PLx Pharma Winddown (PLXPQ) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
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)		8,730,010
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 20,418,155	$ 24,404,368
Accounts receivable, net	76,027	19,384
Inventory, net		246,374
Vendor deposits	1,168,687	715,603
Prepaid expenses	268,965	300,169
Security deposit	4,064	4,064
TOTAL CURRENT ASSETS	21,935,898	25,689,962
NON-CURRENT ASSETS
Property and equipment, net	1,181,936	1,029,875
Goodwill	2,061,022	2,061,022
Security deposit	67,714	67,714
TOTAL ASSETS	25,246,570	28,848,573
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	821,931	852,155
Accrued bonus and severance	307,689	849,703
Accrued interest	55,418	54,219
Other current liabilities	59,972	59,614
TOTAL CURRENT LIABILITIES	1,245,010	1,815,691
NON-CURRENT LIABILITIES
Accrued interest	144,061	89,717
Term loan, net of discount and fees	7,003,264	6,942,151
Warrant liability	6,818,268	15,242,915
Other liabilities	136,978	141,707
TOTAL LIABILITIES	15,347,581	24,232,181
Commitments and contingencies (Note 7)
STOCKHOLDERS' EQUITY
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; 8,726,198 and 8,722,823 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	8,727	8,723
Additional paid-in capital	72,243,918	71,939,917
Accumulated deficit	(62,353,656)	(67,332,248)
TOTAL STOCKHOLDERS' EQUITY	9,898,989	4,616,392
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 25,246,570	$ 28,848,573

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	8,726,198	8,722,823
Common stock, shares outstanding (in shares)	8,726,198	8,722,823

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Total revenues	$ 81,457	$ 0
OPERATING EXPENSES:
Research and development	1,079,036	128,339
General and administrative	2,240,000	1,217,071
TOTAL OPERATING EXPENSES	3,319,036	1,345,410
OPERATING LOSS	(3,237,579)	(1,345,410)
OTHER INCOME (EXPENSE)
Interest income	66,923
Interest and other expense	(275,354)	(81,557)
Change in fair value of warrant liability	8,424,647
TOTAL OTHER INCOME (EXPENSE)	8,216,171	(81,557)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	4,978,592	(1,426,967)
Income taxes
NET INCOME (LOSS)	$ 4,978,592	$ (1,426,967)
Net income (loss) per common share - basic (in dollars per share)	$ 0.57	$ (0.33)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.57	$ (0.33)
Weighted average shares of common shares - basic (in shares)	8,725,038	4,383,433
Weighted average shares of common shares - diluted (in shares)	8,725,038	4,383,433
Grant [Member]
REVENUES:
Total revenues	$ 81,457

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 4,978,592	$ (1,426,967)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	34,068	314
Share-based compensation	281,505	187,909
Non-cash interest expense	61,113
Change in fair value of warrant liability	(8,424,647)
Provision for obsolete inventory	463,625
Changes in operating assets and liabilities
Accounts receivable	(56,643)	1,250
Inventory	(217,251)	(173,335)
Research services deposit	(453,084)	(670,000)
Prepaid expenses and other assets	31,204	(15,465)
Accounts payable and accrued liabilities	73,470	(114,702)
Accrued bonus and severance	(542,014)
Accrued interest	55,543	70,260
Accrued interest - related parties		11,297
Other long-term liabilities	(4,371)
Net cash used in operating activities	(3,718,890)	(2,129,439)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(267,323)	(72,411)
Net cash used in investing activities	(267,323)	(72,411)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of convertible notes payable		460,000
Proceeds from issuance of convertible notes payable - related parties		108,300
Proceeds from Dipexium note		2,000,000
Net cash provided by financing activities		2,568,300
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,986,213)	366,450
Cash and cash equivalents, beginning of period	24,404,368	59,335
Cash and cash equivalents, end of period	20,418,155	425,785
SUPPLEMENTAL INFORMATION
Income taxes
Interest	158,698
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Property and equipment included in accounts payable	8,364
Value of common shares issued to vendor for services	$ 22,500

Note 1 - Background and Organiz

Note 1 - Background and Organization	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. Business Operations PLx Pharma Inc., together with its subsidiaries PLx Opco Inc., PLx Chile SpA and Dipexium Pharmaceuticals Ireland Limited, is a late stage startup specialty pharmaceutical company focusing initially on commercializing two TM 325 TM 81 325 first 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, On July 21, 2015, 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, April 19, 2017. 4. not

