Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001488039 | |
Entity Registrant Name | ATOSSA THERAPEUTICS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35610 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4753208 | |
Entity Address, Address Line One | 107 Spring Street | |
Entity Address, Postal Zip Code | 98104 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
City Area Code | 206 | |
Local Phone Number | 325-6086 | |
Title of 12(b) Security | Common Stock, $0.18 par value | |
Trading Symbol | ATOS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 126,624,110 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 140,040,955 | $ 39,553,671 |
Restricted cash | 110,000 | 110,000 |
Prepaid expenses | 1,883,197 | 1,813,902 |
Research and development tax rebate receivable | 934,672 | 634,940 |
Other current assets | 18,060 | 657,662 |
Total current assets | 142,986,884 | 42,770,175 |
Furniture and equipment, net | 22,138 | 20,632 |
Intangible assets, net | 0 | 13,375 |
Right-of-use asset | 1,217 | 18,053 |
Other assets | 13,408 | 17,218 |
Total Assets | 143,023,647 | 42,839,453 |
Current liabilities | ||
Accounts payable | 667,988 | 1,588,613 |
Accrued expenses | 75,695 | 93,367 |
Payroll liabilities | 912,670 | 963,665 |
Common stock warrant liability | 0 | 13,003,075 |
Lease liability | 1,217 | 18,053 |
Other current liabilities | 18,251 | 4,748 |
Total current liabilities | 1,675,821 | 15,671,521 |
Total Liabilities | 1,675,821 | 15,671,521 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred stock - $0.001 par value; 10,000,000 shares authorized; 584 and 621 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1 | 1 |
Common stock - $0.18 par value; 175,000,000 shares authorized; 126,623,541 and 47,548,835 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 22,792,225 | 8,558,778 |
Additional paid-in capital | 242,373,694 | 129,887,146 |
Accumulated deficit | (124,402,093) | (111,898,992) |
Total Stockholders' Equity | 141,347,826 | 27,167,932 |
Total Liabilities and Stockholders' Equity | 143,023,647 | 42,839,453 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Additional paid-in capital - Series B convertible preferred stock | $ 583,999 | $ 620,999 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 584 | 621 |
Preferred stock, outstanding (in shares) | 584 | 621 |
Common stock, par value (in dollars per share) | $ 0.18 | $ 0.18 |
Common stock, authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, issued (in shares) | 126,623,541 | 47,548,835 |
Common stock, outstanding (in shares) | 126,623,541 | 47,548,835 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses | ||||
Research and development | $ 2,206,158 | $ 1,659,075 | $ 7,383,281 | $ 4,250,934 |
General and administrative | 2,952,436 | 1,849,741 | 8,309,807 | 6,130,698 |
Total operating expenses | 5,158,594 | 3,508,816 | 15,693,088 | 10,381,632 |
Operating loss | (5,158,594) | (3,508,816) | (15,693,088) | (10,381,632) |
Other income (expense), net | (38,551) | 17,745 | (81,374) | 36,999 |
Loss before income taxes | (5,197,145) | (3,491,071) | (15,774,462) | (10,344,633) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (5,197,145) | $ (3,491,071) | $ (15,774,462) | $ (10,344,633) |
Loss per common share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.34) | $ (0.14) | $ (1.09) |
Weighted average shares outstanding - basic and diluted (in shares) | 126,537,544 | 10,162,770 | 113,689,961 | 9,496,222 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock, Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Conversion of Series B Convertible Preferred Stock into Common Stock [Member]Preferred Stock [Member]Series B Convertible Preferred Stock [Member] | Conversion of Series B Convertible Preferred Stock into Common Stock [Member]Preferred Stock Additional Paid-in Capital [Member]Series B Convertible Preferred Stock [Member] | Conversion of Series B Convertible Preferred Stock into Common Stock [Member]Common Stock [Member] | Conversion of Series B Convertible Preferred Stock into Common Stock [Member]Common Stock, Additional Paid-in Capital [Member] | Conversion of Series B Convertible Preferred Stock into Common Stock [Member] | Preferred Stock [Member]Series B Convertible Preferred Stock [Member] | Preferred Stock Additional Paid-in Capital [Member]Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock, Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 671 | 9,130,984 | ||||||||||||
Balance at Dec. 31, 2019 | $ 1 | $ 670,999 | $ 1,643,565 | $ 104,912,480 | $ (94,071,040) | $ 13,156,005 | ||||||||
Compensation cost for stock options granted | 687,752 | 687,752 | ||||||||||||
Net loss | (2,947,420) | (2,947,420) | ||||||||||||
Balance (in shares) at Mar. 31, 2020 | 671 | 9,130,984 | ||||||||||||
Balance at Mar. 31, 2020 | $ 1 | 670,999 | $ 1,643,565 | 105,600,232 | (97,018,460) | 10,896,337 | ||||||||
Balance (in shares) at Dec. 31, 2019 | 671 | 9,130,984 | ||||||||||||
Balance at Dec. 31, 2019 | $ 1 | 670,999 | $ 1,643,565 | 104,912,480 | (94,071,040) | 13,156,005 | ||||||||
Net loss | $ (10,344,633) | |||||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (48) | |||||||||||||
Common stock issued for option exercises (in shares) | 225,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 225,000 | |||||||||||||
Balance (in shares) at Sep. 30, 2020 | 623 | 10,464,250 | ||||||||||||
Balance at Sep. 30, 2020 | $ 1 | 622,999 | $ 1,883,553 | 111,780,197 | (104,415,673) | $ 9,871,077 | ||||||||
Balance (in shares) at Mar. 31, 2020 | 671 | 9,130,984 | ||||||||||||
Balance at Mar. 31, 2020 | $ 1 | 670,999 | $ 1,643,565 | 105,600,232 | (97,018,460) | 10,896,337 | ||||||||
Compensation cost for stock options granted | 1,036,484 | 1,036,484 | ||||||||||||
Net loss | (3,906,142) | (3,906,142) | ||||||||||||
Issuance of common stock, net of issuance costs (in shares) | 160,108 | |||||||||||||
Issuance of common stock, net of issuance costs | $ 28,820 | 318,807 | 347,627 | |||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (45) | 12,786 | ||||||||||||
Conversion of Series B convertible preferred stock to common stock | $ (45,000) | $ 2,301 | $ 42,699 | |||||||||||
Balance (in shares) at Jun. 30, 2020 | 626 | 9,303,878 | ||||||||||||
Balance at Jun. 30, 2020 | $ 1 | 625,999 | $ 1,674,686 | 106,998,222 | (100,924,602) | 8,374,306 | ||||||||
Compensation cost for stock options granted | 663,593 | 663,593 | ||||||||||||
Net loss | (3,491,071) | (3,491,071) | ||||||||||||
Issuance of common stock, net of issuance costs (in shares) | 1,083,531 | |||||||||||||
Issuance of common stock, net of issuance costs | $ 195,036 | 4,143,635 | $ 4,338,671 | |||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (3) | (3) | 853 | |||||||||||
Conversion of Series B convertible preferred stock to common stock | (3,000) | $ 154 | 2,846 | |||||||||||
Common stock issued for option exercises (in shares) | 225,000 | 225,000 | ||||||||||||
Common stock issued for option exercises | $ 40,500 | 500,600 | $ 541,100 | |||||||||||
Shares withheld related to cashless exercise of options and taxes (in shares) | (149,012) | |||||||||||||
Shares withheld related to cashless exercise of options and taxes | $ (26,823) | (528,699) | $ (555,522) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 225,000 | 225,000 | ||||||||||||
Common stock issued for option exercise | $ 40,500 | 500,600 | $ 541,100 | |||||||||||
Balance (in shares) at Sep. 30, 2020 | 623 | 10,464,250 | ||||||||||||
Balance at Sep. 30, 2020 | $ 1 | 622,999 | $ 1,883,553 | 111,780,197 | (104,415,673) | 9,871,077 | ||||||||
Balance (in shares) at Dec. 31, 2020 | 621 | 47,548,835 | ||||||||||||
Balance at Dec. 31, 2020 | $ 9,731,714 | $ 3,271,361 | $ 13,003,075 | $ 1 | 620,999 | $ 8,558,778 | 129,887,146 | (111,898,992) | 27,167,932 | |||||
Compensation cost for stock options granted | 639,751 | 639,751 | ||||||||||||
Net loss | (3,538,069) | (3,538,069) | ||||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (1) | 285 | ||||||||||||
Conversion of Series B convertible preferred stock to common stock | (1,000) | $ 51 | 949 | |||||||||||
Issuance of common stock and warrants, net of issuance costs (in shares) | 41,211,100 | |||||||||||||
Issuance of common stock and warrants, net of issuance costs | $ 7,417,998 | 62,250,410 | 69,668,408 | |||||||||||
Issuance of common stock upon warrant exercise (in shares) | 32,064,148 | |||||||||||||
Issuance of common stock upon warrant exercise | $ 5,771,547 | 26,988,755 | 32,760,302 | |||||||||||
Balance (in shares) at Mar. 31, 2021 | 620 | 120,824,368 | ||||||||||||
Balance at Mar. 31, 2021 | $ 1 | 619,999 | $ 21,748,374 | 229,498,725 | (112,165,700) | 139,701,399 | ||||||||
Balance (in shares) at Dec. 31, 2020 | 621 | 47,548,835 | ||||||||||||
Balance at Dec. 31, 2020 | $ 9,731,714 | $ 3,271,361 | $ 13,003,075 | $ 1 | 620,999 | $ 8,558,778 | 129,887,146 | (111,898,992) | 27,167,932 | |||||
Net loss | $ (15,774,462) | |||||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (37) | |||||||||||||
Common stock issued for option exercises (in shares) | 699,410 | |||||||||||||
Issuance of common stock upon warrant exercise (in shares) | 37,452,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 699,410 | |||||||||||||
Balance (in shares) at Sep. 30, 2021 | 584 | 126,623,541 | ||||||||||||
Balance at Sep. 30, 2021 | $ 1 | 583,999 | $ 22,792,225 | 242,373,694 | (124,402,093) | $ 141,347,826 | ||||||||
Balance (in shares) at Mar. 31, 2021 | 620 | 120,824,368 | ||||||||||||
Balance at Mar. 31, 2021 | $ 1 | 619,999 | $ 21,748,374 | 229,498,725 | (112,165,700) | 139,701,399 | ||||||||
Compensation cost for stock options granted | 1,214,110 | 1,214,110 | ||||||||||||
Net loss | (7,039,248) | (7,039,248) | ||||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (33) | 9,377 | ||||||||||||
Conversion of Series B convertible preferred stock to common stock | $ (33,000) | $ 1,688 | $ 31,312 | |||||||||||
Issuance of common stock upon warrant exercise (in shares) | 5,091,351 | |||||||||||||
Issuance of common stock upon warrant exercise | $ 916,443 | 9,279,198 | 10,195,641 | |||||||||||
Balance (in shares) at Jun. 30, 2021 | 587 | 125,925,096 | ||||||||||||
Balance at Jun. 30, 2021 | $ 1 | 586,999 | $ 22,666,505 | 240,023,345 | (119,204,948) | 144,071,902 | ||||||||
Compensation cost for stock options granted | 1,794,138 | 1,794,138 | ||||||||||||
Net loss | (5,197,145) | $ (5,197,145) | ||||||||||||
Conversion of Series B convertible preferred stock to common stock (in shares) | (3) | (3) | 854 | |||||||||||
Conversion of Series B convertible preferred stock to common stock | (3,000) | $ 154 | 2,846 | |||||||||||
Common stock issued for option exercises (in shares) | 699,410 | 699,410 | ||||||||||||
Common stock issued for option exercises | $ 125,894 | 1,596,679 | $ 1,722,573 | |||||||||||
Shares withheld related to cashless exercise of options and taxes (in shares) | (297,829) | |||||||||||||
Shares withheld related to cashless exercise of options and taxes | $ (53,610) | (1,852,498) | (1,906,108) | |||||||||||
Issuance of common stock and warrants, net of issuance costs | $ 296,010 | 809,184 | $ 862,466 | |||||||||||
Issuance of common stock upon warrant exercise (in shares) | 296,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 699,410 | 699,410 | ||||||||||||
Common stock issued for option exercise | $ 125,894 | 1,596,679 | $ 1,722,573 | |||||||||||
Balance (in shares) at Sep. 30, 2021 | 584 | 126,623,541 | ||||||||||||
Balance at Sep. 30, 2021 | $ 1 | $ 583,999 | $ 22,792,225 | $ 242,373,694 | $ (124,402,093) | $ 141,347,826 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Issuance costs | $ 133,157 | $ 178,544 | |
Issuance of common stock and warrants, issuance costs | $ 5,493,310 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (15,774,462) | $ (10,344,633) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Compensation cost for stock options granted | 3,647,999 | 2,387,829 |
Disposal of assets | 0 | 4,149 |
Depreciation and amortization | 21,265 | 37,265 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (69,295) | (621,907) |
Research and development tax rebate receivable | (299,732) | 300,451 |
Other assets | 643,412 | (152,781) |
Accounts payable | (920,625) | 389,441 |
Accrued expenses | (17,672) | 7,285 |
Payroll liabilities | (50,995) | (146,573) |
Other current liabilities | 13,503 | 1,779 |
Net cash used in operating activities | (12,806,602) | (8,137,695) |
CASH FLOWS FROM INVESTING ACTIVITY | ||
Purchase of furniture and equipment | (9,396) | (9,367) |
Net cash used in investing activities | (9,396) | (9,367) |
CASH FLOWS FROM FINANCING ACTIVITY | ||
Proceeds from issuance of common stock, net of issuance costs | 0 | 4,686,298 |
Proceeds from issuance of common stock and warrants, net of issuance costs | 69,668,408 | 0 |
Payment of taxes related to net-exercise of employee stock options | (574,867) | (14,422) |
Proceeds from exercise of employee stock options | 391,332 | 0 |
