Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CohBar, Inc. | |
Entity Central Index Key | 1522602 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | COB.U | |
Entity Common Stock, Shares Outstanding | 32,320,891 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $9,952,751 | $1,194,492 |
Restricted cash | 0 | 4,055 |
Marketable securities | 3,247,509 | 0 |
Prepaid expenses and other current assets | 83,029 | 19,517 |
Total current assets | 13,283,289 | 1,218,064 |
Property and equipment, net | 16,359 | 4,631 |
Deferred offering costs | 0 | 749,386 |
Other assets | 16,308 | 1,100 |
Total assets | 13,315,956 | 1,973,181 |
Current liabilities: | ||
Accounts payable | 164,484 | 290,073 |
Accrued liabilities | 208,281 | 305,401 |
Accrued payroll and other compensation | 75,154 | 103,294 |
Total current liabilities | 447,919 | 698,768 |
Note payable, net of debt discount of $402 and $451 as of March 31, 2015 and December 31, 2014, respectively | 204,858 | 204,809 |
Total liabilities | 652,777 | 903,577 |
Commitments and contingencies | ||
Stockholders’equity | ||
Common stock, $0.001 par value, Authorized-75,000,000 shares; Issued and outstanding 32,320,891 shares as of March 31, 2015 and 12,915,343 as of December 31, 2014 | 32,321 | 12,915 |
Additional paid-in capital | 17,868,450 | 5,507,616 |
Accumulated deficit | -5,237,592 | -4,456,327 |
Total stockholders’ equity | 12,663,179 | 1,069,604 |
Total liabilities and stockholders’ equity | 13,315,956 | 1,973,181 |
Series A Preferred Stock [Member] | ||
Stockholders’equity | ||
Preferred Stock | 0 | 0 |
Convertible Preferred Stock Series B [Member] | ||
Stockholders’equity | ||
Preferred Stock | $0 | $5,400 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument, Unamortized Discount | $402 | $451 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 32,320,891 | 12,915,343 |
Common Stock, Shares, Outstanding | 32,320,891 | 12,915,343 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Convertible Preferred Stock Series B [Member] | ||
Preferred Stock, Shares Issued | 0 | 5,400,000 |
Preferred Stock, Shares Outstanding | 0 | 5,400,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | $0 | $0 |
Operating expenses: | ||
Research and development | 262,760 | 111,708 |
General and administrative | 516,986 | 140,913 |
Total operating expenses | 779,746 | 252,621 |
Operating loss | -779,746 | -252,621 |
Other income (expense): | ||
Interest income | 1,177 | 31 |
Interest expense | -1,756 | -1,740 |
Other expense | -891 | 0 |
Amortization of debt discount | -49 | -80 |
Total other income (expense) | -1,519 | -1,789 |
Net loss | ($781,265) | ($254,410) |
Basic and diluted net loss per share | ($0.03) | ($0.02) |
Weighted average common shares outstanding - basic and diluted | 31,198,876 | 12,915,343 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | ($781,265) | ($254,410) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 550 | 624 |
Stock-based compensation | 145,514 | 362 |
Amortization of debt discount | 49 | 80 |
Changes in operating assets and liabilities: | ||
Restricted cash | 4,055 | 30,844 |
Prepaid expenses and other current assets | -63,512 | -2,783 |
Accounts payable | -125,589 | 41,206 |
Accrued liabilities | -97,120 | 9,813 |
Accrued payroll and other compensation | -28,140 | 1,079 |
Net cash used in operating activities | -945,458 | -173,185 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -12,278 | 0 |
Payment for security deposit | -15,207 | 0 |
Investments in marketable securities | -3,247,509 | 0 |
Net cash used in investing activities | -3,274,994 | 0 |
Cash flows from financing activities: | ||
Deferred offering costs | -30,321 | -14,982 |
Proceeds from convertible notes | 0 | 210,000 |
Debt issuance costs | 0 | -24,471 |
Proceeds from initial public offering | 10,253,484 | 0 |
Proceeds from exercise of stock options | 55,548 | 0 |
Proceeds from conversion of private placement Puts | 2,700,000 | 0 |
Net cash provided by financing activities | 12,978,711 | 170,547 |
Net increase (decrease) in cash | 8,758,259 | -2,638 |
Cash at beginning of period | 1,194,492 | 145,170 |
Cash at end of period | 9,952,751 | 142,532 |
Non-cash investing and financing activities: | ||
Warrants issued in connection with bridge loans | 0 | 137 |
Reclassification of deferred offering costs to equity | 779,707 | 0 |
Conversion of Series B Preferred Stock to Common Stock | $5,400,000 | $0 |
Business_Organization
Business Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 - Business Organization |
CohBar, Inc. (“CohBar” or the “Company”) is a leader in the research and development of mitochondria-based therapeutics (MBTs), an emerging class of drugs for the treatment of diseases associated with aging. MBTs originate from the discovery by the Company’s founders of a novel group of peptides within the genome of mitochondria, the powerhouses of the cell. The Company’s ongoing development of these mitochondrial-derived peptides (MDPs) into MBTs offers the potential to address a broad range of diseases such as type 2 diabetes, cancer, atherosclerosis and neurodegenerative disorders. | |
The Company’s primary activities since inception have been the development and implementation of its business plans, negotiating inbound intellectual property licenses and other agreements, raising capital and conducting research on its MDPs. To date, the Company has not generated any revenues from operations and does not expect to generate any revenues in the near future. | |
The unaudited interim condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC (the “2014 Form 10-K”). The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2014 Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other period. | |
Managements_Liquidity_Plans
Management's Liquidity Plans | 3 Months Ended |
Mar. 31, 2015 | |
Management's Liquidity Plans [Abstract] | |
Management's Liquidity Plans [Text Block] | