PLx Pharma Winddown (PLXPQ) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document Information [Line Items]
Entity Registrant Name	PLx Pharma Inc.
Entity Central Index Key	1,497,504
Trading Symbol	plxp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		8,688,393
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 25,079,590	$ 59,335
Accounts receivable, net	381,028	5,077
Inventory, net	394,740	116,726
Contract manufacturing deposit	657,400
Prepaid expenses	359,293	4,652
Security deposit	4,064	4,064
TOTAL CURRENT ASSETS	26,876,115	189,854
Property and equipment, net	513,986	426,634
Security deposit - noncurrent	56,630
Intangible assets, net	2,300,000
Goodwill	2,061,022
TOTAL ASSETS	31,807,753	616,488
CURRENT LIABILITIES
Accounts payable and accrued liabilities	476,039	862,995
Accrued severance	2,284,000
Accrued interest		64,781
Accrued interest - related parties		30,344
Convertible notes payable		1,297,700
Convertible notes payable - related parties		480,000
TOTAL CURRENT LIABILITIES	2,760,039	2,735,820
NON-CURRENT LIABILITIES
Deferred revenue	200,000	200,000
Warrant liability	14,130,126
TOTAL LIABILITIES	17,090,165	2,935,820
Commitments and contingencies (Note 7)
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock; $0.001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock; $0.001 par value; 100,000,000 shares authorized; 8,686,010 and 4,383,433 shares issued and outstanding, respectively	8,686	4,383
Additional paid-in capital	70,357,493	49,661,802
Accumulated deficit	(55,648,591)	(51,985,517)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	14,717,588	(2,319,332)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 31,807,753	$ 616,488

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	8,686,010	4,383,433
Common stock, shares outstanding (in shares)	8,686,010	4,383,433

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Federal grant	$ 375,951		$ 375,951
License revenue		20,000		20,000
TOTAL REVENUES	375,951	20,000	375,951	20,000
OPERATING EXPENSES:
Research and development	626,296	13,081	754,635	53,041
General and administrative	4,024,658	1,450,747	5,241,729	2,302,316
TOTAL OPERATING EXPENSES	4,650,954	1,463,828	5,996,364	2,355,357
OPERATING LOSS	(4,275,003)	(1,443,828)	(5,620,413)	(2,335,357)
OTHER INCOME (EXPENSE)
Interest income	14,482	309	14,482	378
Interest expense	(642,006)	(24,608)	(723,563)	(34,041)
Change in fair value of warrant liability	1,746,420		1,746,420
TOTAL OTHER INCOME (EXPENSE)	1,118,896	(24,299)	1,037,339	(33,663)
LOSS BEFORE INCOME TAX BENEFIT	(3,156,107)	(1,468,127)	(4,583,074)	(2,369,020)
Income tax benefit	920,000		920,000
NET LOSS	$ (2,236,107)	$ (1,468,127)	$ (3,663,074)	$ (2,369,020)
Loss per common share - basic and diluted (in dollars per share)	$ (0.36)	$ (0.33)	$ (0.69)	$ (0.54)
Weighted average shares of common shares - basic and diluted (in shares)	6,157,970	4,383,433	5,275,603	4,383,433

Unaudited Consolidated Stateme5

Unaudited Consolidated Statement of Changes in Stockholders' Equity (Deficit) - 6 months ended Jun. 30, 2017 - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Conversion of convertible debt (in shares)		250,681
Balance (in shares) at Dec. 31, 2016		4,383,433			4,383,433
Balance at Dec. 31, 2016		$ 4,383	$ 49,661,802	$ (51,985,517)	$ (2,319,332)
Stock-based compensation expense			391,270		391,270
Conversion of convertible debt		251	3,119,287		3,119,538
Effect of reverse merger		$ 1,403	15,047,480		15,048,883
Effect of reverse merger (in shares)		1,403,271
Offering of common stock and warrants (in shares)		2,646,091
Offering of common stock and warrants		$ 2,646	2,122,657		2,125,303
Common shares issued to vendor (in shares)		2,534
Common shares issued to vendor		$ 3	14,997		15,000
Net loss				(3,663,074)	(3,663,074)
Balance at Jun. 30, 2017		$ 8,686	$ 70,357,493	$ (55,648,591)	$ 14,717,588
Balance (in shares) at Jun. 30, 2017		8,686,010			8,686,010

