PLx Pharma Winddown (PLXPQ) 10-K 8 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 01, 2019	Jun. 29, 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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		8,750,606
Entity Public Float			$ 34,053,848
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Ex Transition Period	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 14,250,267	$ 24,404,368
Accounts receivable	18,234	19,384
Inventory, net		246,374
Vendor and security deposits	12,564	719,667
Prepaid expenses	409,369	300,169
Deferred financing costs	174,976
TOTAL CURRENT ASSETS	14,865,410	25,689,962
NON-CURRENT ASSETS
Property and equipment, net	1,394,230	1,029,875
Goodwill	2,061,022	2,061,022
Security deposit	67,714	67,714
TOTAL ASSETS	18,388,376	28,848,573
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	653,049	852,155
Accrued bonus and severance	1,048,393	849,703
Accrued interest	60,366	54,219
Current portion of term loan, net of discount and fees	2,909,709
Other current liabilities	61,143	59,614
TOTAL CURRENT LIABILITIES	4,732,660	1,815,691
NON-CURRENT LIABILITIES
Accrued interest, net of current portion	309,440	89,717
Term loan, net of discount and fees	4,280,385	6,942,151
Warrant liability	2,537,317	15,242,915
Other liabilities	84,281	141,707
TOTAL LIABILITIES	11,944,083	24,232,181
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock; $0.001 par value; 100,000,000 shares authorized; 8,743,950 and 8,722,823 shares issued and outstanding	8,744	8,723
Additional paid-in capital	72,871,317	71,939,917
Accumulated deficit	(66,435,768)	(67,332,248)
TOTAL STOCKHOLDERS' EQUITY	6,444,293	4,616,392
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 18,388,376	$ 28,848,573

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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)	8,738,163	8,722,823
Common stock, shares outstanding (in shares)	8,738,163	8,722,823

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Total revenues	$ 753,108	$ 778,657
OPERATING EXPENSES:
Research and development	3,922,665	4,157,454
General and administrative	7,791,600	10,174,997
Impairment of intangible assets		2,294,048
TOTAL OPERATING EXPENSES	11,714,265	16,626,499
OPERATING LOSS	(10,961,157)	(15,847,842)
OTHER INCOME (EXPENSE)
Interest income	297,800	112,377
Interest expense	(1,145,761)	(1,164,897)
Change in fair value of warrant liability	12,705,598	633,631
TOTAL OTHER INCOME (EXPENSE)	11,857,637	(418,889)
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	896,480	(16,266,731)
Income tax benefit		920,000
NET INCOME (LOSS)	$ 896,480	$ (15,346,731)
Net income (loss) per common share - basic (in dollars per share)	$ 0.10	$ (2.19)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.10	$ (2.19)
Weighted average shares of common shares - basic (in shares)	8,733,220	7,020,479
Weighted average shares of common shares - diluted (in shares)	8,733,220	7,020,479
Grant [Member]
REVENUES:
Total revenues	$ 753,108	$ 578,657
License [Member]
REVENUES:
Total revenues		$ 200,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2016	4,383,433
Balance at Dec. 31, 2016	$ 4,383	$ 49,661,802	$ (51,985,517)	$ (2,319,332)
Stock-based compensation expense (in shares)	30,000
Stock-based compensation expense	$ 30	1,624,381		1,624,411
Conversion of convertible debt (in shares)	250,681
Conversion of convertible debt	$ 251	3,119,287		3,119,538
Effect of reverse merger (in shares)	1,403,271
Effect of reverse merger	$ 1,403	15,047,480		15,048,883
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)	9,347
Common shares issued to vendor	$ 10	60,109		60,119
Term loan proceeds allocated to warrants		304,201		304,201
Net income (loss)			(15,346,731)	$ (15,346,731)
Balance (in shares) at Dec. 31, 2017	8,722,823			8,722,823
Balance at Dec. 31, 2017	$ 8,723	71,939,917	(67,332,248)	$ 4,616,392
Stock-based compensation expense (in shares)
Stock-based compensation expense		841,421		841,421
Common shares issued to vendor (in shares)	21,127
Common shares issued to vendor	$ 21	89,979		90,000
Net income (loss)			896,480	$ 896,480
Balance (in shares) at Dec. 31, 2018	8,743,950			8,738,163
Balance at Dec. 31, 2018	$ 8,744	$ 72,871,317	$ (66,435,768)	$ 6,444,293

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 896,480	$ (15,346,731)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	200,957	29,838
Stock-based compensation	841,421	1,624,411
Impairment of intangible assets		2,294,048
Non-cash interest expense	247,943	724,676
Change in fair value of warrant liability	(12,705,598)	(633,631)
Provision for obsolete inventory	770,619	319,736
Expenses allocated to warrant liability		1,302,995
Deferred tax benefit		(920,000)
Changes in operating assets and liabilities
Accounts receivable	1,150	(14,307)
Inventory	(524,245)	(449,384)
Vendor deposit	707,103	(715,603)
Prepaid expenses and other assets	(109,200)	(223,583)
Accounts payable and accrued liabilities	(194,524)	(109,644)
Accrued bonus and severance	198,690	(1,434,297)
Accrued interest	225,870	229,845
Accrued interest - related parties		13,747
Deferred revenue		(200,000)
Other long-term liabilities	(55,897)	201,321
Net cash used in operating activities	(9,499,231)	(13,306,563)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(654,870)	(537,569)
Cash received in business combination		11,776,427
Net cash provided by (used in) in investing activities	(654,870)	11,238,858
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
Proceeds from equity offering, net of allocated issuance costs		16,698,854
Proceeds from issuance of term loan, net of fees		7,145,584
Net cash provided by financing activities		26,412,738
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,154,101)	24,345,033
Cash and cash equivalents, beginning of year	24,404,368	59,335
Cash and cash equivalents, end of year	14,250,267	24,404,368
SUPPLEMENTAL INFORMATION
Income taxes
Interest	671,146	195,938
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Property and equipment included in accounts payable		89,558
Deferred financing costs	174,976
Value of common shares issued to vendor for services	90,000	60,119
Value of common shares issued in business combination		15,048,883
Value of common shares issued upon conversion of debt and accrued interest		(2,495,630)
Equity offering proceeds allocated to warrant liability		15,876,546
Term loan proceeds allocated to warrant		$ 304,201

Note 1 - Background and Organiz

Note 1 - Background and Organization	12 Months Ended
	Dec. 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. 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 December 2018. 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	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 2. The accompanying 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. The Company has not December 31, 2018, February 20, 2019, twelve

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 3. Significant Accounting Policies Basis and Accounting and Principles of Consolidation The Company prepares its consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company operates in one The accompanying consolidated financial statements include the accounts of the Company 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported 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 international 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 an original maturity of three December 31, 2018, $14.3 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 December 31, 2018 2017, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of December 31, 2018 2017 $1,003,000 $320,000 December 30, 2018 2017, Vendor Deposits Periodically the Company makes deposits to vendors to secure a place in the vendor’s schedule for operational requirements. The vendor deposit balance was $8,500 $715,603 December 31, 2018 2017, 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 term loan approximates its face value of $7,500,000 9. 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 fourth 2017 $2.3 5 Goodwill is not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no 5 Revenue Recognition Policy prior 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 Policy after the adoption of new revenue recognition guidelines on January 1, 2018 As described further below in this Note 3, January 1, 2018, 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 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, manufacturing activities, and include fees paid to various entities that perform research related services for the Company. Stock -Based Compensation The Company recognizes expense in the consolidated statements of operations for the fair value of all stock-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. As described further below in this Note 3, 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 currently has tax returns open for examination by the applicable taxing authority for all years since 201 2 Reverse Stock Split The Company’s Board of Directors approved a 1 8 April 19, 2017. Income ( Loss ) P er S hare 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 December 31, 2018 2017. 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, 3,911,302 3,871,302 December 31, 2018 2017, Recent Accounting Developments Recently Adopted 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, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not 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, 3. may no December 31, 2017. Unadopted Guidance In February 2016, July 2018, December 15, 2018 January 1, 2019. In June 2018, December 15, 2018. In August 2018, December 15, 2019. The Company does not not Subsequent Events The Company’s management reviewed all material events through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

Note 4 - Reverse Merger Busines

Note 4 - Reverse Merger Business Combination	12 Months Ended
	Dec. 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. See Note 5 The Company received carryover tax basis in the acquired assets and liabilities and no not not $920,000 Unaudited Pro forma disclosures The following unaudited pro forma financial information summarizes the results of operations for the year ended December 31, 2017 January 1, 2017. not January 1, 2017 may Year Ended Dec ember 31 , 2017 Revenues $ 778,657 Net loss $ (16,776,931 ) Net loss per share $ (2.23 )

