PLx Pharma Winddown (PLXPQ) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document Information [Line Items]
Entity Registrant Name	PLx Pharma Inc.
Entity Central Index Key	0001497504
Trading Symbol	plxp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		8,753,567
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 24,318,786	$ 14,250,267
Accounts receivable	15,959	18,234
Prepaid expenses and other current assets	307,800	421,933
Deferred financing costs	130,279	174,976
TOTAL CURRENT ASSETS	24,772,824	14,865,410
NON-CURRENT ASSETS
Property and equipment, net	1,345,552	1,394,230
Leased assets	644,625
Goodwill	2,061,022	2,061,022
Security deposit	67,714	67,714
TOTAL ASSETS	28,891,737	18,388,376
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable and accrued liabilities	702,015	687,257
Accrued bonus and severance	473,797	1,048,393
Accrued interest	58,799	60,366
Current portion of term loan, net of discount and fees	3,563,098	2,909,709
Current lease liability	301,616	26,935
TOTAL CURRENT LIABILITIES	5,099,325	4,732,660
NON-CURRENT LIABILITIES
Accrued interest, net of current portion	365,358	309,440
Term loan, net of discount, fees and current portion	3,377,871	4,280,385
Warrant liability	10,264,252	2,537,317
Accrued dividends	128,218
Other liabilities	449,079	84,281
TOTAL LIABILITIES	19,684,103	11,944,083
Series A convertible preferred stock: $0.001 par value; liquidation value of $15,000,000; 45,000 shares designated, 15,000 and 0 issued and outstanding	13,661,578
Commitments and contingencies
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock; $0.001 par value; 955,000 authorized, none issued and outstanding
Common stock; $0.001 par value; 100,000,000 shares authorized; 8,752,178 and 8,743,950 shares issued and outstanding	8,752	8,744
Additional paid-in capital	72,831,823	72,871,317
Accumulated deficit	(77,294,519)	(66,435,768)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(4,453,944)	6,444,293
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 28,891,737	$ 18,388,376

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Temporary equity, par value (in dollars per share)	$ 0.001
Temporary equity, liquidation value	$ 15,000,000
Temporary equity, shares designated (in shares)	45,000
Temporary equity, shares issued (in shares)	15,000	0
Temporary equity, shares outstanding (in shares)	15,000	0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	955,000	955,000
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)	8,752,178	8,743,950
Common stock, shares outstanding (in shares)	8,752,178	8,743,950

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Total revenues	$ 317,560	$ 81,457
OPERATING EXPENSES:
Research and development	992,704	1,079,036
General and administrative	2,244,160	2,240,000
TOTAL OPERATING EXPENSES	3,236,864	3,319,036
OPERATING LOSS	(2,919,304)	(3,237,579)
OTHER INCOME (EXPENSE):
Interest income	82,350	66,923
Interest expense	(294,862)	(275,399)
Change in fair value of warrant liability	(7,726,935)	8,424,647
TOTAL OTHER INCOME (EXPENSE)	(7,939,447)	8,216,171
INCOME (LOSS) BEFORE INCOME TAXES	(10,858,751)	4,978,592
Income taxes
NET INCOME (LOSS)	(10,858,751)	4,978,592
Preferred stock beneficial conversion feature and dividends	(12,820,526)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (23,679,277)	$ 4,978,592
Net income (loss) per common share - basic (in dollars per share)	$ (2.71)	$ 0.57
Net income (loss) per common share - diluted (in dollars per share)	$ (2.71)	$ 0.57
Weighted average shares of common shares - basic (in shares)	8,750,543	8,725,038
Weighted average shares of common shares - diluted (in shares)	8,750,543	8,725,038
Grant [Member]
REVENUES:
Total revenues	$ 317,560	$ 81,457

