PDS Biotechnology (PDSB) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Entity Registrant Name	PDS Biotechnology Corp
Entity Central Index Key	0001472091
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
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		15,361,619
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Address, State or Province	NJ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)		Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 16,934,495	$ 12,161,739
Prepaid expenses and other		2,506,646	2,308,462
Total current assets		19,441,141	14,470,201
Property and equipment, net		13,247	21,051
Right-to-use asset		638,831	0
Total assets		20,093,219	14,491,252
Current liabilities:
Accounts payable		1,092,527	1,197,720
Accrued expenses		1,194,358	1,097,640
Restructuring reserve	[1]	126,862	498,185
Operating lease liability - short term		112,657	0
Total current liabilities		2,526,404	2,793,545
Noncurrent liability:
Operating lease liability - long term		552,326	0
STOCKHOLDERS' EQUITY
Common stock, $0.00033 par value, 75,000,000 shares authorized at June 30, 2020 and December 31, 2019, 15,361,619 shares and 5,281,237 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively		5,064	1,742
Additional paid-in capital		52,861,882	40,633,670
Accumulated deficit		(35,852,457)	(28,937,705)
Total stockholders' equity		17,014,489	11,697,707
Total liabilities and stockholders' equity		$ 20,093,219	$ 14,491,252
[1]	Restructuring reserve relates to the severance costs incurred by Edge prior to the Merger and assumed by the Company as part of the purchase accounting, but not yet paid. The severance costs continue through September 2020. For the six months ended June 30, 2020, the Company paid $371,323 of restructuring expense which was previously recorded on Edge's financials.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
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)	15,361,619	5,281,237
Common stock, shares outstanding (in shares)	15,361,619	5,281,237

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development expenses	$ 1,414,225	$ 1,886,934	$ 3,385,904	$ 2,916,937
General and administrative expenses	1,521,736	2,383,972	3,581,884	6,289,848
Total operating expenses	2,935,961	4,270,906	6,967,788	9,206,785
Loss from operations	(2,935,961)	(4,270,906)	(6,967,788)	(9,206,785)
Other income (expense):
Gain on bargain purchase upon merger	0	209,449	0	11,939,331
Interest income	6,617	175,605	53,036	198,907
Interest expense	0	0	0	(606)
Net (loss) income	(2,929,344)	(3,885,852)	(6,914,752)	2,930,847
Comprehensive (loss) income	$ (2,929,344)	$ (3,885,852)	$ (6,914,752)	$ 2,930,847
Per share information:
Net (loss) income per share, basic (in dollars per share)	$ (0.19)	$ (0.75)	$ (0.54)	$ 0.66
Net (loss) income per share, diluted (in dollars per share)	$ (0.19)	$ (0.75)	$ (0.54)	$ 0.52
Weighted average common shares outstanding, basic (in shares)	15,357,199	5,175,837	12,835,980	4,466,025
Weighted average common shares outstanding, diluted (in shares)	15,357,199	5,175,837	12,835,980	5,677,360

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, 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	2,773,451	0	2,773,451
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
Issuance of common stock from 401K match	$ 2	25,241	0	25,243
Issuance of common stock from 401K match (in shares)	4,549
Equity from merger transaction	$ 528	15,793,110	0	15,793,638
Equity from merger transaction (in shares)	1,599,178
Net (loss) income	$ 0	0	2,930,847	2,930,847
Balance at Jun. 30, 2019	$ 1,709	38,686,233	(18,082,327)	20,605,615
Balance (in shares) at Jun. 30, 2019	5,177,487
Balance at Mar. 31, 2019	$ 1,707	38,642,411	(14,196,475)	24,447,643
Balance (in shares) at Mar. 31, 2019	5,172,938
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	18,580	0	18,580
Issuance of common stock, net of issuance costs	$ 2	25,242	0	25,244
Issuance of common stock, net of issuance costs (in shares)	4,549
Net (loss) income	$ 0	0	(3,885,852)	(3,885,852)
Balance at Jun. 30, 2019	$ 1,709	38,686,233	(18,082,327)	20,605,615
Balance (in shares) at Jun. 30, 2019	5,177,487
Balance at Dec. 31, 2019	$ 1,742	40,633,670	(28,937,705)	11,697,707
Balance (in shares) at Dec. 31, 2019	5,281,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	171,106	0	171,106
Issuance of common stock, net of issuance costs	$ 3,299	11,966,703	0	11,970,002
Issuance of common stock, net of issuance costs (in shares)	10,000,000
Issuance of common stock for convertible debt	$ 22	70,437	0	70,459
Issuance of common stock for convertible debt (in shares)	65,240
Issuance of common stock from 401K match	$ 1	19,966	0	19,967
Issuance of common stock from 401K match (in shares)	15,142
Net (loss) income	$ 0	0	(6,914,752)	(6,914,752)
Balance at Jun. 30, 2020	$ 5,064	52,861,882	(35,852,457)	17,014,489
Balance (in shares) at Jun. 30, 2020	15,361,619
Balance at Mar. 31, 2020	$ 5,064	52,805,601	(32,923,113)	19,887,552
Balance (in shares) at Mar. 31, 2020	15,350,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	46,113	0	46,113
Issuance of common stock from 401K match	$ 0	10,168	0	10,168
Issuance of common stock from 401K match (in shares)	11,174
Net (loss) income	$ 0	0	(2,929,344)	(2,929,344)
Balance at Jun. 30, 2020	$ 5,064	$ 52,861,882	$ (35,852,457)	$ 17,014,489
Balance (in shares) at Jun. 30, 2020	15,361,619