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (3,663,074)	$ (2,369,020)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,161	2,486
Share-based compensation	406,270	1,232,477
Noncash interest expense - beneficial conversion feature	623,908
Change in fair value of warrant liability	(1,746,420)
Expenses allocated to warrant liability	1,302,995
Deferred tax benefit	(920,000)
Changes in operating assets and liabilities:
Accounts receivable	(375,951)	(25,649)
Inventory	(278,014)	(116,726)
Contract manufacturing deposit	(657,400)
Prepaid expenses	(271,623)	13,794
Accounts payable and accrued liabilities	(456,321)	94,373
Accrued interest	85,909	22,167
Accrued interest - related parties	13,747	11,874
Net cash used in operating activities	(5,932,813)	(1,134,224)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(90,513)
Cash received in business combination	11,776,427
Net cash provided by investing activities	11,685,914
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of convertible notes payable	460,000	972,700
Proceeds from issuance of convertible notes payable - related parties	108,300	455,000
Proceeds from Dipexium note	2,000,000
Proceeds from equity offering, net of allocated issuance costs	16,698,854
Net cash provided by financing activities	19,267,154	1,427,700
NET INCREASE IN CASH AND CASH EQUIVALENTS	25,020,255	293,476
Cash and cash equivalents, beginning of period	59,335	91,657
Cash and cash equivalents, end of period	25,079,590	385,133
SUPPLEMENTAL INFORMATION
Income taxes
Interest
NON-CASH FINANCING TRANSACTIONS
Issuance of common shares for business combination	15,048,883
Issuance of common shares upon conversion of debt and accrued interest	$ 2,495,620

Note 1 - Background and Organiz

Note 1 - Background and Organization	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. BACKGROUND AND ORGANIZATION Business Operations PLx Pharma Inc. , together with its subsidiaries PLx Opco Inc. and PLx Chile SpA, is a late stage startup specialty pharmaceutical company focusing initially on commercializing two TM 325 TM 81 325 first PLx Chile SpA was formed on September 12, 2011 PLx Opco. Organization, Reincorporation, and Merger with Dipexium Pharmaceuticals, Inc. PLx Opco Inc., which was known as PLx Pharma Inc. immediately prior to the Merger described below, was originally incorporated in the State of Texas on November 12, 2002 December 2002, December 4, 2002. March 2003, On December 31, 2013, converted pursuant to a Plan of Conversion from a Texas corporation to a Texas limited liability company and changed its name to PLx Pharma LLC (“PLx LLC”). Concurrently, PLx LLC changed its tax structure for U.S. federal and state income tax from a C Corporation to a partnership, and adopted a new Limited Liability Company Agreement for operations of the entity. Pursuant to the conversion, shares of common and preferred stock of PLx Texas were exchanged for an equivalent number of common and preferred member units in PLx LLC. The various classes of preferred stock and their associated rights, principally relating to distributions and liquidation values but excluding conversion features, were retained in each of the preferred member units in the exchange. On July 21, 2015, ’s members voted to approve a Plan of Conversion whereby PLx LLC re-incorporated into a Delaware corporation, PLx Pharma Inc. (“Old PLx” and such conversion, the “Reincorporation”) effective July 27, 2015. one two 5,013,690 one one fourteenth 302,937 $800,000 2015 $53,187 1,313,840 249,196 $1,588,937 July 2015. On December 22, 2016, Old PLx entered into an Agreement and Plan of Merger and Reorganization among Old PLx, Dipexium Pharmaceuticals, Inc. (“Dipexium”) and Dipexium AcquireCo. (the “Merger”). The Merger closed on April 19, 2017. 4. the “Company,” “we,” “our” or “us” refer to Old PLx and not

Note 2 - Liquidity and Going Co

Note 2 - Liquidity and Going Concern	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 2. LIQUIDITY AND GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations and potential other funding sources, in addition to cash on hand, to meet our obligations as they become due. Based on the operating cash requirements and capital expenditures expected for 2017, June 30, 2017, June 2017, twelve

