PLx Pharma Winddown (PLXPQ) 10-K 12 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 09, 2021	Jun. 28, 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 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)		21,786,633
Entity Public Float			$ 29.7
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 22,448,651	$ 14,001,304
Accounts receivable		18,683
Inventory, net	143,380
Prepaid expenses and other current assets	393,470	263,268
TOTAL CURRENT ASSETS	22,985,501	14,283,255
NON-CURRENT ASSETS
Property and equipment, net	1,225,879	1,466,646
Right of use assets	327,161	618,158
Goodwill	2,061,022	2,061,022
Security deposit	17,036	73,665
TOTAL ASSETS	26,616,599	18,502,746
CURRENT LIABILITIES
Accounts payable and accrued liabilities	862,568	928,921
Accrued bonuses	1,184,823	1,166,821
Accrued interest	597,411	34,964
Current portion of term loan, net of discount and fees	622,265	3,658,121
Other current liabilities	275,247	304,603
TOTAL CURRENT LIABILITIES	3,542,314	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	9,691,271	8,247,679
Accrued dividends	2,795,795	1,058,498
Other liabilities	134,184	409,431
TOTAL LIABILITIES	16,163,564	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; 13,911,633 and 9,156,260 shares issued and outstanding	13,912	9,156
Additional paid-in capital	91,203,050	74,837,046
Accumulated deficit	(102,148,817)	(86,938,163)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(10,931,855)	(12,091,961)
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)	26,616,599	18,502,746
Series A Convertible Preferred Stock [Member]
NON-CURRENT LIABILITIES
Preferred stock	13,661,578	13,661,578
Series B Convertible Preferred Stock [Member]
NON-CURRENT LIABILITIES
Preferred stock	$ 7,723,312

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 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)	13,911,633	9,156,260
Common stock, shares outstanding (in shares)	13,911,633	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	$ 17,385,970	$ 17,385,970
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	$ 8,409,825	$ 8,409,825

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Total revenues	$ 30,430	$ 565,464
OPERATING EXPENSES:
Research and development	4,338,974	4,741,130
General and administrative	9,150,568	10,026,627
TOTAL OPERATING EXPENSES	13,489,542	14,767,757
OPERATING LOSS	(13,459,112)	(14,202,293)
Interest and other expense, net	(307,950)	(589,740)
Change in fair value of warrant liability	(1,443,592)	(5,710,362)
TOTAL OTHER EXPENSE	(1,751,542)	(6,300,102)
LOSS BEFORE INCOME TAXES	(15,210,654)	(20,502,395)
Income taxes
NET LOSS	(15,210,654)	(20,502,395)
Deemed dividends		(12,692,308)
Preferred dividends	(1,737,297)	(1,058,498)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (16,947,951)	$ (34,253,201)
Net loss per common share - basic and diluted (in dollars per share)	$ (1.74)	$ (3.84)
Weighted average shares of common shares - basic and diluted (in dollars per share)	$ 9,714,951	$ 8,916,190
Grant [Member]
REVENUES:
Total revenues	$ 30,430	$ 565,464

Consolidated Statements of Chan

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												875,851		875,851
Issuance of Preferred Stock, net of issuance costs (in shares)	15,000
Issuance of Preferred Stock, net of issuance costs	$ 13,661,578
Common shares issued to vendor (in shares)											13,601
Common shares issued to vendor											$ 13	44,987		45,000
Common shares issued (in shares)											398,709
Common shares issued											$ 399	2,103,389		2,103,788
Preferred stock - declared dividends			$ (1,058,498)		$ (1,058,498)
Net income (loss)													(20,502,395)	(20,502,395)
Issuance of Preferred Stock, net of issuance costs	$ 13,661,578
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												1,288,430		1,288,430
Issuance of Preferred Stock, net of issuance costs (in shares)						8,000
Issuance of Preferred Stock, net of issuance costs						$ 7,723,312
Common shares issued (in shares)											4,755,373
Common shares issued											$ 4,756	16,814,871		16,819,627
Preferred stock - declared dividends			$ (1,327,471)		$ (1,327,471)			$ (409,826)		$ (409,826)
Net income (loss)													(15,210,654)	(15,210,654)
Issuance of Preferred Stock, net of issuance costs						$ 7,723,312
Balance (in shares) at Dec. 31, 2020	15,000					8,000					13,911,633
Balance at Dec. 31, 2020	$ 13,661,578					$ 7,723,312					$ 13,912	$ 91,203,050	$ (102,148,817)	$ (10,931,855)

