Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Feb. 08, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Citius Pharmaceuticals, Inc. | |
Entity Central Index Key | 1,506,251 | |
Trading Symbol | CTXR | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,019 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 18,520,360 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 7,041,473 | $ 9,184,003 |
Other receivables | 818,343 | |
Prepaid expenses | 46,623 | 57,732 |
Total Current Assets | 7,088,096 | 10,060,078 |
Property and Equipment, Net | 1,248 | 1,483 |
Other Assets: | ||
Deposits | 2,167 | 2,167 |
In-process research and development | 19,400,000 | 19,400,000 |
Goodwill | 1,586,796 | 1,586,796 |
Total Other Assets | 20,988,963 | 20,988,963 |
Total Assets | 28,078,307 | 31,050,524 |
Current Liabilities: | ||
Accounts payable | 2,083,432 | 1,573,444 |
Accrued expenses | 200,430 | 181,657 |
Accrued compensation | 1,381,415 | 1,198,915 |
Accrued interest - related parties | 61,857 | 57,854 |
Notes payable - related parties | 172,970 | 172,970 |
Total Current Liabilities | 3,900,104 | 3,184,840 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock - $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock - $0.001 par value; 200,000,000 shares authorized; 17,798,791 and 16,198,791 shares issued and outstanding at December 31, 2018 and September 30, 2018, respectively | 17,799 | 16,199 |
Additional paid-in capital | 68,292,972 | 68,107,323 |
Accumulated deficit | (44,132,568) | (40,257,838) |
Total Stockholders' Equity | 24,178,203 | 27,865,684 |
Total Liabilities and Stockholders' Equity | $ 28,078,307 | $ 31,050,524 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2018 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 17,798,791 | 16,198,791 |
Common stock, shares outstanding | 17,798,791 | 16,198,791 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expenses | ||
Research and development | 2,113,101 | 606,521 |
General and administrative | 1,588,124 | 2,346,240 |
Stock-based compensation - general and administrative | 171,249 | 290,021 |
Total Operating Expenses | 3,872,474 | 3,242,782 |
Operating Loss | (3,872,474) | (3,242,782) |
Other Income (Expense) | ||
Interest income | 1,747 | |
Interest expense | (4,003) | (3,384) |
Total Other Expense, Net | (2,256) | (3,384) |
Loss before Income Taxes | (3,874,730) | (3,246,166) |
Income tax benefit | ||
Net Loss | $ (3,874,730) | $ (3,246,166) |
Net Loss Per Share - Basic and Diluted | $ (0.22) | $ (0.38) |
Weighted Average Common Shares Outstanding | ||
Basic and diluted | 17,764,008 | 8,605,046 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Dec. 31, 2018 - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Sep. 30, 2018 | $ 16,199 | $ 68,107,323 | $ (40,257,838) | $ 27,865,684 | |
Balance, shares at Sep. 30, 2018 | 16,198,791 | ||||
Issuance of common stock upon exercise of warrants | $ 1,600 | 14,400 | 16,000 | ||
Issuance of common stock upon exercise of warrants, shares | 1,600,000 | ||||
Stock-based compensation expense | 171,249 | 171,249 | |||
Net loss | (3,874,730) | (3,874,730) | |||
Balance at Dec. 31, 2018 | $ 17,799 | $ 68,292,972 | $ (44,132,568) | $ 24,178,203 | |
Balance, shares at Dec. 31, 2018 | 17,798,791 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (3,874,730) | $ (3,246,166) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 171,249 | 290,021 |
Issuance of common stock for release agreement | 257,400 | |
Depreciation | 235 | 642 |
Changes in operating assets and liabilities: | ||
Other receivables | 818,343 | |
Prepaid expenses | 11,109 | 109,429 |
Accounts payable | 509,988 | (41,271) |
Accrued expenses | 18,773 | 55,295 |
Accrued compensation | 182,500 | 140,376 |
Accrued interest - related parties | 4,003 | 3,192 |
Due to related party | (10,000) | |
Net Cash Used In Operating Activities | (2,158,530) | (2,441,082) |
Cash Flows From Financing Activities: | ||
Proceeds from common stock warrant exercises | 16,000 | 1,125,148 |
Net proceeds from registered direct offering | 5,482,523 | |
Net Cash Provided By Financing Activities | 16,000 | 6,607,671 |
Net Change in Cash and Cash Equivalents | (2,142,530) | 4,166,589 |
Cash and Cash Equivalents - Beginning of Period | 9,184,003 | 3,204,108 |
Cash and Cash Equivalents - End of Period | 7,041,473 | 7,370,697 |
Supplemental Disclosures Of Cash Flow Information and Non-cash Transactions: | ||
Interest paid | 192 | |
Par value of common stock issued upon cashless exercise of warrants | $ 17 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Citius Pharmaceuticals, Inc. (“Citius” or the “Company”) is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products targeting unmet needs with a focus on anti-infectives, cancer care and unique prescription products. On March 30, 2016, Citius acquired Leonard-Meron Biosciences, Inc. (“LMB”) as a wholly-owned subsidiary. The Company acquired all of the outstanding stock of LMB by issuing shares of its common stock. The net assets acquired, included identifiable intangible assets of $19,400,000 related to in-process research and development. The Company recorded goodwill of $1,586,796 for the excess of the purchase price over the net assets. In-process research and development represents the value of LMB’s leading drug candidate which is an antibiotic solution used to treat catheter-related bloodstream infections (Mino-Lok®) and is expected to be amortized on a straight-line basis over a period of eight years commencing upon revenue generation. Goodwill represents the value of LMB’s industry relationships and its assembled workforce. Goodwill will not be amortized but will be tested at least annually for impairment. Citius is subject to a number of risks common to companies in the pharmaceutical industry including, but not limited to, risks related to the development by Citius or its competitors of research and development stage product candidates, market acceptance of its product candidates that might be approved, competition from larger companies, dependence on key personnel, dependence on key suppliers and strategic partners, the Company’s ability to obtain additional financing and the Company’s compliance with governmental and other regulations. Basis of Presentation and Summary of Significant Accounting Policies Basis of Preparation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, without being audited, pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary to make the financial statements not misleading have been included. Operating results for the three months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2019. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2018 filed with the Securities and Exchange Commission. There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on the Company’s consolidated financial statements. Use of Estimates Basic and Diluted Net Loss per Common Share Income Taxes We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions when management determines that it is probable that a loss will be incurred related to these matters and the amount of the loss is reasonably determinable. |
Going Concern Uncertainty and M
Going Concern Uncertainty and Management's Plan | 3 Months Ended |
Dec. 31, 2018 | |
Going Concern Uncertainty and Management's Plan [Abstract] | |
GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN | 2. GOING CONCERN UNCERTAINTY AND MANAGEMENT’S PLAN The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company experienced negative cash flows from operations of $2,158,530 for the three months ended December 31, 2018. The Company has generated no operating revenue to date and has principally raised capital through the issuance of debt and equity instruments to finance its operations. At December 31, 2018, the Company had limited capital to fund its operations. This raises substantial doubt about the Company’s ability to continue as a going concern. The Company plans to raise capital through equity financings from outside investors as well as raise additional funds from existing investors and continued borrowings under related party debt agreements. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available in amounts sufficient for and on terms acceptable to the Company. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of the above uncertainty. |
Patent and Technology License A
Patent and Technology License Agreements | 3 Months Ended |
Dec. 31, 2018 | |
Patent and Technology License Agreements [Abstract] | |
PATENT AND TECHNOLOGY LICENSE AGREEMENTS | 3. PATENT AND TECHNOLOGY LICENSE AGREEMENTS LMB has a patent and technology license agreement with Novel Anti-Infective Therapeutics, Inc. (“NAT”) to develop and commercialize Mino-Lok® on an exclusive, worldwide sub licensable basis, as amended. LMB pays an annual maintenance fee in June until commercial sales of a product subject to the license commence.. There was no maintenance fee paid in each of the three month periods ended December 31, 2018 and 2017. LMB will also pay annual royalties on net sales of licensed products, with royalties ranging from the mid-single digits to the low double digits. In limited circumstances in which the licensed product is not subject to a valid patent claim and a competitor is selling a competing product, the royalty rate is in the low single digits. After a commercial sale is obtained, LMB must pay minimum aggregate annual royalties of $100,000 in the first commercial year which is prorated for a less than 12-month period, increasing $25,000 per year to a maximum of $150,000 annually. LMB must also pay NAT up to $1,390,000 upon achieving specified regulatory and sales milestones. Finally, LMB must pay NAT a specified percentage of payments received from any sub licensees. Unless earlier terminated by NAT, based on the failure to achieve certain development and commercial milestones, the license agreement remains in effect until the date that all patents licensed under the agreement have expired and all patent applications within the licensed patent rights have been cancelled, withdrawn or expressly abandoned. See Note 8 for a description of the patent and technology license agreement that we entered into with the Board of Regents of the University of Texas System on behalf of the University of Texas M. D. Anderson Cancer Center on January 2, 2019. |
Notes Payable - Related Parties
Notes Payable - Related Parties | 3 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE - RELATED PARTIES | 4. NOTES PAYABLE – RELATED PARTIES The aggregate principal balance as of December 31, 2018 consists of notes payable held by our Chairman, Leonard Mazur, in the amount of $160,470 and notes payable held by our Chief Executive Officer, Myron Holubiak, in the amount of $12,500. Notes with an aggregate principal balance of $104,000 accrue interest at the prime rate plus 1.0% per annum and notes with an aggregate principal balance of $68,970 accrue interest at 12% per annum. Interest expense on notes payable – related parties was $4,003 and $3,192, respectively, for the three months ended December 31, 2018 and 2017. |
Common Stock, Stock Options and
