PLx Pharma Winddown (PLXPQ) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 11, 2020
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	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		9,156,260
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.001 par value

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 9,086,525	$ 14,001,304
Accounts receivable		18,683
Inventory, net	143,380
Prepaid expenses and other current assets	387,801	263,268
TOTAL CURRENT ASSETS	9,617,706	14,283,255
NON-CURRENT ASSETS
Property and equipment, net	1,252,434	1,466,646
Right of use assets	402,640	618,158
Goodwill	2,061,022	2,061,022
Security deposit	17,035	73,665
TOTAL ASSETS	13,350,837	18,502,746
CURRENT LIABILITIES
Accounts payable and accrued liabilities	612,367	928,921
Accrued bonuses	718,092	1,166,821
Accrued interest	589,840	34,964
Current portion of term loan, net of discount and fees	1,548,865	3,658,121
Other current liabilities	342,175	304,603
TOTAL CURRENT LIABILITIES	3,811,339	6,093,430
NON-CURRENT LIABILITIES
Accrued interest, net of current portion		501,826
Term loan, net of discount, fees and current portion		622,265
Warrant liability	5,442,717	8,247,679
Accrued dividends	2,285,920	1,058,498
Other liabilities	146,424	409,431
TOTAL LIABILITIES	11,686,400	16,933,129
Commitments and contingencies
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock; $0.001 par value; 930,000 shares authorized; none issued and outstanding
Common stock; $0.001 par value; 100,000,000 shares authorized; 9,156,260 shares issued and outstanding	9,156	9,156
Additional paid-in capital	74,437,924	74,837,046
Accumulated deficit	(94,167,533)	(86,938,163)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(19,720,453)	(12,091,961)
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)	13,350,837	18,502,746
Series A Convertible Preferred Stock [Member]
NON-CURRENT LIABILITIES
Convertible preferred stock	13,661,578	13,661,578
Series B Convertible Preferred Stock [Member]
NON-CURRENT LIABILITIES
Convertible preferred stock	$ 7,723,312

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	930,000	930,000
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	9,156,260
Common stock, shares outstanding (in shares)	9,156,260	9,156,260
Series A Convertible Preferred Stock [Member]
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized (in shares)	45,000	45,000
Convertible preferred stock, shares issued (in shares)	15,000	15,000
Convertible preferred stock, shares outstanding (in shares)	15,000	15,000
Convertible preferred stock, liquidation value	$ 17,042,322	$ 17,042,322
Series B Convertible Preferred Stock [Member]
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized (in shares)	25,000	25,000
Convertible preferred stock, shares issued (in shares)	8,000	0
Convertible preferred stock, shares outstanding (in shares)	8,000	0
Convertible preferred stock, liquidation value	$ 8,243,598	$ 8,243,598

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES:
Total revenues		$ 41,106	$ 30,430	$ 541,571
OPERATING EXPENSES:
Research and development	1,207,302	1,214,029	3,116,097	3,805,617
General and administrative	1,981,037	2,503,314	6,681,452	7,180,674
TOTAL OPERATING EXPENSES	3,188,339	3,717,343	9,797,549	10,986,291
OPERATING LOSS	(3,188,339)	(3,676,237)	(9,767,119)	(10,444,720)
OTHER INCOME (EXPENSE):
Interest and other expense, net	(72,705)	(118,432)	(267,213)	(476,084)
Change in fair value of warrant liability	134,552	5,498,391	2,804,962	(7,581,521)
TOTAL OTHER INCOME (EXPENSE)	61,847	5,379,959	2,537,749	(8,057,605)
(LOSS) INCOME BEFORE INCOME TAXES	(3,126,492)	1,703,722	(7,229,370)	(18,502,325)
Income taxes
NET (LOSS) INCOME	(3,126,492)	1,703,722	(7,229,370)	(18,502,325)
Preferred dividends and beneficial conversion feature	(499,797)	(311,136)	(1,227,422)	(13,433,397)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (3,626,289)	$ 1,392,586	$ (8,456,792)	$ (31,935,722)
Net (loss) income per common share - basic (in dollars per share)	$ (0.40)	$ 0.09	$ (0.92)	$ (3.60)
Net (loss) income per common share - diluted (in dollars per share)	$ (0.40)	$ 0.09	$ (0.92)	$ (3.60)
Weighted average shares of common shares - basic (in shares)	9,156,260	8,921,345	9,156,260	8,860,168
Weighted average shares of common shares - diluted (in shares)	9,156,260	8,936,255	9,156,260	8,860,168
Grant [Member]
REVENUES:
Total revenues	$ 0	$ 41,106	$ 30,430	$ 541,571