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 3. SUMMARY OF Sign ificant Accounting Policies Basis of Accounting and Principles of Consolidation The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2016 on a current report on Form 8 May 5, 2017. June 30, 2017 three six June 30, 2017 2016. not may December 31, 2016 not The accompanying consolidated financial statements include the accounts of PLx Pharma Inc. and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc. and PLx Chile SpA. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. The Company operates in one 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 amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not Foreign Currency The functional currency of PLx Chile SpA has been designated as the U.S. dollar. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three ’s credit risk exposure is mitigated by the financial strength of the banking institution in which the deposits are held. As of June 30, 2017, $24.8 not Allowance for Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may ’s ability to pay. The allowance for uncollectible accounts receivable was zero June 30, 2017 December 31, 2016, Inventor y Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of June 30, 2017 December 31, 2016 zero June 30, 2017 December 31, 2016, Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. For disclosures concerning fair value measurements, see Note 8. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not Management reviews property and equipment for possible impairment whenever events or circumstances indicate the carrying amount of an asset may not Intangible Assets and Goodwill Intangible assets were acquired as part of the Merger and consist of definite-lived trademarks with an estimated useful life of seven 4 Management evaluates indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not October 31 Goodwill is not review for impairment. Goodwill is reviewed annually, as of October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no Revenue Recognition The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the purchase price is fixed or determinable and collectability is reasonably assured. The Company generally receives cost reimbursement-based federal grants. For these grants, revenues are based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional f acilities and administrative rate that provides funding for overhead expenses. These revenues are recognized as grant-related expenses are incurred by the Company or its subcontractors. The grant agreements with federal government agencies generally provide that, upon completion of a technology development program, the funding agency is granted a royalty-free license to use any technology developed during the course of the program for its own purposes, but not Joint development revenue is recognized when the related expenditure is made under the reimbursement provisions of the sponsored rese arch agreement or activities under a patent license agreement. License revenue is recognized on a straight-line basis during the license period. Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with specific projects and include fees paid to various entities that perform research related services for the Company. Stock -Based Compensation The Company recognizes expense in our consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors in the form of stock options and incentive units. The Company uses the Black-Scholes option valuation model to estimate the fair value of these awards on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. The Company adopted new accounting guidance, effective January 1, 2017 accounts for forfeitures as they occur rather than using an estimated forfeiture rate. The adoption did not Income Taxes Taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are initially, and subsequently, measured as the largest amount of tax benefit that is greater than 50% Effective December 31, 2013 members, elected to be taxed as a partnership under the Internal Revenue Code. In lieu of corporate income taxes, the Company’s members were taxed on their proportionate share of the Company’s taxable income. As of the effective date of the partnership election and prior to the Reincorporation, future taxable income or deductions arising from differences between financial and tax bases of the Company’s assets and liabilities were recognized in the tax returns of the individual members; as such, any deferred income taxes prior to the partnership election recorded by the Company were eliminated on December 31, 2013. no Prior to December 31, 2013, , accordingly, there is no The Company is no 2011. Reverse Stock Split The Board of Directors approved a 1 8 ’s common stock effective April 19, 2017. Loss per share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. The number of anti-dilutive shares, consisting of (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017 , convertible notes exercisable for or exchangeable into common stock, which have been excluded from the computation of diluted loss per share, was 3,575,928 691,374 June 30, 2017 2016, Recent Accounting Developments Recently Adopted Guidance In August 2014, Financial Accounting Standards Board (“FASB”) issued guidance for the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Previously, there was no December 15, 2016, December 31, 2016; not In March 2016, December 15, 2016, nts to U.S. GAAP in the guidance must be adopted in the same period. The adoption of certain amendments in the guidance must be applied prospectively, and adoption of the remaining amendments must be applied either on a modified retrospective basis or retrospectively to all periods presented. The Company adopted this guidance effective January 1, 2017 not In July 2015, One of the main provisions of this guidance update is that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the FASB has amended some of the other guidance in Topic 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, accounting guidance simplifying the test for goodwill impairment. The new guidance eliminates Step 2 no December 15, 2019. January 1, 2017. April 1, 2017, 3. may no six June 30, 2017. Unadopted Guidance In May 2014, five 1 2 3 4 5 August 2015, one December 15, 2017, December 15, 2016. March 2016, April 2016, May 2016, two March 3, 2016 May 2016, not not In February 2016, December 15, 2018, In June 2016, ’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2019. December 15, 2018. In August 2016, December 15, 2017. may The Company does not not

Note 4 - Reverse Merger Busines

Note 4 - Reverse Merger Business Combination	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 4 . REVERSE MERGER BUSINESS COMBINATION On December 22, 2016, entered into an Agreement and Plan of Merger and Reorganization among Old PLx, Dipexium and Dipexium AcquireCo. The Merger closed on April 19, 2017. The Company accounted for the Merger as a reverse merger business combination using the purchase method of accounting. Because the Merger qualifies as a reverse acquisition and given that Old PLx was a private company at the time of the Merger and therefore its value was not Dipexium market capitalization at closing $ 15,048,883 Effective settlement of pre-existing debt (2,045,151 ) Total purchase consideration $ 13,003,732 The Company recorded all tangible and intangible assets acquired and liabilities assumed at their preliminary estimated fair values on the Merger date. The following represents the allocation of the estimated purchase consideration: Fair value of purchase consideration $ 13,003,732 Fair value of tangible assets acquired: Cash $ 11,776,427 Prepaid expenses 139,648 Fair value of identifiable intangible assets acquired: Trademarks 100,000 In-process research and development 2,200,000 Goodwill 2,061,022 Deferred tax liabilities, net (920,000 ) Accrued severance (2,284,000 ) Fair value of liabilities assumed (69,365 ) $ 13,003,732 The estimated fair value of the acquired trademarks was determined using a cost approach. The estimated fair value of the acquired in-process research and development was determined using an income approach. The Company is in the process of obtaining input from third no one The Company received carryover tax basis in the acquired assets and liabilities and no Merger date. Goodwill, primarily related to expected synergies gained from combining operations, sales growth from future product offerings and customers, together with certain intangible assets that do not not $920,000 Pro f orma d isclosures The following unaudited pro forma financial information summarizes the results of operations for the six June 30, 2017 2016 January 1, 2016. not January 1, 2016 may Six Months Ended June 30, Six Months Ended June 30, Unaudited pro forma results 2017 2016 Revenues $ 375,951 $ 20,000 Net loss $ (5,096,845 ) $ (13,567,112 ) Net loss per share $ (0.81 ) $ (2.25 )