Proceeds from exercise of warrants | 43,818,409 | 0 |
Net cash provided by financing activities | 113,303,282 | 4,671,876 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 100,487,284 | (3,475,186) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE | 39,663,671 | 12,691,136 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | 140,150,955 | 9,215,950 |
SUPPLEMENTAL DISCLOSURES | ||
Cash and cash equivalents | 140,040,955 | 9,105,950 |
Restricted cash | 110,000 | 110,000 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | 140,150,955 | 9,215,950 |
NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Common stock issued upon cashless exercise of stock options | 1,331,241 | 541,100 |
Reclassification of the warrant liability to equity upon adoption of accounting standard | 13,003,075 | 0 |
Conversion of Series B Convertible Preferred Stock into Common Stock [Member] | ||
NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Conversion of convertible preferred stock to common stock | $ 37,000 | $ 48,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1: On January 6, 2020, Atossa Therapeutics, Inc. (the “Company”) was incorporated on April 30, 2009, 19" December 31. Impact of the Novel Coronavirus The continued spread of the COVID- 19 may third H201, 301 19 may 19 may may not may 19 may not not 301 H201. 2 19 19 19 19 may 19 not third 19 In response to the COVID- 19 March 27, 2020. March 11, 2021, 2021, 19 not may |
Note 2 - Liquidity and Capital
Note 2 - Liquidity and Capital Resources | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Liquidity and Capital Resources [Text Block] | NOTE 2: The Company has incurred net losses and negative operating cash flows since inception. For the nine September 30, 2021, September 30, 2021, not 113,486,817 first nine 2021, one no may |
Note 3 - Summary of Accounting
Note 3 - Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 3: Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 01 X. not no 10 December 31, 2020. not In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three nine September 30, 2021, not may December 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Research and Development Expense Research and development ("R&D") costs are generally expensed as incurred. R&D expenses include, for example, manufacturing expenses for the Company's drugs under development, expenses associated with clinical trials and associated salaries and benefits. R&D expenses also include an allocation of the CEO's salary and related benefits including bonus and non-cash stock-based compensation expense based on an estimate of total hours expended on research and development activities. The Company’s CEO is involved in the development of the Company’s drug candidates and oversight of the related clinical trial activity. Fair Value Measurements The Company records financial assets and liabilities measured on a recurring and non-recurring basis as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three 1 2 3 8. Stock-based Payments The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, non-employee directors, and consultants, including employee stock options. Stock compensation expense is based on the estimated grant date fair value and is recognized as an expense over the requisite service period. The Company has made a policy election to recognize forfeitures when they occur. The fair value of each option grant is estimated using the Black-Scholes option-pricing model, which requires assumptions regarding the expected volatility of the stock options, the expected life of the options, an expectation regarding future dividends on the Company’s common stock, and estimation of an appropriate risk-free interest rate. The Company’s expected common stock price volatility assumption is based upon the historical volatility of our stock price. The Company has elected the simplified method for the expected life assumption for stock option grants, which averages the contractual term of the options of ten one four not zero no Financial Instruments with Characteristics of Both Liabilities and Equity During December 2020, Recent Accounting Pronouncements On May 3, 2021, No. 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options December 15, 2021, Recently Adopted Accounting Pronouncements On January 1, 2021, No. 2020 06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (Topic 815 December 15, 2023, not December 15, 2020. The guidance removes the liability and equity separation models for convertible instruments with a cash conversion feature or beneficial conversion feature. As a result, companies will more likely account for convertible debt instruments wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e. as a single unit of account). In addition, the guidance simplifies the settlement assessment that issuers perform to determine whether a contract in their own equity qualifies for equity classification. Finally, the guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments. The cumulative effect of initially applying the new standard was recognized as an adjustment to accumulated deficit. Upon the adoption of the new standard, we recognized the following adjustments: Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Warrant liability $ 13,003,075 $ (13,003,075 ) $ - Additional paid-in capital 129,887,146 9,731,714 139,618,860 Accumulated deficit (111,898,992 ) 3,271,361 (108,627,631 ) The $3,271,361 adjustment to accumulated deficit includes the reclassification of warrant financing expenses of $938,794 and the change in fair value of common stock warrants of $2,332,567 subsequent to initial recognition. On January 1, 2021, 2019 12, Income Taxes, (Topic 740 not |
Note 4 - Restricted Cash
Note 4 - Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | NOTE 4: The Company's restricted cash balance of $110,000 as of September 30, 2021 December 31, 2020 |
Note 5 - Prepaid Expenses
Note 5 - Prepaid Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | NOTE 5: Prepaid expenses consisted of the following: As of September 30, As of December 31, 2021 2020 Prepaid research and development $ 1,567,871 $ 1,215,834 Prepaid insurance 136,880 417,854 Professional services 131,197 128,229 Financial exchange fees 14,500 - Retainer and security deposits 14,218 14,218 Prepaid rent 9,360 4,488 Other 9,171 33,279 Total prepaid expenses $ 1,883,197 $ 1,813,902 |
Note 6 - Research and Developme