Common Stock, Stock Options and Warrants | 3 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK, STOCK OPTIONS AND WARRANTS | 5. COMMON STOCK, STOCK OPTIONS AND WARRANTS 2017 Public Offering and Release Agreement On November 7, 2017, the Company entered into a release agreement with the underwriter of the public offering closed in August 2017. The Company had previously granted a right of first refusal to underwrite all equity and debt offerings for a period of twelve months following completion of the August 2017 public offering (“Right of First Refusal”). Under the release, the Company agreed to pay the underwriter $100,000 in cash and issue 60,000 shares of restricted common stock with a fair value of $257,400 in exchange for a full release from all obligations related to the Right of First Refusal. The Company expensed the $357,400 cost of the release agreement in November 2017. Registered Direct/Private Placement Offerings On December 19, 2017, the Company closed a registered direct offering with several institutional and accredited investors for the sale of 1,280,360 shares of common stock at $4.6925 per share for gross proceeds of $6,008,089. Simultaneously, the Company privately sold and issued to the investors 640,180 immediately exercisable five and a half year warrants with an exercise price of $4.63 per share. The Company paid the placement agent for the offering a fee of 7% of the gross proceeds totaling $420,566 and issued the placement agent 89,625 immediately exercisable five-year warrants with an exercise price of $5.8656 per share. The Company also reimbursed the placement agent for $85,000 in expenses and incurred $20,000 in other expenses. Net proceeds from the offering were $5,482,523. The estimated fair value of the 640,180 warrants issued to the investors was $2,407,276 and the estimated fair value of the 89,625 warrants issued to the placement agent was $316,071. On March 29, 2018, the Company closed a registered direct offering with an institutional and an accredited investor for the sale of 669,504 shares of common stock at $2.985 per share for gross proceeds of $1,998,469. Simultaneously, the Company privately sold and issued to investors 669,504 immediately exercisable five and a half year warrants with an exercise price of $2.86 per share. The Company paid the placement agent for the offering a fee of 7% of the gross proceeds totaling $139,893 and issued the placement agent 46,866 immediately exercisable five-year warrants with an exercise price of $3.73125 per share. The Company also reimbursed the placement agent for $85,000 in expenses and incurred $10,000 in other expenses. Net proceeds from the offering were $1,763,576. The estimated fair value of the 669,504 warrants issued to the investors was $1,679,482 and the estimated fair value of the 46,866 warrants issued to the placement agent was $110,511. August 2018 Offering On August 13, 2018, Citius closed an underwritten offering of (i) 5,521,569 units, each unit consisting of one share of common stock and one immediately exercisable five-year warrant to purchase one share with an exercise price of $1.15 per share, and (ii) 2,321,569 pre-funded units, each pre-funded unit consists of one pre-funded warrant to purchase one share and one immediately exercisable five-year warrant to purchase one share with an exercise price of $1.15 per share. The pre-funded warrants included in the pre-funded units are immediately exercisable at a price of $0.01 per share and do not expire. The offering price was $1.275 per unit and $1.265 per pre-funded unit. The net proceeds of the offering were $8,926,786. The Company issued underwriter warrants to purchase up to 549,020 shares with an exercise price of $1.59375 per share with an estimated fair value of $491,737. The underwriter warrants are exercisable following February 8, 2019 and expire on August 8, 2023. The estimated fair value of the 2,321,569 pre-funded warrants was $2,630,072, and the estimated fair value of the 7,843,138 warrants included in the units and the pre-funded units issued to the investors was $7,311,727. Unit Purchase Options On April 7, 2017, the Company issued a three-year Unit Purchase Option Agreement for 38,000 units at a purchase price of $9.00 per unit. Each unit consists of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $9.00 per share which expires on the earlier of three years after exercise of the Unit Purchase Option Agreement or April 7, 2023. On June 29, 2017, the Company issued a three-year Unit Purchase Option Agreement for 62,667 units at a purchase price of $9.00 per unit. Each unit consists of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $9.00 per share which expires on the earlier of three years after exercise of the Unit Purchase Option Agreement or June 29, 2022. The Company estimated the fair value of the unit purchase option agreement at $193,860 and recorded it as a prepaid expense. The Company recorded an expense of $96,930 for this agreement during the year ended September 30, 2017 and expensed the remaining balance of $96,930 during the three months ended December 31, 2017. Common Stock Issued for Services On February 7, 2018, the Company issued 22,200 shares of common stock for services provided by two consultants and expensed the $88,800 fair value of the common stock issued. On April 1, 2018, the Company issued 10,000 shares of common stock for services provided by a consultant and expensed the $31,000 fair value of the common stock issued. Stock Option Plans Pursuant to its 2014 Stock Incentive Plan (the “2014 Plan”) the Company has reserved 866,667 shares of common stock for issuance to employees, directors and consultants. The Board of Directors (or committees and/or executive officers delegated by the Board of Directors) may grant stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash-based awards under the 2014 Plan. As of December 31, 2018, there were options to purchase an aggregate of 856,039 shares of common stock outstanding under the 2014 Plan, options to purchase 4,829 shares were exercised, and 5,799 shares remain available for future grants. On February 7, 2018, our stockholders approved the 2018 Omnibus Stock Incentive Plan (the “2018 Plan”) and the Company reserved 2,000,000 shares of common stock for issuance to employees, directors and consultants. Pursuant to the 2018 Plan, the Board of Directors (or committees and/or executive officers delegated by the Board of Directors) may grant stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash-based awards. As of December 31, 2018, there were options to purchase an aggregate of 745,000 shares of common stock outstanding under the 2018 Plan and 1,255,000 shares available for future grants. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. Due to its limited operating history and limited number of sales of its common stock, the Company estimated its volatility in consideration of a number of factors including the volatility of comparable public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. The expected term of stock options granted, all of which qualify as “plain vanilla,” is based on the average of the contractual term (generally 10 years) and the vesting period. For non-employee options, the expected term is the contractual term. A summary of option activity under the 2014 Plan and 2018 Plan is presented below: Option Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at October 1, 2018 1,601,039 $ 4.35 8.56 years $ 173,291 Granted — — Exercised — — Forfeited or expired — — Outstanding at December 31, 2018 1,601,039 $ 4.35 8.31 years $ 68,056 Exercisable at December 31, 2018 752,809 $ 7.07 6.90 years $ 68,056 Stock-based compensation expense for the three months ended December 31, 2018 and 2017 was $171,249 and $290,021, respectively. At December 31, 2018, unrecognized total compensation cost related to unvested awards of $1,158,589 is expected to be recognized over a weighted average period of 2.13 years. Warrants As of December 31, 2018, the Company has reserved shares of common stock for the exercise of outstanding warrants. The following table summarizes the warrants outstanding: Exercise price Number Expiration Dates Investor and Placement Agent Warrants $ 9.00 384,006 September 12, 2019 Investor Warrants 9.00 202,469 March 19, 2020 – September 14, 2020 Investor Warrants 9.00 307,778 November 5, 2020 – April 25, 2021 LMB Warrants 6.15 90,151 June 12, 2019 – March 2, 2021 LMB Warrants 9.90 8,155 September 30, 2019 – January 8, 2020 LMB Warrants 20.70 17,721 November 3, 2019 – March 6, 2020 LMB Warrants 7.50 73,883 August 18, 2020 – March 14, 2021 LMB Warrants 7.50 53,110 March 24, 2022 – April 29, 2022 Financial Advisor Warrants 3.00 25,833 August 15, 2021 2016 Offering Warrants 4.13 140,819 November 23, 2021 – February 27, 2022 Convertible Note Warrants 9.75 40,436 September 12, 2019 2017 Public Offering Warrants 4.13 1,622,989 August 2, 2022 2017 Public Offering Underwriter Warrants 4.54 65,940 February 2, 2023 December 2017 Registered Direct/Private Placement Offering Investor Warrants 4.63 640,180 June 19, 2023 December 2017 Registered Direct/Private Placement Offering Placement Agent Warrants 5.87 89,625 December 19, 2022 March 2018 Registered Direct/Private Placement Offering Investor Warrants 2.86 669,504 October 2, 2023 March 2018 Registered Direct/Private Placement Offering Placement Agent Warrants 3.73 46,866 March 28, 2023 August 2018 Offering Investor Warrants 1.15 7,843,138 August 14, 2023 August 2018 Offering Pre-Funded Unit Warrants 0.01 721,569 No expiration date August 2018 Offering Agent Warrants 1.59 549,020 August 8, 2023 13,593,192 During the three months ended December 31, 2017, 40,834 of the Financial Advisor Warrants were exercised on a cashless basis resulting in the issuance of 16,547 shares of common stock and 272,767 of warrants issued in the August 2017 public offering were exercised at $4.125 per share for net proceeds of $1,125,148. During the three months ended December 31, 2018, 1,600,000 of the August 2018 Offering Pre-Funded Unit Warrants were exercised at $0.01 per share for net proceeds of $16,000. At December 31, 2018, the weighted average remaining life of the outstanding warrants is 3.98 years, all warrants are exercisable, and the aggregate intrinsic value for the warrants outstanding was $743,216. Common Stock Reserved A summary of common stock reserved for future issuances as of December 31, 2018 is as follows: Stock plan options outstanding 1,601,039 Stock plan shares available for future grants 1,260,799 Warrants outstanding 13,593,192 Unit purchase options outstanding 201,334 Total 16,656,364 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS Our Chairman of the Board, Leonard Mazur, is the cofounder and Vice Chairman of Akrimax Pharmaceuticals, LLC (“Akrimax”), a privately held pharmaceutical company specializing in producing cardiovascular and general pharmaceutical products. The Company leases office space from Akrimax (see Note 7). The Company has outstanding debt due to Leonard Mazur (Chairman of the Board) and Myron Holubiak (Chief Executive Officer) (see Note 4). In connection with the December 2017 Registered Direct/Private Placement Offering, Mr. Mazur purchased 213,106 shares of common stock at $4.6925 per share and received 106,553 warrants with an exercise price of $4.63 per share (See Note 5). In connection with the March 2018 Registered Direct/Private Placement Offering, Mr. Mazur purchased 167,504 shares of common stock at $2.985 per share and received 167,504 warrants with an exercise price of $2.86 per share (See Note 5). The purchases were made on the same terms as for all other investors. In connection with the August 2018 offering, Mr. Mazur purchased 3,137,255 shares of common stock at $1.275 per share and received 3,137,255 warrants with an exercise price of $1.15 per share, and Mr. Holubiak purchased 784,314 shares of common stock at $1.275 per share and received 784,314 warrants with an exercise price of $1.15 per share (See Note 5). The purchases were made on the same terms as for all other investors. General and administrative expense for the three months ended December 31, 2018 and 2017 includes $12,000 for both periods paid to a financial consultant who is a stockholder of the Company. |
Operating Lease
Operating Lease | 3 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
OPERATING LEASE | 7. OPERATING LEASE LMB leases office space from Akrimax (see Note 6) in Cranford, New Jersey at a monthly rental rate of $2,167 pursuant to an agreement which currently expires on April 30, 2019. Rent expense for the three months ended December 31, 2018 and 2017 was $6,501 for both periods. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 8. SUBSEQUENT EVENTS Patent and Technology License Agreement – Mino-Wrap On January 2, 2019, we entered into a patent and technology license agreement with the Board of Regents of the University of Texas System on behalf of the University of Texas M. D. Anderson Cancer Center (“Licensor”), whereby we in-licensed exclusive worldwide rights to the patented technology for any and all uses relating to breast implants. We intend to develop, a liquefying gel-based wrap containing minocycline and rifampin for the reduction of infections associated with breast implants following breast reconstructive surgeries, (“Mino-Wrap”). We are required to use commercially reasonable efforts to commercialize Mino-Wrap under several regulatory scenarios and achieve milestones associated with these regulatory options leading to an approval from the U.S. Food and Drug Administration. Under the license agreement, the Company paid a nonrefundable upfront payment of $125,000 recorded as research and development expense. We are obligated to pay an annual maintenance fee of $30,000, commencing in January 2020 that increases annually by $15,000 per year up to a maximum of $90,000. Annual maintenance fees cease on the first sale of product. We also must pay up to an aggregate of $2.1 million in milestone payments, contingent on the achievement of various regulatory and commercial milestones. Under the terms of the license agreement, we also must pay a royalty of mid- to upper-single digit percentages of net sales, depending on the amount of annual sales, and subject to downward adjustment to lower- to mid-single digit percentages in the event there is no valid patent for the product in the United States at the time of sale. After the first sale of product, we will owe an annual minimum royalty payment of $100,000 that will increase annually by $25,000 for the duration of the term. We will be responsible for all patent expenses incurred by Licensor for the term of the agreement although Licensor is responsible for filing, prosecution and maintenance of all patents. The agreement expires on the later of the expiration of the patents or January 2, 2034. Exercise of Pre-Funded Unit Warrants On January 14, 2019, the Company received a notice of exercise for the purchase of the remaining 721,569 shares of common stock at $0.01 per share pursuant to its pre-funded unit warrants issued in the August 2018 offering. Proceeds from the exercise were $7,216. |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, without being audited, pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary to make the financial statements not misleading have been included. Operating results for the three months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2019. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2018 filed with the Securities and Exchange Commission. There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on the Company’s consolidated financial statements. |
Use of Estimates | Use of Estimates |
Basic and Diluted Net Loss per Common Share | Basic and Diluted Net Loss per Common Share |
Income Taxes | Income Taxes We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions when management determines that it is probable that a loss will be incurred related to these matters and the amount of the loss is reasonably determinable. |
Common Stock, Stock Options a_2
Common Stock, Stock Options and Warrants (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock option activity | Option Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at October 1, 2018 1,601,039 $ 4.35 8.56 years $ 173,291 Granted — — Exercised — — Forfeited or expired — — Outstanding at December 31, 2018 1,601,039 $ 4.35 8.31 years $ 68,056 Exercisable at December 31, 2018 752,809 $ 7.07 6.90 years $ 68,056 |
Schedule of warrants outstanding | Exercise price Number Expiration Dates Investor and Placement Agent Warrants $ 9.00 384,006 September 12, 2019 Investor Warrants 9.00 202,469 March 19, 2020 – September 14, 2020 Investor Warrants 9.00 307,778 November 5, 2020 – April 25, 2021 LMB Warrants 6.15 90,151 June 12, 2019 – March 2, 2021 LMB Warrants 9.90 8,155 September 30, 2019 – January 8, 2020 LMB Warrants 20.70 17,721 November 3, 2019 – March 6, 2020 LMB Warrants 7.50 73,883 August 18, 2020 – March 14, 2021 LMB Warrants 7.50 53,110 March 24, 2022 – April 29, 2022 Financial Advisor Warrants 3.00 25,833 August 15, 2021 2016 Offering Warrants 4.13 140,819 November 23, 2021 – February 27, 2022 Convertible Note Warrants 9.75 40,436 September 12, 2019 2017 Public Offering Warrants 4.13 1,622,989 August 2, 2022 2017 Public Offering Underwriter Warrants 4.54 65,940 February 2, 2023 December 2017 Registered Direct/Private Placement Offering Investor Warrants 4.63 640,180 June 19, 2023 December 2017 Registered Direct/Private Placement Offering Placement Agent Warrants 5.87 89,625 December 19, 2022 March 2018 Registered Direct/Private Placement Offering Investor Warrants 2.86 669,504 October 2, 2023 March 2018 Registered Direct/Private Placement Offering Placement Agent Warrants 3.73 46,866 March 28, 2023 August 2018 Offering Investor Warrants 1.15 7,843,138 August 14, 2023 August 2018 Offering Pre-Funded Unit Warrants 0.01 721,569 No expiration date August 2018 Offering Agent Warrants 1.59 549,020 August 8, 2023 13,593,192 |