Note 2 - Liquidity and Going Co

Note 2 - Liquidity and Going Concern	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 2. 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 our expected operating cash requirements and capital expenditures, we believe the Company’s cash on hand at March 31, 2018 twelve

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 3. Significant 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, 2017 not 10 December 31, 2017. March 31, 2018 three March 31, 2018 2017. The accompanying consolidated financial statements include the accounts of PLx Pharma Inc. and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc., PLx Chile SpA and Dipexium Pharmaceuticals Ireland Limited. 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 our foreign subsidiaries 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 March 31, 2018, $20.4 not Allowance for Uncollectible 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 zero March 31, 2018 December 31, 2017, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of March 31, 2018 December 31, 2017 $743,170 $319,736 March 31, 2018 December 31, 2017, three 31, 2018 $463,625 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. The fair value of the noncurrent term loan approximates its face value of $7,500,000 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 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 not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no The Company recognized an impairment loss in the fourth 2017 $2.3 not three March 31, 2018. Revenue Recognition Policy p rior to the adoption of new revenue recognition guidelines on January 1, 2018 The Company recognized revenues when persuasive evidence of an arrangement existed, delivery had occurred or services had been provided, the purchase price was fixed or determinable and collectability reasonably assured. The Company’s historical revenue was generated pursuant to cost reimbursable federal grants and pursuant to joint development arrangements. For cost reimbursable grants, revenues were based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional facilities and administrative rate that provides funding for overhead expenses. Grant revenue was recognized as grant-related expenses were 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 The Company did not three March 31, 2017. Policy after the adoption of new revenue recognition guidelines on January 1, 2018 On January 1, 2018, Topic 606, not January 1, 2018. The Company determined that its sole revenue arrangement as of the date of adoption, a cost-reimbursable federal grant with the National Institutes of Health, is not not The Company also determined that it has not not March 31, 2018. 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 The Company recognizes expense in its consolidated statements of operations for the fair value of all share-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options and stock awards. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options 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, not Income Taxes Income 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. Corporate tax rate changes resulting from the impacts of the Tax Cuts and Jobs Act of 2017 December 31, 2017 December 2017. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% The Company is no December 31, 2012. Reverse Stock Split The Company’s Board of Directors approved a 1 8 April 19, 2017. Income (l oss ) 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 None three March 31, 2018. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017, 3,878,802 930,762 March 31, 2018 2017, Recent Accounting Developments Recently Adopted Guidance In March 2016, December 15, 2016, January 1, 2017 not In July 2015, 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, 2 no December 15, 2019. January 1, 2017. April 1, 2017. may no December 31, 2017. 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, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not Unadopted Guidance In February 2016, December 15, 2018, In June 2016, December 15, 2019. December 15, 2018. The Company does not not

Note 4 - Reverse Merger Busines

Note 4 - Reverse Merger Business Combination	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 4. On December 22, 2016, 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 estimated fair values on the Merger date. The following represents the allocation of the 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 ) Fair value of liabilities assumed (2,353,365 ) $ 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 received carryover tax basis in the acquired assets and liabilities and no not not $920,000 Pro forma disclosures The following unaudited pro forma financial information summarizes the results of operations for the three March 31, 2017 January 1, 2017. not January 1, 2017 may Three Months Ended March 31, Unaudited pro forma results 2017 Revenues $ - Net loss $ (2,878,846 ) Net loss per share $ (0.48 )

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5. Term Loan Facility 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% 8.75% March 31, 2018), first 18 24 February 1, 2021. may not The Company may 3.0% one 2.0% second 1.0% second 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 $304,201. As of March 31, 2018, $7.5 $496,736. Convertible Notes Payable and Convertible Notes Payable – Related Parties During 2016 2017 $2,346,000 $5,000 $250,000, $588,300 8% May 31, 2017. $7.84 250,681 $623,908 Note Payable On January 6, 2017, $2 8% October 15, 2017, 270 first April 19, 2017, no 4 Total interest expense recognized on the various debt arrangements for the three March 31, 2018 2017 $275,354 $81,557,