Note 6 - Research and Development Tax Rebate Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Research and Development Tax Rebate Receivable [Text Block] | NOTE 6: On May 23, 2017, 1 2 19 nine September 30, 2021 2020, September 30, 2021 December 31, 2020, The Company had realized losses on foreign currency exchange during the three nine September 30, 2021 three nine September 30, 2020 |
Note 7 - Payroll Liabilities
Note 7 - Payroll Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 7: Payroll liabilities consisted of the following: As of September 30, As of December 31, 2021 2020 Accrued bonuses $ 631,394 $ 689,635 Accrued vacation 173,430 171,112 Accrued payroll 107,846 102,918 Total payroll liabilities $ 912,670 $ 963,665 |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8: Pursuant to the accounting guidance for fair value measurement and its subsequent updates, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy for inputs used in measuring fair value that minimizes the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The fair value hierarchy is broken down into the three ● Level 1 1 ● Level 2 2 ● Level 3 no Warrants issued in the financing transaction that closed on December 11, 2020 December 28, 2020 may not not 3 December 31, 2020. The following tables present the Company’s fair value hierarchy for all its financial assets and liabilities, by major security type measured at fair value on a recurring basis: September 30, 2021 Estimated Fair Value Level 1 Level 2 Level 3 Assets: Money market account $ 51,794,857 $ 51,794,857 $ - $ - December 31, 2020 Estimated Fair Value Level 1 Level 2 Level 3 Assets: Money market account $ 1,789,401 $ 1,789,401 $ - $ - Liabilities: Common stock warrant liability $ 13,003,075 $ - $ - $ 13,003,075 The following table summarizes the changes in the Company’s Level 3 nine September 30, 2021: Warrant Liability Beginning balance $ 13,003,075 Reclassification to equity upon adoption of accounting standard (13,003,075 ) Issuance of warrants - Change in fair value - Ending balance $ - The carrying amounts of our cash and cash equivalents, restricted cash, research and development tax rebate receivable, prepaid expenses, other current assets, accounts payable, accrued expenses, payroll liabilities and other current liabilities approximate their fair values due to their short-term maturities at September 30, 2021 December 31, 2020. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9: The Company is authorized to issue a total of 185,000,000 shares of stock consisting of 175,000,000 shares of common stock, par value $0.18 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. The Company has designated 750,000 shares of Series A junior participating preferred stock, par value $0.001 per share, 4,000 shares of Series A convertible preferred stock, par value $0.001 per share, 25,000 shares of Series B convertible preferred stock, par value $0.001 and 5,425 shares of Series C convertible preferred stock, par value $0.001 per share, through the filings of certificates of designation with the Delaware Secretary of State. No shares of Series A junior participating preferred stock, no shares of Series A convertible preferred stock and no shares of Series C convertible preferred stock are outstanding as of September 30, 2021 December 31, 2020. 2021 On January 6, 2021, one 1933, January 8, 2021 On March 22, 2021, one 0.75 3 No. 333 255411 13,020,825 April 29, 2021. 2021 Warrants The terms and conditions of the warrants included in the 2021 Exercisability 4.5 The number of shares of common stock issuable upon exercise of the warrants is subject to adjustment in certain circumstances, including a stock split of, stock dividend on, or a subdivision, combination or recapitalization of the common stock. Upon the merger, consolidation, sale of substantially all of our assets, or other similar transaction, the holders of warrants shall, at the option of the Company, be required to exercise the warrants immediately prior to the closing of the transaction, or such warrants shall automatically expire. Upon such exercise, the holders of warrants shall participate on the same basis as the holders of common stock in connection with the transaction. Cashless Exercise no not may Exercise Price $1.055 January 2021 $2.88 March 2021 not may no Transferability may may Exchange Listing not Rights as Stockholder not Warrants Outstanding As of September 30, 2021, Outstanding Warrants to Purchase Shares Exercise Price Expiration date May 2018 warrants 762,344 $ 4.05 May 30, 2022 December 2020 warrants 6,489,500 $ 1.00 December 11, 2024-June 21, 2025 January 2021 warrants 4,500,000 $ 1.055 July 8, 2025 March 2021 warrants 10,525,000 $ 2.88 September 22, 2025 22,276,844 Warrant Activity During the three nine September 30, 2021, three nine September 30, 2021 no three nine September 30, 2020. Conversion of Series B Convertible Preferred Stock During the three nine September 30, 2021, three nine September 30, 2020, |
Note 10 - Net Loss Per Share
Note 10 - Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10: The Company follows the two two two Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding. Potential common shares consist of potential future exercises of outstanding stock options and common stock warrants. Because the inclusion of potential common shares would be anti-dilutive for all periods presented, they have been excluded from the calculation. The Company’s common stock warrants and preferred stock contractually entitles the holders of such securities to participate in dividends but do not not not three nine September 30, 2021 2020. The following table summarizes the Company’s calculation of net loss per common share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss attributable to common shareholders $ (5,197,145 ) $ (3,491,071 ) $ (15,774,462 ) $ (10,344,633 ) Denominator Weighted average common shares outstanding used to compute net loss per share, basic and diluted 126,537,544 10,162,770 113,689,961 9,496,222 Net loss per share of common stock, basic and diluted: $ (0.04 ) $ (0.34 ) $ (0.14 ) $ (1.09 ) The following table sets forth the number of potential common shares excluded from the calculation of net loss per diluted share, because including them would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options to purchase common stock 10,043,575 7,158,387 8,682,997 5,825,082 Series B convertible preferred stock 166,142 177,562 172,909 183,544 Warrants to purchase common stock 22,356,105 1,070,028 24,773,777 1,070,028 32,565,822 8,405,977 33,629,683 7,078,654 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11: Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not As a result of the Company’s cumulative losses, management has concluded that a full valuation allowance against the Company’s net deferred tax assets is appropriate. No income tax liabilities existed as of September 30, 2021 December 31, 2020, |