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (2,929,344)	$ (3,885,852)	$ (6,914,752)	$ 2,930,847
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation expense			171,106	2,773,451
Stock-based 401K company common match			19,967	25,244
Depreciation expense			7,805	62,706
Amortization of the right-to-use asset			41,800	0
Bargain purchase gain from merger	0	(209,449)	0	(11,939,331)
Changes in assets and liabilities:
Prepaid expenses and other assets			(198,184)	157,273
Accounts payable			(105,193)	(1,157,171)
Accrued expenses			96,718	(292,678)
Restructuring reserve			(371,323)	(786,396)
Cash payments for expenses:
Payments made for operating lease			(15,649)	0
Net cash used in operating activities			(7,267,705)	(8,226,055)
Cash flows from investing activities:
Cash received in reverse merger transaction			0	29,106,512
Net cash provided by investing activities			0	29,106,512
Cash flows from financing activities:
Proceeds from exercise of warrants			70,459	0
Proceeds from issuance of common stock, net of issuance costs			11,970,002	750,000
Net cash provided by financing activities			12,040,461	750,000
Net increase in cash and cash equivalents			4,772,756	21,630,457
Cash and cash equivalents at beginning of period			12,161,739	103,695	$ 103,695
Cash and cash equivalents at end of period	$ 16,934,495	$ 21,734,152	16,934,495	21,734,152	$ 12,161,739
Cash paid for:
Interest			0	606
Supplemental cash flow information:
Conversion of convertible notes and accrued interest into common stock			0	32,953
Consideration in connection with reverse merger transaction			$ 0	$ 15,793,638

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2020
Nature of Operations [Abstract]
Nature of Operations	Note 1 – Nature of Operations PDS Biotechnology Corporation, a Delaware corporation (the “Company,” “PDS,” or the “combined company”), PDS is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines designed to overcome the well-established limitations of current immunotherapy technologies. PDS owns Versamune ® , a proprietary T-cell activating platform designed to train the immune system to better attack and destroy disease. When paired with an antigen, a disease-related protein that is recognizable by the immune system, Versamune ® has been shown to induce, in vivo, large quantities of high-quality, highly potent polyfunctional CD8+ killer T-cells, a specific sub-type of CD8+ killer T-cell that is more effective at killing infected or target cells. . From the Company’s inception, it has devoted substantially all of its efforts to drug development, business planning, engaging regulatory, manufacturing and other technical consultants, acquiring operating assets, planning and executing clinical trials and raising capital. 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 was 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 4 – 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. In December 2019, a coronavirus known as SARS-CoV-2 was first detected in Wuhan, Hubei Province, People’s Republic of China, causing outbreaks of the coronavirus disease, known as COVID-19, that has now spread globally. On January 30, 2020, the World Health Organization (WHO) declared COVID-19 a pandemic (the “COVID-19 Pandemic”). The Secretary of Health and Human Services declared a public health emergency on January 31, 2020, under section 319 of the Public Health Service Act (42 U.S.C. 247d), in response to the COVID-19 Pandemic. The full impact of the COVID-19 Pandemic is unknown and rapidly evolving. two of the three currently planned PDS0101 clinical trials have been delayed, specifically as a result of the adverse impact the COVID-19 Pandemic has had on clinical trial operations for cancer indications in the United States.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the statements of operations and comprehensive loss and changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, in accordance with 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 and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The balance sheet as of December 31, 2019 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 Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, filed by the Company with the SEC in its Annual Report on Form 10-K on March 27, 2020. (B) Use of estimates: The preparation of consolidated 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 the reported amounts of expenses at the date of the consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial statements. 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 clinical and regulatory development of its products, the Company’s ability to preserve its cash resources, the Company’s review of strategic alternatives, 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, the Company’s ability to raise capital, and the effects of health epidemics, pandemics, or outbreaks of infectious diseases, including the recent COVID-19 pandemic. 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) Business acquisition: The Company’s consolidated financial statements include the operations of an acquired business after the completion of the acquisition. We account for acquired businesses using the acquisition method of accounting, which requires, among other things, that most assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date and that the fair value of IPR&D be recorded on the balance sheet. Transaction costs are expensed as incurred. The Company measures certain assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. For example, we use fair value in the initial recognition of net assets acquired in a business combination and when measuring impairment losses. We estimate fair value using an exit price approach, which requires, among other things, that we determine the price that would be received to sell an asset or paid to transfer a liability in an orderly market. The determination of an exit price is considered from the perspective of market participants, considering the highest and best use of non-financial assets and, for liabilities, assuming that the risk of non-performance will be the same before and after the transfer. When estimating fair value, depending on the nature and complexity of the asset or liability, we may use one or all of the following techniques: ● Income approach, which is based on the present value of a future stream of net cash flows. ● Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities. ● Cost approach, which is based on the cost to acquire or construct comparable assets, less an allowance for functional and/or economic obsolescence. Our fair value methodologies depend on the following types of inputs: ● Quoted prices for identical assets or liabilities in active markets (Level 1 inputs). ● Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (Level 2 inputs). ● Unobservable inputs that reflect estimates and assumptions (Level 3 inputs). (E) 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. (F) 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 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. (G) 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. (H) Intangible asset and impairment: As part of the reverse merger transaction on March 15, 2019, the Company acquired an in-process research and development (“IPR&D”) intangible asset valued at $2,974,000 using a discounted cash flow method. In determining the value of IPR&D, management considers, among other factors, the stage of completion of the project, the technological feasibility of the project, whether the project 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 all of its long-lived assets for impairment indicators throughout the year. The Company performs impairment testing for indefinite-lived intangible assets annually and for all other long-lived assets whenever impairment indicators are present. When necessary, the Company records charges for impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets. (I) Stock-based compensation: The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, directors and non-employees to be recognized as expense in the condensed statements of operations and comprehensive loss based on their grant date fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. This model requires the following assumptions: (1) the expected volatility of our stock is based on volatilities of a peer group of similar companies in the biotechnology industry whose share prices are publicly available, (2) the expected term of the award is based on the simplified method, which is the midpoint between the requisite service period and the contractual term of the option, as we have a limited history of being a public company from March 15, 2019 (the date of the Merger) to develop reasonable expectations about future exercise patterns and employment duration for our options, (3) the risk-free interest rate based on U.S. Treasury notes with a term approximating the expected life of the option and (4) expected dividend yield of 0, since we have never paid cash dividends and have no present intention to pay cash dividends. The Company expenses the fair value of its stock-based compensation awards to employees, directors and non-employees on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur. (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 June 30, 2020 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. The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of June 30, 2020 2019 Stock options to purchase Common Stock 1,639, 753 1,418,301 Warrants to purchase Common Stock 197,518 262,758 Total 1,837, 271 1,681,059 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator Basic and diluted net (loss) income $ (2,929,344 ) $ (3,885,852 ) $ (6,914,752 ) $ 2,930,847 Denominator Shares used in computing basic net (loss) income per share 15,357,199 5,175,837 12,835,980 4,466,025 Shares from dilutive securities – – – 1,211,335 Shares used in computing diluted net (loss) income per share 15,357,199 5,175,837 12,835,980 5,677,360 Net (loss) income per share, basic $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.66 Net (loss) income per share, diluted $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.52 (K) 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 recorded a Right of Use asset and Liability of $1.4 million for office space located in Berkeley Heights, New Jersey. The lease for property in Berkeley Heights was subsequently terminated. As of March 5, 2020 the Company entered into a new sub lease for office space at Florham Park commencing May 1, 2020. See note 6 for details 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. l In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 modifies disclosure requirements related to fair value measurement. On January 1, 2020, the Company adopted ASU 2018-07 and there was no impact to its financial statements. In August 2018, the FASB issued ASU 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). On January 1, 2020, the Company adopted ASU 2018-07 and there was no impact to its financial statements.