Note 5 - Long-lived Assets

Note 5 - Long-lived Assets	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Property, Plant, and Equipment and Intangible Assets [Text Block]	NOTE 5. Property and Equipment Property and equipment at December 31, 2018 2017 Asset Descriptions Useful Lives (years) December 31, 201 8 December 31, 201 7 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 8,655 Office equipment, furniture and fixtures 5 106,486 18,302 Leasehold improvements lease term 175,736 10,088 Manufacturing equipment 7 1,345,230 1,042,114 Subtotal 1,686,310 1,120,998 Less: Accumulated depreciation (292,080 ) (91,123 ) Total property and equipment, net $ 1,394,230 $ 1,029,875 Depreciation and amortization expense for the years ended December 31, 2018 2017 $200,957 $29,838, Goodwill and Intangible Assets We established goodwill and other intangible assets in 2017 December 31, 2018 2017 December 31, 201 8 December 31, 201 7 Trademarks (definite-lived) $ - $ 100,000 IPR&D (indefinite-lived) - 2,200,000 Goodwill (indefinite-lived) 2,061,022 2,061,022 2,061,022 4,361,022 Less: Accumulated amortization trademarks - (5,952 ) Less: Impairment – trademarks and IPR&D - (2,294,048 ) Total goodwill and intangible assets, net $ 2,061,022 $ 2,061,022 The Company’s intangible asset for trademarks was related to the Locilex brand acquired from Dipexium. After assessing its resources and corporate strategy in November 2017, no ● submit paperwork to the FDA to put the Pexiganan IND in an inactive status; ● abandon the DPRX domain; ● terminate the facility storage contract with a third ● cease paying patent renewal fees, allowing patents to expire. As a result of the strategic change not October 31, 2017 zero fourth 2017 $2.2 October 31, 2017 zero fourth 2017 $0.1 The Company has not October 31, 2018 2017. not

Note 6 - Debt

Note 6 - Debt	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 6 . DEBT Term Loan Facility On August 9, 2017, $7.5 $7.5 December 31, 2018, first not $20,000,000 81 $7.5 not December 31, 2018. The Term Loan Facility carries interest at a floating rate of 4.0% 9.5% December 31, 2018), first 18 24 February 9, 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 December 31, 2018 2017, $7.5 $215,291 $0, $94,615 $557,849, 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 years ended December 31, 2018 2017 $1,145,761 $1,164,897

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 . STOCKHOLDERS’ EQUITY Preferred Stock On February 19, 2019, 1,000,000 Upon this stockholder approval, the Company filed a Certificate of Designation for its Series A Preferred Stock with the State of Delaware designating 45,000 $0.001 $2.60 8.0% 325 81mg. $1,000 Equity Financing On June 14, 2017, 2,646,091 $6.875 2,646,091 $7.50 $18.2 six one 10 In December 2018, $15.0 February 20, 2019 ( 11 500,000 $3.50 not April 15, 2019; Warrants In connection with the June 2017 2,646,091 $7.50 six one 10 In connection with entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 6 10 S tock Options Following is a summary of option activities for the years ended December 31, 2018 2017: Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2016 691,374 $ 12.44 8.62 $ - Granted 283,372 $ 6.75 Options from Dipexium 191,963 $ 57.94 Cancelled - $ - Outstanding, December 31, 2017 1,166,709 $ 18.54 7.84 $ 90,097 Granted 85,000 $ 3.46 Cancelled (45,000 ) $ 6.55 Outstanding, December 31, 2018 1,206,709 $ 17.93 6.97 $ - Exercisable, December 31, 2018 1,028,209 $ 20.14 6.61 $ - On September 13, 2018, 2018 “2018 2018 may 1,250,000 2018 December 31, 2018, no 2018 Prior to the approval of the 2018 two 2013 2018 no no two April 19, 2017, 191,963 The Company granted 85,000 December 31, 2018 $207,537 1 2.6% 2.8%, 2 6.0 3 76% 82%, 4 zero During the year ended December 31, 2017, 283,372 $6.75 $1.3 1 1.2% 2.1%, 2 4.7 8.0 3 75% 86%, 4 zero As of December 31, 2018, $553,416 1.9 The Company modified certain outstanding awards to a former officer upon his termination of employment, and recognized approximately $150,000 third 2017 $200,000 third 2017 30,000 During the years ended December 31, 2018 2017, $841,421 $1,624,411, December 31, 2018, $827,466 $13,955 December 31, 2017, $1,623,056 $1,355