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Deficit) - USD ($)	Series A Preferred Stock [Member]Preferred Stock [Member]	Series A Preferred Stock [Member]Common Stock [Member]	Series A Preferred Stock [Member]Additional Paid-in Capital [Member]	Series A Preferred Stock [Member]Retained Earnings [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]Common Stock [Member]	Series B Preferred Stock [Member]Additional Paid-in Capital [Member]	Series B Preferred Stock [Member]Retained Earnings [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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												66,232		66,232
Preferred stock - declared dividends			$ (128,218)		$ (128,218)
Net income (loss)													(10,858,751)	(10,858,751)
Issuance of Preferred Stock, net of issuance costs (in shares)	15,000
Issuance of Preferred Stock, net of issuance costs	$ 13,661,578
Issuance of Preferred Stock, net of issuance costs	13,661,578
Series A Preferred - beneficial conversion feature at issuance					12,700,000							12,692,308		12,692,308
Series A Preferred - conversion feature deemed dividend					12,700,000							(12,692,308)		(12,692,308)
Common shares issued to vendor (in shares)											8,228
Common shares issued to vendor											$ 8	22,492		22,500
Balance (in shares) at Mar. 31, 2019	15,000										8,752,178
Balance at Mar. 31, 2019	$ 13,661,578										$ 8,752	72,831,823	(77,294,519)	(4,453,944)
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
Net income (loss)														(18,502,325)
Balance (in shares) at Sep. 30, 2019	15,000										9,122,990
Balance at Sep. 30, 2019	$ 13,661,578										$ 9,123	74,720,150	(84,938,093)	(10,208,820)
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
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)
Balance (in shares) at Mar. 31, 2019	15,000										8,752,178
Balance at Mar. 31, 2019	$ 13,661,578										$ 8,752	72,831,823	(77,294,519)	(4,453,944)
Stock-based compensation expense												276,505		276,505
Preferred stock - declared dividends												(301,735)		(301,735)
Net income (loss)													(9,347,296)	(9,347,296)
Common shares issued to vendor (in shares)											4,218
Common shares issued to vendor											$ 4	22,496		22,500
Common shares issued for cash (in shares)											114,973
Common shares issued for cash											$ 115	462,787		462,902
Balance (in shares) at Jun. 30, 2019	15,000										8,871,369
Balance at Jun. 30, 2019	$ 13,661,578										$ 8,871	73,291,876	(86,641,815)	(13,341,068)
Stock-based compensation expense												260,577		260,577
Preferred stock - declared dividends												(311,136)		(311,136)
Net income (loss)													1,703,722	1,703,722
Common shares issued to vendor (in shares)											1,155
Common shares issued to vendor											$ 1	(1)
Common shares issued for cash (in shares)											250,466
Common shares issued for cash											$ 251	1,478,834		1,479,085
Balance (in shares) at Sep. 30, 2019	15,000										9,122,990
Balance at Sep. 30, 2019	$ 13,661,578										$ 9,123	74,720,150	(84,938,093)	(10,208,820)
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)
Stock-based compensation expense												272,537		272,537
Preferred stock - declared dividends			(320,290)		(320,290)
Net income (loss)													1,496,086	1,496,086
Balance (in shares) at Mar. 31, 2020	15,000										9,156,260
Balance at Mar. 31, 2020	$ 13,661,578										$ 9,156	74,789,293	(85,442,077)	(10,643,628)
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)
Net income (loss)														(7,229,370)
Balance (in shares) at Sep. 30, 2020	15,000					8,000					9,156,260