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (15,210,654)	$ (20,502,395)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	124,617	158,253
Stock-based compensation	1,288,430	875,851
Amortization of right of use assets	290,997	94,376
Amortization of debt discounts and issuance costs	91,879	215,292
Change in fair value of warrant liability	1,443,592	5,710,362
Loss on disposal of property and equipment	218,150	12,398
Changes in operating assets and liabilities
Accounts receivable	18,683	(449)
Inventory	(143,380)
Prepaid expenses and other assets	(73,573)	152,714
Accounts payable and accrued liabilities	(66,353)	448,867
Accrued bonuses	18,002	118,428
Accrued interest	60,621	166,984
Other current and long-term liabilities	(304,603)	(109,716)
Net cash used in operating activities	(12,243,592)	(12,659,035)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(102,000)	(241,736)
Proceeds from sale of property and equipment		11,442
Net cash used in investing activities	(102,000)	(230,294)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock	16,819,627	2,103,788
Repayments of long term debt	(3,750,000)	(3,125,000)
Net cash provided by financing activities	20,792,939	12,640,366
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,447,347	(248,963)
Cash and cash equivalents, beginning of year	14,001,304	14,250,267
Cash and cash equivalents, end of year	22,448,651	14,001,304
SUPPLEMENTAL INFORMATION
Income taxes
Interest	212,856	600,303
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Property and equipment included in accounts payable		12,773
Preferred stock beneficial conversion feature and dividends	1,737,297	13,750,806
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	12 Months Ended
	Dec. 31, 2020
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 subsidiary PLx Opco Inc., is a late stage startup specialty pharmaceutical company focusing on commercializing two 325 81 first Impact of COVID- 19 On March 11, 2020, 19 In response to COVID- 19, not 19 may not The Company has not December 31, 2020 19.

Note 2 - Liquidity

Note 2 - Liquidity	12 Months Ended
	Dec. 31, 2020
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, 2020, $102.1 December 31, 2020, $19.4 $22.4 March 2019, $12.5 December 31, 2020, $10.2 March 2, 2021, On March 5, 2021 7,875,000 $8.00 $63 30 1,181,250 December 31, 2020 one

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 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 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 Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three December 31, 2020, $22.4 not Allowance for Uncollectible Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may zero December 31, 2020 2019, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of December 31, 2020 2019 $0 $0.5 December 31, 2020 2019, $0.1 $0, 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 $0.6 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 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 December 31, 2020 2019, not Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not December 31, 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. $0.03 $0.6 December 31, 2020 2019, The Company has not not December 31, 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 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. 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 and Series B convertible preferred stock (the “Series A Preferred Stock” and the “Series B 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 Series B 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 and Series B 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, 2020 2019. The number of anti-dilutive shares for the years ended December 31, 2020 2019 20.3 10.5 3.0 1.7 7.9 2.7 9.4 6.2 Recent Accounting Developments Unadopted Guidance In August 2020, 2020 06 470 20 815 40 December 15, 2023, In November 2019, 2019 12 1 2 3 not 4 1 2 3 not not 4 5 December 15, 2020, not 2019 12 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, 2020
Notes to Financial Statements
Property, Plant, and Equipment and Intangible Assets [Text Block]	NOTE 4. Property and Equipment Property and equipment at December 31, 2020 2019 Asset Descriptions Useful Lives (years) December 31, 2020 December 31, 2019 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 184,989 184,989 Manufacturing equipment 7 1,324,045 1,559,195 Subtotal 1,674,378 1,909,528 Less: Accumulated depreciation and amortization (448,499 ) (442,882 ) Total property and equipment, net $ 1,225,879 $ 1,466,646 Depreciation and amortization expense for the years ended December 31, 2020 2019 $124,617 $158,253, December 31, 2020 $218,150. December 31, 2019, $11,442 $12,398. Goodwill The Company established goodwill in 2017 December 31, 2020 2019 $2.1 not December 31, 2020 2019. not

Note 5 - Debt

Note 5 - Debt	12 Months Ended
	Dec. 31, 2020
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 carried interest at a floating rate of 4.0% 7.25% December 31, 2020), first 18 24 February 9, 2021. may not 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, 2020 2019, $0.6 $4.4 $2,735 $91,879, $0 $2,735, December 31, 2020 2019 $0.4 $1.0

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 6. Common Stock In November 2020, $18.0 $16.8 4,755,373 5,230,910 $3.787. November 18, 2020. $4.31 five Equity Distribution Agreement In March 2019, $12.5 one $75 2019, 398,709 $2.3 $2.1 no 2020 December 31, 2020, $10.2 March 2, 2021, Convertible Preferred Stock 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 $12.7 December 31, 2019 $12.7 December 31, 2020, $13.7 $1.3 The Company recognized $1.3 $0.14 December 31, 2020. $1.1 $0.12 December 31, 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 December 31, 2020, $7.7 $0.3 The Company recognized $0.4 $0.04 December 31, 2020. No Warrants In June 2017, 2,646,091 $7.50 six one 10 8 In connection with the entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 5 10 In November 2020, 5,230,910 $4.31 five Stock Options Following is a summary of option activities for the years ended December 31, 2020 2019: Number of Options Weighted Weighted Aggregate 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 Granted 1,511,000 $ 4.03 Cancelled (198,750 ) $ 7.52 Outstanding, December 31, 2020 2,979,047 $ 9.35 7.84 $ 2,074,150 Exercisable, December 31, 2020 1,131,314 $ 17.34 5.38 $ 15,360 On September 13, 2018, 2018 “2018 2018 may November 10, 2020, 2020 2018 2018 1,750,000 September 23, 2020, 3,000,000 2018 957,650 2018 Prior to the approval of the 2018 two 2013 2018 no no two The Company granted 1,511,000 December 31, 2020 $4.3 1 0.4% 0.7%, 2 6.0 3 81% 84%, 4 zero The Company granted 714,350 December 31, 2019 $2.9 1 1.9% 2.5%, 2 6.0 3 82%, 4 zero As of December 31, 2020, $4.8 2.5 During the years ended December 31, 2020 2019, $1.3 $0.9 December 31, 2020, $1.27 $0.02 December 31, 2019, $0.9 $3,607

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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. $0.4 $0.4 December 31, 2020 2019, All the Company's existing leases as of December 31, 2020 December 31, 2020, four 2019 2024 2.0 none 9.5%. 2021. Lease costs, net of sublease income, for the year ended December 31, 2020 Operating lease cost $ 350,905 Sublease income (243,217 ) Total lease costs $ 107,688 A maturity analysis of the Company's operating leases follows: Future undiscounted cash flows: 2021 $ 262,850 2022 60,819 2023 60,264 2024 30,132 2025 - Total 414,065 Discount factor (38,842 ) Total lease liability 375,223 Current lease liability (241,039 ) Non-current lease liability $ 134,184 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 $0.3 $0.4 December 31, 2020 2019,

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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, 2020 2019: 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 Description Balance at December 31, 2019 Established in 2020 Change in Fair Value Balance at December 31, 2020 Warrant liability $ 8,247,679 $ - $ 1,443,592 $ 9,691,271 The following table identifies the carrying amounts of such liabilities at December 31, 2020 2019: 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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 9,691,271 $ 9,691,271 Balance at December 31, 2020 $ - $ - $ 9,691,271 $ 9,691,271 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, 2020 2019.