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 6. 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 three March 31, 2018: Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2017 1,166,709 $ 18.54 7.8 $ 90,097 Granted 7,500 $ 6.29 Exercise, cancelled or forfeited - Outstanding, March 31, 2018 1,174,209 $ 18.47 7.6 $ - Exercisable, March 31, 2018 888,124 $ 21.71 7.2 $ - The Company grants options to employees, directors, advisors, and consultants from two 2013 April 19, 2017, 191,963 March 31, 2018, 235,403 two During the three March 31, 2018, 7,500 $6.29 $33,097, 1 2.7%, 2 6.0 3 81%, 4 zero As of March 31, 2018, $1.1 1.7 During the three March 31, 2018 2017, $281,505 $187,909,

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 7. Lease Agreement The Company presently leases office space under operating lease agreements, expiring on December 31, 2019, July 31, 2021 October 3, 2021, $32,769 $14,721 three March 31, 2018 2017, Future minimum obligations under non-cancelable operating leases with terms expiring in 2021 2018 258,170 2019 349,804 2020 301,993 2021 190,874 Total $ 1,100,841 Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) On January 8, 2003, 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. Master Services Agreement with Pharmaceutical Manufacturing Research Services, Inc. In February 2017, five three $2.8 2017 $1,237,750 March 31, 2018, $593,000. Investor Relations Agreement On March 21, 2017, 15 $11,250 March 15, 2017 April 30, 2017 $15,000 May 1, 2017. $15,000 $7,500 $7,500 3,375 $22,500 three March 31, 2018 Severance Obligations Effective July 31, 2017, $12,500 twelve $50,000 March 31, 2018.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 8. 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: 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 3 one The following table sets forth a summary of changes in the fair value of Level 3 three March 31, 2018: Description Balance at December 31, 2017 Additions in 201 8 Change in Fair Value Balance at March 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (8,424,647 ) $ 6,818,268 The following table identifies the carrying amounts of such liabilities at March 31, 2018 December 31, 2017: Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 6,818,268 $ 6,818,268 Balance at March 31, 2018 $ - $ - $ 6,818,268 $ 6,818,268 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 15,242,915 $ 15,242,915 Balance at December 31, 2017 $ - $ - $ 15,242,915 $ 15,242,915 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 three March 31, 2018 2017. See Note 4

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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, 2017 not 10 December 31, 2017. March 31, 2018 three March 31, 2018 2017. The accompanying consolidated financial statements include the accounts of PLx Pharma Inc. and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc., PLx Chile SpA and Dipexium Pharmaceuticals Ireland Limited. 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 our foreign subsidiaries 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 March 31, 2018, $20.4 not
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Uncollectible 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 zero March 31, 2018 December 31, 2017,
Inventory, Policy [Policy Text Block]	Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of March 31, 2018 December 31, 2017 $743,170 $319,736 March 31, 2018 December 31, 2017, three 31, 2018 $463,625
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. The fair value of the noncurrent term loan approximates its face value of $7,500,000 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 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 not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no The Company recognized an impairment loss in the fourth 2017 $2.3 not three March 31, 2018.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Policy p rior to the adoption of new revenue recognition guidelines on January 1, 2018 The Company recognized revenues when persuasive evidence of an arrangement existed, delivery had occurred or services had been provided, the purchase price was fixed or determinable and collectability reasonably assured. The Company’s historical revenue was generated pursuant to cost reimbursable federal grants and pursuant to joint development arrangements. For cost reimbursable grants, revenues were based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional facilities and administrative rate that provides funding for overhead expenses. Grant revenue was recognized as grant-related expenses were 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 The Company did not three March 31, 2017. Policy after the adoption of new revenue recognition guidelines on January 1, 2018 On January 1, 2018, Topic 606, not January 1, 2018. The Company determined that its sole revenue arrangement as of the date of adoption, a cost-reimbursable federal grant with the National Institutes of Health, is not not The Company also determined that it has not not March 31, 2018.
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]	Share -Based Compensation The Company recognizes expense in its consolidated statements of operations for the fair value of all share-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options and stock awards. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options 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, not
Income Tax, Policy [Policy Text Block]	Income Taxes Income 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. Corporate tax rate changes resulting from the impacts of the Tax Cuts and Jobs Act of 2017 December 31, 2017 December 2017. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% The Company is no December 31, 2012.
Reverse Stock Split, Policy [Policy Text Block]	Reverse Stock Split The Company’s Board of Directors approved a 1 8 April 19, 2017.
Earnings Per Share, Policy [Policy Text Block]	Income (l oss ) 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 None three March 31, 2018. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017, 3,878,802 930,762 March 31, 2018 2017,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments Recently Adopted Guidance In March 2016, December 15, 2016, January 1, 2017 not In July 2015, 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, 2 no December 15, 2019. January 1, 2017. April 1, 2017. may no December 31, 2017. 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, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not Unadopted Guidance In February 2016, December 15, 2018, In June 2016, December 15, 2019. December 15, 2018. The Company does not not

