Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 10, 2020 | Jun. 28, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,156,260 | ||
Entity Public Float | $ 62.4 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 14,001,304 | $ 14,250,267 |
Accounts receivable | 18,683 | 18,234 |
Prepaid expenses and other current assets | 263,268 | 421,933 |
Deferred financing costs | 174,976 | |
TOTAL CURRENT ASSETS | 14,283,255 | 14,865,410 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 1,466,646 | 1,394,230 |
Right of use assets | 618,158 | |
Goodwill | 2,061,022 | 2,061,022 |
Security deposit | 73,665 | 67,714 |
TOTAL ASSETS | 18,502,746 | 18,388,376 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 928,921 | 687,257 |
Accrued bonuses | 1,166,821 | 1,048,393 |
Accrued interest | 34,964 | 60,366 |
Current portion of term loan, net of discount and fees | 3,658,121 | 2,909,709 |
Other current liabilities | 304,603 | 26,935 |
TOTAL CURRENT LIABILITIES | 6,093,430 | 4,732,660 |
NON-CURRENT LIABILITIES | ||
Accrued interest, net of current portion | 501,826 | 309,440 |
Term loan, net of discount, fees and current portion | 622,265 | 4,280,385 |
Warrant liability | 8,247,679 | 2,537,317 |
Accrued dividends | 1,058,498 | |
Other liabilities | 409,431 | 84,281 |
TOTAL LIABILITIES | 16,933,129 | 11,944,083 |
Commitments and contingencies | ||
Series A convertible preferred stock: $0.001 par value; liquidation value of $15,000,000; 45,000 shares designated, 15,000 and 0 shares issued and outstanding | 13,661,578 | |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock; $0.001 par value; 955,000 shares authorized; none issued and outstanding | ||
Common stock; $0.001 par value; 100,000,000 shares authorized; 9,156,260 and 8,743,950 shares issued and outstanding | 9,156 | 8,744 |
Additional paid-in capital | 74,837,046 | 72,871,317 |
Accumulated deficit | (86,938,163) | (66,435,768) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (12,091,961) | 6,444,293 |
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 18,502,746 | $ 18,388,376 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Series A convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Series A convertible preferred stock, shares authorized (in shares) | 45,000 | 45,000 |
Series A convertible preferred stock, shares issued (in shares) | 15,000 | 0 |
Series A convertible preferred stock, shares outstanding (in shares) | 15,000 | 0 |
Series A convertible preferred stock, liquidation value | $ 15,000,000 | $ 15,000,000 |
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) | 9,156,260 | 8,743,950 |
Common stock, shares outstanding (in shares) | 9,156,260 | 8,743,950 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | ||
Total revenues | $ 565,464 | $ 753,108 |
OPERATING EXPENSES: | ||
Research and development | 4,741,130 | 3,922,665 |
General and administrative | 10,026,627 | 7,791,600 |
TOTAL OPERATING EXPENSES | 14,767,757 | 11,714,265 |
OPERATING LOSS | (14,202,293) | (10,961,157) |
OTHER INCOME (EXPENSE): | ||
Interest income | 405,239 | 297,800 |
Interest and other expense | (994,979) | (1,145,761) |
Change in fair value of warrant liability | (5,710,362) | 12,705,598 |
TOTAL OTHER INCOME (EXPENSE) | (6,300,102) | 11,857,637 |
INCOME (LOSS) BEFORE INCOME TAXES | (20,502,395) | 896,480 |
Income taxes | ||
NET INCOME (LOSS) | (20,502,395) | 896,480 |
Preferred dividends and beneficial conversion feature | (13,750,806) | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (34,253,201) | $ 896,480 |
Net income (loss) per common share - basic (in dollars per share) | $ (3.84) | $ 0.10 |
Net income (loss) per common share - diluted (in dollars per share) | $ (3.84) | $ 0.10 |
Weighted average shares of common shares - basic (in shares) | 8,916,190 | 8,733,220 |
Weighted average shares of common shares - diluted (in shares) | 8,916,190 | 8,733,220 |
Grant [Member] | ||
REVENUES: | ||
Total revenues | $ 565,464 | $ 753,108 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Series A Convertible Preferred Stock and 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 | 841,421 | $ 841,421 | |||
Common shares issued to vendor (in shares) | 21,127 | 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 | ||||
Balance at Dec. 31, 2018 | $ 8,744 | 72,871,317 | (66,435,768) | 6,444,293 | |
Stock-based compensation expense | 875,851 | $ 875,851 | |||
Common shares issued to vendor (in shares) | 13,601 | 13,601 | |||
Common shares issued to vendor | $ 13 | 44,987 | $ 45,000 | ||
Net income (loss) | (20,502,395) | (20,502,395) | |||
Issuance of Series A Preferred Stock, net of issuance costs (in shares) | 15,000 | ||||
Issuance of Series A Preferred Stock, net of issuance costs | $ 13,661,578 | ||||
Series A Preferred - beneficial conversion feature at issuance | 12,692,308 | 12,692,308 | |||
Series A Preferred - conversion feature deemed dividend | (12,692,308) | (12,692,308) | |||
Common shares issued, net of issuance costs (in shares) | 398,709 | ||||
Common shares issued, net of issuance costs | $ 399 | 2,103,389 | 2,103,788 | ||
Series A Preferred - declared dividends | (1,058,498) | (1,058,498) | |||
Balance (in shares) at Dec. 31, 2019 | 15,000 | 9,156,260 | |||
Balance at Dec. 31, 2019 | $ 13,661,578 | $ 9,156 | $ 74,837,046 | $ (86,938,163) | $ (12,091,961) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (20,502,395) | $ 896,480 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 158,253 | 200,957 |
Stock-based compensation | 875,851 | 841,421 |
Amortization of debt discounts and issuance costs | 215,292 | 247,943 |
Change in fair value of warrant liability | 5,710,362 | (12,705,598) |
Provision for obsolete inventory | 770,619 | |
Loss on sale of property and equipment | 12,398 | |
Changes in operating assets and liabilities | ||
Accounts receivable | (449) | 1,150 |
Inventory | (524,245) | |
Prepaid expenses and other current assets | 152,714 | (109,200) |
Vendor deposit | 707,103 | |
Right of use assets | 94,376 | |
Accounts payable and accrued liabilities | 448,867 | (194,524) |
Accrued bonuses | 118,428 | 198,690 |
Accrued interest | 166,984 | 225,870 |
Other current and long-term liabilities | (109,716) | (55,897) |
Net cash used in operating activities | (12,659,035) | (9,499,231) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (241,736) | (654,870) |
Proceeds from sale of property and equipment | 11,442 | |
Net cash used in investing activities | (230,294) | (654,870) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from issuance of Series A convertible preferred stock | 13,661,578 | |
Net proceeds from issuance of common stock | 2,103,788 | |
Repayments of long-term debt | (3,125,000) | |
Net cash provided by financing activities | 12,640,366 | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (248,963) | (10,154,101) |
Cash and cash equivalents, beginning of year | 14,250,267 | 24,404,368 |
Cash and cash equivalents, end of year | 14,001,304 | 14,250,267 |
SUPPLEMENTAL INFORMATION | ||
Income taxes | ||
Interest | 600,303 | 671,146 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Property and equipment included in accounts payable | 12,773 | |
Deferred financing costs included in accounts payable | 174,976 | |
Preferred stock beneficial conversion feature and dividends | 13,750,806 | |
Value of common shares issued to vendor for services | $ 45,000 | $ 90,000 |
Note 1 - Background and Organiz
Note 1 - Background and Organization | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. Business Operations PLx Pharma Inc. (the “Company”, "we," "our" or "us"), 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, December 2013, July 2015, July 27, 2015. In December 2016, April 19, 2017. |
Note 2 - Liquidity and Going Co
Note 2 - Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. The accompanying 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. The Company has not December 31, 2019, $86.9 December 31, 2019, March 2020 twelve |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. 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 subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. Use of Estimates The preparation of our consolidated 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 consolidated 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 subsidiary 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, 2019, $14.0 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, 2019 2018, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of December 31, 2019 2018 $0.5 $1.0 December 31, 2019 2018, zero 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 $4,375,000 8. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not may not Leases As described further below in this Note 3, January 1, 2019. The Company has made certain accounting policy elections whereby the Company (i) does not 12 December 31, 2019, not Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not December 31, 2019 2018. Revenue Recognition As described further below in this Note 3, January 1, 2018, 606, not January 1, 2018. 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 $0.6 $0.8 December 31, 2019 2018, 2020. The Company has not not December 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, 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. The Company accounts for forfeitures as they occur. 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% The Company currently has tax returns open for examination by the applicable taxing authority for all years since 2015. Income (Loss) Per Share In periods of net loss, 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. The Series A convertible preferred stock (the “Series A Preferred Stock”) contains non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Series A Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. In periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Series A Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. None December 31, 2019 2018. The number of anti-dilutive share for the years ended December 31, 2019 2018 10,547,735 3,911,302 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 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 Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. These reclassifications had no 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 - Long-lived Assets
Note 4 - Long-lived Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant, and Equipment and Intangible Assets [Text Block] | NOTE 4. Property and Equipment Property and equipment at December 31, 2019 2018 Asset Descriptions Useful Lives (years) December 31, 2019 December 31, 2018 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 17,019 Office equipment, furniture and fixtures 5 106,486 106,486 Leasehold improvements lease term 184,989 175,736 Manufacturing equipment 7 1,559,195 1,345,230 Subtotal 1,909,528 1,686,310 Less: Accumulated depreciation and amortization (442,882 ) (292,080 ) Total property and equipment, net $ 1,466,646 $ 1,394,230 Depreciation and amortization expense for the years ended December 31, 2019 2018 $158,253 $200,957, December 31, 2019, $11,442 $12,398. Goodwill The Company established goodwill in 2017 December 31, 2019 2018 $2.1 not December 31, 2019 2018. not |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5. Term Loan Facility On August 9, 2017, $7.5 $7.5 December 31, 2018; The Term Loan Facility carries interest at a floating rate of 4.0% 8.8% December 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 At December 31, 2019 2018, $4.4 $7.5 $91,879 $215,291, $2,735 $94,615, Total interest expense recognized for the years ended December 31, 2019 2018 $1.0 $1.1 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6. Common Stock Equity Distribution Agreement In March 2019, may $12.5 one $75 2019, 398,709 $2.3 $2.1 December 31, 2019, $10.2 Convertible Series A Preferred Stock In December 2018, $15.0 $0.001 February 19, 2019. 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. As a result of the excess value of the Company’s common stock on the issuance date over the conversion price of the Series A Preferred Stock, a beneficial conversion feature in the amount of $12.7 December 31, 2019 $12.7 December 31, 2019, $13.7 $1.3 The Company recognized $1.1 $70.57 December 31, 2019. No Warrants In connection with a June 2017 2,646,091 $7.50 six one 10 8 In connection with entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 5 10 Stock Options Following is a summary of option activities for the years ended December 31, 2019 2018: Number of Options Weighted Weighted Aggregate 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 $ - Granted 714,350 $ 5.76 Cancelled (254,262 ) $ 9.78 Outstanding, December 31, 2019 1,666,797 $ 13.96 7.22 $ 91,475 Exercisable, December 31, 2019 928,780 $ 20.59 5.73 $ 30,491 On September 13, 2018, 2018 “2018 2018 may 1,250,000 2018 December 31, 2019, 598,650 2018 Prior to the approval of the 2018 two 2013 2018 no no two The Company granted 714,350 December 31, 2019 $2.9 1 1.9% 2.5%, 2 6.0 3 82%, 4 zero The Company granted 85,000 December 31, 2018 $207,537 1 2.6% 2.8%, 2 6.0 3 76% 82%, 4 zero As of December 31, 2019, $2.2 2.1 During the years ended December 31, 2019 2018, $875,851 $841,421, December 31, 2019, $872,244 $3,607 December 31, 2018, $827,466 $13,955 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7. Lease Agreements The Company presently leases office space under operating lease agreements expiring on July 31, 2021, October 3, 2021, June 30, 2024. $395,190 $114,460 December 31, 2019 2018, 2018 not All the Company’s existing leases as of December 31, 2019 December 31, 2019, five 2019 2024 2.5 none 9.5%. 2021. Lease costs, net of sublease income, for the year ended December 31, 2019 Operating lease cost $ 374,667 Variable lease costs 20,523 Sublease income (234,098 ) Total lease costs $ 161,092 A maturity analysis of the Company’s operating leases follows: Future undiscounted cash flows: 2020 $ 356,196 2021 262,850 2022 60,819 2023 60,264 2024 30,132 Total 770,261 Discount factor (90,435 ) Total lease liability 679,826 Current lease liability (304,603 ) Non-current lease liability $ 375,223 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 $392,840 $85,330 December 31, 2019 2018, Investor Relations Agreement On March 21, 2017, June 2019. $15,000 May 1, 2017. $15,000 $7,500 $7,500 13,601 21,127 December 31, 2019 2018, |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. Fair value is defined as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized all investments recorded at fair value based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: ● Level 1: ● Level 2: 1, ● Level 3: Financial assets and liabilities measured at fair value on a recurring basis The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the hierarchy. The stock purchase warrants issued in June 2017 3 one The following table sets forth a summary of changes in the fair value of Level 3 December 31, 2019 2018: Description Balance at December 31, 2017 Established in 2018 Change in Fair Value Balance at December 31, 2018 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317 Description Balance at December 31, 2018 Established in 2019 Change in Fair Value Balance at December 31, 2019 Warrant liability $ 2,537,317 $ - $ 5,710,362 $ 8,247,679 The following table identifies the carrying amounts of such liabilities at December 31, 2019 2018: 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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 8,247,679 $ 8,247,679 Balance at December 31, 2019 $ - $ - $ 8,247,679 $ 8,247,679 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 goodwill, at fair value on a non-recurring basis when they are deemed to be impaired. No December 31, 2019 2018. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9. Income tax (expense) benefit for the years ended December 31, 2019 2018 Year Ended December 31, 2019 Year Ended December 31, 2018 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 7,432,665 1,446,640 State 1,459,313 244,896 Foreign - - Change in valuation allowance (8,891,978 ) (1,691,536 ) Total Benefit for Income Taxes $ - $ - Significant components of the Company's deferred tax assets and liabilities consisted of the following at December 31, 2019 2018: December 31, 2019 December 31, 2018 Deferred tax assets: Stock-based compensation $ 4,514,806 $ 3,768,282 Tax credit carryforwards 1,966,817 1,790,387 Net operating loss carryforwards 19,381,496 11,745,648 Intangible assets 564,880 451,556 Other 637,687 373,314 Total deferred tax assets 27,065,686 18,129,187 Deferred tax liabilities: Property and equipment 331,231 305,619 Total deferred tax liabilities 331,231 305,619 Net deferred tax assets 26,734,455 17,823,568 Less valuation allowance (26,734,455 ) (17,823,568 ) Total deferred tax assets (liabilities) $ - $ - In connection with the adoption of ASC 842 3 $174,963 $193,872, $18,909. The following table reconciles the U.S. federal statutory income tax rate in effect for 2019 2018 Year Ended December 31, 2019 Year Ended December 31, 2018 U.S. federal statutory income tax expense (benefit) 21.0 % 21.0 % State and local income tax, net of benefits 6.8 % 3.6 % Change in fair value of derivatives (7.8 %) (348.0 %) Release of valuation allowance in connection with merger - - Change in tax rates - - True-up and other 23.3 % 134.7 % Change in valuation allowance for deferred income tax assets (43.3 %) 188.7 % Effective income tax rate 0.0 % 0.0 % The reduction in the federal tax rate to 21% January 1, 2018, $5.9 $84.7 December 31, 2019, may 2035. may not Utilization of NOL and tax credit carryforwards may may three 50 382 December 31, 2017. As of December 31, 2019, 2015 2018 740, not not 382 December 31, 2019, 2018. December 31, 2019, $8.9 As of December 31, 2019, 2018, no No December 31, 2019 2018. not twelve |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10. In March 2020, 8,000 $8.0 second 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 subsidiary, PLx Opco Inc. 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 our consolidated 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 consolidated 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 subsidiary 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, 2019, $14.0 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, 2019 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 December 31, 2019 2018 $0.5 $1.0 December 31, 2019 2018, zero |
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 $4,375,000 8. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not may not |
Lessee, Leases [Policy Text Block] | Leases As described further below in this Note 3, January 1, 2019. The Company has made certain accounting policy elections whereby the Company (i) does not 12 December 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 December 31, 2019 2018. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition As described further below in this Note 3, January 1, 2018, 606, not January 1, 2018. 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 $0.6 $0.8 December 31, 2019 2018, 2020. The Company has not not December 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, manufacturing activities, and include fees paid to various entities that perform research related services for the Company. |
Share-based Payment Arrangement [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. The Company accounts for forfeitures as they occur. |
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% The Company currently has tax returns open for examination by the applicable taxing authority for all years since 2015. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share In periods of net loss, 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. The Series A convertible preferred stock (the “Series A Preferred Stock”) contains non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Series A Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. In periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Series A Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. None December 31, 2019 2018. The number of anti-dilutive share for the years ended December 31, 2019 2018 10,547,735 3,911,302 |
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 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 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. These reclassifications had no |
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 - Long-lived Assets (Tab
Note 4 - Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Descriptions Useful Lives (years) December 31, 2019 December 31, 2018 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 17,019 Office equipment, furniture and fixtures 5 106,486 106,486 Leasehold improvements lease term 184,989 175,736 Manufacturing equipment 7 1,559,195 1,345,230 Subtotal 1,909,528 1,686,310 Less: Accumulated depreciation and amortization (442,882 ) (292,080 ) Total property and equipment, net $ 1,466,646 $ 1,394,230 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Weighted Aggregate 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 $ - Granted 714,350 $ 5.76 Cancelled (254,262 ) $ 9.78 Outstanding, December 31, 2019 1,666,797 $ 13.96 7.22 $ 91,475 Exercisable, December 31, 2019 928,780 $ 20.59 5.73 $ 30,491 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating lease cost $ 374,667 Variable lease costs 20,523 Sublease income (234,098 ) Total lease costs $ 161,092 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 $ 356,196 2021 262,850 2022 60,819 2023 60,264 2024 30,132 Total 770,261 Discount factor (90,435 ) Total lease liability 679,826 Current lease liability (304,603 ) Non-current lease liability $ 375,223 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Description Balance at December 31, 2017 Established in 2018 Change in Fair Value Balance at December 31, 2018 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317 Description Balance at December 31, 2018 Established in 2019 Change in Fair Value Balance at December 31, 2019 Warrant liability $ 2,537,317 $ - $ 5,710,362 $ 8,247,679 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 8,247,679 $ 8,247,679 Balance at December 31, 2019 $ - $ - $ 8,247,679 $ 8,247,679 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2019 Year Ended December 31, 2018 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 7,432,665 1,446,640 State 1,459,313 244,896 Foreign - - Change in valuation allowance (8,891,978 ) (1,691,536 ) Total Benefit for Income Taxes $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 December 31, 2018 Deferred tax assets: Stock-based compensation $ 4,514,806 $ 3,768,282 Tax credit carryforwards 1,966,817 1,790,387 Net operating loss carryforwards 19,381,496 11,745,648 Intangible assets 564,880 451,556 Other 637,687 373,314 Total deferred tax assets 27,065,686 18,129,187 Deferred tax liabilities: Property and equipment 331,231 305,619 Total deferred tax liabilities 331,231 305,619 Net deferred tax assets 26,734,455 17,823,568 Less valuation allowance (26,734,455 ) (17,823,568 ) Total deferred tax assets (liabilities) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 Year Ended December 31, 2018 U.S. federal statutory income tax expense (benefit) 21.0 % 21.0 % State and local income tax, net of benefits 6.8 % 3.6 % Change in fair value of derivatives (7.8 %) (348.0 %) Release of valuation allowance in connection with merger - - Change in tax rates - - True-up and other 23.3 % 134.7 % Change in valuation allowance for deferred income tax assets (43.3 %) 188.7 % Effective income tax rate 0.0 % 0.0 % |