Summary of common stock reserved for future issuances | Stock plan options outstanding 1,601,039 Stock plan shares available for future grants 1,260,799 Warrants outstanding 13,593,192 Unit purchase options outstanding 201,334 Total 16,656,364 |
Nature of Operations, Basis o_3
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Mar. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Textual) | ||||
Common stock, shares issued | 17,798,791 | 16,198,791 | ||
Goodwill | $ 1,586,796 | $ 1,586,796 | ||
Research and development | $ 2,113,101 | $ 606,521 | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Textual) | ||||
Intangible assets | $ 19,400,000 | |||
Goodwill | $ 1,586,796 | |||
Amortized on straight-line basis period | 8 years |
Going Concern Uncertainty and_2
Going Concern Uncertainty and Management's Plan (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Going Concern Uncertainty and Management's Plan (Textual) | ||
Cash flows from operations | $ (2,158,530) | $ (2,441,082) |
Patent and Technology License_2
Patent and Technology License Agreements (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Patent and Technology License Agreements (Textual) | ||
Maintenance fee | ||
Minimum aggregate annual royalties | 100,000 | |
Increasing annual royalties | 25,000 | |
Maximum aggregate annual royalties | 150,000 | |
Payable amount to NAT | $ 1,390,000 |
Notes Payable - Related Parti_2
Notes Payable - Related Parties (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes Payable - Related Parties (Textual) | ||
Interest expense on notes payable - related parties | $ 4,003 | $ 3,384 |
Leonard Mazur [Member] | ||
Notes Payable - Related Parties (Textual) | ||
Principal balance | 160,470 | |
Note Payable One [Member] | ||
Notes Payable - Related Parties (Textual) | ||
Principal balance | $ 68,970 | |
Percentage of accrued interest | 12.00% | |
Note Payable [Member] | ||
Notes Payable - Related Parties (Textual) | ||
Principal balance | $ 104,000 | |
Percentage of accrued interest | 1.00% | |
Chief Executive Officer [Member] | ||
Notes Payable - Related Parties (Textual) | ||
Principal balance | $ 12,500 |
Common Stock, Stock Options a_3
Common Stock, Stock Options and Warrants (Details) | 3 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Option Shares | |
Outstanding, beginning balance | |
Outstanding, ending balance | 13,593,192 |
Stock Options [Member] | |
Option Shares | |
Outstanding, beginning balance | 1,601,039 |
Granted | |
Exercised | |
Forfeited or expired | |
Outstanding, ending balance | 1,601,039 |
Exercisable, ending balance | 752,809 |
Weighted - Average Exercise Price | |
Outstanding, beginning balance | $ / shares | $ 4.35 |
Granted | $ / shares | |
Exercised | $ / shares | |
Forfeited or expired | $ / shares | |
Outstanding, ending balance | $ / shares | 4.35 |
Exercisable, ending balance | $ / shares | $ 7.07 |
Weighted-Average Remaining Contractual Term | |
Weighted-Average Remaining Contractual Term, beginning | 8 years 6 months 21 days |
Weighted-Average Remaining Contractual Term, ending | 8 years 3 months 22 days |
Weighted-average remaining contractual term, exercisable | 6 years 10 months 25 days |
Aggregate Intrinsic Value | |
Aggregate Intrinsic Value, beginning balance | $ | $ 173,291 |
Aggregate Intrinsic Value, ending balance | $ | 68,056 |
Exercisable ending balance | $ | $ 68,056 |
Common Stock, Stock Options a_4
Common Stock, Stock Options and Warrants (Details 1) | 3 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number | 13,593,192 |
Investor and Placement Agent Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 9 |
Number | 384,006 |
Expiration date | September 12, 2019 |
Investor Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 9 |
Number | 202,469 |
Expiration date | March 19, 2020 -September 14, 2020 |
Investor Warrants One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 9 |
Number | 307,778 |
Expiration date | November 5, 2020 - April 25, 2021 |
LMB Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 6.15 |
Number | 90,151 |
Expiration date | June 12, 2019 - March 2, 2021 |
LMB Warrants One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 9.90 |
Number | 8,155 |
Expiration date | September 30, 2019 - January 8, 2020 |
LMB Warrants Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 20.70 |
Number | 17,721 |
Expiration date | November 3, 2019 - March 6, 2020 |
LMB Warrants Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 7.50 |
Number | 73,883 |
Expiration date | August 18, 2020 - March 14, 2021 |
LMB Warrants Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 7.50 |
Number | 53,110 |
Expiration date | March 24, 2022 - April 29, 2022 |
Financial Advisor Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 3 |
Number | 25,833 |
Expiration date | August 15, 2021 |
2016 Offering Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 4.13 |
Number | 140,819 |
Expiration date | November 23, 2021 - February 27, 2022 |
2017 Public Offering Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 4.13 |
Number | 1,622,989 |
Expiration date | August 2, 2022 |
2017 Public Offering Underwriter Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 4.54 |
Number | 65,940 |
Expiration date | February 2, 2023 |
December 2017 Registered Direct/Private Placement Offering Investor Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 4.63 |
Number | 640,180 |
Expiration date | June 19, 2023 |
December 2017 Registered Direct/Private Placement Offering Placement Agent Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 5.87 |
Number | 89,625 |
Expiration date | December 19, 2022 |
March 2018 Registered Direct/Private Placement Offering Investor Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 2.86 |
Number | 669,504 |
Expiration date | October 2, 2023 |
March 2018 Registered Direct/Private Placement Offering Placement Agent Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 3.73 |
Number | 46,866 |
Expiration date | March 28, 2023 |
Convertible Note Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 9.75 |
Number | 40,436 |
Expiration date | September 12, 2019 |
August 2018 Offering Investor Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 1.15 |
Number | 7,843,138 |
Expiration date | August 14, 2023 |
August 2018 Offering Pre-Funded Unit Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 0.01 |
Number | 721,569 |
Expiration date | No expiration date |
August 2018 Offering Agent Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ / shares | $ 1.59 |
Number | 549,020 |
Expiration date | August 8, 2023 |
Common Stock, Stock Options a_5
Common Stock, Stock Options and Warrants (Details 2) | 3 Months Ended |
Dec. 31, 2018shares | |
Stockholders' Equity Note [Abstract] | |
Stock plan options outstanding | 1,601,039 |
Stock plan shares available for future grants | 1,260,799 |
Warrants outstanding | 13,593,192 |
Unit purchase options outstanding | 201,334 |
Total | 16,656,364 |
Common Stock, Stock Options a_6
Common Stock, Stock Options and Warrants (Details Textual) - USD ($) | Aug. 13, 2018 | Apr. 01, 2018 | Dec. 19, 2017 | Nov. 07, 2017 | Feb. 07, 2017 | Mar. 29, 2018 | Dec. 31, 2017 | Jun. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Feb. 07, 2018 |
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Warrants sold and issued to investors | $ 1,125,148 | |||||||||||||
Proceeds from common stock warrant exercises | $ 16,000 | $ 1,125,148 | ||||||||||||
Common stock, shares issued | 17,798,791 | 16,198,791 | ||||||||||||
Common stock outstanding | 13,593,192 | |||||||||||||
Stock option purchase grants | 1,260,799 | |||||||||||||
Stock-based compensation expense | $ 171,249 | $ 290,021 | ||||||||||||
Recognized over weighted average period | 1 year 9 months 7 days | |||||||||||||
Purchase Options Units [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Shares per unit price | $ 9 | $ 9 | $ 9 | $ 9 | ||||||||||
Number of units sold | 38,000 | 62,667 | ||||||||||||
Estimated fair value of the warrant granted to the placement agent | $ 193,860 | |||||||||||||
Other expense | $ 96,930 | $ 96,930 | ||||||||||||
Description of unit purchase options | which expires on the earlier of three years after exercise of the Unit Purchase Option Agreement or April 7, 2023. | which expires on the earlier of three years after exercise of the Unit Purchase Option Agreement or June 29, 2022. | ||||||||||||
Common Stock [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Warrants to purchase common stock | 549,020 | |||||||||||||
Estimated fair value of the warrant granted to the placement agent | $ 491,737 | |||||||||||||
Warrants sold and issued to investors | $ 8,926,786 | |||||||||||||
Exercise price of warrants | $ 1.59375 | |||||||||||||
Common stock issued for services | 10,000 | 22,000 | ||||||||||||
Common stock issued for services fair value | $ 31,000 | $ 88,800 | ||||||||||||
Stock options to purchase exercised | 4,829 | |||||||||||||
Stock-based compensation expense | ||||||||||||||
Description of warrants | The underwriter warrants are exercisable following February 8, 2019 and expire on August 8, 2023. The estimated fair value of the 2,321,569 pre-funded warrants was $2,630,072, and the estimated fair value of the 7,843,138 warrants included in the units and the pre-funded units issued to the investors was $7,311,727. | |||||||||||||
Offering, Description | (i) 5,521,569 units, each unit consisting of one share of common stock and one immediately exercisable five-year warrant to purchase one share with an exercise price of $1.15 per share, and (ii) 2,321,569 pre-funded units, each pre-funded unit consists of one pre-funded warrant to purchase one share and one immediately exercisable five-year warrant to purchase one share with an exercise price of $1.15 per share. The pre-funded warrants included in the pre-funded units are immediately exercisable at a price of $0.01 per share and do not expire. The offering price was $1.275 per unit and $1.265 per pre-funded unit. | |||||||||||||
Preferred Stock [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Common stock issued for services | ||||||||||||||
Common stock issued for services fair value | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Stock-based compensation expense | 171,249 | |||||||||||||
Retained Earnings [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Common stock issued for services fair value | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Warrant [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Aggregate intrinsic value for the warrants outstanding | $ 743,216 | |||||||||||||
Recognized over weighted average period | 3 years 11 months 23 days | |||||||||||||
Two Zero One Eigh tPublic Offering [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Common stock exercise price per share | $ 0.01 | |||||||||||||
Number of units sold | 1,600,000 | |||||||||||||
Number of units sold for gross proceeds | $ 16,000 | |||||||||||||
Two Zero One Seven Public Offering [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Estimated fair value of the warrant granted to the placement agent | $ 65,940 | |||||||||||||
Underwriter payment amount | $ 100,000 | |||||||||||||
Common stock issued for services | 60,000 | |||||||||||||
Common stock issued for services fair value | $ 257,400 | |||||||||||||
Other expense | $ 357,400 | |||||||||||||
Registered Direct And Private Placement Offering [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Number of units sold for gross proceeds | $ 139,893 | |||||||||||||
Warrants sold and issued to investors | $ 420,566 | |||||||||||||
Warrants issued | 89,625 | |||||||||||||
Percentage of offering fee | 7.00% | |||||||||||||
Registered Direct And Private Placement Offering [Member] | Accredited Investors [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Sale of common stock | 1,280,360 | 669,504 | ||||||||||||
Warrants sold and issued to investors | $ 6,008,089 | $ 1,998,469 | ||||||||||||
Registered Direct And Private Placement Offering [Member] | Investor [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Estimated fair value of the warrant granted to the placement agent | $ 2,407,276 | |||||||||||||
Sale of common stock | 669,504 | |||||||||||||
Warrants sold and issued to investors | $ 1,679,482 | |||||||||||||
Exercise price of warrants | $ 5.8656 | |||||||||||||
Warrants issued | 640,180 | |||||||||||||
Description of warrants | The Company privately sold and issued to the investors 640,180 immediately exercisable five and a half year warrants with an exercise price of $4.63 per share. | The Company privately sold and issued to investors 669,504 immediately exercisable five and a half year warrants with an exercise price of $2.86 per share. | ||||||||||||
Registered Direct And Private Placement Offering [Member] | Placement Agent [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Number of units sold for gross proceeds | $ 46,866 | |||||||||||||
Estimated fair value of the warrant granted to the placement agent | $ 316,071 | |||||||||||||
Other cash expenses related to placements | 85,000 | $ 85,000 | ||||||||||||
Sale of common stock | 669,504 | |||||||||||||
Sale of stock price | $ 2.985 | |||||||||||||
Warrants sold and issued to investors | 5,482,523 | $ 110,511 | ||||||||||||
Proceeds from common stock warrant exercises | 1,763,576 | |||||||||||||
Other expense | $ 20,000 | $ 10,000 | ||||||||||||
Warrants issued | 89,625 | 46,866 | ||||||||||||
Percentage of offering fee | 7.00% | |||||||||||||
Description of warrants | The Company paid the placement agent for the offering a fee of 7% of the gross proceeds totaling $139,893 and issued the placement agent 46,866 immediately exercisable five year warrants at $3.73125 per share. | |||||||||||||
Stock Options [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Weighted average period | 10 years | |||||||||||||
Common stock, shares issued | 866,667 | 866,667 | 866,667 | |||||||||||
Common stock outstanding | 856,039 | 1,601,039 | 856,039 | 856,039 | 1,601,039 | |||||||||
Stock options to purchase exercised | ||||||||||||||
Stock option purchase grants | 5,799 | |||||||||||||
Financial advisor warrants were exercised | 4,829 | |||||||||||||
Aggregate intrinsic value for the warrants outstanding | $ 68,056 | |||||||||||||
Stock Options [Member] | Financial Advisor [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Warrants to purchase common stock | 272,767 | |||||||||||||
Exercise price of warrants | $ 4.125 | $ 4.125 | $ 4.125 | |||||||||||
Financial advisor warrants were exercised | 40,834 | 40,834 | 40,834 | |||||||||||
Cashless basis the issuance of shares of common stock | 16,547 | 16,547 | 16,547 | |||||||||||
Omnibus Stock Incentive Plan [Member] | ||||||||||||||
Common Stock, Stock Options and Warrants (Textual) | ||||||||||||||
Common stock, shares issued | 2,000,000 | |||||||||||||
Common stock outstanding | 745,000 | |||||||||||||
Stock option purchase grants | 1,255,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions (Textual) | ||||
General and administrative expense | $ 1,588,124 | $ 2,346,240 | ||
Two Zero One Seven Public Offering [Member] | Mr Mazur [Member] | ||||
Related Party Transactions (Textual) | ||||
Purchase shares of common stock | 167,504 | 213,106 | ||
Shares per unit price | $ 2.985 | $ 4.6925 | ||
Warrants share and received | 167,504 | 106,553 | ||
Warrants with an exercise price | $ 2.86 | $ 4.63 | ||
Two Zero One Eigh tPublic Offering [Member] | Mr Mazur [Member] | ||||
Related Party Transactions (Textual) | ||||
Purchase shares of common stock | 3,137,255 | |||
Shares per unit price | $ 1.275 | |||
Warrants share and received | 3,137,255 | |||
Warrants with an exercise price | $ 1.15 | |||
Two Zero One Eigh tPublic Offering [Member] | Mr. Holubiak [Member] | ||||
Related Party Transactions (Textual) | ||||
Purchase shares of common stock | 784,314 | |||
Shares per unit price | $ 1.275 | |||
Warrants share and received | 784,314 | |||
Warrants with an exercise price | $ 1.15 | |||
Financial Consultant [Member] | ||||
Related Party Transactions (Textual) | ||||
General and administrative expense | $ 12,000 | $ 12,000 |
Operating Lease (Details)
Operating Lease (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease (Textual) | ||
Monthly rental rate | $ 2,167 | |
Lease agreement expire date | Aug. 30, 2019 | |
Rent expense | $ 6,501 | $ 6,501 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 14, 2019 | Jan. 02, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Events (Textual) | ||||
Research and development expense | $ 2,113,101 | $ 606,521 | ||
Subsequent Event [Member] | ||||
Subsequent Events (Textual) | ||||
Research and development expense | $ 125,000 | |||
Description of license agreement | We are obligated to pay an annual maintenance fee of $30,000, commencing in January 2020 that increases annually by $15,000 per year up to a maximum of $90,000. | |||
Annual minimum royalty payment | $ 100,000 | |||
Increase annual payment | $ 25,000 | |||
Agreement expiration date | Jan. 2, 2034 | |||
Exercise shares of common stock | 721,569 | |||
Exercise value of common stock | $ 7,216 | |||
Share price | $ 0.01 |