Note 12 - Concentration of Cred
Note 12 - Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 12: Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. September 30, 2021 December 31, 2020, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13: Lease Commitments The Company evaluates all contractual agreements at inception to determine if they contain a lease. Lease liabilities are measured at present value of lease payments not The Company's operating lease assets consist of a copier system lease and an office lease. Our office lease expired on February 28, 2021. March 1, 2021, 12 19, October 2021. None three nine September 30, 2021 2020, September 30, 2021, As of September 30, 2021, 2021. September 30, 2021, three nine September 30, 2021 2020 The Company had lease expense under short term leases of $6,931 and $19,100, during the three nine September 30, 2021 2020 Litigation and Contingencies We are subject to legal proceedings and claims that arise in the normal course of business. We believe these matters are either without merit or of a kind that should not |
Note 14 - Stock Based Compensat
Note 14 - Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 14: Stock Option and Incentive Plan On March 24, 2020, 2020 "2020 No may 2020 10 2020 May14, 2021 2020 The Company granted 175,000 and 3,818,921 options to purchase shares of common stock during the three nine September 30, 2021, three nine September 30, 2020, three nine September 30, 2021 three nine September 30, 2020 2020 September 30, 2021. may no 2010 "2010 The fair value of the stock options granted for the nine September 30, 2021 2020 Period ended September 30, 2021 2020 Risk-free interest rate 0.89% 1.08% 0.28% 0.47% Expected term (in years) 5.31-6.17 4.50-6.18 Dividend yield - - Expected volatility 122% 130% 103% 129% Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair values of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of $1,794,138 and $3,647,999 for the three nine September 30, 2021 three nine September 30, 2020, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative $ 1,231,590 $ 489,853 $ 2,534,117 $ 1,675,414 Research and development 562,548 173,740 1,113,882 712,415 Total stock compensation expense $ 1,794,138 $ 663,593 $ 3,647,999 $ 2,387,829 Options issued and outstanding as of September 30, 2021 2020 2010 nine Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2021 7,067,436 $ 2.74 - Granted 3,818,921 2.98 - 99,800 Exercised (699,410 ) 2.46 - 2,753,652 Forfeited (75,000 ) 3.05 - - Expired (223 ) 225.00 - - Outstanding as of September 30, 2021 10,111,724 2.84 8.53 $ 11,697,962 Exercisable as of September 30, 2021 5,663,935 2.94 7.87 $ 9,039,985 Vested and expected to vest 10,111,724 $ 2.84 8.53 $ 11,697,962 At September 30, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 01 X. not no 10 December 31, 2020. not In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three nine September 30, 2021, not may December 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development ("R&D") costs are generally expensed as incurred. R&D expenses include, for example, manufacturing expenses for the Company's drugs under development, expenses associated with clinical trials and associated salaries and benefits. R&D expenses also include an allocation of the CEO's salary and related benefits including bonus and non-cash stock-based compensation expense based on an estimate of total hours expended on research and development activities. The Company’s CEO is involved in the development of the Company’s drug candidates and oversight of the related clinical trial activity. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company records financial assets and liabilities measured on a recurring and non-recurring basis as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three 1 2 3 8. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Payments The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, non-employee directors, and consultants, including employee stock options. Stock compensation expense is based on the estimated grant date fair value and is recognized as an expense over the requisite service period. The Company has made a policy election to recognize forfeitures when they occur. The fair value of each option grant is estimated using the Black-Scholes option-pricing model, which requires assumptions regarding the expected volatility of the stock options, the expected life of the options, an expectation regarding future dividends on the Company’s common stock, and estimation of an appropriate risk-free interest rate. The Company’s expected common stock price volatility assumption is based upon the historical volatility of our stock price. The Company has elected the simplified method for the expected life assumption for stock option grants, which averages the contractual term of the options of ten one four not zero no |
Financial Instruments with Characteristics of Both Liabilities and Equity, Policy [Policy Text Block] | Financial Instruments with Characteristics of Both Liabilities and Equity During December 2020, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements On May 3, 2021, No. 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options December 15, 2021, Recently Adopted Accounting Pronouncements On January 1, 2021, No. 2020 06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (Topic 815 December 15, 2023, not December 15, 2020. The guidance removes the liability and equity separation models for convertible instruments with a cash conversion feature or beneficial conversion feature. As a result, companies will more likely account for convertible debt instruments wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e. as a single unit of account). In addition, the guidance simplifies the settlement assessment that issuers perform to determine whether a contract in their own equity qualifies for equity classification. Finally, the guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments. The cumulative effect of initially applying the new standard was recognized as an adjustment to accumulated deficit. Upon the adoption of the new standard, we recognized the following adjustments: Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Warrant liability $ 13,003,075 $ (13,003,075 ) $ - Additional paid-in capital 129,887,146 9,731,714 139,618,860 Accumulated deficit (111,898,992 ) 3,271,361 (108,627,631 ) The $3,271,361 adjustment to accumulated deficit includes the reclassification of warrant financing expenses of $938,794 and the change in fair value of common stock warrants of $2,332,567 subsequent to initial recognition. On January 1, 2021, 2019 12, Income Taxes, (Topic 740 not |