Note 2 - Liquidity and Going _2
Note 2 - Liquidity and Going Concern (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (86,938,163) | $ (66,435,768) |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jan. 01, 2019USD ($) | Aug. 09, 2017USD ($) | |
Number of Operating Segments | 1 | |||
Cash, Uninsured Amount | $ 14,000,000 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | $ 0 | ||
Inventory Valuation Reserves, Ending Balance | 500,000 | 1,000,000 | ||
Inventory, Net, Total | 0 | 0 | ||
Finance Lease, Liability, Total | 0 | |||
Revenue from Contract with Customer, Including Assessed Tax | 565,464 | 753,108 | ||
Contract with Customer, Asset, before Allowance for Credit Loss, Total | $ 0 | $ 0 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares | 0 | 0 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 10,547,735 | 3,911,302 | ||
Operating Lease, Right-of-Use Asset | $ 618,158 | |||
Contract with Customer, Liability, Total | 0 | 0 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 712,534 | |||
Operating Lease, Liability, Total | $ 789,543 | |||
Grant [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 565,464 | 753,108 | ||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | ||||
Debt Instrument, Face Amount | $ 4,375,000 | $ 7,500,000 | $ 7,500,000 |
Note 4 - Long-lived Assets (Det
Note 4 - Long-lived Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 158,253 | $ 200,957 |
Proceeds from Sale of Property, Plant, and Equipment, Total | 11,442 | |
Goodwill, Ending Balance | 2,061,022 | $ 2,061,022 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Equipment [Member] | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | 11,442 | |
Gain (Loss) on Disposition of Assets, Total | $ (12,398) |
Note 4 - Long-lived Assets - Pr
Note 4 - Long-lived Assets - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total property and equipment, gross | $ 1,909,528 | $ 1,686,310 |
Less: Accumulated depreciation and amortization | (442,882) | (292,080) |
Total property and equipment, net | $ 1,466,646 | 1,394,230 |
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 | 17,019 |
Office Equipment, Furniture and Fixtures [Member] | ||
Total property and equipment, useful lives (Year) | 5 years | |
Total property and equipment, gross | $ 106,486 | 106,486 |
Leasehold Improvements [Member] | ||
Total property and equipment, gross | $ 184,989 | 175,736 |
Machinery and Equipment [Member] | ||
Total property and equipment, useful lives (Year) | 7 years | |
Total property and equipment, gross | $ 1,559,195 | $ 1,345,230 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Aug. 09, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
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 | $ 994,979 | $ 1,145,761 | ||
Warrants Issued in Connection with Term Loan Facility [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 58,502 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.41 | |||
Class of Warrant or Right, Term | 10 years | |||
Warrants and Rights Outstanding | $ 304,201 | |||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | ||||
Debt Instrument, Face Amount | 7,500,000 | 4,375,000 | 7,500,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 7,500,000 | |||
Number of Monthly Interest Only Payments Installments | 18 | |||
Number of Monthly Installments | 24 | |||
Debt Instrument, Prepayment Fee, Within One Year, Percentage | 3.00% | |||
Debt Instrument, Prepayment Fee, During Year Two, Percentage | 2.00% | |||
Debt Instrument, Prepayment Fee, After Year Two, Percentage | 1.00% | |||
Debt Instrument, Final Payment Fee, Percentage | 8.00% | |||
Debt Instrument, Default Interest Rate Percent Above Effective Percentage | 5.00% | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Current | 91,879 | 215,291 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent | 2,735 | 94,615 | ||
Interest Expense, Debt, Total | $ 1,000,000 | $ 1,100,000 | ||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||