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Series A Convertible Preferred Stock and Changes In Stockholders' Equity (Deficit) - USD ($)	Preferred Stock [Member]Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017		8,722,823
Balance at Dec. 31, 2017		$ 8,723	$ 71,939,917	$ (67,332,248)	$ 4,616,392
Stock-based compensation expense			281,505		281,505
Offering of common stock and warrants
Common shares issued to vendor (in shares)		3,375
Common shares issued to vendor		$ 4	22,496		22,500
Net income (loss)				4,978,592	4,978,592
Balance (in shares) at Mar. 31, 2018		8,726,198
Balance at Mar. 31, 2018		$ 8,727	72,243,918	(62,353,656)	$ 9,898,989
Balance (in shares) at Dec. 31, 2018		8,743,950			8,743,950
Balance at Dec. 31, 2018		$ 8,744	72,871,317	(66,435,768)	$ 6,444,293
Stock-based compensation expense			66,232		66,232
Offering of common stock and warrants	$ 13,661,578
Common shares issued to vendor (in shares)		8,228
Common shares issued to vendor		$ 8	22,492		22,500
Net income (loss)				(10,858,751)	(10,858,751)
Issuance of Series A Preferred Stock, net of issuance costs (in shares)	15,000
Series A Preferred - beneficial conversion feature at issuance			12,692,308		12,692,308
Series A Preferred - beneficial conversion feature deemed dividend			(12,692,308)		(12,692,308)
Series A Preferred - declared dividends			(128,218)		$ (128,218)
Balance (in shares) at Mar. 31, 2019	15,000	8,752,178			8,752,178
Balance at Mar. 31, 2019	$ 13,661,578	$ 8,752	$ 72,831,823	$ (77,294,519)	$ (4,453,944)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flow - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (10,858,751)	$ 4,978,592
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	55,569	34,068
Share-based compensation	66,232	281,505
Non-cash interest expense	63,375	61,113
Change in fair value of warrant liability	7,726,935	(8,424,647)
Provision for obsolete inventory		463,625
Changes in operating assets and liabilities
Accounts receivable	2,275	(56,643)
Inventory		(217,251)
Prepaid expenses and other current assets	114,133	(421,880)
Accounts payable and accrued liabilities	81,955	73,470
Accrued bonus and severance	(574,596)	(542,014)
Accrued interest	54,351	55,543
Other long-term liabilities	(5,146)	(4,371)
Net cash used in operating activities	(3,273,668)	(3,718,890)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(6,891)	(267,323)
Net cash used in investing activities	(6,891)	(267,323)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of convertible Series A preferred stock	13,661,578
Repayments of term loan	(312,500)
Net cash provided by financing activities	13,349,078
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	10,068,519	(3,986,213)
Cash and cash equivalents, beginning of period	14,250,267	24,404,368
Cash and cash equivalents, end of period	24,318,786	20,418,155
SUPPLEMENTAL INFORMATION
Income taxes
Interest	177,136	158,698
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Property and equipment included in accounts payable		8,364
Deferred financing costs included in accounts payable	44,697
Preferred stock beneficial conversion feature and dividends	12,820,526
Value of common shares issued to vendor for services	$ 22,500	$ 22,500

Note 1 - Background and Organiz

Note 1 - Background and Organization	3 Months Ended
	Mar. 31, 2019
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 325 81 325 first PLx Chile SpA was formed on September 12, 2011 December 2018.

Note 2 - Liquidity and Going Co

Note 2 - Liquidity and Going Concern	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 2. The accompanying unaudited consolidated financial statements have been prepared assuming that the Company 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 its obligations as they become due. Based on the Company’s expected operating cash requirements and capital expenditures, the Company believes its cash on hand at March 31, 2019 twelve

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 3. 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, 2018 not 10 December 31, 2018. March 31, 2019 three March 31, 2019 2018. 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. 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 the Company’s 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 an original maturity of three March 31, 2019, $24.3 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 March 31, 2019 December 31, 2018, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of March 31, 2019 December 31, 2018 $1.0 March 31, 2019 December 31, 2018. Fair Value of Financial Instruments Certain financial instruments (cash and cash equivalents, receivables, accounts payable and accrued liabilities) 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 $7,187,500 7. 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 Leases At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections whereby the Company (i) does not 12 March 31, 2019, not Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three March 31, 2019 2018. Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenues upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company’s current sole revenue arrangement is a cost-reimbursable federal grant with the National Institutes of Health. The Company recognizes revenue on this grant as grant-related expenses are incurred by the Company or its subcontractors. The Company recognized $317,560 $81,457 three March 31, 2019 2018, The Company has not not March 31, 2019 December 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 combined with reimbursable costs related to the federal grant with the National Institutes of Health. 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. 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. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% Income (loss) per share Basic income (loss) per share is computed by dividing net income (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, 2019 2018. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) convertible preferred stock, which have been excluded from the computation of diluted loss per share, was 10,365,446 3,878,802 March 31, 2019 2018, Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. Recent Accounting Developments Recently Adopted Guidance In February 2016, December 15, 2018. January 1, 2019 ● the Company did not ● the Company did not Additionally, the Company made ongoing accounting policy elections whereby the Company (i) does not 12 Upon adoption of the new guidance on January 1, 2019, $712,534 $789,543, no In June 2018, December 15, 2018. January 1, 2019 not Unadopted Guidance 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 - Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 . 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% March 31, 2019), 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 March 31, 2019 December 31, 2018, $7.2 $7.5 $186,902 $215,291, $59,629 $94,615, Total interest expense recognized for the three March 31, 2019 2018 $294,862 $275,354,

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 5 . STOCKHOLDERS’ EQUITY Preferred Stock In December 2018, $15.0 $0.001 February 19, 2019, 1,000,000 20% February 20, 2019, $15.0 15,000 $1,000 $2.60 8.0% 325 81mg. $1,000 The Series A Preferred Stock is classified as temporary equity due to the presence of certain contingent cash redemption features. A beneficial conversion feature in the amount of $12.7 three March 31, 2019 $12.7 de miminis March 31, 2019. March 31, 2019, $1.3 The Company recognized $128,218 three March 31, 2019 ( $0.01 No Warrants In connection with the June 2017 2,646,091 $7.50 six one 10 In connection with the entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 4 10 Stock Options Following is a summary of option activities for the three March 31, 2019: Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2018 1,206,709 $ 17.93 7.0 $ - Granted 678,350 $ 5.79 Exercised, cancelled or forfeited (42,750 ) $ 6.75 Outstanding, March 31, 2019 1,842,309 $ 13.72 7.9 $ 159,675 Exercisable, March 31, 2019 1,034,459 $ 20.07 6.4 $ - On September 13, 2018, 2018 “2018 2018 may 1,250,000 2018 The Company granted 678,350 three March 31, 2019 $2.8 1 2.5%, 2 6.0 3 82%, 4 zero As of March 31, 2019, $3.1 2.8 During the three March 31, 2019 2018, $66,232 $281,505,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 6 . COMMITMENTS AND CONTINGENCIES Lease Agreement s The Company presently leases office space under operating lease agreements, expiring on December 31, 2019, July 31, 2021 October 3, 2021. $90,344 $32,769 three March 31, 2019 2018, 2018 not All the Company’s existing leases as of March 31, 2019 March 31, 2019, four 2019 2022 2.3 none 9.5%. 2021. Lease costs, net of sublease income for the three March 31, 2019 Operating lease cost $ 84,175 Variable lease costs 6,168 Sublease income (58,508 ) Total lease costs $ 31,835 A maturity analysis of the Company’s operating leases are as follows: Future undiscounted cash flows: 2019 $ 277,057 2020 320,484 2021 203,141 Total 800,682 Discount factor (84,196 ) Lease liabilty 716,486 Current lease liability (301,616 ) Non-current lease liability $ 414,870 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 $25,000 $46,555 three March 31, 2019 2018, Investor Relations Agreement On March 21, 2017, June 2019. $15,000 May 1, 2017. $15,000 $7,500 $7,500 8,228 3,375 three March 31, 2019 2018,