Note 4 - Reverse Merger Busin15

Note 4 - Reverse Merger Business Combination (Tables)	3 Months Ended
	Mar. 31, 2018
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 ) Fair value of liabilities assumed (2,353,365 ) $ 13,003,732
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended March 31, Unaudited pro forma results 2017 Revenues $ - Net loss $ (2,878,846 ) Net loss per share $ (0.48 )

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2017 1,166,709 $ 18.54 7.8 $ 90,097 Granted 7,500 $ 6.29 Exercise, cancelled or forfeited - Outstanding, March 31, 2018 1,174,209 $ 18.47 7.6 $ - Exercisable, March 31, 2018 888,124 $ 21.71 7.2 $ -

Note 7 - Commitments and Cont17

Note 7 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2018 258,170 2019 349,804 2020 301,993 2021 190,874 Total $ 1,100,841

Note 8 - Fair Value Measureme18

Note 8 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Description Balance at December 31, 2017 Additions in 201 8 Change in Fair Value Balance at March 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (8,424,647 ) $ 6,818,268
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 6,818,268 $ 6,818,268 Balance at March 31, 2018 $ - $ - $ 6,818,268 $ 6,818,268 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 15,242,915 $ 15,242,915 Balance at December 31, 2017 $ - $ - $ 15,242,915 $ 15,242,915

Note 1 - Background and Organ19

Note 1 - Background and Organization (Details Textual) - PLx Pharma LLC [Member] - USD ($)	Jul. 27, 2015	Jul. 31, 2015	Jul. 26, 2015
Notes Payable, Total			$ 800,000
Interest Payable			$ 53,187
Incentive Units, Outstanding			1,313,840
Gain (Loss) on Extinguishment of Debt, Total		$ (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 Significa20

Note 3 - Summary of Significant Accounting Policies (Details Textual)	Apr. 19, 2017	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)shares	Aug. 09, 2017USD ($)
Number of Operating Segments		1
Cash, Uninsured Amount		$ 20,400,000
Allowance for Doubtful Accounts Receivable, Ending Balance		0	$ 0
Inventory Valuation Reserves, Ending Balance		743,170	319,736
Inventory Write-down		$ 463,625
Number of Reporting Units		1
Impairment of Intangible Assets (Excluding Goodwill), Total			$ 2,300,000
Revenues, Total		$ 81,457		$ 0
Built-in-gains Tax Liability		$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares		3,878,802		930,762
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	8
Trademarks [Member]
Finite-Lived Intangible Asset, Useful Life		7 years
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount		$ 7,500,000			$ 7,500,000
Research and Development Expense [Member]
Inventory Write-down		$ 463,625

Note 4 - Reverse Merger Busin21

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

Note 4 - Reverse Merger Busin22

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 Busin23

Note 4 - Reverse Merger Business Combination - Allocation of Estimated Purchase Consideration (Details) - USD ($)	Apr. 19, 2017	Mar. 31, 2018	Dec. 31, 2017
Goodwill		$ 2,061,022	$ 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)
Fair value of liabilities assumed	(2,353,365)
Total purchase consideration	$ 13,003,732

Note 4 - Reverse Merger Busin24

Note 4 - Reverse Merger Business Combination - Unaudited Pro Forma Results (Details) - Merger [Member]	3 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Revenues
Net loss	$ (2,878,846)
Net loss per share (in dollars per share) | $ / shares	$ (0.48)