Note 5 - Debt

Note 5 - Debt	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5 . DEBT Convertible Notes Payable and Convertible Notes Payable – Related Parties During 2016 six June 30, 2017, $2,346,000 37 $5,000 $250,000, $588,300 8% May 31, 2017. $7.84 250,681 $623,908 Note Payable On January 6, 2017, and pursuant to the Merger agreement with Dipexium, the Company borrowed $2 8% October 15, 2017, 270 first April 19, 2017, no The note payable and related accrued interest were effectively settled with the Merger (see Note 4 Total interest expense for the six June 30, 2017 2016 $723,563 $34,041, three June 30, 2017 2016 $642,006 $24,608,

Note 6 - Stockholders Equity

Note 6 - Stockholders Equity	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 6 . STOCK HOLDERS’ EQUITY Equity Financing On June 14 , 2017, 2,646,091 $6.875 2,646,091 $7.50 $18.2 six one 10 Stock Options Following is a summary of option activities for the six June 30, 2017: Number of Units Weighted Average Weighted Average Aggregate Intrinsic Outstanding, December 31, 2016 691,374 $ 12.44 8.62 - Granted 46,500 7.94 Options from Dipexium 191,963 57.94 Cancelled - Outstanding, June 30, 2017 929,837 21.61 7.89 135 Exercisable, June 30, 2017 743,486 24.19 7.71 - T he Company grants options to employees, directors, advisors, and consultants from two 2013 April 19, 2017, 191,963 June 30, 2017, 479,775 two On May 12, 2016, 118,134 July 22, 2016. $948,117, 1 1.24%; 2 4.69 3 83.52%, 4 zero second third 2016. During the second 2017, 46,500 two $7.94 10 3 $267,000, Variables used in the Black-Scholes model include: ( 1 1.99%; 2 6 3 86%, 4 zero As of June 30, 2017, $1,258,692 1.75 During the six June 30, 2017 2016, $391,270 $1,232,477, three June 30, 2017 2016, $203,361 $912,047,

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 7 . COMMITMENTS AND CONTINGENCIES Lease Agreement The Company presently leases office space under operating lease agreement s, expiring on December 31, 2017 July 31, 2021, $60,363 $34,434 six June 30, 2017 2016, $49,392 $20,477 three June 30, 2017 2016, Future minimum lease payments under non-cancelable operating leases with terms expiring in 2021 2017 $ 145,371 2018 238,243 2019 244,902 2020 251,761 2021 150,489 Total $ 1,030,766 Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) On January 8, 2003, s (“NSAIDs”). Additionally, the Company acquired worldwide rights to commercialize licensed products which allow for the Company to grant sublicenses subject to royalty payments. Under terms of the agreement, the Company is responsible for conducting clinical trials involving investigational use of a licensed product for the determination of metabolic and pharmacologic actions in humans, the side effects associated with increasing doses, examination of suspected indications, determination of the potential short-term side effects in humans and for establishing the safety, efficacy, labeled indications and risk-benefit profile in humans. The patent license agreement also requires the Company to provide reimbursement for all expenses incurred by The University of Texas Health Science Center at Houston for filing, prosecuting, enforcing and maintaining patent rights and requires an annual nonrefundable license management fee. In addition, the Company is obligated to pay certain milestone payments in future years relating to royalties resulting from the approval to sell licensed products and the resulting sales of such licensed products. Development and Commercialization Agreement with Lee ’s Pharmaceutical Holdings Limited In March 2012, ’s Pharmaceutical”). The Company granted to Lee’s Pharmaceutical an exclusive royalty bearing license under licensed subject matter to commercialize marketed products using PL 2200 On June 19, 2015, ’s Pharmaceutical entered into an amendment to the Development and Commercialization Agreement. Pursuant to the agreement, Lee’s Pharmaceutical paid the Company a $200,000 July 2015, June 30, 2017 December 31, 2016. Master Services Agreement with Pharmaceutical Manufacturing Research Services, Inc. In February 2017, five initial two $2.1 February 2017 June 2017, $912,500 two June 30, 2017, $657,400. Investor Relations Agreement On March 21, 2017, n investor relations firm. The agreement has a term of 15 $11,250 March 15, 2017 April 30, 2017 $15,000 May 1, 2017. $15,000 $7,500 $7,500 2,534 six June 30, 2017 May June, 2017. June 30, 2017, 2,383 July August 2017 $15,000.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 8 . FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized all investments recorded at fair value based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: ● Level 1: ● Level 2: 1, ● Level 3: objective resources and reflect the reporting entity’s assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets and liabilities measured at fair value on a recurring basis The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the hierarchy. The stock purchase warrants issued in June 2017 certain cash settlement features and, accordingly, the Company considered them to be liabilities and accounted for them at fair value using level 3 one 3 six June 30, 2017: Description Balance at December 31, 2016 Established in 2017 Change in Fair Value Balance at June 30, 2017 Warrant liability $ - $ 15,876,546 $ (1,746,420 ) $ 14,130,126 The following table identifies the carrying amounts of such assets and liabilities at June 30, 2017: Level 1 Level 2 Level 3 Total Liabilities Warrant liability $ - $ - $ 14,130,126 $ 14,130,126 Balance at June 30, 2017 $ - $ - $ 14,130,126 $ 14,130,126 The Company had no December 31, 2016. Financial assets and liabilities carried at fair value on a non-recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a non-recurring basis The Company measures its long-lived assets, including property and equipment and intangible assets (including goodwill), at fair value on a non-recurring basis when they are deemed to be impaired. No six three June 30, 2017 2016. See Note 4 of assets acquired and liabilities assumed in the Merger.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 9 . SUBSEQUENT EVENTS On July 1, 2017, 60,000 $6.28 10 first three aries of the grant date. Effective July 31, 2017, $12,500 twelve On August 9, 2017, $7.5 $7.5 December 31, 2018, first not $20,000,000 81 The Term Loan Facility carries interest at a floating rate of 4.0% first 18 24 February 1, 2021. may not The Company may 3.0% one 2.0% second 1.0% second The Term Loan Facility includes a final payment fee equal to 8.0% The Term Loan Facility is collateralized by substantially all of the Company ’s assets, including the Company’s intellectual property. The Term Loan Facility also contains certain restrictive covenants that limit the Company’s ability to incur additional indebtedness and liens, merge with other companies or consummate certain changes of control, acquire other companies, engage in new lines of business, make certain investments, pay dividends, transfer or dispose of assets, amend certain material agreements or enter into various specified transactions, as well as financial reporting requirements. The Term Loan Facility contains customary events of default, including bankruptcy, the failure to make payments when due, the occurrence of a material impairment on the lenders’ security interest over the collateral, and a material adverse change. Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company would begin to bear interest at a rate that is 5.00% may In connection with entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 10