Liquidity

Liquidity	6 Months Ended
	Jun. 30, 2020
Liquidity [Abstract]
Liquidity	Note 3 – Liquidity As of June 30, 2020, the Company had $16.9 million of cash and cash equivalents, primarily provided by $29.1 million of pre-existing cash on Edge’s balance sheets that the Company obtained as a result of the Merger and net proceeds of $12.8 million from the sale of our common stock. The Company’s primary uses of cash are to fund operating expenses, primarily research and development expenditures. Cash used to fund operating expenses is impacted by the timing of when the Company pays these expenses, as reflected in the change to the Company’s outstanding accounts payable and accrued expenses. In July 2019, the Company entered into a common stock purchase agreement, or the Aspire Purchase Agreement, with Aspire Capital, which provides that, upon the terms and subject to the conditions and limitations set forth therein, at the Company’s discretion, Aspire Capital is committed to purchase up to an aggregate of $20.0 million of shares of the Company’s common stock (the “Purchased Shares”), over the 30-month term of the Aspire Purchase Agreement. under the Aspire Purchase Agreement, is equal to or greater than $5.76, which was the consolidated closing bid price of the Company’s common stock on July 26, 2019. On July 29, 2019, the Company issued 100,654 shares of our common stock to Aspire Capital, as consideration for entering into the Aspire Purchase Agreement. As of June 30, 2020 no shares have been sold to Aspire. In February 2020, the Company completed an underwritten public offering, in which we sold 10,000,000 shares of common stock at a public offering price of $1.30 per share. The shares sold included 769,230 shares issued upon the exercise by the underwriter of its option to purchase additional shares at the public offering price, minus underwriting discounts and commissions. The Company received gross proceeds of approximately $13 million and net proceeds of approximately $11.9 million after deducting underwriting discounts and commissions. On July 22, 2020, the Company filed a shelf registration statement (the “2020 Shelf Registration Statement”), with the SEC, for the issuance of common stock, preferred stock, warrants, rights, debt securities and units (collectively, the “Shelf Securities”), up to an aggregate amount of $100 million. The 2020 Shelf Registration Statement was declared effective on July 31, 2020. On August 13, 2020, the Company sold 6,900,000 shares of its common stock at a public offering price of $2.75 per share pursuant to the 2020 Shelf Registration Statement, which includes 900,000 shares issued upon the exercise by the underwriter of its option to purchase additional shares at the public offering price, minus underwriting discounts and commissions. The Company received gross proceeds of approximately $19.0 million and net proceeds of approximately $17.1 million, after deducting underwriting discounts and offering expenses. Approximately $81,000,000 of Shelf Securities remain available for future sale under the 2020 Shelf Registration Statement. Our primary uses of cash are to fund operating expenses, primarily research and development expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses. The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year beyond the filing of this Quarterly Report on Form 10-Q. The Company’s budgeted cash requirements in 2020 and beyond include expenses related to continuing development and clinical studies. Based on the Company’s available cash resources and cash flow projections as of the date the consolidated financial statements were available for issuance, the Company believes there are sufficient funds to continue operations and research and development programs for at least 12 months from the date of this report. Until the Company can generate significant cash from its operations, the Company expects to continue to fund its operations with its available financial resources. These financial resources may not be adequate to sustain its operations. The Company plans to continue to fund its operations and capital funding needs through equity and/or debt financings. However, the Company cannot be certain that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to the Company or its existing stockholders. The Company may also enter into government funding programs and consider selectively partnering for clinical development and commercialization. The sale of additional equity would result in additional dilution to its stockholders. Incurring debt financing would result in debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that would restrict the Company’s operations. If the Company is unable to raise additional capital in sufficient amounts or on acceptable terms, it may be required to delay, limit, reduce, or terminate its product development or future commercialization efforts or grant rights to develop and market immunotherapies that the Company would otherwise prefer to develop and market itself. Any of these actions could harm the Company’s business, results of operations and prospects. Failure to obtain adequate financing also may adversely affect the Company’s ability to operate as a going concern.