Note 9 - Income Taxes

Note 9 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9. Income tax (expense) benefit for the years ended December 31, 2020 2019 Year Ended December 31, 2020 Year Ended December 31, 2019 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 3,210,579 7,432,665 State 1,101,055 1,459,313 Foreign - - Change in valuation allowance (4,311,634 ) (8,891,978 ) Total Benefit for Income Taxes $ - $ - Significant components of the Company's deferred tax assets and liabilities consisted of the following at December 31, 2020 2019: December 31, 2020 December 31, 2019 Deferred tax assets: Stock-based compensation $ 4,898,535 $ 4,514,806 Tax credit carryforwards 2,203,211 1,966,817 Net operating loss carryforwards 23,118,049 19,381,496 Intangible assets 598,762 564,880 Other 442,731 637,687 Total deferred tax assets 31,261,288 27,065,686 Deferred tax liabilities: Property and equipment and right of use assets 215,199 331,231 Total deferred tax liabilities 215,199 331,231 Net deferred tax assets 31,046,039 26,734,455 Less valuation allowance (31,046,039 ) (26,734,455 ) Total deferred tax assets (liabilities) $ - $ - In connection with the adoption of ASC 842 2019 3 $174,963 $193,872, $18,909. The following table reconciles the U.S. federal statutory income tax rate in effect for 2020 2019 Year Ended December 31, 2020 Year Ended December 31, 2019 U.S. federal statutory income tax expense (benefit) 21.0 % 21.0 % State and local income tax, net of benefits 7.2 % 6.8 % Change in fair value of derivatives (2.7 %) (7.8 %) Change in tax rates 1.0 - True-up and other 1.8 % 23.3 % Change in valuation allowance for deferred income tax assets (28.3 %) (43.3 %) Effective income tax rate 0.0 % 0.0 % The Company had net operating loss carry-forwards of $97.7 December 31, 2020, may 2035. may not Utilization of NOL and tax credit carryforwards may may three 50 382 December 31, 2017. As of December 31, 2020, 2015 2019 740, not not 382 December 31, 2020, 2019. December 31, 2020, $4.3 As of December 31, 2020, 2019, no No December 31, 2020 2019. not twelve

Note 10 -Subsequent Event

Note 10 -Subsequent Event	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 10. SVB Term Loan Facility As discussed in Note 5, August 9, 2017, $7.5 February 9, 2021, Equity Distribution Agreement and ATM Offering As discussed in Note 2, March 2, 2021, Public Offering As discussed in Note 2, March 5, 2021, 7,875,000 $8.00 $63 30 1,181,250

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 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 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
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, 2020, $22.4 not
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Uncollectible Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may zero December 31, 2020 2019,
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, 2020 2019 $0 $0.5 December 31, 2020 2019, $0.1 $0,
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 $0.6 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 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 December 31, 2020 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, 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. $0.03 $0.6 December 31, 2020 2019, The Company has not not December 31, 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 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. 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 and Series B convertible preferred stock (the “Series A Preferred Stock” and the “Series B 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 Series B 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 and Series B 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, 2020 2019. The number of anti-dilutive shares for the years ended December 31, 2020 2019 20.3 10.5 3.0 1.7 7.9 2.7 9.4 6.2
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments Unadopted Guidance In August 2020, 2020 06 470 20 815 40 December 15, 2023, In November 2019, 2019 12 1 2 3 not 4 1 2 3 not not 4 5 December 15, 2020, not 2019 12 The Company does not not
Reclassification, Comparability Adjustment [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, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	Asset Descriptions Useful Lives (years) December 31, 2020 December 31, 2019 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 184,989 184,989 Manufacturing equipment 7 1,324,045 1,559,195 Subtotal 1,674,378 1,909,528 Less: Accumulated depreciation and amortization (448,499 ) (442,882 ) Total property and equipment, net $ 1,225,879 $ 1,466,646

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2018 1,206,709 $ 17.93 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 Granted 1,511,000 $ 4.03 Cancelled (198,750 ) $ 7.52 Outstanding, December 31, 2020 2,979,047 $ 9.35 7.84 $ 2,074,150 Exercisable, December 31, 2020 1,131,314 $ 17.34 5.38 $ 15,360