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting and Principles of Consolidation The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2016 on a current report on Form 8 May 5, 2017. June 30, 2017 three six June 30, 2017 2016. not may December 31, 2016 not The accompanying consolidated financial statements include the accounts of PLx Pharma Inc. and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc. and PLx Chile SpA. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. The Company operates in one
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 amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency The functional currency of PLx Chile SpA has been designated as the U.S. dollar. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three ’s credit risk exposure is mitigated by the financial strength of the banking institution in which the deposits are held. As of June 30, 2017, $24.8 not
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may ’s ability to pay. The allowance for uncollectible accounts receivable was zero June 30, 2017 December 31, 2016,
Inventory, Policy [Policy Text Block]	Inventor y Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of June 30, 2017 December 31, 2016 zero June 30, 2017 December 31, 2016,
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. For disclosures concerning fair value measurements, see Note 8.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not Management reviews property and equipment for possible impairment whenever events or circumstances indicate the carrying amount of an asset may not
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Goodwill Intangible assets were acquired as part of the Merger and consist of definite-lived trademarks with an estimated useful life of seven 4 Management evaluates indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not October 31 Goodwill is not review for impairment. Goodwill is reviewed annually, as of October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the purchase price is fixed or determinable and collectability is reasonably assured. The Company generally receives cost reimbursement-based federal grants. For these grants, revenues are based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional f acilities and administrative rate that provides funding for overhead expenses. These revenues are recognized as grant-related expenses are incurred by the Company or its subcontractors. The grant agreements with federal government agencies generally provide that, upon completion of a technology development program, the funding agency is granted a royalty-free license to use any technology developed during the course of the program for its own purposes, but not Joint development revenue is recognized when the related expenditure is made under the reimbursement provisions of the sponsored rese arch agreement or activities under a patent license agreement. License revenue is recognized on a straight-line basis during the license period.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with specific projects and include fees paid to various entities that perform research related services for the Company.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock -Based Compensation The Company recognizes expense in our consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors in the form of stock options and incentive units. The Company uses the Black-Scholes option valuation model to estimate the fair value of these awards on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. The Company adopted new accounting guidance, effective January 1, 2017 accounts for forfeitures as they occur rather than using an estimated forfeiture rate. The adoption did not
Income Tax, Policy [Policy Text Block]	Income Taxes Taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are initially, and subsequently, measured as the largest amount of tax benefit that is greater than 50% Effective December 31, 2013 members, elected to be taxed as a partnership under the Internal Revenue Code. In lieu of corporate income taxes, the Company’s members were taxed on their proportionate share of the Company’s taxable income. As of the effective date of the partnership election and prior to the Reincorporation, future taxable income or deductions arising from differences between financial and tax bases of the Company’s assets and liabilities were recognized in the tax returns of the individual members; as such, any deferred income taxes prior to the partnership election recorded by the Company were eliminated on December 31, 2013. no Prior to December 31, 2013, , accordingly, there is no The Company is no 2011.
Reverse Stock Split, Policy [Policy Text Block]	Reverse Stock Split The Board of Directors approved a 1 8 ’s common stock effective April 19, 2017.
Earnings Per Share, Policy [Policy Text Block]	Loss per share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. The number of anti-dilutive shares, consisting of (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017 , convertible notes exercisable for or exchangeable into common stock, which have been excluded from the computation of diluted loss per share, was 3,575,928 691,374 June 30, 2017 2016,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments Recently Adopted Guidance In August 2014, Financial Accounting Standards Board (“FASB”) issued guidance for the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Previously, there was no December 15, 2016, December 31, 2016; not In March 2016, December 15, 2016, nts to U.S. GAAP in the guidance must be adopted in the same period. The adoption of certain amendments in the guidance must be applied prospectively, and adoption of the remaining amendments must be applied either on a modified retrospective basis or retrospectively to all periods presented. The Company adopted this guidance effective January 1, 2017 not In July 2015, One of the main provisions of this guidance update is that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the FASB has amended some of the other guidance in Topic 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, accounting guidance simplifying the test for goodwill impairment. The new guidance eliminates Step 2 no December 15, 2019. January 1, 2017. April 1, 2017, 3. may no six June 30, 2017. Unadopted Guidance In May 2014, five 1 2 3 4 5 August 2015, one December 15, 2017, December 15, 2016. March 2016, April 2016, May 2016, two March 3, 2016 May 2016, not not In February 2016, December 15, 2018, In June 2016, ’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2019. December 15, 2018. In August 2016, December 15, 2017. may The Company does not not