Balance at Sep. 30, 2020	$ 13,661,578					$ 7,723,312					$ 9,156	74,437,924	(94,167,533)	(19,720,453)
Balance (in shares) at Mar. 31, 2020	15,000										9,156,260
Balance at Mar. 31, 2020	$ 13,661,578										$ 9,156	74,789,293	(85,442,077)	(10,643,628)
Stock-based compensation expense												269,578		269,578
Preferred stock - declared dividends			(326,678)		(326,678)			$ (80,657)		$ (80,657)
Net income (loss)													(5,598,964)	(5,598,964)
Issuance of Preferred Stock, net of issuance costs (in shares)						8,000
Issuance of Preferred Stock, net of issuance costs						$ 7,731,379
Issuance of Preferred Stock, net of issuance costs						$ 7,731,379
Balance (in shares) at Jun. 30, 2020	15,000					8,000					9,156,260
Balance at Jun. 30, 2020	$ 13,661,578					$ 7,731,379					$ 9,156	74,651,536	(91,041,041)	(16,380,349)
Stock-based compensation expense												286,185		286,185
Preferred stock - declared dividends			$ (336,855)		$ (336,855)							(162,942)		(162,942)
Net income (loss)													(3,126,492)	(3,126,492)
Series B Preferred Stock issuance costs						$ (8,067)
Balance (in shares) at Sep. 30, 2020	15,000					8,000					9,156,260
Balance at Sep. 30, 2020	$ 13,661,578					$ 7,723,312					$ 9,156	$ 74,437,924	$ (94,167,533)	$ (19,720,453)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flow - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (3,126,492)	$ 1,496,086	$ 1,703,722	$ (10,858,751)	$ (7,229,370)	$ (18,502,325)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					98,062	126,692
Stock-based compensation					828,300	603,314
Amortization of right of use assets					215,518	12,538
Amortization of debt discounts and issuance costs					80,979	172,438
Change in fair value of warrant liability	(134,552)		(5,498,391)		(2,804,962)	7,581,521
Loss on disposal of property and equipment					218,150	12,398
Changes in operating assets and liabilities
Accounts receivable					18,683	18,234
Inventory					(143,380)
Prepaid expenses and other assets					(67,903)	165,618
Accounts payable and accrued liabilities					(316,554)	820,711
Accrued bonuses					(448,729)	(141,263)
Accrued interest					53,050	133,410
Other current and long-term liabilities					(225,435)	(25,912)
Net cash used in operating activities					(9,723,591)	(9,022,626)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment					(102,000)	(145,661)
Proceeds from sale of property and equipment						11,442
Net cash used in investing activities					(102,000)	(134,219)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock						1,941,987
Repayments of long-term debt					(2,812,500)	(2,187,500)
Net cash provided by financing activities					4,910,812	13,416,065
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS					(4,914,779)	4,259,220
Cash and cash equivalents, beginning of period		$ 14,001,304		$ 14,250,267	14,001,304	14,250,267	$ 14,250,267
Cash and cash equivalents, end of period	$ 9,086,525		$ 18,509,487		9,086,525	18,509,487	$ 14,001,304
SUPPLEMENTAL INFORMATION
Income taxes
Interest					189,948	486,902
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Property and equipment included in accounts payable						2,847
Preferred stock beneficial conversion feature and dividends					1,227,422	13,433,397
Value of common shares issued to vendor for services						45,000
Series A Convertible Preferred Stock [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of convertible preferred stock						13,661,578
Series B Convertible Preferred Stock [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of convertible preferred stock					$ 7,723,312