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 8 . COMMITMENTS AND CONTINGENCIES Lease Agreement The Company presently leases office space under operating lease agreements, expiring on December 31, 2019, July 31, 2021 October 3, 2021, $114,460 $175,552 December 31, 2018 2017, Future minimum obligations and sublease income under non-cancelable operating leases are: Lease Obligation Sublease Income Net 2019 $ 349,804 $ 210,377 $ 139,427 2020 301,993 215,637 86,356 2021 190,874 128,933 61,941 Total $ 842,671 $ 554,947 $ 287,724 The Company ceased using the office space under one fourth 2017 $200,000 fourth 2017 July 31, 2021. 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. The Company recognized total expenses of $85,330 $60,683 December 31, 2018 2017, Development and Commercialization Agreement with Lee’s Pharmaceutical Holdings Limited In March 2012, On June 19, 2015, $200,000 July 2015, fourth 2017 $200,000 fourth 2017. Investor Relations Agreement On March 21, 2017, 15 45 $11,250 March 15, 2017 April 30, 2017 $15,000 May 1, 2017. $15,000 $7,500 $7,500 21,127 9,347 2018 2017,

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 9 . 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: 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 December 31, 2018 2017: Description Balance at December 31, 201 7 Established in 2017 Change in Fair Value Balance at Dec ember 31 , 2017 Warrant liability $ - $ 15,876,546 $ (633,631 ) $ 15,242,915 Description Balance at December 31, 201 7 Established in 201 8 Change in Fair Value Balance at Dec ember 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317 The following table identifies the carrying amounts of such liabilities at December 31, 2018 2017: 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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,537,317 $ 2,537,317 Balance at December 31, 2018 $ - $ - $ 2,537,317 $ 2,537,317 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. The Company recognized total impairment expenses related to its trademarks and IPR&D of $2,294,048 fourth 2017. No 2018. See Note 4

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 10. Income tax (expense) benefit for the years ended December 31, 2018 2017 Year Ended December 31, 2018 Year Ended December 31, 2017 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 1,446,640 12,770,584 State 244,896 - Foreign - - Change in valuation allowance (1,691,536 ) (13,690,584 ) Total Benefit for Income Taxes $ - $ (920,000 ) The income tax benefit of $920,000 December 31, 2017 Significant components of the Company's deferred tax assets and liabilities consisted of the following at December 31, 2018 2017: December 31, 2018 December 31, 2017 Deferred tax assets: Stock-based compensation $ 3,768,282 $ 3,085,484 Tax credit carryforwards 1,790,387 3,616,246 Net operating loss carryforwards 11,745,648 8,715,591 Intangible assets 451,556 372,944 Other 373,314 350,690 Total deferred tax assets 18,129,187 16,140,955 Deferred tax liabilities: Property and equipment 305,619 8,922 Total deferred tax liabilities 305,619 8,922 Net deferred tax assets 17,823,568 16,132,033 Less valuation allowance (17,823,568 ) (16,132,033 ) Total deferred tax assets (liabilities) $ - $ - The following table reconciles the U.S. federal statutory income tax rate in effect for 2018 2017 Year Ended December 31, 2018 Year Ended December 31, 2017 U.S. federal statutory income tax expense (benefit) 21.0 % (34.0 %) State and local income tax, net of benefits 3.6 % - Change in fair value of derivatives (348.0 %) (1.40 %) Release of valuation allowance in connection with merger - 5.99 % Change in tax rates - 37.80 % True-up and other 1 % 0.05 % Change in valuation allowance for deferred income tax assets 188.7 % (2.44 %) Effective income tax rate 0.0 % (6.00 %) The reduction in the federal tax rate to 21% January 1, 2018, $5.9 $54.1 December 31, 2018, may 2035. may not

Note 11 - Subsequent Event

Note 11 - Subsequent Event	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 11. In December 2018, $15.0 February 19, 2019, 1,000,000 20% Upon this stockholder approval, the Company completed the Private Placement on February 20, 2019, $15.0 15,000 $0.001 $1,000 $2.60 8.0% 325 81mg.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis and Accounting and Principles of Consolidation The Company prepares its consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company operates in one The accompanying consolidated financial statements include the accounts of the Company 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.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported 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 international 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 an original maturity of three December 31, 2018, $14.3 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 December 31, 2018 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 December 31, 2018 2017 $1,003,000 $320,000 December 30, 2018 2017,
Vendor Deposits, Policy [Policy Text Block]	Vendor Deposits Periodically the Company makes deposits to vendors to secure a place in the vendor’s schedule for operational requirements. The vendor deposit balance was $8,500 $715,603 December 31, 2018 2017,
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 term loan approximates its face value of $7,500,000 9.
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 fourth 2017 $2.3 5 Goodwill is not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no 5
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Policy prior 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 Policy after the adoption of new revenue recognition guidelines on January 1, 2018 As described further below in this Note 3, January 1, 2018, 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
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, manufacturing activities, 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 the consolidated statements of operations for the fair value of all stock-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. As described further below in this Note 3, 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 currently has tax returns open for examination by the applicable taxing authority for all years since 201 2
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 ( Loss ) P er S hare 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 December 31, 2018 2017. 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, 3,911,302 3,871,302 December 31, 2018 2017,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments Recently Adopted 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, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not 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, 3. may no December 31, 2017. Unadopted Guidance In February 2016, July 2018, December 15, 2018 January 1, 2019. In June 2018, December 15, 2018. In August 2018, December 15, 2019. The Company does not not
Subsequent Events, Policy [Policy Text Block]	Subsequent Events The Company’s management reviewed all material events through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

Note 4 - Reverse Merger Busin_2

Note 4 - Reverse Merger Business Combination (Tables)	12 Months Ended
	Dec. 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]	Year Ended Dec ember 31 , 2017 Revenues $ 778,657 Net loss $ (16,776,931 ) Net loss per share $ (2.23 )

Note 5 - Long-lived Assets (Tab

Note 5 - Long-lived Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	Asset Descriptions Useful Lives (years) December 31, 201 8 December 31, 201 7 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 8,655 Office equipment, furniture and fixtures 5 106,486 18,302 Leasehold improvements lease term 175,736 10,088 Manufacturing equipment 7 1,345,230 1,042,114 Subtotal 1,686,310 1,120,998 Less: Accumulated depreciation (292,080 ) (91,123 ) Total property and equipment, net $ 1,394,230 $ 1,029,875
Schedule of Intangible Assets and Goodwill [Table Text Block]	December 31, 201 8 December 31, 201 7 Trademarks (definite-lived) $ - $ 100,000 IPR&D (indefinite-lived) - 2,200,000 Goodwill (indefinite-lived) 2,061,022 2,061,022 2,061,022 4,361,022 Less: Accumulated amortization trademarks - (5,952 ) Less: Impairment – trademarks and IPR&D - (2,294,048 ) Total goodwill and intangible assets, net $ 2,061,022 $ 2,061,022

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2016 691,374 $ 12.44 8.62 $ - Granted 283,372 $ 6.75 Options from Dipexium 191,963 $ 57.94 Cancelled - $ - Outstanding, December 31, 2017 1,166,709 $ 18.54 7.84 $ 90,097 Granted 85,000 $ 3.46 Cancelled (45,000 ) $ 6.55 Outstanding, December 31, 2018 1,206,709 $ 17.93 6.97 $ - Exercisable, December 31, 2018 1,028,209 $ 20.14 6.61 $ -

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Lease Obligation Sublease Income Net 2019 $ 349,804 $ 210,377 $ 139,427 2020 301,993 215,637 86,356 2021 190,874 128,933 61,941 Total $ 842,671 $ 554,947 $ 287,724

Note 9 - Fair Value Measureme_2

Note 9 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Description Balance at December 31, 201 7 Established in 2017 Change in Fair Value Balance at Dec ember 31 , 2017 Warrant liability $ - $ 15,876,546 $ (633,631 ) $ 15,242,915 Description Balance at December 31, 201 7 Established in 201 8 Change in Fair Value Balance at Dec ember 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,537,317 $ 2,537,317 Balance at December 31, 2018 $ - $ - $ 2,537,317 $ 2,537,317