Note 4 - Reverse Merger Busin17

Note 4 - Reverse Merger Business Combination (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Business Acquisition, Purchase Consideration [Table Text Block]	Dipexium market capitalization at closing $ 15,048,883 Effective settlement of pre-existing debt (2,045,151 ) Total purchase consideration $ 13,003,732
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Fair value of purchase consideration $ 13,003,732 Fair value of tangible assets acquired: Cash $ 11,776,427 Prepaid expenses 139,648 Fair value of identifiable intangible assets acquired: Trademarks 100,000 In-process research and development 2,200,000 Goodwill 2,061,022 Deferred tax liabilities, net (920,000 ) Accrued severance (2,284,000 ) Fair value of liabilities assumed (69,365 ) $ 13,003,732
Business Acquisition, Pro Forma Information [Table Text Block]	Six Months Ended June 30, Six Months Ended June 30, Unaudited pro forma results 2017 2016 Revenues $ 375,951 $ 20,000 Net loss $ (5,096,845 ) $ (13,567,112 ) Net loss per share $ (0.81 ) $ (2.25 )

Note 6 - Stockholders Equity (T

Note 6 - Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Units Weighted Average Weighted Average Aggregate Intrinsic Outstanding, December 31, 2016 691,374 $ 12.44 8.62 - Granted 46,500 7.94 Options from Dipexium 191,963 57.94 Cancelled - Outstanding, June 30, 2017 929,837 21.61 7.89 135 Exercisable, June 30, 2017 743,486 24.19 7.71 -

Note 7 - Commitments and Cont19

Note 7 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2017 $ 145,371 2018 238,243 2019 244,902 2020 251,761 2021 150,489 Total $ 1,030,766

Note 8 - Fair Value Measureme20

Note 8 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Description Balance at December 31, 2016 Established in 2017 Change in Fair Value Balance at June 30, 2017 Warrant liability $ - $ 15,876,546 $ (1,746,420 ) $ 14,130,126
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Liabilities Warrant liability $ - $ - $ 14,130,126 $ 14,130,126 Balance at June 30, 2017 $ - $ - $ 14,130,126 $ 14,130,126

Note 1 - Background and Organ21

Note 1 - Background and Organization (Details Textual) - PLx Pharma LLC [Member] - USD ($)	Jul. 27, 2015	Jul. 31, 2015	Jul. 26, 2015
Notes Payable			$ 800,000
Interest Payable			$ 53,187
Incentive Units, Outstanding			1,313,840
Gain (Loss) on Extinguishment of Debt		$ (1,588,937)
Conversion of Notes Including Interest and Incentive Units for Common Stock [Member]
Conversion of Stock, Shares Issued	249,196
Common Stock [Member]
Conversion of Stock, Shares Issued per Preferred Unit	5,013,690
Conversion of Stock, Shares Issued per Common Unit	302,937