Note 1 - Background and Organiz

Note 1 - Background and Organization	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. Business Operations PLx Pharma Inc., together with its subsidiary PLx Opco Inc., is a late-stage specialty pharmaceutical company focusing on commercializing two 325 81 325 first

Note 2 - Liquidity and Going Co

Note 2 - Liquidity and Going Concern	9 Months Ended
	Sep. 30, 2020
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. The Company has not September 30, 2020, $94.2 September 30, 2020, $5.8 $9.1 March 2019, $12.5 September 30, 2020, $10.2 September 30, 2020 twelve

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2019 not 10 December 31, 2019. September 30, 2020 three nine September 30, 2020 2019. 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 dissolved its subsidiary, PLx Chile SpA, in March 2020. 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 Impact of COVID- 19 On March 11, 2020, 19 In response to COVID- 19, not 19 may The Company has not September 30, 2020 19. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three September 30, 2020, $9.1 not Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of September 30, 2020 December 31, 2019 $59,000 $513,000 September 30, 2020 December 31, 2019, $143,400 $0 September 30, 2020 December 31, 2019, 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 (as defined in Note 4 $1.6 7. 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 September 30, 2020, not Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three nine September 30, 2020 2019. 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 sole revenue arrangement is a cost-reimbursable federal grant with the National Institutes of Health. This federal grant was completed in the second 2020. $0 $41,106 three September 30, 2020 2019, $30,430 $541,571 nine September 30, 2020 2019, The Company has not not September 30, 2020 December 31, 2019. 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 combined with reimbursable costs related to the federal grant with the National Institutes of Health. Stock-Based Compensation The Company recognizes expense in its 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% 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 Company's Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain 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 Preferred Stock and excludes the impact of those shares from the denominator. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For 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 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. For the three September 30, 2019, The Company has calculated basic and diluted earnings per share for the three September 30, 2019 Basic earnings Diluted Net income $ 1,703,722 $ 1,703,722 Preferred stock dividends (311,136 ) (311,136 ) Impact of participation rights (555,508 ) (555,508 ) Net income available for common shares $ 837,078 $ 837,078 Weighted average outstanding common shares 8,921,345 8,921,345 Impact of stock options - 14,910 Weighted average outstanding common shares 8,921,345 8,936,255 Earnings per share $ 0.09 $ 0.09 Due to net losses, none nine September 30, 2020 2019 three September 30, 2020. The number of anti-dilutive shares for the three September 30, 2020 2019 13,957,604 10,306,370 The number of anti-dilutive shares for the nine September 30, 2020 2019 13,957,604 10,503,537 Recent Accounting Standards In August 2020, 2020 06 Debt – Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, 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	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4. 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% 7.25% September 30, 2020), February 9, 2021. The Company may 8.0% The Term Loan Facility is collateralized by substantially all of the Company's assets, contains certain restrictive covenants, and contains customary events of default. Upon the occurrence of an event of default, all amounts owed by the Company would begin to bear interest at a rate that is 5.00% may In connection with its entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 10 During the nine September 30, 2020 2019, $2.8 $2.2 September 30, 2020, December 31, 2019, $1.6 $4.4 $13,635 $91,879, $0 $2,735, three September 30, 2020 2019 $73,477 $230,053, nine September 30, 2020 2019 $323,976 $792,750,