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 7 . 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 March 31, 2019 1 2.3%, 2 8.2 3 82%, 4 zero The Series A Preferred Stock contains a contingent put option and, accordingly, the Company considered it to be a liability and accounted for it at fair value using Level 3 de minimis March 31, 2019 3 The following table sets forth a summary of changes in the fair value of Level 3 three March 31, 2019: Description Balance at December 31, 201 8 Established in 201 9 Change in Fair Value Balance at March 31, 2019 Warrant liability $ 2,537,317 $ - $ 7,726,935 $ 10,264,252 Put option $ - $ - $ - $ - The following table identifies the carrying amounts of such liabilities at March 31, 2019 December 31, 2018: Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 10,264,252 $ 10,264,252 Put option $ - $ - $ - $ - Balance at March 31, 2019 $ - $ - $ 10,264,252 $ 10,264,252 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 including goodwill, at fair value on a non-recurring basis when they are deemed to be impaired. No three March 31, 2019 2018.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 not 10 December 31, 2018. March 31, 2019 three March 31, 2019 2018. 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. 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 the Company’s 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 an original maturity of three March 31, 2019, $24.3 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 March 31, 2019 December 31, 2018,
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, 2019 December 31, 2018 $1.0 March 31, 2019 December 31, 2018.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments Certain financial instruments (cash and cash equivalents, receivables, accounts payable and accrued liabilities) 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 $7,187,500 7.
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
Lessee, Leases [Policy Text Block]	Leases At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections whereby the Company (i) does not 12 March 31, 2019, not
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three March 31, 2019 2018.
Revenue [Policy Text Block]	Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenues upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company’s current sole revenue arrangement is a cost-reimbursable federal grant with the National Institutes of Health. The Company recognizes revenue on this grant as grant-related expenses are incurred by the Company or its subcontractors. The Company recognized $317,560 $81,457 three March 31, 2019 2018, The Company has not not March 31, 2019 December 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 combined with reimbursable costs related to the federal grant with the National Institutes of Health.
Share-based Payment Arrangement [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.
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. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not 50%
Earnings Per Share, Policy [Policy Text Block]	Income (loss) per share Basic income (loss) per share is computed by dividing net income (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, 2019 2018. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) convertible preferred stock, which have been excluded from the computation of diluted loss per share, was 10,365,446 3,878,802 March 31, 2019 2018,
Reclassification, Policy [Policy Text Block]	Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments Recently Adopted Guidance In February 2016, December 15, 2018. January 1, 2019 ● the Company did not ● the Company did not Additionally, the Company made ongoing accounting policy elections whereby the Company (i) does not 12 Upon adoption of the new guidance on January 1, 2019, $712,534 $789,543, no In June 2018, December 15, 2018. January 1, 2019 not Unadopted Guidance 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 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2018 1,206,709 $ 17.93 7.0 $ - Granted 678,350 $ 5.79 Exercised, cancelled or forfeited (42,750 ) $ 6.75 Outstanding, March 31, 2019 1,842,309 $ 13.72 7.9 $ 159,675 Exercisable, March 31, 2019 1,034,459 $ 20.07 6.4 $ -

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Lease, Cost [Table Text Block]	Operating lease cost $ 84,175 Variable lease costs 6,168 Sublease income (58,508 ) Total lease costs $ 31,835
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Future undiscounted cash flows: 2019 $ 277,057 2020 320,484 2021 203,141 Total 800,682 Discount factor (84,196 ) Lease liabilty 716,486 Current lease liability (301,616 ) Non-current lease liability $ 414,870

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Description Balance at December 31, 201 8 Established in 201 9 Change in Fair Value Balance at March 31, 2019 Warrant liability $ 2,537,317 $ - $ 7,726,935 $ 10,264,252 Put option $ - $ - $ - $ -
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 10,264,252 $ 10,264,252 Put option $ - $ - $ - $ - Balance at March 31, 2019 $ - $ - $ 10,264,252 $ 10,264,252 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 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018	Aug. 09, 2017
Cash, Uninsured Amount	$ 24,300,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	0			$ 0
Inventory Valuation Reserves, Ending Balance	1,000,000			1,000,000
Finance Lease, Liability, Total	0
Revenues, Total	317,560	$ 81,457
Contract with Customer, Liability, Total	0			0
Contract with Customer, Asset, before Allowance for Credit Loss, Total	$ 0			0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,365,446	3,878,802
Operating Lease, Right-of-Use Asset	$ 644,625
Operating Lease, Liability, Total	716,486
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 712,534
Operating Lease, Liability, Total			$ 789,543
Grant [Member]
Revenues, Total	317,560	$ 81,457
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	$ 7,187,500			$ 7,500,000	$ 7,500,000

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)	Aug. 09, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
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
Interest Expense, Debt, Total		$ 294,862	$ 275,399
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
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	7,500,000	$ 7,187,500		$ 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		$ 186,902		215,291
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent		59,629		$ 94,615
Interest Expense, Debt, Total		$ 294,862	$ 275,354
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) - USD ($)	Feb. 20, 2019	Aug. 09, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 13, 2018
Preferred Stock, Par or Stated Value Per Share			$ 0.001		$ 0.001
Preferred Stock, Shares Authorized			955,000		955,000
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature at Issuance			$ 12,692,308
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature, Deemed Dividend			12,692,308
Dividends, Preferred Stock, Total			128,218
Dividends, Common Stock, Total			$ 0
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
Warrants and Rights Outstanding, Term			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			678,350
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 3,100,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 292 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense			$ 66,232	$ 281,505
The 2018 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						1,250,000
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			678,350
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value			$ 2,800,000
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate			2.50%
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			82.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%
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
Series A Preferred Stock [Member]
Proceeds from Issuance of Private Placement	$ 15,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Preferred Stock, Shares Authorized	1,000,000
Stock Issued During Period, Shares, New Issues	15,000
Shares Issued, Price Per Share	$ 1,000
Preferred Stock, Convertible, Conversion Price	$ 2.60
Preferred Stock, Dividend Rate, Percentage	8.00%
Preferred Stock, Liquidation Preference, Value	$ 1,000
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature at Issuance			$ 12,700,000
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature, Deemed Dividend			12,700,000
Payments of Stock Issuance Costs			1,300,000
Dividends, Preferred Stock, Total			$ 128,218
Preferred Stock, Dividends Per Share, Declared			$ 0.01