Note 3 - Summary of Accountin_2
Note 3 - Summary of Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Warrant liability $ 13,003,075 $ (13,003,075 ) $ - Additional paid-in capital 129,887,146 9,731,714 139,618,860 Accumulated deficit (111,898,992 ) 3,271,361 (108,627,631 ) |
Note 5 - Prepaid Expenses (Tabl
Note 5 - Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of September 30, As of December 31, 2021 2020 Prepaid research and development $ 1,567,871 $ 1,215,834 Prepaid insurance 136,880 417,854 Professional services 131,197 128,229 Financial exchange fees 14,500 - Retainer and security deposits 14,218 14,218 Prepaid rent 9,360 4,488 Other 9,171 33,279 Total prepaid expenses $ 1,883,197 $ 1,813,902 |
Note 7 - Payroll Liabilities (T
Note 7 - Payroll Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of September 30, As of December 31, 2021 2020 Accrued bonuses $ 631,394 $ 689,635 Accrued vacation 173,430 171,112 Accrued payroll 107,846 102,918 Total payroll liabilities $ 912,670 $ 963,665 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2021 Estimated Fair Value Level 1 Level 2 Level 3 Assets: Money market account $ 51,794,857 $ 51,794,857 $ - $ - December 31, 2020 Estimated Fair Value Level 1 Level 2 Level 3 Assets: Money market account $ 1,789,401 $ 1,789,401 $ - $ - Liabilities: Common stock warrant liability $ 13,003,075 $ - $ - $ 13,003,075 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Warrant Liability Beginning balance $ 13,003,075 Reclassification to equity upon adoption of accounting standard (13,003,075 ) Issuance of warrants - Change in fair value - Ending balance $ - |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Outstanding Warrants to Purchase Shares Exercise Price Expiration date May 2018 warrants 762,344 $ 4.05 May 30, 2022 December 2020 warrants 6,489,500 $ 1.00 December 11, 2024-June 21, 2025 January 2021 warrants 4,500,000 $ 1.055 July 8, 2025 March 2021 warrants 10,525,000 $ 2.88 September 22, 2025 22,276,844 |
Note 10 - Net Loss Per Share (T
Note 10 - Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss attributable to common shareholders $ (5,197,145 ) $ (3,491,071 ) $ (15,774,462 ) $ (10,344,633 ) Denominator Weighted average common shares outstanding used to compute net loss per share, basic and diluted 126,537,544 10,162,770 113,689,961 9,496,222 Net loss per share of common stock, basic and diluted: $ (0.04 ) $ (0.34 ) $ (0.14 ) $ (1.09 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options to purchase common stock 10,043,575 7,158,387 8,682,997 5,825,082 Series B convertible preferred stock 166,142 177,562 172,909 183,544 Warrants to purchase common stock 22,356,105 1,070,028 24,773,777 1,070,028 32,565,822 8,405,977 33,629,683 7,078,654 |
Note 14 - Stock Based Compens_2
Note 14 - Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Period ended September 30, 2021 2020 Risk-free interest rate 0.89% 1.08% 0.28% 0.47% Expected term (in years) 5.31-6.17 4.50-6.18 Dividend yield - - Expected volatility 122% 130% 103% 129% |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2021 7,067,436 $ 2.74 - Granted 3,818,921 2.98 - 99,800 Exercised (699,410 ) 2.46 - 2,753,652 Forfeited (75,000 ) 3.05 - - Expired (223 ) 225.00 - - Outstanding as of September 30, 2021 10,111,724 2.84 8.53 $ 11,697,962 Exercisable as of September 30, 2021 5,663,935 2.94 7.87 $ 9,039,985 Vested and expected to vest 10,111,724 $ 2.84 8.53 $ 11,697,962 |
Share-based Payment Arrangement, Option [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative $ 1,231,590 $ 489,853 $ 2,534,117 $ 1,675,414 Research and development 562,548 173,740 1,113,882 712,415 Total stock compensation expense $ 1,794,138 $ 663,593 $ 3,647,999 $ 2,387,829 |
Note 2 - Liquidity and Capita_2
Note 2 - Liquidity and Capital Resources (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ (5,197,145) | $ (7,039,248) | $ (3,538,069) | $ (3,491,071) | $ (3,906,142) | $ (2,947,420) | $ (15,774,462) | $ (10,344,633) | |
Net Cash Provided by (Used in) Operating Activities, Total | (12,806,602) | (8,137,695) | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 140,040,955 | $ 9,105,950 | 140,040,955 | $ 9,105,950 | $ 39,553,671 | ||||
Working Capital (Deficit) | $ 141,311,063 | 141,311,063 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 113,486,817 |
Note 3 - Summary of Accountin_3
Note 3 - Summary of Accounting Policies (Details Textual) - USD ($) | Jan. 01, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 141,347,826 | $ 144,071,902 | $ 139,701,399 | $ 27,167,932 | $ 9,871,077 | $ 8,374,306 | $ 10,896,337 | $ 13,156,005 | |
Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (124,402,093) | $ (119,204,948) | $ (112,165,700) | (111,898,992) | $ (104,415,673) | $ (100,924,602) | $ (97,018,460) | $ (94,071,040) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 13,003,075 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 3,271,361 | ||||||||
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 13,003,075 | ||||||||
Reclassification of Warrant Financing Expenses | 938,794 | ||||||||
Fair Value Adjustment of Warrants | 2,332,567 | ||||||||
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 3,271,361 | ||||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Vesting Term (Year) | 1 year | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Vesting Term (Year) | 4 years | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 3 - Summary of Accountin_4
Note 3 - Summary of Accounting Policies - New Accounting Standards Adoption (Details) - USD ($) | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Warrant liability | $ 0 | $ 0 | $ 13,003,075 |
Additional paid-in capital | 139,618,860 | 129,887,146 | |
Accumulated deficit | $ (124,402,093) | (108,627,631) | $ (111,898,992) |