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($)	Aug. 09, 2017	Jan. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Apr. 18, 2017	Apr. 18, 2017
Proceeds from Convertible Debt						$ 2,346,000
Proceeds from Convertible Debt, Related Parties				$ 108,300		$ 588,300
Interest Expense, Debt, Total			275,354	81,557
Proceeds from Notes Payable, Total				$ 2,000,000
Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage					8.00%	8.00%
Debt Instrument, Convertible, Conversion Price					$ 7.84	$ 7.84
Debt Conversion, Converted Instrument, Shares Issued					250,681
Interest Expense, Debt, Total					$ 623,908
Minimum [Member] | Convertible Notes Payable [Member]
Debt Instrument, Face Amount					5,000	$ 5,000
Maximum [Member] | Convertible Notes Payable [Member]
Debt Instrument, Face Amount					$ 250,000	$ 250,000
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
Warrants and Rights Outstanding	$ 304,201
Dipexium [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Proceeds from Notes Payable, Total		$ 2,000,000
Debt Instrument, Period Following Termination of Merger Agreement in Determination of Maturity Date		270 days
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	7,500,000		$ 7,500,000
Debt Instrument, Unused Borrowing Capacity, Amount	7,500,000
Debt Instrument, Minimum Net New Capital Obtained	$ 20,000,000
Debt Instrument, Interest Rate, Effective Percentage			8.75%
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%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total			$ 496,736
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%

Note 6 - Stockholders' Equity26

Note 6 - Stockholders' Equity (Details Textual) - USD ($)	Jun. 14, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Apr. 19, 2017
Proceeds from Issuance or Sale of Equity, Total	$ 18,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		1,174,209		1,166,709
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		7,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 6.29
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 1,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 255 days
Allocated Share-based Compensation Expense, Total		$ 281,505	$ 187,909
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, Ending Balance					191,963
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		235,403
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Omnibus Stock Option Plan [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value		$ 33,097
Omnibus Stock Option Plan [Member] | Employees [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate		2.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		6 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		81.00%
June 2017 Warrants [Member]
Class of Warrant or Right, Term	10 years
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) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Outstanding, number of units, beginning balance (in shares)	1,166,709
Outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 18.54
Outstanding, weighted average remaining contractual term (Year)	7 years 219 days	7 years 292 days
Outstanding, aggregate intrinsic value		$ 90,097
Granted, number of units (in shares)	7,500
Granted, weighted average exercise price (in dollars per share)	$ 6.29
Granted, weighted average remaining contractual term (Year)
Granted, aggregate intrinsic value (in dollars per share)
Outstanding, number of units, ending balance (in shares)	1,174,209	1,166,709
Outstanding, weighted average exercise price, ending balance (in dollars per share)	$ 18.47	$ 18.54
Exercisable, number of units (in shares)	888,124
Exercisable, weighted average exercise price (in dollars per share)	$ 21.71
Exercisable, weighted average remaining contractual term (Year)	7 years 73 days
Exercisable, aggregate intrinsic value

Note 7 - Commitments and Cont28

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	Jul. 31, 2017	May 01, 2017	Mar. 21, 2017	Feb. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating Leases, Rent Expense, Net, Total					$ 32,769	$ 14,721
Contract Manufacturing Deposits, Current					1,168,687		$ 715,603
Former Acting Chief Financial Officer [Member]
Separation Agreement , Monthly Severance Payments	$ 12,500
Separation Agreement , Monthly Severance Payments, Period	1 year
Severance Costs					50,000
Master Services Agreement with Pharmaceutical Manufacturing Research Services Inc [Member] | Aspertec [Member]
Service Agreement, Term				5 years
Service Agreement, Estimated Cost of First Project				$ 2,800,000
Payments for Deposits							$ 1,237,750
Contract Manufacturing Deposits, Current					$ 593,000
Investor Relations Agreement [Member]
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
Service Agreement, Monthly Fee Payable in Common Stock		$ 7,500
Stock Issued During Period, Shares, Issued for Services					3,375
Stock Issued During Period, Value, Issued for Services					$ 22,500

Note 7 - Commitments and Cont29

Note 7 - Commitments and Contingencies - Future Minimum Payments Under Operating Leases (Details)	Mar. 31, 2018USD ($)
2,018	$ 258,170
2,019	349,804
2,020	301,993
2,021	190,874
Total	$ 1,100,841

Note 8 - Fair Value Measureme30

Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asset Impairment Charges, Total	$ 0	$ 0

Note 8 - Fair Value Measureme31

Note 8 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member]	3 Months Ended
	Mar. 31, 2018USD ($)
Warrant liability, balance	$ 15,242,915
Warrant liability, established during period
Warrant liability, change in fair value	(8,424,647)
Warrant liability, balance	$ 6,818,268

Note 8 - Fair Value Measureme32

Note 8 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Warrant liability	$ 6,818,268	$ 15,242,915
Balance	6,818,268	15,242,915
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	6,818,268	15,242,915
Balance	$ 6,818,268	$ 15,242,915