Note 5 - Stockholders' Equity -

Note 5 - Stockholders' Equity - Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Outstanding, number of units, balance (in shares)	1,206,709
Outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 17.93
Outstanding, weighted average remaining contractual term (Year)	7 years 328 days	7 years
Outstanding, aggregate intrinsic value	$ 159,675	$ 0
Granted, number of units (in shares)	678,350
Granted, weighted average exercise price (in dollars per share)	$ 5.79
Exercised, cancelled or forfeited, number of units (in shares)	(42,750)
Exercised, cancelled or forfeited, weighted average exercise price (in dollars per share)	$ 6.75
Outstanding, number of units, balance (in shares)	1,842,309	1,206,709
Outstanding, weighted average exercise price, balance (in dollars per share)	$ 13.72	$ 17.93
Exercisable, number of units (in shares)	1,034,459
Exercisable, weighted average exercise price (in dollars per share)	$ 20.07
Exercisable, weighted average remaining contractual term (Year)	6 years 146 days
Exercisable, aggregate intrinsic value	$ 0

Note 6 - Commitments and Cont_3

Note 6 - Commitments and Contingencies (Details Textual)	May 01, 2017USD ($)	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)shares
Operating Leases, Rent Expense, Net, Total		$ 90,344	$ 32,769
Lessee, Operating Lease, Number of Leases		4
Operating Lease, Weighted Average Remaining Lease Term		2 years 109 days
Operating Lease, Weighted Average Discount Rate, Percent		9.50%
Research and Development Expense, Total		$ 992,704	1,079,036
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member]
Research and Development Expense, Total		$ 25,000	$ 46,555
Investor Relations Agreement [Member]
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 | shares		8,228	3,375

Note 6 - Commitments and Cont_4

Note 6 - Commitments and Contingencies - Lease Costs (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Operating lease cost	$ 84,175
Variable lease costs	6,168
Sublease income	(58,508)
Total lease costs	$ 31,835

Note 6 - Commitments and Cont_5

Note 6 - Commitments and Contingencies - Maturity of Operating Leases (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
2019	$ 277,057
2020	320,484
2021	203,141
Total	800,682
Discount factor	(84,196)
Lease liabilty	716,486
Current lease liability	(301,616)	$ (26,935)
Non-current lease liability	$ 414,870

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Asset Impairment Charges, Total	$ 0	$ 0
Measurement Input, Discount Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.023
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	8.2
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.82
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0

Note 7 - Fair Value Measureme_4

Note 7 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative Warrant Liability [Member]
Balance	$ 2,537,317
Established during period
Change in fair value	7,726,935
Balance	10,264,252
Put Option [Member]
Balance
Established during period
Change in fair value
Balance

Note 7 - Fair Value Measureme_5

Note 7 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Liability		$ 2,537,317
Balance	$ 10,264,252	2,537,317
Balance	10,264,252	2,537,317
Fair Value, Inputs, Level 1 [Member]
Liability
Balance
Balance
Fair Value, Inputs, Level 2 [Member]
Liability
Balance
Balance
Fair Value, Inputs, Level 3 [Member]
Liability		2,537,317
Balance	10,264,252	2,537,317
Balance	10,264,252	$ 2,537,317
Derivative Warrant Liability [Member]
Liability	10,264,252
Derivative Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Liability
Derivative Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Liability
Derivative Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Liability	10,264,252
Put Option [Member]
Liability
Put Option [Member] | Fair Value, Inputs, Level 1 [Member]
Liability
Put Option [Member] | Fair Value, Inputs, Level 2 [Member]
Liability
Put Option [Member] | Fair Value, Inputs, Level 3 [Member]
Liability