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31, 2018 Year Ended December 31, 2017 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 1,446,640 12,770,584 State 244,896 - Foreign - - Change in valuation allowance (1,691,536 ) (13,690,584 ) Total Benefit for Income Taxes $ - $ (920,000 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2018 December 31, 2017 Deferred tax assets: Stock-based compensation $ 3,768,282 $ 3,085,484 Tax credit carryforwards 1,790,387 3,616,246 Net operating loss carryforwards 11,745,648 8,715,591 Intangible assets 451,556 372,944 Other 373,314 350,690 Total deferred tax assets 18,129,187 16,140,955 Deferred tax liabilities: Property and equipment 305,619 8,922 Total deferred tax liabilities 305,619 8,922 Net deferred tax assets 17,823,568 16,132,033 Less valuation allowance (17,823,568 ) (16,132,033 ) Total deferred tax assets (liabilities) $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2018 Year Ended December 31, 2017 U.S. federal statutory income tax expense (benefit) 21.0 % (34.0 %) State and local income tax, net of benefits 3.6 % - Change in fair value of derivatives (348.0 %) (1.40 %) Release of valuation allowance in connection with merger - 5.99 % Change in tax rates - 37.80 % True-up and other 1 % 0.05 % Change in valuation allowance for deferred income tax assets 188.7 % (2.44 %) Effective income tax rate 0.0 % (6.00 %)

Note 1 - Background and Organ_2

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 Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual)	Apr. 19, 2017	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Aug. 09, 2017USD ($)
Number of Operating Segments			1
Cash, Uninsured Amount			$ 14,300,000
Allowance for Doubtful Accounts Receivable, Ending Balance		$ 0	0	$ 0
Inventory Valuation Reserves, Ending Balance		320,000	1,003,000	320,000
Deposit Assets, Total		715,603	$ 8,500	$ 715,603
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		2,300,000
Number of Reporting Units			1
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares			0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares			3,911,302	3,871,302
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	$ 7,500,000	$ 7,500,000

Note 4 - Reverse Merger Busin_3

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

Note 4 - Reverse Merger Busin_4

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 Busin_5

Note 4 - Reverse Merger Business Combination - Allocation of Estimated Purchase Consideration (Details) - USD ($)	Apr. 19, 2017	Dec. 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 Busin_6

Note 4 - Reverse Merger Business Combination - Unaudited Pro Forma Results (Details) - Merger [Member]	12 Months Ended
	Dec. 31, 2017USD ($)$ / shares
Revenues	$ 778,657
Net loss	$ (16,776,931)
Net loss per share (in dollars per share) | $ / shares	$ (2.23)

Note 5 - Long-lived Assets (Det

Note 5 - Long-lived Assets (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2017
Depreciation, Total		$ 200,957	$ 29,838
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 2,300,000
Goodwill, Impaired, Accumulated Impairment Loss				$ 0
Trademarks [Member]
Finite-lived Intangible Assets, Fair Value Disclosure				0
Impairment of Intangible Assets, Finite-lived	100,000
In Process Research and Development Related to Locilex [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure				$ 0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 2,200,000

Note 5 - Long-lived Assets - Pr

Note 5 - Long-lived Assets - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total property and equipment, gross	$ 1,686,310	$ 1,120,998
Less: Accumulated depreciation	(292,080)	(91,123)
Total property and equipment, net	$ 1,394,230	1,029,875
Computer Equipment [Member]
Total property and equipment, useful lives (Year)	4 years
Total property and equipment, gross	$ 41,839	41,839
Lab Equipment [Member]
Total property and equipment, useful lives (Year)	5 years
Total property and equipment, gross	$ 17,019	8,655
Office Equipment, Furniture and Fixtures [Member]
Total property and equipment, useful lives (Year)	5 years
Total property and equipment, gross	$ 106,486	18,302
Leasehold Improvements [Member]
Total property and equipment, gross	$ 175,736	10,088
Machinery and Equipment [Member]
Total property and equipment, useful lives (Year)	7 years
Total property and equipment, gross	$ 1,345,230	$ 1,042,114