Reverse Merger

Reverse Merger	6 Months Ended
	Jun. 30, 2020
Reverse Merger [Abstract]
Reverse Merger	Note 4 – 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 PDS’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 Merger Agreement, 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 the closing of the Merger, 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. Final Purchase Price Allocation The Company completed its analysis of the allocation of the purchase price in the fourth quarter of 2019. The 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 final allocation of the 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 1,585,482 Right to use asset 1,384,810 Intangible assets-IPR&D 2,974,000 Total identifiable assets acquired 35,050,805 Accounts payable, accrued expenses, other liabilities (4,595,934 ) Lease liability (945,152 ) Deferred tax liability (381,513 ) Total liabilities assumed (5,922,599 ) Net identifiable assets acquired 29,128,206 Bargain purchase gain (1) (13,334,568 ) Purchase price $ 15,793,638 (1) Due to the aforementioned purchase price adjustments subsequent to March 31, 2019, the preliminary estimate of the bargain purchase gain was adjusted from $11,729,882 and finalized for the year ended December 31, 2019 at $13,334,568. 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. During the three months ended December 31, 2019, the Company determined that the intangible asset related to Edge’s NEWTON 2 clinical trial for EG-1962 was impaired due to significantly reduced activity in the data room and a lack of new interest from third parties to purchase or license the product. Further t - - impairment charge - IPR&D of $2,974,000 for the estimated value of the IPR&D asset of $2,974,000 in its consolidated statement of operations and comprehensive loss.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 5 – Fair Value of Financial Instruments There were no transfers among Levels 1, 2, or 3 during 2020 or 2019. 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 June 30, 2020: (unaudited) Cash and cash equivalents $ 16,934,495 $ 16,934,495 $ – $ – As of December 31, 2019: Cash and cash equivalents $ 12,161,739 $ 12,161,739 $ – $ –

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Note 6 – Leases On July 8, 2019, the Company entered into a lease termination agreement for its office space located at 300 Connell Drive, Suite 4000, Berkeley Heights, NJ 07922 effective August 31, 2019 (the “Lease Termination Agreement”). Pursuant to the Lease Termination Agreement, the Company was required to pay 50 percent of the remaining lease payments of $665,802 over three installments on September 1, 2019, December 1, 2019, and March 1, 2020, which was recorded as lease termination costs in the third quarter of 2019. On August 31, 2019, the right-of-use asset of $1.2 million and operating lease liability of $1.2 million was written off. Leasehold improvements amounting to approximately $0.3 million were also written off and are included in lease termination costs. The Company entered into a temporary month-to-month lease as of September 1, 2019 for office space located at 830 Morris Turnpike, Short Hills, NJ 07078 until the Company entered into a new lease for permanent office space. This lease was terminated on May 31, 2020. Effective March 5, 2020, the Company entered into a sublease for approximately 11,200 square feet of office space located at 25B Vreeland Road, Florham Park, NJ. The sublease commenced on May 1, 2020 and will continue for a term of forty (40) months with an option to renew through October 31, 2027. Upon inception of the lease, the Company recognized approximately $0.7 million of a ROU asset and operating lease liabilities. The discount rate used to measure the operating lease liability as of May 1, 2020 was 9.15%. Throughout the period described above the Company has maintained, and continues to maintain, a month-to-month lease for its research facilities at the Princeton Innovation Center BioLabs located at 303A College Road E, Princeton NJ, 08540. Six Months Ended June 30, 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows for operating lease $ 15,649 Right-of use asset obtained in exchange for new operating lease liability $ 638,831 Remaining lease term - operating lease liability 38.0 Discount rate - operating lease 9.15 % Reported as of June 30, 2020 Current portion of operating lease liability $ 112,657 Operating leases, net of current portion 552,326 Total $ 664,983

Accrued Expenses and Restructur

Accrued Expenses and Restructuring Reserve	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 As of December 31, 2019 Accrued research and development costs $ 147,841 $ 16,415 Accrued professional fees 135,641 256,062 Accrued compensation 910,876 603,229 Accrued rent – 221,934 Total $ 1,194,358 $ 1,097,640 Restructuring Reserve As of June 30, 2020 As of December 31, 2019 Restructuring reserve (1) $ 126,862 $ 498,185 Total $ 126,862 $ 498,185 (1) Restructuring reserve relates to the severance costs incurred by Edge prior to the Merger and assumed by the Company as part of the purchase accounting, but not yet paid. The severance costs continue through September 2020. For the six months ended June 30, 2020, the Company paid $371,323

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 8 – Stock-Based Compensation The Company has four equity compensation plans: the 2009 Amended Stock Option Plan, the 2010 Equity Incentive Plan, the 2014 Equity Incentive Plan and the 2018 Stock Incentive Plan (the “Plans”) . Originally, the Company was able to grant up to 27,410 of Common Stock as both incentive stock options (“ISOs”) and nonqualified stock options (“NQs”) under the 2010 Equity Incentive Plan. 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. As of June 30, 2020 there were 190,799 shares available for grant under the 2018 Stock Incentive Plan. On June 17, 2019, the Board adopted the 2019 Inducement Plan. The 2019 Inducement Plan provides for the grant of non-qualified stock options. The 2019 Inducement Plan was recommended for approval by the Compensation Committee of the Board and subsequently approved and adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Board has reserved 200,000 shares of the Company’s common stock for issuance pursuant to non-qualified stock options granted under the 2019 Inducement Plan, and the 2019 Inducement Plan will be administered by the Compensation Committee of the Board. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, non-qualified stock options under the 2019 Inducement Plan may only be made to an employee who has not previously been an employee or member of the Board (or any parent or subsidiary of the Company), or following a bona fide period of non-employment by the Company (or a parent or subsidiary of the Company), if he or she is granted such non-qualified stock options in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. As of June 30, 2020 , there were 121,500 shares available for grant under the 20 The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (unaudited) (unaudited) Stock-Based Compensation Research and development $ 53,842 $ 9,387 $ 106,526 $ 450,087 General and administrative (7,728 ) 9,193 64,580 2,323,364 Total $ 46,113 $ 18,580 $ 171,106 $ 2,773,451 The fair value of options granted during the three and six months ended June 30, 2020 and the three and six months ended June 30, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted Average Weighted Average Weighted Average Weighted Average (unaudited) (unaudited) Volatility 97.13 % 94.43 % 97.00 % 88.87 % Risk-Free Interest Rate 0.34 % 2.19 % 0.38 % 2.34 % Expected Term in Years 6.07 6.08 6.07 6.17 Dividend Rate 0.00 % 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 1.11 $ 4.77 $ 1.10 $ 5.31 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, 2019 1,421,797 $ 15.95 Granted 319,907 1.43 Exercised – – Forfeited (84,227 ) 41.34 Expired (17,724 ) 4.69 Options outstanding at June 30, 2020 1,639,753 $ 11.94 7.17 $ 184,693 Vested and expected to vest at June 30, 2020 1,639,753 $ 11.94 7.17 $ 184,693 Exercisable at June 30, 2020 1,047,284 $ 16.73 5.84 $ – At June 30, 2020 there was approximately $1,554,689 of unamortized stock option compensation expense, which is expected to be recognized over a remaining average vesting period of 3.39 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes [Abstract]
Income Taxes	Note 9 – 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 2020 and there will be no current income tax expense. Additionally, there was a full valuation allowance against the net deferred tax assets as of June 30, 2020 and December 31, 2019. 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 and six months ended June 30, 2020 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 June 30, 2020, 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 and six months ended June 30, 2020 and for the year ended December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10 – Commitments and Contingencies Employment Matters The Company has entered into employment agreements or offer letters with each of its executive officers. The employment 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 month-to-month arrangements not impacted by the adoption of ASC 842, rent for the three and six months ended June 30, 2020 was