Debt Instrument, Interest Rate, Effective Percentage | 8.80% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 20, 2019 | Aug. 09, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 13, 2018 | Jun. 30, 2017 |
Proceeds from Issuance of Common Stock, Net Issuance Costs | $ 2,103,788 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
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) | ||||||
Temporary Equity, Par Value | 13,661,578 | ||||||
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 | 714,350 | 85,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,200,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||||||
Share-based Payment Arrangement, Expense | $ 875,851 | $ 841,421 | |||||
General and Administrative Expense [Member] | |||||||
Share-based Payment Arrangement, Expense | 872,244 | 827,466 | |||||
Research and Development Expense [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 3,607 | $ 13,955 | |||||
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, Number of Shares Available for Grant | 598,650 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 714,350 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 2,900,000 | ||||||
The 2018 Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, 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 Volatility Rate | 82.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
The 2018 Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 1.90% | ||||||
The 2018 Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.50% | ||||||
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 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 207,537 | ||||||
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, Expected Term | 6 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.60% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 76.00% | ||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.80% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 82.00% | ||||||
Warrants Issued in Connection with Term Loan Facility [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 58,502 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.41 | ||||||
Class of Warrant or Right, Term | 10 years | ||||||
Series A Preferred Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 15,000 | ||||||
Proceeds from Issuance of Private Placement | $ 15,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
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 | ||||||
Temporary Equity, Par Value | 13,700,000 | ||||||
Payments of Stock Issuance Costs | 1,300,000 | ||||||
Dividends, Preferred Stock, Total | $ 1,100,000 | ||||||
Preferred Stock, Dividends Per Share, Declared | $ 70.57 | ||||||
JMP Securities, Inc [Member] | |||||||
Distribution Agreement, Aggregate Sales Price | $ 12,500,000 | ||||||
Public Offering Price Allowed under Shelf Registration, Total | $ 75,000,000 | ||||||
Stock Issued During Period, Shares, New Issues | 398,709 | ||||||
Proceeds from Issuance of Common Stock | $ 2,300,000 | ||||||
Proceeds from Issuance of Common Stock, Net Issuance Costs | 2,100,000 | ||||||
Distribution Agreement, Amount Available for Sale | $ 10,200,000 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, number of units, balance (in shares) | 1,206,709 | 1,166,709 | |
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 13.96 | $ 17.93 | $ 18.54 |
Outstanding, weighted average remaining contractual term (Year) | 7 years 80 days | 6 years 354 days | 7 years 306 days |
Outstanding, aggregate intrinsic value | $ 91,475 | $ 90,097 | |
Granted, number of units (in shares) | 714,350 | 85,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.76 | $ 3.46 | |
Cancelled, number of units (in shares) | (254,262) | (45,000) | |
Cancelled, weighted average exercise price (in dollars per share) | $ 9.78 | $ 6.55 | |
Outstanding, number of units, balance (in shares) | 1,666,797 | 1,206,709 | 1,166,709 |
Exercisable, number of units (in shares) | 928,780 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 20.59 | ||
Exercisable, weighted average remaining contractual term (Year) | 5 years 266 days | ||
Exercisable, aggregate intrinsic value | $ 30,491 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) | May 01, 2017USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Operating Leases, Rent Expense, Net, Total | $ 395,190 | $ 114,460 | |
Lessee, Operating Lease, Number of Leases | 5 | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 182 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 9.50% | ||
Research and Development Expense, Total | $ 4,741,130 | $ 3,922,665 | |