Note 3 - Summary of Significa22

Note 3 - Summary of Significant Accounting Policies (Details Textual)	Apr. 19, 2017	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares				3,575,928	691,374
Income Tax Expense (Benefit)		$ (920,000)		$ (920,000)
Number of Operating Segments				1
Cash, Uninsured Amount		24,800,000		$ 24,800,000
Allowance for Doubtful Accounts Receivable		0		$ 0		$ 0
Number of Reporting Units				1
Built-in-gains Tax Liability		$ 0		$ 0
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	8
State and Local Jurisdiction [Member]
Income Tax Expense (Benefit)				$ 0	$ 0
Trademarks [Member]
Finite-Lived Intangible Asset, Useful Life				7 years

Note 4 - Reverse Merger Busin23

Note 4 - Reverse Merger Business Combination (Details Textual)	Apr. 19, 2017USD ($)
Deferred Tax Liabilities, Net	$ 920,000

Note 4 - Reverse Merger Busin24

Note 4 - Reverse Merger Business Combination - Purchase Consideration (Details) - Merger [Member]	Apr. 19, 2017USD ($)
Dipexium market capitalization at closing	$ 15,048,883
Effective settlement of pre-existing debt	(2,045,151)
Total purchase consideration	$ 13,003,732

Note 4 - Reverse Merger Busin25

Note 4 - Reverse Merger Business Combination - Allocation of Estimated Purchase Consideration (Details) - USD ($)	Apr. 19, 2017	Jun. 30, 2017	Dec. 31, 2016
Goodwill		$ 2,061,022
Merger [Member]
Fair value of purchase consideration	$ 13,003,732
Cash	11,776,427
Prepaid expenses	139,648
Trademarks	100,000
In-process research and development	2,200,000
Goodwill	2,061,022
Deferred tax liabilities, net	(920,000)
Accrued severance	(2,284,000)
Fair value of liabilities assumed	(69,365)
Total purchase consideration	$ 13,003,732

Note 4 - Reverse Merger Busin26

Note 4 - Reverse Merger Business Combination - Unaudited Pro Forma Results (Details) - Merger [Member] - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 375,951	$ 20,000
Net loss	$ (5,096,845)	$ (13,567,112)
Net loss per share (in dollars per share)	$ (0.81)	$ (2.25)

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual)	Jan. 06, 2017USD ($)	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / shares
Proceeds from Convertible Debt						$ 2,346,000
Number of Lenders During Period						37
Proceeds from Convertible Debt, Related Parties				$ 108,300	$ 455,000	$ 588,300
Interest Expense, Debt		$ 642,006	$ 24,608	723,563	34,041
Proceeds from Notes Payable				$ 2,000,000
Dipexium [Member]
Proceeds from Notes Payable	$ 2,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Period Following Termination of Merger Agreement in Determination of Maturity Date	270 days
Convertible Notes Payable [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 7.84		$ 7.84		$ 7.84
Debt Conversion, Converted Instrument, Shares Issued | shares				250,681
Interest Expense, Debt				$ 623,908
Debt Instrument, Interest Rate, Stated Percentage		8.00%		8.00%		8.00%
Minimum [Member] | Convertible Notes Payable [Member]
Debt Instrument, Face Amount		$ 5,000		$ 5,000		$ 5,000
Maximum [Member] | Convertible Notes Payable [Member]
Debt Instrument, Face Amount		$ 250,000		$ 250,000		$ 250,000

Note 6 - Stockholders Equity (D

Note 6 - Stockholders Equity (Details Textual) - USD ($)	Jun. 14, 2017	Jul. 22, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Apr. 19, 2017	Dec. 31, 2016
Proceeds from Issuance or Sale of Equity	$ 18,200,000				$ 16,698,854
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			929,837		929,837			691,374
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					46,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 7.94
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 1,258,692		$ 1,258,692
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					1 year 273 days
Employee Stock Option [Member]
Allocated Share-based Compensation Expense			$ 203,361	$ 912,047	$ 391,270	$ 1,232,477
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number							191,963
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			479,775		479,775
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Two Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			46,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 7.94
Stock Granted, Value, Share-based Compensation, Gross			$ 267,000
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Two Employees [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			86.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Fair Value Inputs, Discount Rate			1.99%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			6 years
Omnibus Stock Option Plan [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		118,134
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 948,117
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		83.52%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Fair Value Inputs, Discount Rate		1.24%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		4 years 251 days
June 2017 Warrants [Member]
Class of Warrant or Right, Term	10 years
Common Stock [Member]
Stock Issued During Period, Shares, New Issues					2,646,091
Public Offering [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues	2,646,091
Share Price	$ 6.875
Private Placement [Member] | June 2017 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,646,091
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 7.50