Accounting Standards Update 2020-06 [Member] | |||
Warrant liability | (13,003,075) | ||
Additional paid-in capital | 9,731,714 | ||
Accumulated deficit | $ 3,271,361 |
Note 4 - Restricted Cash (Detai
Note 4 - Restricted Cash (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Restricted Cash and Cash Equivalents, Total | $ 110,000 | $ 110,000 | $ 110,000 |
Note 5 - Prepaid Expenses - Sch
Note 5 - Prepaid Expenses - Schedule of Prepaid Expenses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid research and development | $ 1,567,871 | $ 1,215,834 |
Prepaid insurance | 136,880 | 417,854 |
Professional services | 131,197 | 128,229 |
Financial exchange fees | 14,500 | 0 |
Retainer and security deposits | 14,218 | 14,218 |
Prepaid rent | 9,360 | 4,488 |
Other | 9,171 | 33,279 |
Total prepaid expenses | $ 1,883,197 | $ 1,813,902 |
Note 6 - Research and Develop_2
Note 6 - Research and Development Tax Rebate Receivable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 23, 2017 | |
Research and Development Tax Rebate Receivable | $ 934,672 | $ 934,672 | $ 634,940 | |||
Atossa Genetics AUS Pty Ltd [Member] | ||||||
Research and Development Cash Rebate per Dollar | $ 0.435 | |||||
Research and Development Tax Rebate Receivable, Additions | 447,000 | $ 439,000 | ||||
Research and Development Tax Rebate Receivable | 934,672 | 934,672 | $ 634,940 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ (34,930) | $ 17,745 | $ (73,411) | $ 25,742 |
Note 7 - Payroll Liabilities -
Note 7 - Payroll Liabilities - Schedule of Payroll Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued bonuses | $ 631,394 | $ 689,635 |
Accrued vacation | 173,430 | 171,112 |
Accrued payroll | 107,846 | 102,918 |
Total payroll liabilities | $ 912,670 | $ 963,665 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock warrant liability | $ 13,003,075 | |
Fair Value, Inputs, Level 1 [Member] | ||
Common stock warrant liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Common stock warrant liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Common stock warrant liability | 13,003,075 | |
Money Market Funds [Member] | ||
Money market account | $ 51,794,857 | 1,789,401 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market account | 51,794,857 | 1,789,401 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market account | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market account | $ 0 | $ 0 |
Note 8 - Fair Value of Financ_4
Note 8 - Fair Value of Financial Instruments - Changes in Warrant Liability (Details) - Warrant Liability [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Beginning balance | $ 13,003,075 |
Reclassification to equity upon adoption of accounting standard | (13,003,075) |
Issuance of warrants | 0 |
Change in fair value | 0 |
Ending balance | $ 0 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | Mar. 22, 2021 | Jan. 08, 2021 | Jan. 06, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Number of Shares Authorized to Issue (in shares) | 185,000,000 | 185,000,000 | ||||||
Common Stock, Shares Authorized (in shares) | 175,000,000 | 175,000,000 | 175,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | |||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Preferred Stock, Shares Issued, Total (in shares) | 584 | 584 | 621 | |||||
Proceeds From Issuance of Common Stock and Warrants, Net of Issuance Costs | $ 69,668,408 | $ 0 | ||||||
Class of Warrant or Right, Outstanding (in shares) | 22,276,844 | 22,276,844 | ||||||
Proceeds from Warrant Exercises | $ 862,466 | $ 0 | $ 43,818,409 | $ 0 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | 296,000 | 37,452,000 | ||||||
Stock Issued During Period, Shares, Warrant Exercised (in shares) | 296,000 | 37,452,000 | ||||||
Conversion of Series B Convertible Preferred Stock into Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted (in shares) | 3 | 3 | 37 | 48 | ||||
Conversion of Stock, Shares Issued (in shares) | 854 | 853 | 10,516 | 13,639 | ||||
The 2021 Financing Transaction Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 13,020,825 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | ||||||
Warrants and Rights Outstanding, Term (Year) | 4 years 6 months | |||||||
Warrants and Rights Outstanding, Percent of Shares Sold Warrants May Call | 75.00% | |||||||
Warrants Exercisable, Ownership Percentage of Company’s Shares Allowed | 4.99% | 4.99% | ||||||
Common Stock, Convertible, Ownership Percentage of Company’s Shares Allowed | 9.99% | 9.99% | ||||||
The 2021 Financing Transaction [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.18 | $ 0.18 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 17,361,100 | 23,850,000 | ||||||
Issuance of Common Stock and Warrants, Combined Purchase Price Per Share (in dollars per share) | $ 1.055 | |||||||
Stock Issuance Costs, Commission Fee Percent | 7.00% | 7.00% | ||||||
Maximum Stock Issuance Expenses to Reimburse Placement Agent | $ 45,000 | $ 45,000 | ||||||
Proceeds From Issuance of Common Stock and Warrants, Net of Issuance Costs | $ 46,400,000 | $ 23,300,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.88 | |||||||
The 2021 Financing Transaction [Member] | The 2021 Financing Transaction Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 17,887,500 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.75 | |||||||
Warrants and Rights Outstanding, Term (Year) | 4 years 6 months | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.055 | |||||||
Series A Junior Participating Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized (in shares) | 750,000 | 750,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | |||||
Series A Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized (in shares) | 4,000 | 4,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | |||||
Series B Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized (in shares) | 25,000 | 25,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Series C Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized (in shares) | 5,425 | 5,425 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Outstanding Warrants (Details) | Sep. 30, 2021$ / sharesshares |
Outstanding Warrants to Purchase Shares (in shares) | 22,276,844 |
The 2018 Warrants [Member] | |
Outstanding Warrants to Purchase Shares (in shares) | 762,344 |
Exercise Price (in dollars per share) | $ / shares | $ 4.05 |
Expiration date | May 30, 2022 |
The 2020 Warrants [Member] | |
Outstanding Warrants to Purchase Shares (in shares) | 6,489,500 |