Note 5 - Long-lived Assets - Go

Note 5 - Long-lived Assets - Goodwill and Intangible Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Trademarks (definite-lived)		$ 100,000
IPR&D (indefinite-lived)		2,200,000
Goodwill	2,061,022	2,061,022
	2,061,022	4,361,022
Less: Accumulated amortization trademarks		(5,952)
Less: Impairment – trademarks and IPR&D		(2,294,048)
Total goodwill and intangible assets, net	$ 2,061,022	$ 2,061,022

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) - USD ($)	Aug. 09, 2017	Jan. 06, 2017	Apr. 18, 2017	Dec. 31, 2018	Dec. 31, 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				1,145,761	1,164,897
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			58,502
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.41			$ 6.41
Class of Warrant or Right, Term	10 years			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	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				9.50%
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, Current				$ 215,291	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent				$ 94,615	$ 557,849
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity (Details Textual) - USD ($)	Feb. 20, 2019	Feb. 19, 2019	Aug. 09, 2017	Jun. 14, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Sep. 13, 2018	Apr. 19, 2017	Dec. 31, 2016
Proceeds from Issuance or Sale of Equity, Total				$ 18,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						85,000	283,372
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance						1,206,709	1,166,709			691,374
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 3.46	$ 6.75
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options						$ 553,416
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						1 year 328 days
Allocated Share-based Compensation Expense, Total						$ 841,421	$ 1,624,411
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense, Total						827,466	1,623,056
Research and Development Expense [Member]
Allocated Share-based Compensation Expense, Total						$ 13,955	$ 1,355
The 2018 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								1,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						0
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						85,000	283,372
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, Options, Granted in Period, Fair Value						$ 207,537	$ 1.30
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price							$ 6.75
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 Term						6 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%	0.00%
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate						2.60%	1.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term							4 years 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						76.00%	75.00%
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate						2.80%	2.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term							8 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						82.00%	86.00%
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Former Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost					$ 150,000
Allocated Share-based Compensation Expense, Total					$ 200,000
Stock Issued During Period, Shares, Share-based Compensation, Gross					30,000
June 2017 Warrants [Member]
Class of Warrant or Right, Term				10 years
Warrants Issued in Connection with Term Loan Facility [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			58,502			58,502
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 6.41			$ 6.41
Class of Warrant or Right, Term			10 years			10 years
Common Stock [Member]
Stock Issued During Period, Shares, New Issues							2,646,091
Stock Issued During Period, Shares, Share-based Compensation, Gross							30,000
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
Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3.50
Proceeds from Issuance of Private Placement	$ 15,000,000
Blank Check Stock [Member] | Subsequent Event [Member]
Preferred Stock, Shares Authorized		1,000,000
Series A Preferred Stock [Member] | Subsequent Event [Member]
Preferred Stock, Shares Issued, Total		45,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Convertible, Conversion Price		$ 2.60
Preferred Stock, Dividend Rate, Percentage	8.00%	8.00%
Preferred Stock, Liquidation Preference, Value		$ 1,000
Stock Issued During Period, Shares, New Issues	15,000
Proceeds from Issuance of Private Placement	$ 15

Note 7 - Stockholders Equity -

Note 7 - Stockholders Equity - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Outstanding, number of units, balance (in shares)	1,166,709	691,374
Outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 18.54	$ 12.44
Outstanding, weighted average remaining contractual term (Year)	6 years 354 days	7 years 306 days	8 years 226 days
Outstanding, aggregate intrinsic value	$ 0	$ 90,097	$ 0
Granted, number of units (in shares)	85,000	283,372
Granted, weighted average exercise price (in dollars per share)	$ 3.46	$ 6.75
Options from Dipexium number of units (in shares)		191,963
Options from Dipexium, weighted average exercise price (in dollars per share)		$ 57.94
Cancelled number of units (in shares)	(45,000)
Cancelled, weighted average exercise price (in dollars per share)	$ 6.55
Outstanding, number of units, balance (in shares)	1,206,709	1,166,709	691,374
Outstanding, weighted average exercise price, balance (in dollars per share)	$ 17.93	$ 18.54	$ 12.44
Exercisable, number of units (in shares)	1,028,209
Exercisable, weighted average exercise price (in dollars per share)	$ 20.14
Exercisable, weighted average remaining contractual term (Year)	6 years 222 days
Exercisable, aggregate intrinsic value	$ 0