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 5. Common Stock Equity Distribution Agreement In March 2019, may $12.5 one $75 2019, 398,709 $2.3 $2.1 no 2020 September 30, 2020, $10.2 Convertible Preferred Stock Series A Preferred Stock In December 2018, $15.0 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 three March 31, 2019 $12.7 September 30, 2020, $13.7 $1.3 The Company recognized $336,855 $0.04 $983,823 $0.11 three nine September 30, 2020, $311,136 $0.03 $741,089 $0.08 three nine September 30, 2019, Series B Preferred Stock In March 2020, $8.0 May 15, 2020. May 15, 2020, $8.0 8,000 $1,000 $3.10 8.0% 325 81mg. $1,000 The Series B Preferred Stock is classified as temporary equity due to the presence of certain contingent cash redemption features. At September 30, 2020, $7.7 $0.3 The Company recognized $162,942 $0.02 $243,599 $0.03 three nine September 30, 2020. Warrants In June 2017, 2,646,091 $7.50 six one 10 7 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 stock option activities for the nine September 30, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, December 31, 2019 1,666,797 $ 13.96 7.22 $ 91,475 Granted 571,000 $ 2.19 Exercised, cancelled, or forfeited (198,750 ) $ 7.52 Outstanding, September 30, 2020 2,039,047 $ 11.29 7.15 $ 528,580 Exercisable, September 30, 2020 1,116,314 $ 17.49 5.6 $ - On September 13, 2018, 2018 “2018 2018 may 1,250,000 2018 147,650 2018 The Company granted 571,000 nine September 30, 2020 $0.9 1 0.66%, 2 6.0 3 82%, 4 zero As of September 30, 2020, $1.9 1.8 During the three September 30, 2020 2019, $286,185 $260,577, nine September 30, 2020 2019, $828,300 $603,314,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 6. Lease Agreements The Company presently leases office space under operating lease agreements, expiring on July 31, 2021, October 3, 2021, June 30, 2024. $87,851 $105,072 three September 30, 2020 2019, $263,054 $289,553 nine September 30, 2020 2019, All of the Company's existing leases as of September 30, 2020 2.0 none 9.5%. 2021. Lease costs, net of sublease income, for the nine months ended September 30, 2020 consisted of the following: Operating lease cost $ 263,054 Sublease income (182,731 ) Total lease costs $ 80,323 A maturity analysis of the Company's operating leases follows: Future undiscounted cash flows: 2020 $ 89,336 2021 262,850 2022 60,819 2023 60,264 2024 30,132 Total 503,401 Discount factor (49,010 ) Lease liability 454,391 Current lease liability (307,967 ) Non-current lease liability $ 146,424 Patent License Agreement with the Board of Regents of the University of Texas 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 $10,660 $10,000 three September 30, 2020 2019, $237,300 $260,000 nine September 30, 2020 2019,