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Operating lease cost $ 350,905 Sublease income (243,217 ) Total lease costs $ 107,688
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2021 $ 262,850 2022 60,819 2023 60,264 2024 30,132 2025 - Total 414,065 Discount factor (38,842 ) Total lease liability 375,223 Current lease liability (241,039 ) Non-current lease liability $ 134,184

Note 8 - Fair Value Measureme_2

Note 8 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	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 Description Balance at December 31, 2019 Established in 2020 Change in Fair Value Balance at December 31, 2020 Warrant liability $ 8,247,679 $ - $ 1,443,592 $ 9,691,271
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	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 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 9,691,271 $ 9,691,271 Balance at December 31, 2020 $ - $ - $ 9,691,271 $ 9,691,271

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31, 2020 Year Ended December 31, 2019 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 3,210,579 7,432,665 State 1,101,055 1,459,313 Foreign - - Change in valuation allowance (4,311,634 ) (8,891,978 ) Total Benefit for Income Taxes $ - $ -
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2020 December 31, 2019 Deferred tax assets: Stock-based compensation $ 4,898,535 $ 4,514,806 Tax credit carryforwards 2,203,211 1,966,817 Net operating loss carryforwards 23,118,049 19,381,496 Intangible assets 598,762 564,880 Other 442,731 637,687 Total deferred tax assets 31,261,288 27,065,686 Deferred tax liabilities: Property and equipment and right of use assets 215,199 331,231 Total deferred tax liabilities 215,199 331,231 Net deferred tax assets 31,046,039 26,734,455 Less valuation allowance (31,046,039 ) (26,734,455 ) Total deferred tax assets (liabilities) $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2020 Year Ended December 31, 2019 U.S. federal statutory income tax expense (benefit) 21.0 % 21.0 % State and local income tax, net of benefits 7.2 % 6.8 % Change in fair value of derivatives (2.7 %) (7.8 %) Change in tax rates 1.0 - True-up and other 1.8 % 23.3 % Change in valuation allowance for deferred income tax assets (28.3 %) (43.3 %) Effective income tax rate 0.0 % 0.0 %

Note 2 - Liquidity (Details Tex

Note 2 - Liquidity (Details Textual) - USD ($)	Mar. 05, 2021	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Retained Earnings (Accumulated Deficit), Ending Balance				$ (86,938,163)	$ (102,148,817)
Working Capital					19,400,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance					22,400,000
Subsequent Event [Member] | Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)	7,875,000
Shares Issued, Price Per Share (in dollars per share)	$ 8
Proceeds from Issuance of Common Stock	$ 63,000,000
Sale of Stock, Option to Purchase Shares (in shares)	1,181,250
JMP Securities, Inc [Member]
Distribution Agreement, Aggregate Sales Price		$ 12,500,000
Distribution Agreement, Amount Available for Sale					$ 10,200,000
Stock Issued During Period, Shares, New Issues (in shares)			0	398,709
Proceeds from Issuance of Common Stock				$ 2,300,000

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Number of Operating Segments	1
Cash, Uninsured Amount	$ 22,400,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	0	$ 0
Inventory Valuation Reserves, Ending Balance	0	500,000
Inventory, Net, Total	100,000	0
Debt Instrument, Face Amount	600,000
Finance Lease, Liability, Total	$ 0	0
Number of Reporting Units	1
Goodwill, Impairment Loss	$ 0	0
Revenue from Contract with Customer, Including Assessed Tax	30,430	565,464
Contract with Customer, Asset, before Allowance for Credit Loss, Total	$ 0	$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | shares	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	20,300	10,500
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	3,000	1,700
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	7,900	2,700
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	9,400	6,200
Grant [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 30,430	$ 565,464

Note 4 - Long-lived Assets (Det

Note 4 - Long-lived Assets (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Total	$ 124,617	$ 158,253
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	0
Equipment [Member]
Gain (Loss) on Disposition of Assets, Total	$ 218,150	(12,398)
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 11,442

Note 4 - Long-lived Assets - Pr

Note 4 - Long-lived Assets - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total property and equipment, gross	$ 1,674,378	$ 1,909,528
Less: Accumulated depreciation and amortization	(448,499)	(442,882)
Total property and equipment, net	$ 1,225,879	1,466,646
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	184,989
Machinery and Equipment [Member]
Total property and equipment, useful lives (Year)	7 years
Total property and equipment, gross	$ 1,324,045	$ 1,559,195

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($)	Aug. 09, 2017	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2017
Debt Instrument, Face Amount		$ 600,000
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		307,950	$ 589,740
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
Warrants and Rights Outstanding	$ 304,201
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount	7,500,000	600,000	4,400,000
Debt Instrument, Unused Borrowing Capacity, Amount	$ 7,500,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Current		2,735	91,879
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent		0	2,735
Interest Expense, Debt, Total		$ 400,000	$ 1,000,000
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		7.25%

Note 6 - Stockholders' Equity_2

Note 6 - Stockholders' Equity (Details Textual) - USD ($)	Nov. 10, 2020	May 15, 2020	Feb. 20, 2019	Aug. 09, 2017	Nov. 30, 2020	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2020	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
Warrants and Rights Outstanding, Term (Year)										10 years
Proceeds from Issuance of Common Stock, Net Issuance Costs								$ 16,819,627	$ 2,103,788
Preferred Stock, Par or Stated Value Per Share (in dollars per share)								$ 0.001	$ 0.001
Dividends, Common Stock, Total								$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								1,511,000	714,350
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount								$ 4,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)								2 years 182 days
Share-based Payment Arrangement, Expense								$ 1,300,000	$ 900,000
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense								1,270,000	900,000
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense								$ 20,000	$ 3,607,000,000
The 2018 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	1,750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	957,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								1,511,000	714,350
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value								$ 4,300,000	$ 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 (Year)								6 years	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%	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								0.40%	1.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate								81.00%
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								0.70%	2.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate								84.00%
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
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.001
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
Payments of Stock Issuance Costs								1,300,000
Dividends, Preferred Stock, Total								$ 1,300,000	$ 1,100,000
Preferred Stock, Dividends Per Share, Declared (in dollars per share)								$ 0.14	$ 0.12
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
Payments of Stock Issuance Costs								300,000
Dividends, Preferred Stock, Total								$ 0.40
Preferred Stock, Dividends Per Share, Declared (in dollars per share)								$ 0.04
JMP Securities, Inc [Member]
Stock Issued During Period, Shares, New Issues (in shares)							0		398,709
Distribution Agreement, Aggregate Sales Price						$ 12,500,000
Public Offering Price Allowed under Shelf Registration, Total						$ 75,000,000
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
Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)								4,755,373	398,709
Private Placement [Member]
Proceeds from Issuance or Sale of Equity, Total					$ 18,000,000
Proceeds from Issuance or Sale of Equity, Net of Allocated Issuance Costs					$ 16,800,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)					5,230,910
Stock Issued Per Unit Price (in dollars per share)					$ 3.787
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 4.31
Warrants and Rights Outstanding, Term (Year)					5 years
Private Placement [Member] | Series B Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		8,000
Proceeds from Issuance of Private Placement		$ 8,000,000
Private Placement [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)					4,755,373

Note 6 - Stockholders' Equity -

Note 6 - Stockholders' Equity - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Outstanding, number of units, balance (in shares)	1,666,797	1,206,709
Outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 13.96	$ 17.93
Outstanding, weighted average remaining contractual term (Year)	7 years 306 days	7 years 80 days	6 years 354 days
Granted, number of units (in shares)	1,511,000	714,350
Granted, weighted average exercise price (in dollars per share)	$ 4.03	$ 5.76
Cancelled, number of units (in shares)	(198,750)	(254,262)
Cancelled, weighted average exercise price (in dollars per share)	$ 7.52	$ 9.78
Outstanding, aggregate intrinsic value	$ 2,074,150	$ 91,475
Outstanding, number of units, balance (in shares)	2,979,047	1,666,797	1,206,709
Outstanding, weighted average exercise price, balance (in dollars per share)	$ 9.35	$ 13.96	$ 17.93
Exercisable, number of units (in shares)	1,131,314
Exercisable, weighted average exercise price (in dollars per share)	$ 17.34
Exercisable, weighted average remaining contractual term (Year)	5 years 138 days
Exercisable, aggregate intrinsic value	$ 15,360

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Expense	$ 400,000	$ 400,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years
Operating Lease, Weighted Average Discount Rate, Percent	9.50%
Research and Development Expense, Total	$ 4,338,974	4,741,130
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member]
Research and Development Expense, Total	$ 300,000	$ 400,000

Note 7 - Commitments and Cont_4

Note 7 - Commitments and Contingencies - Lease Costs (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Operating lease cost	$ 350,905
Sublease income	(243,217)
Total lease costs	$ 107,688

Note 7 - Commitments and Cont_5

Note 7 - Commitments and Contingencies - Maturity of Operating Leases (Details)	Dec. 31, 2020USD ($)
2021	$ 262,850
2022	60,819
2023	60,264
2024	30,132
2025
Total	414,065
Discount factor	(38,842)
Other Liabilities [Member]
Total lease liability	375,223
Other Current Liabilities [Member]
Current lease liability	(241,039)
Other Noncurrent Liabilities [Member]
Non-current lease liability	$ 134,184

Note 8 - Fair Value Measureme_3

Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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, 2020	Dec. 31, 2019
Balance	$ 8,247,679	$ 2,537,317
Established during period
Change in fair value	1,443,592	5,710,362
Balance	$ 9,691,271	$ 8,247,679

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, 2020	Dec. 31, 2019
Balance	$ 9,691,271	$ 8,247,679
Derivative Warrant Liability [Member]
Liability	9,691,271	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	9,691,271	8,247,679
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member]
Liability	$ 9,691,271	$ 8,247,679

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Gross, Total	$ 31,261,288	$ 27,065,686
Deferred Tax Liabilities, Gross, Total	215,199	331,231
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	4,311,634	$ 8,891,978
Operating Loss Carryforwards, Total	$ 97,700,000
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, 2020	Dec. 31, 2019
Federal, current
State, current
Foreign, current
Federal, deferred	3,210,579	7,432,665
State, deferred	1,101,055	1,459,313
Foreign, deferred
Change in valuation allowance	(4,311,634)	(8,891,978)
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, 2020	Dec. 31, 2019
Stock-based compensation	$ 4,898,535	$ 4,514,806
Tax credit carryforwards	2,203,211	1,966,817
Net operating loss carryforwards	23,118,049	19,381,496
Intangible assets	598,762	564,880
Other	442,731	637,687
Total deferred tax assets	31,261,288	27,065,686
Property and equipment and right of use assets	215,199	331,231
Total deferred tax liabilities	215,199	331,231
Net deferred tax assets	31,046,039	26,734,455
Less valuation allowance	(31,046,039)	(26,734,455)
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, 2020	Dec. 31, 2019
U.S. federal statutory income tax expense (benefit)	21.00%	21.00%
State and local income tax, net of benefits	7.20%	6.80%
Change in fair value of derivatives	(2.70%)	(7.80%)
Change in tax rates	1.00%
True-up and other	1.80%	23.30%
Change in valuation allowance for deferred income tax assets	(28.30%)	(43.30%)
Effective income tax rate	0.00%	0.00%

Note 10 -Subsequent Event (Deta

Note 10 -Subsequent Event (Details Textual) - USD ($)	Mar. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 09, 2017
Debt Instrument, Face Amount		$ 600,000
Subsequent Event [Member] | Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)	7,875,000
Shares Issued, Price Per Share (in dollars per share)	$ 8
Proceeds from Issuance of Common Stock	$ 63,000,000
Sale of Stock, Option to Purchase Shares (in shares)	1,181,250
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member]
Debt Instrument, Face Amount		$ 600,000	$ 4,400,000	$ 7,500,000