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	May 01, 2017	Mar. 21, 2017	Jul. 31, 2015	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Operating Leases, Rent Expense, Net, Total					$ 114,460	$ 175,552
Research and Development Expense, Total					3,922,665	4,157,454
Revenues, Total					753,108	778,657
Lee's Pharmaceutical Holdings Limited [Member]
Proceeds from Royalties Received			$ 200,000
Lee's Pharmaceutical Holdings Limited [Member] | Royalty [Member]
Revenues, Total				$ 200,000
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member]
Research and Development Expense, Total					$ 85,330	$ 60,683
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					21,127	9,347
Assets Leased to Others [Member]
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition				$ (200,000)

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Future Minimum Obligations and Sublease Income (Details)	Dec. 31, 2018USD ($)
2019 Lease Obligation	$ 349,804
2019 Sublease Income	210,377
2019 Net	139,427
2020 Lease Obligation	301,993
2020 Sublease Income	215,637
2020 Net	86,356
2021 Lease Obligation	190,874
2021 Sublease Income	128,933
2021 Net	61,941
Lease Obligation	842,671
Sublease Income	554,947
Net	$ 287,724

Note 9 - Fair Value Measureme_3

Note 9 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Asset Impairment Charges, Total	$ 2,294,048	$ 0

Note 9 - Fair Value Measureme_4

Note 9 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Warrant liability, balance	$ 15,242,915
Warrant liability, established during period		15,876,546
Warrant liability, change in fair value	(12,705,598)	(633,631)
Warrant liability, balance	$ 2,537,317	$ 15,242,915

Note 9 - Fair Value Measureme_5

Note 9 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Warrant liability	$ 2,537,317	$ 15,242,915
Balance	2,537,317	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	2,537,317	15,242,915
Balance	$ 2,537,317	$ 15,242,915

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense (Benefit), Total			$ (920,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	34.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (5,900,000)
Operating Loss Carryforwards, Total		$ 54,100,000
Operating Loss Carryforwards, Beginning Expiration Year		2,035

Note 10 - Income Taxes - Income

Note 10 - Income Taxes - Income Tax (Expense) Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal, current
State, current
Foreign, current
Deferred:
Federal, deferred	1,446,640	12,770,584
State, deferred	244,896
Foreign, deferred
Change in valuation allowance	(1,691,536)	(13,690,584)
Total Benefit for Income Taxes		$ (920,000)

Note 10 - Income Taxes - Signif

Note 10 - Income Taxes - Significant Components of the Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Stock-based compensation	$ 3,768,282	$ 3,085,484
Tax credit carryforwards	1,790,387	3,616,246
Net operating loss carryforwards	11,745,648	8,715,591
Intangible assets	451,556	372,944
Other	373,314	350,690
Total deferred tax assets	18,129,187	16,140,955
Deferred tax liabilities:
Property and equipment	305,619	8,922
Total deferred tax liabilities	305,619	8,922
Net deferred tax assets	17,823,568	16,132,033
Less valuation allowance	(17,823,568)	(16,132,033)
Total deferred tax assets (liabilities)

Note 10 - Income Taxes - Inco_2

Note 10 - Income Taxes - Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
U.S. federal statutory income tax expense (benefit)	(21.00%)	(34.00%)
State and local income tax, net of benefits	3.60%
Change in fair value of derivatives	(348.00%)	(1.40%)
Release of valuation allowance in connection with merger		5.99%
Change in tax rates		37.80%
True-up and other	134.70%
Change in valuation allowance for deferred income tax assets	188.70%	(2.44%)
Effective income tax rate	0.00%	(6.00%)

Note 11 - Subsequent Event (Det

Note 11 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($)	Feb. 20, 2019	Feb. 19, 2019
Percentage of Common Stock Authorized to Be Issued in a Transaction		20.00%
Proceeds from Issuance of Private Placement	$ 15,000,000
Blank Check Stock [Member]
Preferred Stock, Shares Authorized		1,000,000
Series A Preferred Stock [Member]
Proceeds from Issuance of Private Placement	$ 15
Stock Issued During Period, Shares, New Issues	15,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Shares Issued, Price Per Share	1,000
Preferred Stock, Redemption Price Per Share	$ 2.60
Preferred Stock, Dividend Rate, Percentage	8.00%	8.00%