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 |