Retirement Plan

Retirement Plan	6 Months Ended
	Jun. 30, 2020
Retirement Plan [Abstract]
Retirement Plan	Note 11 – Retirement Plan The Company has a 401(k) defined contribution plan as a benefit for all employees and permits voluntary contributions by employees subject to IRS-imposed limitations. Employer 401K contributions for the three and six months ended June 30, 2020 was $10,168 and $19,966, respectively, compared to the three and six months ended June 30, 2019 of $25,242.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 12– Subsequent Events On August 13, 2020, the Company sold 6,900,000 shares of its common stock at a public offering price of $2.75 per share pursuant to the 2020 Shelf Registration Statement, which includes 900,000 shares issued upon the exercise by the underwriter of its option to purchase additional shares at the public offering price, minus underwriting discounts and commissions. The Company received gross proceeds of approximately $19.0 million and net proceeds of approximately $17.1 million, after deducting underwriting discounts and offering expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies [Abstract]
Unaudited Interim Financial Statements	(A) Unaudited interim financial statements: The interim balance sheet at June 30, 2020, the statements of operations and comprehensive loss and changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, in accordance with 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 and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The balance sheet as of December 31, 2019 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 Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, filed by the Company with the SEC in its Annual Report on Form 10-K on March 27, 2020.
Use of Estimates	(B) Use of estimates: The preparation of consolidated 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 the reported amounts of expenses at the date of the consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial statements. 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 clinical and regulatory development of its products, the Company’s ability to preserve its cash resources, the Company’s review of strategic alternatives, 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, the Company’s ability to raise capital, and the effects of health epidemics, pandemics, or outbreaks of infectious diseases, including the recent COVID-19 pandemic. 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.
Business Acquisition	(D) Business acquisition: The Company’s consolidated financial statements include the operations of an acquired business after the completion of the acquisition. We account for acquired businesses using the acquisition method of accounting, which requires, among other things, that most assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date and that the fair value of IPR&D be recorded on the balance sheet. Transaction costs are expensed as incurred. The Company measures certain assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. For example, we use fair value in the initial recognition of net assets acquired in a business combination and when measuring impairment losses. We estimate fair value using an exit price approach, which requires, among other things, that we determine the price that would be received to sell an asset or paid to transfer a liability in an orderly market. The determination of an exit price is considered from the perspective of market participants, considering the highest and best use of non-financial assets and, for liabilities, assuming that the risk of non-performance will be the same before and after the transfer. When estimating fair value, depending on the nature and complexity of the asset or liability, we may use one or all of the following techniques: ● Income approach, which is based on the present value of a future stream of net cash flows. ● Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities. ● Cost approach, which is based on the cost to acquire or construct comparable assets, less an allowance for functional and/or economic obsolescence. Our fair value methodologies depend on the following types of inputs: ● Quoted prices for identical assets or liabilities in active markets (Level 1 inputs). ● Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (Level 2 inputs). ● Unobservable inputs that reflect estimates and assumptions (Level 3 inputs).
Cash Equivalents and Concentration of Cash Balance	(E) 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	(F) 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 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	(G) 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.
Intangible Asset and Impairment	(H) Intangible asset and impairment: As part of the reverse merger transaction on March 15, 2019, the Company acquired an in-process research and development (“IPR&D”) intangible asset valued at $2,974,000 using a discounted cash flow method. In determining the value of IPR&D, management considers, among other factors, the stage of completion of the project, the technological feasibility of the project, whether the project 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 all of its long-lived assets for impairment indicators throughout the year. The Company performs impairment testing for indefinite-lived intangible assets annually and for all other long-lived assets whenever impairment indicators are present. When necessary, the Company records charges for impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets.
Stock-Based Compensation	(I) Stock-based compensation: The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, directors and non-employees to be recognized as expense in the condensed statements of operations and comprehensive loss based on their grant date fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. This model requires the following assumptions: (1) the expected volatility of our stock is based on volatilities of a peer group of similar companies in the biotechnology industry whose share prices are publicly available, (2) the expected term of the award is based on the simplified method, which is the midpoint between the requisite service period and the contractual term of the option, as we have a limited history of being a public company from March 15, 2019 (the date of the Merger) to develop reasonable expectations about future exercise patterns and employment duration for our options, (3) the risk-free interest rate based on U.S. Treasury notes with a term approximating the expected life of the option and (4) expected dividend yield of 0, since we have never paid cash dividends and have no present intention to pay cash dividends. The Company expenses the fair value of its stock-based compensation awards to employees, directors and non-employees on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur.
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 June 30, 2020 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. The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of June 30, 2020 2019 Stock options to purchase Common Stock 1,639, 753 1,418,301 Warrants to purchase Common Stock 197,518 262,758 Total 1,837, 271 1,681,059 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator Basic and diluted net (loss) income $ (2,929,344 ) $ (3,885,852 ) $ (6,914,752 ) $ 2,930,847 Denominator Shares used in computing basic net (loss) income per share 15,357,199 5,175,837 12,835,980 4,466,025 Shares from dilutive securities – – – 1,211,335 Shares used in computing diluted net (loss) income per share 15,357,199 5,175,837 12,835,980 5,677,360 Net (loss) income per share, basic $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.66 Net (loss) income per share, diluted $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.52
Accounting Standards Adopted	(K) 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 recorded a Right of Use asset and Liability of $1.4 million for office space located in Berkeley Heights, New Jersey. The lease for property in Berkeley Heights was subsequently terminated. As of March 5, 2020 the Company entered into a new sub lease for office space at Florham Park commencing May 1, 2020. See note 6 for details 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. l In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 modifies disclosure requirements related to fair value measurement. On January 1, 2020, the Company adopted ASU 2018-07 and there was no impact to its financial statements. In August 2018, the FASB issued ASU 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). On January 1, 2020, the Company adopted ASU 2018-07 and there was no impact to its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies [Abstract]
Antidilutive Securities	The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of June 30, 2020 2019 Stock options to purchase Common Stock 1,639, 753 1,418,301 Warrants to purchase Common Stock 197,518 262,758 Total 1,837, 271 1,681,059
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator Basic and diluted net (loss) income $ (2,929,344 ) $ (3,885,852 ) $ (6,914,752 ) $ 2,930,847 Denominator Shares used in computing basic net (loss) income per share 15,357,199 5,175,837 12,835,980 4,466,025 Shares from dilutive securities – – – 1,211,335 Shares used in computing diluted net (loss) income per share 15,357,199 5,175,837 12,835,980 5,677,360 Net (loss) income per share, basic $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.66 Net (loss) income per share, diluted $ (0.19 ) $ (0.75 ) $ (0.54 ) $ 0.52