Note 6 - Stockholders Equity -

Note 6 - Stockholders Equity - Stock Option Activity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Outstanding, number of units, beginning balance (in shares)	691,374
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 12.44
Outstanding, weighted average exercise price, ending balance (in dollars per share) | $ / shares	$ 21.61	$ 12.44
Outstanding, weighted average remaining contractual term (Year)	7 years 324 days	8 years 226 days
Outstanding, aggregate intrinsic value | $	$ 135
Granted, number of units (in shares)	46,500
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 7.94
Granted, weighted average remaining contractual term (Year)
Options from Dipexium, number of units (in shares)	191,963
Options from Dipexium, weighted average exercise price (in dollars per share) | $ / shares	$ 57.94
Options from Dipexium, weighted average remaining contractual term (Year)
Cancelled, number of units (in shares)
Outstanding, number of units, ending balance (in shares)	929,837	691,374
Exercisable, number of units (in shares)	743,486
Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 24.19
Exercisable, weighted average remaining contractual term (Year)	7 years 259 days
Exercisable, aggregate intrinsic value | $

Note 7 - Commitments and Cont30

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	May 01, 2017	Mar. 21, 2017	Aug. 11, 2017	Jun. 30, 2017	Feb. 28, 2017	Jul. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Stock Issued During Period, Value, Issued for Services									$ 15,000
Deferred Revenue, Noncurrent				$ 200,000			$ 200,000		200,000		$ 200,000
Contract Manufacturing Deposits, Current				657,400			657,400		657,400
Operating Leases, Rent Expense, Net							49,392	$ 20,477	60,363	$ 34,434
Master Services Agreement with Pharmaceutical Manufacturing Research Services Inc [Member] | Aspertec [Member]
Service Agreement, Estimated Cost of First Project					$ 2,100,000
Payments for Deposits				912,500	$ 912,500
Contract Manufacturing Deposits, Current				657,400			657,400		$ 657,400
Service Agreement, Term					5 years
Investor Relations Agreement [Member]
Service Agreement, Monthly Fee Payable in Common Stock	$ 7,500
Stock Issued During Period, Shares, Issued for Services									2,534
Service Agreement, Term		1 year 90 days
Payments to Service Providers		$ 11,250
Service Agreement, Monthly Fee	15,000
Service Agreement, Monthly Fee Payable in Cash	$ 7,500
Investor Relations Agreement [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, Issued for Services			2,383
Stock Issued During Period, Value, Issued for Services			$ 15,000
Royalty Arrangement [Member] | Lee's Pharmaceutical Holdings Limited [Member]
Deferred Revenue, Noncurrent				$ 200,000			$ 200,000		$ 200,000		$ 200,000
Proceeds from Royalties Received						$ 200,000

Note 7 - Commitments and Cont31

Note 7 - Commitments and Contingencies - Future Minimum Payments under Operating Leases (Details)	Jun. 30, 2017USD ($)
2,017	$ 145,371
2,018	238,243
2,019	244,902
2,020	251,761
2,021	150,489
Total	$ 1,030,766

Note 8 - Fair Value Measureme32

Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Asset Impairment Charges	$ 0	$ 0	$ 0	$ 0

Note 8 - Fair Value Measureme33

Note 8 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member]	6 Months Ended
	Jun. 30, 2017USD ($)
Warrant liability
Warrant liability	15,876,546
Warrant liability	(1,746,420)
Warrant liability	$ 14,130,126

Note 8 - Fair Value Measureme34

Note 8 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member]	Jun. 30, 2017USD ($)
Warrant liability	$ 14,130,126
Balance	14,130,126
Fair Value, Inputs, Level 1 [Member]
Warrant liability
Balance
Fair Value, Inputs, Level 2 [Member]
Warrant liability
Balance
Fair Value, Inputs, Level 3 [Member]
Warrant liability	14,130,126
Balance	$ 14,130,126

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - USD ($)	Aug. 09, 2017	Jul. 01, 2017	Jun. 30, 2017	Jul. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			46,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 7.94
Subsequent Event [Member] | Warrants Issued in Connection with Term Loan Facility [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	58,502
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.41
Class of Warrant or Right, Term	10 years
Subsequent Event [Member] | Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	$ 7,500,000
Debt Instrument, Unused Borrowing Capacity, Amount	7,500,000
Debt Instrument, Minimum Net New Capital Obtained	$ 20,000,000
Number of Monthly Interest Only Payments Installments	18
Number of Monthly Installments	24
Debt Instrument, Prepayment Fee, Within One Year, Percentage	3.00%
Debt Instrument, Prepayment Fee, During Year Two, Percentage	2.00%
Debt Instrument, Prepayment Fee, After Year Two, Percentage	1.00%
Debt Instrument, Final Payment Fee, Percentage	8.00%
Debt Instrument, Default Interest Rate Percent Above Effective Percentage	5.00%
Subsequent Event [Member] | Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Subsequent Event [Member] | Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		60,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 6.28
Subsequent Event [Member] | Chief Financial Officer [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Subsequent Event [Member] | Former Chief Financial Officer [Member]
Separation Agreement, Severance Payment per Month				$ 12,500