Exercise Price (in dollars per share) | $ / shares | $ 1 |
The 2020 Warrants [Member] | Minimum [Member] | |
Expiration date | Dec. 11, 2024 |
The 2020 Warrants [Member] | Maximum [Member] | |
Expiration date | Jun. 21, 2025 |
January 2021 Warrants [Member] | |
Outstanding Warrants to Purchase Shares (in shares) | 4,500,000 |
Exercise Price (in dollars per share) | $ / shares | $ 1.055 |
Expiration date | Jul. 8, 2025 |
March 2021 Warrants [Member] | |
Outstanding Warrants to Purchase Shares (in shares) | 10,525,000 |
Exercise Price (in dollars per share) | $ / shares | $ 2.88 |
Expiration date | Sep. 22, 2025 |
Note 10 - Net Loss Per Share -
Note 10 - Net Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss attributable to common shareholders | $ (5,197,145) | $ (3,491,071) | $ (15,774,462) | $ (10,344,633) |
Weighted average common shares outstanding used to compute net loss per share, basic and diluted (in shares) | 126,537,544 | 10,162,770 | 113,689,961 | 9,496,222 |
Net loss per share of common stock, basic and diluted: (in dollars per share) | $ (0.04) | $ (0.34) | $ (0.14) | $ (1.09) |
Note 10 - Net Loss Per Share _2
Note 10 - Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Number of potential common shares excluded (in shares) | 32,565,822 | 8,405,977 | 33,629,683 | 7,078,654 |
Share-based Payment Arrangement, Option [Member] | ||||
Number of potential common shares excluded (in shares) | 10,043,575 | 7,158,387 | 8,682,997 | 5,825,082 |
Series B Convertible Preferred Stock [Member] | ||||
Number of potential common shares excluded (in shares) | 166,142 | 177,562 | 172,909 | 183,544 |
Warrant [Member] | ||||
Number of potential common shares excluded (in shares) | 22,356,105 | 1,070,028 | 24,773,777 | 1,070,028 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Income Taxes, Total | $ 0 | $ 0 |
Note 12 - Concentration of Cr_2
Note 12 - Concentration of Credit Risk (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Cash, Uninsured Amount | $ 139,850,220 | $ 39,345,260 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Operating Lease, Monthly Rent Payments | $ 750 | |||
Operating Lease, Expense | $ 3,500 | $ 14,200 | $ 16,800 | $ 46,300 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year | 1 year | ||
Operating Lease, Weighted Average Discount Rate, Percent | 11.30% | 11.30% | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 1,200 | $ 1,200 | ||
Operating Lease, Payments | 3,700 | 12,900 | 18,100 | 42,300 |
Short-term Lease, Cost | $ 6,931 | $ 4,488 | $ 19,100 | $ 13,251 |
Note 14 - Stock Based Compens_3
Note 14 - Stock Based Compensation (Details Textual) - USD ($) | May 14, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 24, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 175,000 | 225,000 | 3,818,921 | 3,140,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 699,410 | 225,000 | 699,410 | 225,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.46 | $ 2.40 | $ 2.46 | $ 2.40 | ||
Share-based Payment Arrangement, Expense | $ 1,794,138 | $ 663,593 | $ 3,647,999 | $ 2,387,829 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 4,447,789 | 4,447,789 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 9,245,529 | $ 9,245,529 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 28 days | |||||
The 2020 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 15,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 11,926,079 | 11,926,079 | ||||
The 2020 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 1,794,138 | $ 663,593 | $ 3,647,999 | $ 2,387,829 |
Note 14 - Stock Based Compens_4
Note 14 - Stock Based Compensation - Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk-free interest rate | 0.89% | 0.28% |
Expected term (in years) (Year) | 5 years 3 months 21 days | 4 years 6 months |
Expected volatility | 122.00% | 103.00% |
Maximum [Member] | ||
Risk-free interest rate | 1.08% | 0.47% |
Expected term (in years) (Year) | 6 years 2 months 1 day | 6 years 2 months 4 days |
Expected volatility | 130.00% | 129.00% |
Note 14 - Stock Based Compens_5
Note 14 - Stock Based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock compensation expense | $ 1,794,138 | $ 663,593 | $ 3,647,999 | $ 2,387,829 |
General and Administrative Expense [Member] | ||||
Stock compensation expense | 1,231,590 | 489,853 | 2,534,117 | 1,675,414 |
Research and Development Expense [Member] | ||||
Stock compensation expense | $ 562,548 | $ 173,740 | $ 1,113,882 | $ 712,415 |
Note 14 - Stock Based Compens_6
Note 14 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Outstanding, shares (in shares) | 7,067,436 | |||
Outstanding, weighted average exercise price per share (in dollars per share) | $ 2.74 | |||
Granted (in shares) | 175,000 | 225,000 | 3,818,921 | 3,140,000 |
Granted, weighted average exercise price per share (in dollars per share) | $ 2.98 | |||
Granted, aggregate intrinsic value | $ 99,800 | |||
Exercised (in shares) | (699,410) | (225,000) | (699,410) | (225,000) |
Exercised, weighted average exercise price per share (in dollars per share) | $ 2.46 | $ 2.40 | $ 2.46 | $ 2.40 |
Exercised, aggregate intrinsic value | $ 2,753,652 | |||
Forfeited (in shares) | (75,000) | |||
Forfeited, weighted average exercise price per share (in dollars per share) | $ 3.05 | |||
Expired (in shares) | (223) | |||
Expired, weighted average exercise price per share (in dollars per share) | $ 225 | |||
Outstanding, shares (in shares) | 10,111,724 | 10,111,724 | ||
Outstanding, weighted average exercise price per share (in dollars per share) | $ 2.84 | $ 2.84 | ||
Outstanding, weighted average contractual life remaining in years (Year) | 8 years 6 months 10 days | |||
Outstanding, aggregate intrinsic value | $ 11,697,962 | $ 11,697,962 | ||
Exercisable, shares (in shares) | 5,663,935 | 5,663,935 | ||
Exercisable, Weighted average exercise price per share (in dollars per share) | $ 2.94 | $ 2.94 | ||
Exercisable, weighted average contractual life remaining in years (Year) | 7 years 10 months 13 days | |||
Exercisable, aggregate intrinsic value | $ 9,039,985 | $ 9,039,985 | ||
Vested and expected to vest, shares (in shares) | 10,111,724 | 10,111,724 | ||
Vested and expected to vest, Weighted average exercise price per share (in dollars per share) | $ 2.84 | $ 2.84 | ||
Vested and expected to vest, weighted average contractual life remaining in years (Year) | 8 years 6 months 10 days | |||
Vested and expected to vest, aggregate intrinsic value | $ 11,697,962 | $ 11,697,962 |