Reverse Merger (Tables)

Reverse Merger (Tables)	6 Months Ended
	Jun. 30, 2020
Reverse Merger [Abstract]
Calculation and Allocation of Final Purchase Price	Pursuant to the Merger Agreement, 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 the closing of the Merger, 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 final allocation of the 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 1,585,482 Right to use asset 1,384,810 Intangible assets-IPR&D 2,974,000 Total identifiable assets acquired 35,050,805 Accounts payable, accrued expenses, other liabilities (4,595,934 ) Lease liability (945,152 ) Deferred tax liability (381,513 ) Total liabilities assumed (5,922,599 ) Net identifiable assets acquired 29,128,206 Bargain purchase gain (1) (13,334,568 ) Purchase price $ 15,793,638 (1) Due to the aforementioned purchase price adjustments subsequent to March 31, 2019, the preliminary estimate of the bargain purchase gain was adjusted from $11,729,882 and finalized for the year ended December 31, 2019 at $13,334,568.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: (unaudited) Cash and cash equivalents $ 16,934,495 $ 16,934,495 $ – $ – As of December 31, 2019: Cash and cash equivalents $ 12,161,739 $ 12,161,739 $ – $ –

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Supplemental Cash Flow and Balance Sheet Information Related to Operating Leases	Six Months Ended June 30, 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows for operating lease $ 15,649 Right-of use asset obtained in exchange for new operating lease liability $ 638,831 Remaining lease term - operating lease liability 38.0 Discount rate - operating lease 9.15 % Reported as of June 30, 2020 Current portion of operating lease liability $ 112,657 Operating leases, net of current portion 552,326 Total $ 664,983

Accrued Expenses and Restruct_2

Accrued Expenses and Restructuring Reserve (Tables)	6 Months Ended
	Jun. 30, 2020
Accrued Expenses and Restructuring Reserve [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: As of June 30, 2020 As of December 31, 2019 Accrued research and development costs $ 147,841 $ 16,415 Accrued professional fees 135,641 256,062 Accrued compensation 910,876 603,229 Accrued rent – 221,934 Total $ 1,194,358 $ 1,097,640
Restructuring Reserve	Restructuring Reserve As of June 30, 2020 As of December 31, 2019 Restructuring reserve (1) $ 126,862 $ 498,185 Total $ 126,862 $ 498,185 (1) Restructuring reserve relates to the severance costs incurred by Edge prior to the Merger and assumed by the Company as part of the purchase accounting, but not yet paid. The severance costs continue through September 2020. For the six months ended June 30, 2020, the Company paid $371,323

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation Expense Related to Stock Options	The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (unaudited) (unaudited) Stock-Based Compensation Research and development $ 53,842 $ 9,387 $ 106,526 $ 450,087 General and administrative (7,728 ) 9,193 64,580 2,323,364 Total $ 46,113 $ 18,580 $ 171,106 $ 2,773,451
Assumptions Used to Value Stock Options Granted	The fair value of options granted during the three and six months ended June 30, 2020 and the three and six months ended June 30, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted Average Weighted Average Weighted Average Weighted Average (unaudited) (unaudited) Volatility 97.13 % 94.43 % 97.00 % 88.87 % Risk-Free Interest Rate 0.34 % 2.19 % 0.38 % 2.34 % Expected Term in Years 6.07 6.08 6.07 6.17 Dividend Rate 0.00 % 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 1.11 $ 4.77 $ 1.10 $ 5.31
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, 2019 1,421,797 $ 15.95 Granted 319,907 1.43 Exercised – – Forfeited (84,227 ) 41.34 Expired (17,724 ) 4.69 Options outstanding at June 30, 2020 1,639,753 $ 11.94 7.17 $ 184,693 Vested and expected to vest at June 30, 2020 1,639,753 $ 11.94 7.17 $ 184,693 Exercisable at June 30, 2020 1,047,284 $ 16.73 5.84 $ –

Nature of Operations (Details)