Stock Issued During Period, Shares, Issued for Services | shares | 13,601 | 21,127 | |
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member] | |||
Research and Development Expense, Total | $ 392,840 | $ 85,330 | |
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 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Lease Costs (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost | $ 374,667 |
Variable lease costs | 20,523 |
Sublease income | (234,098) |
Total lease costs | $ 161,092 |
Note 7 - Commitments and Cont_5
Note 7 - Commitments and Contingencies - Maturity of Operating Leases (Details) | Dec. 31, 2019USD ($) |
2020 | $ 356,196 |
2021 | 262,850 |
2022 | 60,819 |
2023 | 60,264 |
2024 | 30,132 |
Total | 770,261 |
Discount factor | (90,435) |
Other Liabilities [Member] | |
Total lease liability | 679,826 |
Other Current Liabilities [Member] | |
Current lease liability | (304,603) |
Other Noncurrent Liabilities [Member] | |
Non-current lease liability | $ 375,223 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Impairment Charges, Total | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 2,537,317 | $ 15,242,915 |
Established during period | ||
Change in fair value | 5,710,362 | (12,705,598) |
Balance | $ 8,247,679 | $ 2,537,317 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Balance | $ 8,247,679 | $ 2,537,317 |
Derivative Warrant Liability [Member] | ||
Liability | 8,247,679 | 2,537,317 |
Fair Value, Inputs, Level 1 [Member] | ||
Balance | ||
Fair Value, Inputs, Level 1 [Member] | Derivative Warrant Liability [Member] | ||
Liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Balance | ||
Fair Value, Inputs, Level 2 [Member] | Derivative Warrant Liability [Member] | ||
Liability | ||
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 8,247,679 | 2,537,317 |
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member] | ||
Liability | $ 8,247,679 | $ 2,537,317 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Gross, Total | $ 27,065,686 | $ 18,129,187 | |
Deferred Tax Liabilities, Gross, Total | 331,231 | 305,619 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 8,891,978 | $ 1,691,536 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (5,900,000) | ||
Operating Loss Carryforwards, Total | $ 84,700,000 | ||
Operating Loss Carryforwards, Beginning Expiration Year | 2035 | ||
Accounting Standards Update 2016-02 [Member] | |||
Deferred Tax Assets, Gross, Total | $ 174,963 | ||
Deferred Tax Liabilities, Gross, Total | 193,872 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (18,909) |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax (Expense) Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | ||
Federal, current | ||
State, current | ||
Foreign, current | ||
Deferred: | ||
Federal, deferred | 7,432,665 | 1,446,640 |
State, deferred | 1,459,313 | 244,896 |
Foreign, deferred | ||
Change in valuation allowance | (8,891,978) | (1,691,536) |
Total Benefit for Income Taxes |
Note 9 - Income Taxes - Signifi
Note 9 - Income Taxes - Significant Components of the Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Stock-based compensation | $ 4,514,806 | $ 3,768,282 |
Tax credit carryforwards | 1,966,817 | 1,790,387 |
Net operating loss carryforwards | 19,381,496 | 11,745,648 |
Intangible assets | 564,880 | 451,556 |
Other | 637,687 | 373,314 |
Total deferred tax assets | 27,065,686 | 18,129,187 |
Deferred tax liabilities: | ||
Property and equipment | 331,231 | 305,619 |
Total deferred tax liabilities | 331,231 | 305,619 |
Net deferred tax assets | 26,734,455 | 17,823,568 |
Less valuation allowance | (26,734,455) | (17,823,568) |
Total deferred tax assets (liabilities) |
Note 9 - Income Taxes - Incom_2
Note 9 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal statutory income tax expense (benefit) | 21.00% | 21.00% |
State and local income tax, net of benefits | 6.80% | 3.60% |
Change in fair value of derivatives | (7.80%) | (348.00%) |
Release of valuation allowance in connection with merger | ||
Change in tax rates | ||
True-up and other | 23.30% | 134.70% |
Change in valuation allowance for deferred income tax assets | (43.30%) | 188.70% |
Effective income tax rate | 0.00% | 0.00% |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Forecast [Member] - Series B Preferred Stock [Member] - Series B Private Placement [member] - Certain Investors, Including Affiliates of Park West Asset Management Llc and Msd Capital [member] $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($)shares | |
Stock Issued During Period, Shares, New Issues | shares | 8,000 |
Proceeds from Issuance of Private Placement | $ | $ 8 |