consultant. The agreement was modified in September 2017 and the Finders’ Fee owed was converted to common stock at $29.22 per share. In 2018, the Finders’ Fee earned through December 2018 was converted to 3,001 shares at $15.33 per share. The agreement terminates in September 2021. No services were provided for the three months ended March 31, 2019 The Company entered into a 12 month agreement with a consultant (Consultant #1) beginning November 2017. Under the terms of the arrangement the Company will pay a monthly advisory fee of $5,000 to Consultant #1 for the first three months. In addition, the Company will pay a 4.00% Finders’ Fee of the aggregate gross proceeds received by the Company in any offering of Company securities from investors first introduced to the Company by Consultant #1. As of October 31, 2018, no introductions had been made. The agreement terminated in November 2018. The Company entered into a 12 month agreement with a consultant (Consultant #2) beginning November 2017. Under the terms of the arrangement the Company will pay a monthly consulting fee of $25,000 to Consultant #2 on the successful completion by the Company of not less than $1,000,000 in new equity funding during the term of the agreement. The Company will grant Consultant #2 a 5 year cashless option to purchase 0.5% of the Company’s then outstanding common stock at a price equal to the price at which the Company conducts its next private offering of common stock and an additional five year cashless option to purchase 0.5% of the Company’s then outstanding common stock at a price equal to the price at which the Company conducts its public offering of common stock, provided that such offering occurs within one year of the effective date. The Company issued Consultant #2 17,042 options to purchase common stock at $15.33 per share. The options were fully vested and expensed upon grant in 2018 and were issued outside of the 2018 Plan pool. The agreement terminated in October 2018. The Company entered into a consultant agreement with related party consultant (Related Party Consultant #2) described in Note 13, beginning in December, 2017. Under the terms of the arrangement, the Company will pay a monthly consulting fee of 4,893 shares of common stock, which is equal to $75,000 based on the January 2018 price of $15.33 per share. The agreement was amended in July 2018. Under the terms of the amendment, the Company made a one-time payment to related party consultant of 14,676 shares at $15.33 per share in lieu of cash which equates to $225,000. The amendment also includes an opportunity for the consultant to be compensated with up to an additional 14,679 shares of the Company’s common stock upon the achievement of certain future milestones and deliverables as defined with no current expiration date. In February 2018, the Company entered into an agreement with a consultant (Consultant #3). Under the terms of the arrangement the Company will pay a monthly retainer of $7,000 to Consultant #3. In addition, if the Company retains a first financing, Consultant #3 will receive a one-time $15,000 bonus, and increase the retainer to $8,000 per month. Following the Company’s merger transaction, the monthly retainer increased to $10,000 per month. The agreement can terminate any time with thirty days written notice. Employment Matters The Company has entered into employment agreements with each of its executive officers. The agreements generally provide for, among other things, salary, bonus and severance payments. The employment agreements generally provide for between 12 months and 24 months of severance benefits to be paid to an executive (as well as certain potential bonus, COBRA and equity award benefits), subject to the effectiveness of a general release of claims, if the executive terminates his or her employment for good reason or if the Company terminates the executive’s employment without cause. Such severance payments may be provided for as long as 24 months in connection with a termination following a change of control. The continued provision of severance benefits is conditioned on each executive’s compliance with the terms of the Company’s confidentiality and invention and assignment agreement as well as his or her release of claims. Rent For the three months ended March 31, 2019 and 2018, rent was $11,076 and $15,644, respectively, for arrangements not impacted by the adoption of ASC 842.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 – Related Party Transactions In December 2014, a board member/investor (Board Member #1) signed a consulting agreement with the Company for $30,000 per year effective January 1, 2015. In July 2016, Board Member #1 converted balances outstanding of $45,000 into convertible promissory notes. The promissory notes plus related accrued interest totaling $46,042 were converted into equity in December 2016 resulting in the issuance of 1,969 shares of common stock at a price of $23.39 per share. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 Private Placement Memo (“PPM”) and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 1,772 shares of common stock for the Board compensation convertible promissory note issued to Board Member #1 in 2016. For the nine months ended September 30, 2018, the Company incurred consulting fees of $22,500. Consulting fees outstanding to Board Member #1 at December 31, 2017 were $45,000. In October 2018, the Board agreed to grant Board Member #1 11,218 shares of common stock valued at $15.33 per share in lieu of cash compensation owed to date through the close of the Edge transaction predicted to close in March 2019. An additional $52,225 of consulting fees were expensed in 2018. In December 2014, a board member/investor (Board Member #2) signed a consulting agreement with the Company for $15,000 per year effective January 1, 2015. In July 2016, the Board Member #2 converted balances outstanding of $22,500 into convertible promissory notes. The promissory notes plus related accrued interest totaling $23,020 were converted into equity in December 2016, resulting in the issuance of 984 shares of common stock at a price of $23.40 per share. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 PPM and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 886 shares of common stock for the Board compensation convertible promissory note issued to Board Member #2 in 2016. For the nine months ended September 30, 2018, the Company incurred consulting fees $11,250. Consulting fees outstanding to Board Member #2 at December 31, 2017 were $22,500. In October 2018, the Board agreed to grant Board Member #2 11,218 options to purchase common stock in lieu of cash compensation owed to date through the close of the Edge transaction predicted to close in March 2019. These options were granted immediately prior to the consummation of the Edge merger with an exercise price equal to $9.04. An additional estimated $69,100 of consulting fees were expensed in 2018. Once the exercise price was determined and the options were granted in March 2019, a reconciliation of a reversal of $13,781 of expense was booked. In November 2015, the Company received $1,000,000 from the Board Member #2 in exchange for a convertible promissory note. The promissory notes plus related accrued interest totaling $1,056,301 were converted into equity in December 2016, resulting in the issuance of 45,190 shares of common stock at a price of $23.38 per share. In December 2016, Board Member #2 purchased 8,556 shares of common stock in conjunction with a stock offering at a price of $29.22 per share, resulting in the receipt of $250,000 by the Company. In August 2016, the Company received $218,767 from Board Member #2 in exchange for a convertible promissory note. The promissory notes plus related accrued interest totaling $223,442 were converted into equity in December 2016, resulting in the issuance of 8,496 shares of common stock at a price of $26.30 per share. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 PPM and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 7,700, 40,671, and 7,647 shares of common stock, respectively for the December 2016 PPM, the November 2015 convertible promissory note, and the August 2016 convertible promissory note, respectively. In July 2018, Board Member #2 exercised 5,010 warrants at a price of $13.03 per share, resulting in the receipt of $65,277 by the Company. In August 2018, Board Member #2 exercised 2,662 warrants at a price of $13.03 per share, resulting in the receipt of $34,686 by the Company. In September 2018, Board Member #2 exercised 3,702 stock options at a price of $6.87 per share, resulting in the receipt of $25,406 by the Company. In October 2018, Board Member #2 exercised 13,946 stock options at a price of $6.87 per share, resulting in the receipt of $95,693 by the Company. In February 2019, Board Member #2 purchased 22,834 shares of common stock in conjunction with a stock offering at a price of $15.33 per share, resulting in the receipt of $350,000 by the Company. This investment also included 45% warrant coverage as well as anti-dilution protection resulting in additional issuance of 12,626 shares of common stock in March 2019. In December 2014, a board member/investor (Board Member #3) signed a consulting agreement with the Company for $15,000 per year effective January 1, 2015. In July 2016, the Board Member #3 converted balances outstanding of $22,500 into convertible promissory notes. The promissory notes plus related accrued interest totaling $23,020 were converted into equity in December 2016, resulting in the issuance of 984 shares of common stock at a price of $23.40 per share. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 PPM and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 886 shares of common stock for the Board compensation convertible promissory note issued to Board Member #3 in 2016. For the nine months ended September 30, 2018, the Company incurred consulting fees $11,250. Consulting fees outstanding to Board Member #3 at December 31, 2017 were $22,500. In October 2018, the Board agreed to grant Board Member #3 11,218 options to purchase common stock in lieu of cash compensation owed to date through the close of the Edge transaction predicted to close in March 2019. These options were granted immediately prior to the consummation of the Edge merger with an exercise price equal to $9.04. An additional estimated $69,100 of consulting fees were expensed in 2018. Once the exercise price was determined and the options were granted in March 2019, a reconciliation of a reversal of $13,781 of expense was booked. In May 2016, the Company received $500,000 from Board Member #4 in exchange for a convertible promissory note. The promissory notes plus related accrued interest totaling $516,096 were converted into equity in December 2016, resulting in the issuance of 22,079 shares of common stock at a price of $23.38 per share. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 PPM and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 19,871 shares of common stock for the May 2016 convertible promissory note. In October 2018, the Board agreed to grant a representative of Board Member #4 11,218 shares of common stock valued at $15.33 per share in lieu of cash compensation through the close of the Edge transaction predicted to close in March 2019. $85,975 of consulting fees were expensed in 2018. $85,975 remains in Prepaid Expenses as of December 31, 2018. The expense was amortized through March 2019. In July 2016, the Company signed a consulting agreement with a related party (Related Party Consultant #1) to assist in raising capital. In addition, the consultant is entitled to a Finders’ Fee of 4.00% of capital raised from its investors. In August 2016 the Company received $200,000 from Related Party Consultant #1 in exchange for a convertible promissory note. The promissory notes plus related accrued interest totaling $204,110 were converted into equity in December 2016, resulting in the issuance of 7,761 shares of common stock at a price of $26.30 per share. Finders’ Fees of $46,000 and $93,400, were earned, respectively for December 31, 2018 and 2017. In lieu of cash payment, Related Party Consultant #1 elected to receive shares at the current fair value of $15.33 in 2018 and $29.22 in 2017 per common shares, resulting in the issuance of 3,001 and 3,196 common shares of the Company, respectively in 2018 and 2017. In January 2018, the Board of Directors approved the reduction in the price per common share listed in both the August 2016 PPM and December 2016 PPM from $29.22 to $15.33 per share. As a result, the Company issued an additional 6,985 and 2,876 shares of common stock, respectively, for the promissory note issued in 2016 and the Finders’ Fee earned in 2017. In December 2017, the Company signed a consulting agreement with a related party (Related Party Consultant #2) to provide marketing services. The Related Party Consultant #2 was entitled to a monthly consulting fee of $75,000. The agreement was amended in July 2018 and the consulting fee was reduced to $225,000 due to failure of Related Party Consultant #2 to produce new investors for the Company based on its marketing efforts. In lieu of the cash payment of $225,000, under the terms of the amendment, Related Party Consultant #2 elected to receive shares of common stock at the current fair value of $15.33 per common share, resulting in the issuance of 14,676 common shares of the Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events Subsequent events have been evaluated through the date these financial statements were issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Unaudited Interim Financial Statements	(A) Unaudited interim financial statements: The interim balance sheet at March 31, 2019, the statements of operations and comprehensive income and loss for the three months ended March 31, 2019 and 2018, and cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. The balance sheet as of December 31, 2018 included herein was derived from the audited condensed consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Private PDS audited financial statements and notes thereto as of and for the year ended December 31, 2018, filed by the Company with the SEC in its Current Report on Form 8-K/A on April 30, 2019.
Use of Estimates	(B) Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant Risks and Uncertainties	(C) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the Company’s review of strategic alternatives, the Company’s ability to preserve its cash resources, the Company’s ability to add product candidates to its pipeline, the Company’s intellectual property, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products. As such, there can be no assurance that the Company’s future research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property.
Cash Equivalents and Concentration of Cash Balance	(D) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with a maturity weighted average of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits.
Research and Development	(E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred.
Patent Costs	(F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss.
Intangibles	(G) Intangibles: The Company’s intangible assets as of March 31, 2019 consist of in-process research and development (“IPR&D”) intangible assets acquired as part of the reverse merger transaction on March 15, 2019. The fair value of IPR&D using a discounted cash flow method and subject to ongoing assessment within the valuation period. In determining the value of IPR&D, management considers, among other factors, the stage of completion of the projects, the technological feasibility of the projects, whether the projects have an alternative future use, and the estimated residual cash flows that could be generated from the various projects and technologies over their respective projected economic lives. The discount rate used is determined at the time of acquisition and includes a rate of return which accounts for the time value of money, as well as risk factors reflecting the economic risk that the projected cash flows may not be realized. The Company reviews its IPR&D at least annually for possible impairment. IPR&D is reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the IPR&D below their carrying values. The Company tests its IPR&D each year on October 1. The Company’s IPR&D asset totaled $1.2 million at March 31, 2019. There were no trigger events during the three months ended March 31, 2019 to which an impairment analysis would be warranted.