Nature of Operations (Details)	Mar. 15, 2019	Jun. 30, 2020ClinicalTrial
Nature of Operations [Abstract]
Reverse stock split ratio	0.05
Number of planned clinical trials delayed		2
Number of planned clinical trials		3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 01, 2020	Dec. 31, 2019	Aug. 31, 2019	Mar. 15, 2019
Intangibles [Abstract]
IPR&D asset	$ 2,974,000		$ 2,974,000
Stock-Based Compensation [Abstract]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)			1,837,271	1,681,059
Numerator [Abstract]
Basic and diluted net (loss) income	$ (2,929,344)	$ (3,885,852)	$ (6,914,752)	$ 2,930,847
Denominator [Abstract]
Shares used in computing basic net (loss) income per share (in shares)	15,357,199	5,175,837	12,835,980	4,466,025
Shares from dilutive securities (in shares)	0	0	0	1,211,335
Shares used in computing diluted net (loss) income per share (in shares)	15,357,199	5,175,837	12,835,980	5,677,360
Net (loss) income per share, basic (in dollars per share)	$ (0.19)	$ (0.75)	$ (0.54)	$ 0.66
Net (loss) income per share, diluted (in dollars per share)	$ (0.19)	$ (0.75)	$ (0.54)	$ 0.52
Accounting Standards Adopted [Abstract]
Right-of-use asset	$ 638,831		$ 638,831		$ 700,000	$ 0	$ 1,200,000
Lease liability	$ 664,983		$ 664,983		$ 700,000		$ 1,200,000
Stock Options to Purchase Common Stock [Member]
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)			1,639,753	1,418,301
Warrants to Purchase Common Stock [Member]
Net Income (Loss) per Common Share [Abstract]
Antidilutive impact to EPS (in shares)			197,518	262,758
ASU 2016-02 [Member]
Accounting Standards Adopted [Abstract]
Right-of-use asset								$ 1,400,000
Lease liability								$ 1,400,000

Liquidity (Details)

Liquidity (Details) - USD ($)	Aug. 13, 2020	Jul. 29, 2019	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jul. 22, 2020	Dec. 31, 2019	Jul. 31, 2019	Jul. 26, 2019
Liquidity [Abstract]
Cash and cash equivalents				$ 16,934,495			$ 12,161,739
Net proceeds from sale of common stock				$ 12,800,000
Term of common stock purchase agreement				30 months
Percentage of shares of common stock that can be sold without shareholder approval								19.99%
Share price (in dollars per share)			$ 1.30						$ 5.76
Issuance of common stock from equity transaction (in shares)		100,654
Shares sold under common stock purchase agreement (in shares)				0
Issuance of common stock (in shares)			10,000,000
Proceeds from issuance of shares			$ 13,000,000	$ 11,970,002	$ 750,000
Proceeds from issuance of shares, net of underwriting discounts and commissions			$ 11,900,000
Subsequent Event [Member]
Liquidity [Abstract]
Share price (in dollars per share)	$ 2.75
Registered securities in Shelf Registration Statement						$ 100,000,000
Issuance of common stock (in shares)	6,900,000
Proceeds from issuance of shares	$ 19,000,000
Proceeds from issuance of shares, net of underwriting discounts and commissions	17,100,000
Registered securities in Shelf Registration Statement available for future sale	$ 81,000,000
Over-Allotment Option [Member]
Liquidity [Abstract]
Issuance of common stock (in shares)			769,230
Over-Allotment Option [Member] | Subsequent Event [Member]
Liquidity [Abstract]
Issuance of common stock (in shares)	900,000
Maximum [Member]
Liquidity [Abstract]
Common stock to be purchased under common stock purchase agreement								$ 20,000,000
Shares of common stock that can be sold without shareholder approval (in shares)								1,034,979
Edge [Member]
Liquidity [Abstract]
Pre-existing cash				$ 29,106,513			$ 29,106,513

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
Percentage of shares owned in the combined company's common stock prior to the Merger	70.00%

Reverse Merger, Purchase Price

Reverse Merger, Purchase Price (Details) - USD ($)		Mar. 15, 2019	Dec. 31, 2019	Jun. 30, 2020	Mar. 14, 2019
Purchase Price [Abstract]
Common stock shares outstanding (in shares)			5,281,237	15,361,619
In-the-money shares paid out in cash (in shares)		753
Fractional shares paid out in cash (in shares)		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	$ 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 the closing of the Merger, 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, Final Purchase

Reverse Merger, Final Purchase Price Allocation (Details)	Mar. 15, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)Adjustment	Jun. 30, 2019USD ($)Adjustment	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Final Purchase Price Allocation [Abstract]
Bargain purchase gain		$ 0		$ (209,449)		$ 0	$ (11,939,331)
Edge [Member]
Final Purchase Price Allocation [Abstract]
Number of adjustments made to preliminary valuation | Adjustment			2	2
Adjustment to preliminary valuation for equipment				$ 275,000
Equipment	$ 0
Adjustment to preliminary valuation for bonus plan				$ 65,551			$ 65,551
Adjustment to preliminary valuation for IPR&D			$ 1,751,000
Adjustment to preliminary valuation for deferred tax liability			224,513
Adjustment to preliminary valuation for write-off relating transition service			131,250
Cash and cash equivalents		$ 29,106,513	29,106,513			$ 29,106,513		$ 29,106,513
Prepaid expense and other assets			1,585,482					1,585,482
Right to use asset			1,384,810					1,384,810
Intangible assets-IPR&D			2,974,000					2,974,000
Total identifiable assets acquired			35,050,805					35,050,805
Accounts payable, accrued expenses, other liabilities			(4,595,934)					(4,595,934)
Lease liability			(945,152)					(945,152)
Deferred tax liability			(381,513)					(381,513)
Total liabilities assumed			(5,922,599)					(5,922,599)
Net identifiable assets acquired			$ 29,128,206					29,128,206
Bargain purchase gain					$ (11,729,882)			(13,334,568)	[1]
Purchase price	$ 15,793,638							$ 15,793,638
[1]	Due to the aforementioned purchase price adjustments subsequent to March 31, 2019, the preliminary estimate of the bargain purchase gain was adjusted from $11,729,882 and finalized for the year ended December 31, 2019 at $13,334,568.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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	16,934,495	12,161,739
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	16,934,495	12,161,739
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

Leases (Details)