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 7. 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 September 30, 2020 1 $3.23, 2 0.41%, 3 6.7 4 88%. The Series A Preferred Stock and the Series B Preferred Stock both contain a contingent put option and, accordingly, the Company considered them to be liabilities and accounted for them at fair value using Level 3 de minimis September 30, 2020 3 The following table sets forth a summary of changes in the fair value of Level 3 three September 30, 2020: Description Balance at June 3 0 , 2020 Established in 2020 Change in Fair Value Balance at September 30, 2020 Warrant liability $ 5,577,269 $ - $ (134,552 ) $ 5,442,717 The following table sets forth a summary of changes in the fair value of Level 3 nine September 30, 2020: Description Balance at 2019 Established in 2020 Change in Fair Value Balance at September 30, 2020 Warrant liability $ 8,247,679 $ - $ (2,804,962 ) $ 5,442,717 The following table identifies the carrying amounts of such liabilities at September 30, 2020 December 31, 2019: Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 5,442,717 $ 5,442,717 Balance at September 30, 2020 $ - $ - $ 5,442,717 $ 5,442,717 Description 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 three nine September 30, 2020 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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, 2019 not 10 December 31, 2019. September 30, 2020 three nine September 30, 2020 2019. 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 dissolved its subsidiary, PLx Chile SpA, in March 2020. 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
Impact of COVID-19 Policy [Policy Text Block]	Impact of COVID- 19 On March 11, 2020, 19 In response to COVID- 19, not 19 may The Company has not September 30, 2020 19.
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 September 30, 2020, $9.1 not
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 September 30, 2020 December 31, 2019 $59,000 $513,000 September 30, 2020 December 31, 2019, $143,400 $0 September 30, 2020 December 31, 2019,
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 (as defined in Note 4 $1.6 7.
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 September 30, 2020, not
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three nine September 30, 2020 2019.
Revenue from Contract with Customer [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 sole revenue arrangement is a cost-reimbursable federal grant with the National Institutes of Health. This federal grant was completed in the second 2020. $0 $41,106 three September 30, 2020 2019, $30,430 $541,571 nine September 30, 2020 2019, The Company has not not September 30, 2020 December 31, 2019.
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 combined with reimbursable costs related to the federal grant with the National Institutes of Health.
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company recognizes expense in its 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%
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 Company's Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain 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 Preferred Stock and excludes the impact of those shares from the denominator. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For 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 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. For the three September 30, 2019, The Company has calculated basic and diluted earnings per share for the three September 30, 2019 Basic earnings Diluted Net income $ 1,703,722 $ 1,703,722 Preferred stock dividends (311,136 ) (311,136 ) Impact of participation rights (555,508 ) (555,508 ) Net income available for common shares $ 837,078 $ 837,078 Weighted average outstanding common shares 8,921,345 8,921,345 Impact of stock options - 14,910 Weighted average outstanding common shares 8,921,345 8,936,255 Earnings per share $ 0.09 $ 0.09 Due to net losses, none nine September 30, 2020 2019 three September 30, 2020. The number of anti-dilutive shares for the three September 30, 2020 2019 13,957,604 10,306,370 The number of anti-dilutive shares for the nine September 30, 2020 2019 13,957,604 10,503,537
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standards In August 2020, 2020 06 Debt – Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, 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 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic earnings Diluted Net income $ 1,703,722 $ 1,703,722 Preferred stock dividends (311,136 ) (311,136 ) Impact of participation rights (555,508 ) (555,508 ) Net income available for common shares $ 837,078 $ 837,078 Weighted average outstanding common shares 8,921,345 8,921,345 Impact of stock options - 14,910 Weighted average outstanding common shares 8,921,345 8,936,255 Earnings per share $ 0.09 $ 0.09

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, December 31, 2019 1,666,797 $ 13.96 7.22 $ 91,475 Granted 571,000 $ 2.19 Exercised, cancelled, or forfeited (198,750 ) $ 7.52 Outstanding, September 30, 2020 2,039,047 $ 11.29 7.15 $ 528,580 Exercisable, September 30, 2020 1,116,314 $ 17.49 5.6 $ -

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lease, Cost [Table Text Block]	Lease costs, net of sublease income, for the nine months ended September 30, 2020 consisted of the following: Operating lease cost $ 263,054 Sublease income (182,731 ) Total lease costs $ 80,323
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Future undiscounted cash flows: 2020 $ 89,336 2021 262,850 2022 60,819 2023 60,264 2024 30,132 Total 503,401 Discount factor (49,010 ) Lease liability 454,391 Current lease liability (307,967 ) Non-current lease liability $ 146,424

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Description Balance at June 3 0 , 2020 Established in 2020 Change in Fair Value Balance at September 30, 2020 Warrant liability $ 5,577,269 $ - $ (134,552 ) $ 5,442,717 Description Balance at 2019 Established in 2020 Change in Fair Value Balance at September 30, 2020 Warrant liability $ 8,247,679 $ - $ (2,804,962 ) $ 5,442,717
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 5,442,717 $ 5,442,717 Balance at September 30, 2020 $ - $ - $ 5,442,717 $ 5,442,717 Description 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 2 - Liquidity and Going _2

Note 2 - Liquidity and Going Concern (Details Textual) - USD ($)	1 Months Ended
	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Retained Earnings (Accumulated Deficit), Ending Balance		$ (94,167,533)	$ (86,938,163)
Working Capital		5,800,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance		9,100,000
JMP Securities, Inc [Member]
Distribution Agreement, Aggregate Sales Price	$ 12,500,000
Distribution Agreement, Amount Available for Sale		$ 10,200,000

Note 3 - Summary of Significa_3

Note 3 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)shares	Mar. 31, 2020	Sep. 30, 2019USD ($)shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)	Aug. 09, 2017USD ($)
Number of Operating Segments		1
Cash, Uninsured Amount	$ 9,100,000			$ 9,100,000
Inventory Valuation Reserves, Ending Balance	59,000			59,000		$ 513,000
Inventory, Net, Total	143,400			143,400		0
Finance Lease, Liability, Total	0			$ 0
Number of Reporting Units				1
Goodwill, Impairment Loss	0		$ 0	$ 0	$ 0
Revenue from Contract with Customer, Including Assessed Tax			$ 41,106	30,430	$ 541,571
Contract with Customer, Asset, before Allowance for Credit Loss, Total	$ 0			$ 0		0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | shares	0		0	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	13,957,604		10,306,370	13,957,604	10,503,537
Grant [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0		$ 41,106	$ 30,430	$ 541,571
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	$ 1,600,000			$ 1,600,000		$ 4,400,000	$ 7,500,000

Note 3 - Summary of Significa_4

Note 3 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ (3,126,492)	$ (5,598,964)	$ 1,496,086	$ 1,703,722	$ (9,347,296)	$ (10,858,751)	$ (7,229,370)	$ (18,502,325)
Preferred stock dividends				(311,136)
Impact of participation rights				(555,508)
Net income available for common shares				837,078
Net income available for common shares				$ 837,078
Weighted average outstanding common shares (in shares)	9,156,260			8,921,345			9,156,260	8,860,168
Impact of stock options (in shares)				14,910
Weighted average outstanding common shares, basic (in shares)	9,156,260			8,921,345			9,156,260	8,860,168
Weighted average outstanding common shares, diluted (in shares)	9,156,260			8,936,255			9,156,260	8,860,168
Earnings per share, basic (in dollars per share)	$ (0.40)			$ 0.09			$ (0.92)	$ (3.60)
Earnings per share, diluted (in dollars per share)	$ (0.40)			$ 0.09			$ (0.92)	$ (3.60)

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)	Aug. 09, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2017
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)							2,646,091
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)							$ 7.50
Interest Expense, Debt, Total		$ 72,705	$ 118,432	$ 267,213	$ 476,084
Warrants Issued in Connection with Term Loan Facility [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	58,502
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 6.41
Class of Warrant or Right, Term (Year)	10 years
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	$ 7,500,000	1,600,000		1,600,000		$ 4,400,000
Debt Instrument, Unused Borrowing Capacity, Amount	$ 7,500,000
Debt Instrument, Final Payment Fee, Percentage	8.00%
Debt Instrument, Default Interest Rate Percent Above Effective Percentage	5.00%
Repayments of Debt				2,800,000	2,200,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Current		13,635		13,635		91,879
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent		0		0		$ 2,735
Interest Expense, Debt, Total		$ 73,477	$ 230,053	$ 323,976	$ 792,750
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		7.25%		7.25%

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) - USD ($)	May 15, 2020	Feb. 20, 2019	Aug. 09, 2017	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 13, 2018	Jun. 30, 2017
Proceeds from Issuance of Common Stock, Net Issuance Costs									$ 1,941,987
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)
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)												2,646,091
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)												$ 7.50
Warrants and Rights Outstanding, Term (Year)												10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								571,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount					$ 1,900,000			$ 1,900,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)								1 year 292 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense					286,185	$ 260,577		$ 828,300	603,314
The 2018 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)											1,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)											147,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								571,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value								$ 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, Discount Rate								0.66%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)								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 (in shares)			58,502
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 6.41
Class of Warrant or Right, Term (Year)			10 years
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		15,000
Proceeds from Issuance of Private Placement		$ 15,000,000
Shares Issued, Price Per Share (in dollars per share)		$ 1,000
Preferred Stock, Convertible, Conversion Price (in dollars per share)		$ 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			$ 13,700,000
Payments of Stock Issuance Costs								1,300,000
Dividends, Preferred Stock, Total					$ 336,855	$ 311,136		$ 983,823	$ 741,089
Preferred Stock, Dividends Per Share, Declared (in dollars per share)					$ 0.04	$ 0.03		$ 0.11	$ 0.08
Series B Preferred Stock [Member]
Shares Issued, Price Per Share (in dollars per share)	$ 1,000
Preferred Stock, Convertible, Conversion Price (in dollars per share)	$ 3.10
Preferred Stock, Dividend Rate, Percentage	8.00%
Preferred Stock, Liquidation Preference, Value	$ 1,000
Temporary Equity, Par Value					$ 7,700,000			$ 7,700,000
Payments of Stock Issuance Costs								300,000
Dividends, Preferred Stock, Total					$ 162,942			$ 243,599
Preferred Stock, Dividends Per Share, Declared (in dollars per share)					$ 0.02			$ 0.03
Series B Preferred Stock [Member] | Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	8,000
Proceeds from Issuance of Private Placement	$ 8,000,000
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 (in shares)								0		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			$ 10,200,000

Note 5 - Stockholders' Equity -

Note 5 - Stockholders' Equity - Stock Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Outstanding, number of units, balance (in shares)	1,666,797
Outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 13.96
Outstanding, weighted average remaining contractual term (Year)	7 years 54 days	7 years 80 days
Outstanding, aggregate intrinsic value	$ 528,580	$ 91,475
Granted, number of units (in shares)	571,000
Granted, weighted average exercise price (in dollars per share)	$ 2.19
Exercised, cancelled, or forfeited (in shares)	(198,750)
Exercised, cancelled or forfeited, weighted average exercise price (in dollars per share)	$ 7.52
Outstanding, number of units, balance (in shares)	2,039,047	1,666,797
Outstanding, weighted average exercise price, balance (in dollars per share)	$ 11.29	$ 13.96
Exercisable, number of units (in shares)	1,116,314
Exercisable, weighted average exercise price (in dollars per share)	$ 17.49
Exercisable, weighted average remaining contractual term (Year)	5 years 219 days
Exercisable, aggregate intrinsic value

Note 6 - Commitments and Cont_3

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Lease, Expense	$ 87,851	$ 105,072	$ 263,054	$ 289,553
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years		2 years
Operating Lease, Weighted Average Discount Rate, Percent	9.50%		9.50%
Research and Development Expense, Total	$ 1,207,302	1,214,029	$ 3,116,097	3,805,617
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member]
Research and Development Expense, Total	$ 10,660	$ 10,000	$ 237,300	$ 260,000

Note 6 - Commitments and Cont_4

Note 6 - Commitments and Contingencies - Lease Costs (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Operating lease cost	$ 263,054
Sublease income	(182,731)
Total lease costs	$ 80,323

Note 6 - Commitments and Cont_5

Note 6 - Commitments and Contingencies - Maturity of Operating Leases (Details)	Sep. 30, 2020USD ($)
2020	$ 89,336
2021	262,850
2022	60,819
2023	60,264
2024	30,132
Total	503,401
Discount factor	(49,010)
Lease liability	454,391
Other Current Liabilities [Member]
Current lease liability	(307,967)
Other Noncurrent Liabilities [Member]
Non-current lease liability	$ 146,424

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Asset Impairment Charges, Total	$ 0	$ 0	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	3.23		3.23
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.41		0.41
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	6.7		6.7
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	88		88

Note 7 - Fair Value Measureme_4

Note 7 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Balance	$ 5,577,269	$ 8,247,679
Established during period
Change in fair value	(134,552)	(2,804,962)
Balance	$ 5,442,717	$ 5,442,717

Note 7 - Fair Value Measureme_5

Note 7 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Balance	$ 5,442,717	$ 8,247,679
Derivative Warrant Liability [Member]
Liability	5,442,717	8,247,679
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	5,442,717	8,247,679
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member]
Liability	$ 5,442,717	$ 8,247,679