Stock-Based Compensation	(H) Stock-based compensation: Pre merger, the Company measured and recognized share-based compensation expense, for both employee and director option awards, based on the grant date fair value of the awards. The Company recognized share-based compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. The Company determined the fair value of share-based awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. These awards were recorded in expense and additional paid-in capital in shareholders’ equity (deficit) over the applicable service periods based on the fair value of the options at the end of each period. The Company classified share-based compensation expense in its condensed consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. The Company estimated the fair value of employee and director share options as of the date of grant using the Black-Scholes option pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimated its expected share price volatility based on the historical volatility of a publicly traded set of peer companies. The expected term of the Company’s share options had been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the yield curve of a zero-coupon U.S. Treasury bond on the date of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future. The Company also estimated the fair value of consultant and non-employee share options using the Black-Scholes option pricing model reflecting the same assumptions as applied to employee and director options in each of the reporting periods, other than the expected life, which is assumed to be the remaining contractual life of the options. Prospectively, the Company will measure employee stock-based awards at grant-date fair value and recognize employee compensation expense on a straight-line basis over the vesting period of the award. Determining the appropriate fair value of stock-based awards will require the input of subjective assumptions, including, for stock options, the expected life of the option, and expected stock price volatility. The Company will use the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management's best estimates and involve inherent uncertainties and the application of management's judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options will be estimated using the "simplified method," as the Company has limited historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company will utilize comparable public companies and company specific as a basis for its expected volatility to calculate the fair value of options grants. The risk-free interest rate will be based on U.S. Treasury notes with a term approximating the expected life of the option.
Common Stock Warrants	(I) Common stock warrants The Company measures and recognizes warrants, for non-employees for the value or goods or services received or in conjunction with the issuance of a debt or equity financing issuance based on the grant date fair value of the warrant. The Company determines the fair value of warrants granted to non-employees or investors as either the fair value of the consideration received or the fair value of the debt or equity instruments issued, whichever is more reliably measurable. All issuances of debt and equity instruments issued to investors or non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the debt and equity instruments issued. These awards can be recorded as either an expense or liability depending on the nature of the warrant. Generally, if a warrant cannot be settled in cash by the holder or a stock settled transaction, the warrant is considered an equity transaction to the Company and has an offsetting debit to additional paid-in capital in shareholders’ (deficit) equity based on the fair value of the warrant at the issuance date. The Company estimates the fair value of warrants as of the date of grant using the Black-Scholes option pricing model as described in Stock-Based Compensation in the previous section.
Net Income (Loss) per Common Share	(J) Net income (loss) per common share: Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. All participating securities are excluded from basic weighted-average common shares outstanding. In computing both basic net income (loss) per share attributable to common stockholders and diluted net income (loss) per share attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities, including stock options and warrants. Diluted net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders includes any dilutive effect from outstanding stock options and warrants using the treasury stock method. The common stock issuable upon the conversion or exercise of the following dilutive securities as of March 31, 2018 has been excluded from the diluted net loss per share attributable to common stockholders calculation because their effect would have been antidilutive for the period presented: As of March 31, 2018 Stock options to purchase Common Stock 513,534 Convertible promissory note 9,051 Warrants to purchase Common Stock 115,860 Total 638,445 The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net income (loss) per share attributable to common stockholders: Three Months Ended March, 2019 2018 Numerator Basic and diluted net income (loss) $ 6,816,698 $ (737,892 ) Denominator Shares used in computing basic net income (loss) per share 3,748,325 3,099,311 Shares from dilutive securities 876,970 – Shares used in computing diluted net income (loss) per share 4,625,295 3,099,311 Net income (loss) per share, basic $ 1.82 $ (0.24 ) Net income (loss) per share, diluted $ 1.47 $ (0.24 )
Accounting Standards Not Yet Adopted	(K) Accounting standards not yet adopted: In August 2018, the Financial Accounting Standards Board (“FASB”) issued No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 modifies disclosure requirements related to fair value measurement and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. ASU 2018-13 also allows for early adoption of any removed or modified disclosures upon issuance of ASU 2018-13 while delaying adoption of the additional disclosures until their effective date. The Company is currently evaluating the potential impact of the new guidance In August 2018, the FASB issued No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). ASU 2018-15 reduces complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of the new guidance
Accounting Standards Adopted	(L) Accounting standards adopted: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The Company adopted the new lease standard, as of January 1, 2019, using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company did not have to reassess whether expired or existing contracts are or contain a lease; did not have to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. Furthermore, the Company did not have any leases impacted by ASC 842 on the adoption date. As part of the purchase price allocation from the reverse merger, the Company record a Right of Use asset and Liability of $1.4 million. The new lease standard also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (“ROU”) assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets (office building). The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as operating costs and property taxes are expensed as incurred. ASU 2018-07, Improvements to Nonemployee Share Based Payment Accounting, eliminates the separate accounting model for nonemployee share-based payment awards and generally requires companies to account for share-based payment transactions with nonemployees in the same way as share-based payment transactions with employees. PDS adopted this ASU on January 1, 2019 and there was not a material impact requiring the retrospective adjustment to retained earnings on transition.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Antidilutive Securities	The common stock issuable upon the conversion or exercise of the following dilutive securities as of March 31, 2018 has been excluded from the diluted net loss per share attributable to common stockholders calculation because their effect would have been antidilutive for the period presented: As of March 31, 2018 Stock options to purchase Common Stock 513,534 Convertible promissory note 9,051 Warrants to purchase Common Stock 115,860 Total 638,445
Calculation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders	The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net income (loss) per share attributable to common stockholders: Three Months Ended March, 2019 2018 Numerator Basic and diluted net income (loss) $ 6,816,698 $ (737,892 ) Denominator Shares used in computing basic net income (loss) per share 3,748,325 3,099,311 Shares from dilutive securities 876,970 – Shares used in computing diluted net income (loss) per share 4,625,295 3,099,311 Net income (loss) per share, basic $ 1.82 $ (0.24 ) Net income (loss) per share, diluted $ 1.47 $ (0.24 )

Reverse Merger (Tables)

Reverse Merger (Tables)	3 Months Ended
	Mar. 31, 2019
Reverse Merger [Abstract]
Calculation and Allocation of Purchase Price	Pursuant to the Plan of Merger and Reorganization Agreement, as amended, Edge issued to Private PDS’s stockholders a number of shares of Edge’s common stock representing approximately 70% of the outstanding shares of common stock of the combined company. The purchase price, which represents the consideration transferred to Edge’s stockholders in the Merger is calculated based on the number of shares of common stock of the combined company that Edge’s stockholders owned as of the closing of the Merger on March 15, 2019, which consists of the following: Number of shares of the combined company to be owned by Edge security holders (1) 1,600,166 Multiplied by the price per share of Edge’s common stock as of March 15, 2019 $ 9.87 Purchase price (in thousands) $ 15,794 (1) The amount includes 1,576,916 shares of Edge’s common stock outstanding as of March 15, 2019 plus 23,250 stock options of Edge that were in the money and vested immediately upon closing of the Merger. At closing, 753 of in-the-money options and 235 fractional shares paid out in cash to shareholders were not issued as common stock resulting in 1,599,178 common shares issued. The allocation of the preliminary purchase price to the net assets of Edge, based on the fair values as of March 15, 2019, is as follows: Cash and cash equivalents $ 29,106,513 Prepaid expense and other assets 1,441,732 Right to use asset 1,384,810 Intangible assets-IPR&D 1,223,000 Total identifiable assets acquired 33,156,055 Accounts payable, accrued expenses, other liabilities (4,530,383 ) Lease liability (945,152 ) Deferred tax liability (157,000 ) Total liabilities assumed (5,632,535 ) Net identifiable assets acquired 27,523,520 Bargain purchase gain (11,729,882 ) Purchase price $ 15,793,638
Pro Forma Consolidated Results	The following pro forma consolidated results of net loss for the three months ended March 31, 2019 and 2018 assume the Merger was completed as of January 1, 2018: Three Months Ended March 31, 2019 2018 Pro forma operating expenses $ 15,053,452 $ 20,833,121 Pro forma net loss (15,714,303 ) (21,577,995 ) Pro forma basic and diluted net loss per share $ (4.19 ) $ (4.64 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2019: (unaudited) Cash and cash equivalents $ 26,592,845 $ 26,592,845 $ – $ – As of December 31, 2018: Cash and cash equivalents $ 103,695 $ 103,695 $ – $ –

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Other Information Related to Operating Lease	As of March 31, 2019, other information related to the operating lease are as follows: Cash paid for amounts included in measurement of lease liabilities: Operating cash flows for operating lease $ 49,324 Right-of-use asset obtained in exchange for new operating lease liability $ 1,384,810 Remaining lease term - operating lease liability 2.7 Discount rate - operating lease 10.15 %
Operating Lease Liabilities	Reported as of March 31, 2019 Current portion of operating lease liability $ 477,300 Operating leases, net of current portion 902,972 Total $ 1,380,272
Future Minimum Lease Payments Under Operating Leases	Future minimum lease payments under non-cancelable operating leases as of March 31, 2019 were as follows: Year ended December 31, 2019 (excluding the three months ended March 31, 2019) $ 445,193 2020 603,371 2021 530,386 Total future minimum lease payments 1,578,950 Less imputed interest (198,678 ) Total $ 1,380,272

Accrued Expenses and Restruct_2

Accrued Expenses and Restructuring Reserve (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Expenses and Restructuring Reserve [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: As of March 31, 2019 As of December 31, 2018 Accrued research and development costs $ 172,190 $ 71,329 Accrued professional fees 221,528 421,617 Accrued compensation 45,244 54,269 Accrued other – 46,674 Accrued rent 8,000 8,000 Total $ 446,962 $ 601,889
Restructuring Reserve	Restructuring Reserve As of March 31, 2019 As of December 31, 2018 Restructuring reserve (1) $ 1,948,596 $ – Total $ 1,948,596 $ – (1) Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. For the three months ended March 31, 2019, the Company incurred $121,675 of restructuring expense which is recognized within general and administrative expense.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation Expense	The Company’s stock-based compensation expense was recognized in operating expense as follows: Three Months Ended March 31, 2019 2018 (unaudited) Stock-Based Compensation Research and development $ 440,700 $ 3,219 General and administrative 2,314,171 3,796 Total $ 2,754,871 $ 7,015
Assumptions Used to Value Stock Options Granted	The fair value of options and warrants granted during the three months ended March 31, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Three Months Ended March 31, 2019 2018 Weighted Average Weighted Average (unaudited) Volatility 83.00 % 0.00 % Risk-Free Interest Rate 2.49 % 0.00 % Expected Term in Years 6.25 – Dividend Rate 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.54 $ –
Stock Option Activity	The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 541,117 $ 7.20 Assumed in connection with Merger 347,697 121.52 Granted 389,707 9.04 Exercised – – Forfeited (55,521 ) 5.01 Options outstanding at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168 Vested and expected to vest at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168 Exercisable at March 31, 2019 1,223,000 $ 40.39 6.52 $ 357,168

Nature of Operations (Details)

Nature of Operations (Details)	Mar. 15, 2019
Nature of Operations [Abstract]
Reverse stock split ratio	0.05

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Intangibles [Abstract]
IPR&D asset	$ 1,223,000		$ 41,692
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)		638,445
Numerator [Abstract]
Basic and diluted net income (loss)	$ 6,816,698	$ (737,892)
Denominator [Abstract]
Shares used in computing basic net income (loss) per share (in shares)	3,748,325	3,099,311
Shares from dilutive securities (in shares)	876,970	0
Shares used in computing diluted net income (loss) per share (in shares)	4,625,295	3,099,311
Net income (loss) per share, basic (in dollars per share)	$ 1.82	$ (0.24)
Net income (loss) per share, diluted (in dollars per share)	$ 1.47	$ (0.24)
Accounting Standards Adopted [Abstract]
Right to use asset	$ 1,347,557		$ 0
Lease liability	1,380,272
Stock Options to Purchase Common Stock [Member]
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)		513,534
Convertible Promissory Note [Member]
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)		9,051
Warrants to Purchase Common Stock [Member]
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)		115,860
ASU 2016-02 [Member]
Accounting Standards Adopted [Abstract]
Right to use asset	1,347,557
Lease liability	$ 1,380,271

Reverse Merger (Details)

Reverse Merger (Details)	Mar. 15, 2019shares
Reverse Merger [Abstract]
Reverse stock split ratio	0.05
Number of shares issued for each share of common stock in connection with Merger (in shares)	0.3262
Number of shares issued in connection with Merger (in shares)	3,573,760

Reverse Merger, Purchase Price

Reverse Merger, Purchase Price (Details) - USD ($)		Mar. 15, 2019	Mar. 31, 2019	Mar. 14, 2019	Dec. 31, 2018
Purchase Price [Abstract]
Common stock shares outstanding (in shares)			5,172,938		3,417,187
In-the-money shares paid out in cash		753
Fractional shares paid out in cash		235
Shares issued in Merger (in shares)		1,599,178
Edge [Member]
Purchase Price [Abstract]
Number of shares of the combined company to be owned by Edge security holders (in shares)	[1]	1,600,166
Multiplied by the price per share of Edge's common stock as of March 15, 2019 (in dollars per share)		$ 9.87
Purchase price		$ 15,793,638
Common stock shares outstanding (in shares)				1,576,916
Number of stock options vested (in shares)		23,250
[1]	The amount includes 1,576,916 shares of Edge's common stock outstanding as of March 15, 2019 plus 23,250 stock options of Edge that were in the money and vested immediately upon closing of the Merger. At closing, 753 of in-the-money options and 235 fractional shares paid out in cash to shareholders were not issued as common stock, resulting in 1,599,178 common shares issued.

Reverse Merger, Allocation of P

Reverse Merger, Allocation of Preliminary Purchase Price (Details) - USD ($)	Mar. 15, 2019	Mar. 31, 2019	Mar. 31, 2018
Allocation of Preliminary Purchase Price [Abstract]
Bargain purchase gain		$ (11,729,882)	$ 0
Edge [Member]
Allocation of Preliminary Purchase Price [Abstract]
Cash and cash equivalents	$ 29,106,513
Prepaid expense and other assets	1,441,732
Right to use asset	1,384,810
Intangible assets-IPR&D	1,223,000
Total identifiable assets acquired	33,156,055
Accounts payable, accrued expenses, other liabilities	(4,530,383)
Lease liability	(945,152)
Deferred tax liability	(157,000)
Total liabilities assumed	(5,632,535)
Net identifiable assets acquired	27,523,520
Bargain purchase gain	(11,729,882)
Purchase price	$ 15,793,638

Reverse Merger, Pro Forma Finan

Reverse Merger, Pro Forma Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pro Forma Financial Information [Abstract]
Pro forma operating expenses	$ 15,053,452	$ 20,833,121
Pro forma net loss	$ (15,714,303)	$ (21,577,995)
Pro forma basic net loss per share (in dollars per share)	$ (4.19)	$ (4.64)
Pro forma diluted net loss per share (in dollars per share)	$ (4.19)	$ (4.64)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Transfers Between Levels [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	26,592,845	103,695
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	26,592,845	103,695
Quoted Prices in Inactive Markets (Level 2) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	$ 0	$ 0

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Intangible Assets [Abstract]
Intangible assets	$ 1,223,000	$ 41,692

Leases (Details)

Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Right-of-use asset	$ 1,347,557	$ 0
Renewal term	5 years
Operating lease expense	$ 24,662
Cash Paid for Amounts Included in Measurement of Lease Liabilities [Abstract]
Operating cash flows for operating lease	49,324
Right-of use asset obtained in exchange for new operating lease liability	$ 1,384,810
Remaining lease term - operating lease liability	2 years 8 months 12 days
Discount rate - operating lease	10.15%
Operating Lease Liabilities [Abstract]
Current portion of operating lease liability	$ 477,300	0
Operating leases, net of current portion	902,972	$ 0
Total	1,380,272
Future Minimum Lease Payments Under Operating Leases [Abstract]
2019 (excluding the three months ended March 31, 2019)	445,193
2020	603,371
2021	530,386
Total future minimum lease payments	1,578,950
Less imputed interest	(198,678)
Total	$ 1,380,272

Accrued Expenses and Restruct_3

Accrued Expenses and Restructuring Reserve (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019		Dec. 31, 2018
Accrued Expenses and Other Liabilities [Abstract]
Accrued research and development costs	$ 172,190		$ 71,329
Accrued professional fees	221,528		421,617
Accrued compensation	45,244		54,269
Accrued other	0		46,674
Accrued rent	8,000		8,000
Total	446,962		601,889
Restructuring Reserve [Abstract]
Restructuring reserve	1,948,596	[1]	0
Total	1,948,596		$ 0
Restructuring expense	$ 121,675
[1]	Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. Restructuring reserve relates to the severance costs incurred by Edge Therapeutics prior to the merger transaction and assumed by the Company as part of the purchase accounting, but not yet paid. For the three months ended March 31, 2019, the Company incurred $121,675 of restructuring expense which is recognized within general and administrative expense.

Convertible Promissory Note (De

Convertible Promissory Note (Details) - USD ($)	Mar. 15, 2019	Nov. 30, 2017	Mar. 31, 2019
Common Stock [Member]
Convertible Debt [Abstract]
Issuance of common stock for convertible debt (in shares)	9,683		9,683
Convertible Promissory Note [Member]
Convertible Debt [Abstract]
Proceeds from issuance of note		$ 30,000
Interest rate		7.50%
Conversion price (in dollars per share)	$ 3.40

Stock-Based Compensation, Equit

Stock-Based Compensation, Equity Compensation Plans (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019Planshares	Dec. 31, 2014shares	Jan. 02, 2019shares	Dec. 31, 2018shares	Jan. 02, 2018shares	Jan. 02, 2017shares	Jan. 02, 2016shares	Dec. 31, 2013shares	Dec. 31, 2012shares	Dec. 31, 2010shares
Stock Options [Abstract]
Number of equity compensation plans | Plan	5
The Plans [Member]
Stock Options [Abstract]
Term of plan	10 years
The Plans [Member] | Incentive Stock Options [Member]
Stock Options [Abstract]
Vesting period	4 years
The Plans [Member] | Incentive Stock Options [Member] | Maximum [Member]
Stock Options [Abstract]
Term of option	10 years
The Plans [Member] | Nonqualified Options [Member] | Minimum [Member]
Stock Options [Abstract]
Vesting period	1 year
The Plans [Member] | Nonqualified Options [Member] | Maximum [Member]
Stock Options [Abstract]
Vesting period	5 years
2010 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)		67,520						63,957		27,410
2012 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)									54,820
2014 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)	897,314	91,367	323,529		271,941	210,203	152,366
Percentage of Common Stock outstanding used to determine annual increase in the plan limit		4.00%
2018 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)				558,071

Stock-Based Compensation, Stock

Stock-Based Compensation, Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 2,754,871	$ 7,015
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	440,700	3,219
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 2,314,171	$ 3,796

Stock-Based Compensation, Assum

Stock-Based Compensation, Assumptions Used to Value Stock Options Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Assumptions Used in Determining Fair Value of Stock Options Granted [Abstract]
Volatility	83.00%	0.00%
Risk-free interest rate	2.49%	0.00%
Expected term	6 years 3 months	0 years
Dividend rate	0.00%	0.00%
Fair value of option on grant date (in dollars per share)	$ 6.54	$ 0

Stock-Based Compensation, Sto_2

Stock-Based Compensation, Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense	$ 0
Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	541,117
Assumed in connection with Merger (in shares)	347,697
Granted (in shares)	389,707	0
Exercised (in shares)	0
Forfeited (in shares)	(55,521)
Options outstanding, ending balance (in shares)	1,223,000
Vested and expected to vest (in shares)	1,223,000
Exercisable (in shares)	1,223,000
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share)	$ 7.20
Assumed in connection with merger (in dollars per share)	121.52
Granted (in dollars per share)	9.04
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	5.01
Options outstanding, ending balance (in dollars per share)	40.39
Vested and expected to vest (in dollars per share)	40.39
Exercisable (in dollars per share)	$ 40.39
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	6 years 6 months 7 days
Vested and expected to vest, weighted average remaining contractual life	6 years 6 months 7 days
Exercisable, weighted average remaining contractual life	6 years 6 months 7 days
Options outstanding, aggregate intrinsic value	$ 357,168
Vested and expected to vest, aggregate intrinsic value	357,168
Exercisable, aggregate intrinsic value	$ 357,168
Unamortized Stock Compensation Expense [Abstract]
Period for recognition	0 years

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Income Taxes [Abstract]
Current income tax expense	$ 0
Income tax benefit	$ 0
Federal statutory rate	21.00%
Uncertain tax positions		$ 0
Unrecognized tax benefits	$ 0	0
Accrued interest and penalties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended				3 Months Ended		12 Months Ended
	Jan. 31, 2019Lawsuit	Oct. 31, 2018$ / sharesshares	Jul. 31, 2018USD ($)$ / sharesshares	Nov. 30, 2017USD ($)	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)	Dec. 31, 2018$ / sharesshares	Jan. 31, 2018$ / shares	Sep. 30, 2017$ / shares
Commitments and Contingencies [Abstract]
Number of individual lawsuits in which the Company and Board have been named as defendants | Lawsuit	2
Number of putative class action lawsuits in which the Company and Board have been named as defendants | Lawsuit	2
Rent expense					$ 11,076	$ 15,644
Consultant Agreement with Related Party Consultant #1 [Member]
Commitments and Contingencies [Abstract]
Finders' fee percentage					4.00%
Share price (in dollars per share) | $ / shares							$ 15.33		$ 29.22
Shares issued (in shares) | shares							3,001
Agreement with Consultant #1 [Member]
Commitments and Contingencies [Abstract]
Finders' fee percentage					4.00%
Term of consulting agreement					12 months
Monthly advisory fee					$ 5,000
Term for payment of monthly advisory fee					3 months
Agreement with Consultant #2 [Member]
Commitments and Contingencies [Abstract]
Term of consulting agreement					12 months
Monthly consulting fee					$ 25,000
Term of cashless option to purchase common stock during next private offering					5 years
Percentage of stock that can be purchased under cashless option during next private offering				0.50%
Term of cashless option to purchase common stock during public offering					5 years
Percentage of stock that can be purchased under cashless option during public offering				0.50%
Term for public offering to occur after effective date					1 year
Options granted (in shares) | shares		17,042
Grant price (in dollars per share) | $ / shares		$ 15.33
Agreement with Consultant #2 [Member] | Minimum [Member]
Commitments and Contingencies [Abstract]
New equity funding to be completed				$ 1,000,000
Consultant Agreement with Related Party Consultant #2 [Member]
Commitments and Contingencies [Abstract]
Share price (in dollars per share) | $ / shares			$ 15.33
Shares issued (in shares) | shares			14,676
Monthly consulting fee					$ 75,000
Monthly consulting fee (in shares) | shares					4,893
PPM Price (in dollars per share) | $ / shares								$ 15.33
Consulting fee			$ 225,000
Consultant Agreement with Related Party Consultant #2 [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Consulting fee to be paid upon achievement of certain future milestones and deliverables (in shares) | shares					14,679
Agreement with Consultant #3 [Member]
Commitments and Contingencies [Abstract]
Monthly retainer					$ 7,000
One-time bonus to be paid for retaining first financing					15,000
Monthly retainer to be paid for retaining first financing					8,000
Monthly retainer after merger transaction					$ 10,000
Written notice period to terminate agreement					30 days
Employment Agreements [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits					24 months
Employment Agreements [Member] | Minimum [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits					12 months
Employment Agreements [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits					24 months

Related Party Transactions, Boa

Related Party Transactions, Board Member #1 (Details) - Board Member #1 [Member] - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2018	Jan. 31, 2018	Dec. 31, 2016	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016
Related Party Transaction [Abstract]
Annual consulting fee				$ 30,000
Balance outstanding							$ 45,000			$ 45,000
PPM Price (in dollars per share)			$ 15.33					$ 29.22
Consulting fees					$ 22,500	$ 52,225
Convertible Promissory Notes Issued in July 2016 [Member]
Related Party Transaction [Abstract]
Convertible promissory note									$ 45,000
Convertible promissory note plus accrued interest			$ 46,042
Shares issued upon conversion (in shares)			1,969
Share price (in dollars per share)			$ 23.39
Shares issued (in shares)		1,772
Shares Issued in Lieu of Cash Compensation [Member]
Related Party Transaction [Abstract]
Share price (in dollars per share)	$ 15.33
Shares issued (in shares)	11,218

Related Party Transactions, B_2

Related Party Transactions, Board Member #2 (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2019

Feb. 28, 2019

Oct. 31, 2018

Sep. 30, 2018

Aug. 31, 2018

Jul. 31, 2018

Jan. 31, 2018

Dec. 31, 2016

Mar. 31, 2019

Mar. 31, 2018

Sep. 30, 2018

Dec. 31, 2018

Dec. 31, 2017

Aug. 31, 2016

Jul. 31, 2016

Jun. 30, 2016

Nov. 30, 2015

Related Party Transaction [Abstract]

Proceeds from issuance of stock

$ 750,000

$ 1,055,999

Board Member #2 [Member]

Related Party Transaction [Abstract]

Annual consulting fee

$ 15,000

Balance outstanding

$ 22,500

$ 22,500

PPM Price (in dollars per share)

$ 15.33

$ 29.22

Consulting fees

$ (13,781)

$ 11,250

$ 69,100

Board Member #2 [Member] | Convertible Promissory Notes Issued in July 2016 [Member]

Related Party Transaction [Abstract]

Convertible promissory note

$ 22,500

Convertible promissory note plus accrued interest

$ 23,020

Shares issued upon conversion (in shares)

984

Share price (in dollars per share)

$ 23.40

Shares issued (in shares)

886

Board Member #2 [Member] | Shares Issued in Lieu of Cash Compensation [Member]

Related Party Transaction [Abstract]

Options granted (in shares)

11,218

Grant price (in dollars per share)

$ 9.04

Board Member #2 [Member] | Convertible Promissory Notes Issued in November 2015 [Member]

Related Party Transaction [Abstract]

Convertible promissory note

$ 1,000,000

Convertible promissory note plus accrued interest

$ 1,056,301

Share price (in dollars per share)

$ 23.38

Shares issued (in shares)

40,671

45,190

Board Member #2 [Member] | Shares Purchased in Conjunction with Stock Offering [Member]

Related Party Transaction [Abstract]

Share price (in dollars per share)

$ 15.33

$ 29.22

Shares issued (in shares)

22,834

8,556

Proceeds from issuance of stock

$ 350,000

$ 250,000

Warrant coverage

45.00%

Issuance of common stock for antidilution (in shares)

12,626

Board Member #2 [Member] | Convertible Promissory Notes Issued in August 2016 [Member]

Related Party Transaction [Abstract]

Convertible promissory note

$ 218,767

Convertible promissory note plus accrued interest

$ 223,442

Share price (in dollars per share)

$ 26.30

Shares issued (in shares)

7,647

8,496

Board Member #2 [Member] | Shares Issued for December 2016 PPM [Member]

Related Party Transaction [Abstract]

Shares issued (in shares)

7,700

Board Member #2 [Member] | Warrants Exercised [Member]

Related Party Transaction [Abstract]

Warrants exercised (in shares)

2,662

5,010

Exercise price of warrants (in dollars per share)

$ 13.03

$ 13.03

Proceeds from exercise of warrants

$ 34,686

$ 65,277

Board Member #2 [Member] | Stock Options Exercised [Member]

Related Party Transaction [Abstract]

Options exercised (in shares)

13,946

3,702

Exercise price (in dollars per share)

$ 6.87

$ 6.87

Proceeds from exercise of options

$ 95,693

$ 25,406

Related Party Transactions, B_3

Related Party Transactions, Board Member #3 (Details) - Board Member #3 [Member] - USD ($)	1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Oct. 31, 2018	Jan. 31, 2018	Dec. 31, 2016	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016
Related Party Transaction [Abstract]
Annual consulting fee					$ 15,000
Balance outstanding								$ 22,500			$ 22,500
PPM Price (in dollars per share)				$ 15.33					$ 29.22
Consulting fees	$ (13,781)					$ 11,250	$ 69,100
Convertible Promissory Notes Issued in July 2016 [Member]
Related Party Transaction [Abstract]
Convertible promissory note										$ 22,500
Convertible promissory note plus accrued interest				$ 23,020
Shares issued upon conversion (in shares)				984
Share price (in dollars per share)				$ 23.40
Shares issued (in shares)			886
Shares Issued in Lieu of Cash Compensation [Member]
Related Party Transaction [Abstract]
Share price (in dollars per share)		$ 9.04
Options granted (in shares)		11,218

Related Party Transactions, B_4

Related Party Transactions, Board Member #4 (Details) - Board Member #4 [Member] - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2018	Jan. 31, 2018	Dec. 31, 2016	Dec. 31, 2018	Aug. 31, 2016	May 31, 2016
Related Party Transaction [Abstract]
PPM Price (in dollars per share)			$ 15.33		$ 29.22
Consulting fees				$ 85,975
Prepaid expenses				$ 85,975
Convertible Promissory Notes Issued in May 2016 [Member]
Related Party Transaction [Abstract]
Convertible promissory note						$ 500,000
Convertible promissory note plus accrued interest			$ 516,096
Shares issued upon conversion (in shares)			22,079
Share price (in dollars per share)			$ 23.38
Shares issued (in shares)		19,871
Shares Issued in Lieu of Cash Compensation [Member]
Related Party Transaction [Abstract]
Share price (in dollars per share)	$ 15.33
Shares issued (in shares)	11,218

Related Party Transactions, Rel

Related Party Transactions, Related Party Consultant #1 (Details) - Related Party Consultant 1 [Member] - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2016	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2016
Related Party Transaction [Abstract]
Finders' fee percentage			4.00%
Finders' fees				$ 46,000	$ 93,400
PPM Price (in dollars per share)		$ 15.33				$ 29.22
Convertible Promissory Note Issued in August 2016 [Member]
Related Party Transaction [Abstract]
Convertible promissory note						$ 200,000
Convertible promissory note plus accrued interest		$ 204,110
Shares issued upon conversion (in shares)		7,761
Share price (in dollars per share)		$ 26.30
Shares issued (in shares)	6,985
Shares Issued in Lieu of Cash Compensation [Member]
Related Party Transaction [Abstract]
Share price (in dollars per share)				$ 15.33	$ 29.22
Shares issued (in shares)	2,876			3,001	3,196

Related Party Transactions, R_2

Related Party Transactions, Related Party Consultant #2 (Details) - Related Party Consultant 2 [Member] - USD ($)	1 Months Ended
	Jul. 31, 2018	Dec. 31, 2017
Related Party Transaction [Abstract]
Monthly consulting fee		$ 75,000
Consulting fees	$ 225,000
Shares Issued in Lieu of Cash Compensation [Member]
Related Party Transaction [Abstract]
Share price (in dollars per share)	$ 15.33
Shares issued (in shares)	14,676