Leases (Details)	Aug. 31, 2019USD ($)Installment	Jun. 30, 2020USD ($)ft²	Jun. 30, 2019USD ($)	May 01, 2020USD ($)	Dec. 31, 2019USD ($)
Leases [Abstract]
Percentage of remaining payments required to be paid to terminate lease	50.00%
Remaining lease payments	$ 665,802
Number of installments for remaining lease payment | Installment	3
Right-of-use asset	$ 1,200,000	$ 638,831		$ 700,000	$ 0
Operating lease liability	1,200,000	$ 664,983		$ 700,000
Write-off of leasehold improvements related to lease termination	300,000
Area of office space under sub-lease | ft²		11,200
Term of sub-lease agreement		40 months
Discount rate used to measure operating lease liability				9.15%
Cash Paid for Amounts Included in Measurement of Lease Liabilities: [Abstract]
Operating cash outflows for operating lease		$ 15,649	$ 0
Right-of use asset obtained in exchange for new operating lease liability		$ 638,831
Remaining lease term - operating lease liability		38 months
Discount rate - operating lease		9.15%
Operating Lease Liability [Abstract]
Current portion of operating lease liability		$ 112,657			0
Operating leases, net of current portion		552,326			$ 0
Total	$ 1,200,000	$ 664,983		$ 700,000

Accrued Expenses and Restruct_3

Accrued Expenses and Restructuring Reserve (Details) - USD ($)		6 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Accrued Expenses and Other Liabilities [Abstract]
Accrued research and development costs		$ 147,841	$ 16,415
Accrued professional fees		135,641	256,062
Accrued compensation		910,876	603,229
Accrued rent		0	221,934
Total		1,194,358	1,097,640
Restructuring Reserve [Abstract]
Restructuring reserve	[1]	126,862	498,185
Total		126,862	$ 498,185
Restructuring expenses paid		$ 371,323
[1]	Restructuring reserve relates to the severance costs incurred by Edge prior to the Merger and assumed by the Company as part of the purchase accounting, but not yet paid. The severance costs continue through September 2020. For the six months ended June 30, 2020, the Company paid $371,323 of restructuring expense which was previously recorded on Edge's financials.

Stock-Based Compensation, Equit

Stock-Based Compensation, Equity Compensation Plans (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020Planshares	Dec. 31, 2014shares	Mar. 31, 2019shares	Jan. 02, 2019shares	Dec. 31, 2018shares	Jan. 02, 2018shares	Jan. 02, 2017shares	Jan. 02, 2016shares	Dec. 31, 2013shares	Dec. 31, 2010shares
Stock Options [Abstract]
Number of equity compensation plans | Plan	4
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
2014 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)		91,367	826,292	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
Shares available for grant (in shares)	190,799
2019 Inducement Plan [Member]
Stock Options [Abstract]
Shares available for grant (in shares)	121,500
Common stock reserved for issuance (in shares)	200,000

Stock-Based Compensation, Stock

Stock-Based Compensation, Stock-Based Compensation Expense Related to Stock Options (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 46,113	$ 18,580	$ 171,106	$ 2,773,451
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	53,842	9,387	106,526	450,087
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ (7,728)	$ 9,193	$ 64,580	$ 2,323,364

Stock-Based Compensation, Assum

Stock-Based Compensation, Assumptions Used to Value Stock Options Granted (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Assumptions Used in Determining Fair Value of Stock Options Granted [Abstract]
Volatility	97.13%	94.43%	97.00%	88.87%
Risk-free interest rate	0.34%	2.19%	0.38%	2.34%
Expected term	6 years 25 days	6 years 29 days	6 years 25 days	6 years 2 months 1 day
Dividend rate	0.00%	0.00%	0.00%	0.00%
Fair value of option on grant date (in dollars per share)	$ 1.11	$ 4.77	$ 1.10	$ 5.31

Stock-Based Compensation, Sto_2

Stock-Based Compensation, Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense | $	$ 1,554,689
Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares) | shares	1,421,797
Granted (in shares) | shares	319,907
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(84,227)
Expired (in shares) | shares	(17,724)
Options outstanding, ending balance (in shares) | shares	1,639,753
Vested and expected to vest (in shares) | shares	1,639,753
Exercisable (in shares) | shares	1,047,284
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share) | $ / shares	$ 15.95
Granted (in dollars per share) | $ / shares	1.43
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	41.34
Expired (in dollars per share) | $ / shares	4.69
Options outstanding, ending balance (in dollars per share) | $ / shares	11.94
Vested and expected to vest (in dollars per share) | $ / shares	11.94
Exercisable (in dollars per share) | $ / shares	$ 16.73
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	7 years 2 months 1 day
Vested and expected to vest, weighted average remaining contractual life	7 years 2 months 1 day
Exercisable, weighted average remaining contractual life	5 years 10 months 2 days
Options outstanding, aggregate intrinsic value | $	$ 184,693
Vested and expected to vest, aggregate intrinsic value | $	184,693
Exercisable, aggregate intrinsic value | $	$ 0
Unamortized Stock Compensation Expense [Abstract]
Period for recognition	3 years 4 months 20 days

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies [Abstract]
Rent expense	$ 46,337	$ 11,400	$ 104,978	$ 20,300
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

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retirement Plan [Abstract]
401(k) employer contribution	$ 10,168	$ 25,242	$ 19,966	$ 25,242

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 13, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jul. 26, 2019
Subsequent Events [Abstract]
Issuance of common stock (in shares)		10,000,000
Public offering price (in dollars per share)		$ 1.30			$ 5.76
Proceeds from issuance of shares		$ 13,000,000	$ 11,970,002	$ 750,000
Proceeds from issuance of shares, net of underwriting discounts and commissions		$ 11,900,000
Over-Allotment Option [Member]
Subsequent Events [Abstract]
Issuance of common stock (in shares)		769,230
Subsequent Event [Member]
Subsequent Events [Abstract]
Issuance of common stock (in shares)	6,900,000
Public offering price (in dollars per share)	$ 2.75
Proceeds from issuance of shares	$ 19,000,000
Proceeds from issuance of shares, net of underwriting discounts and commissions	$ 17,100,000
Subsequent Event [Member] | Over-Allotment Option [Member]
Subsequent Events [Abstract]
Issuance of common stock (in shares)	900,000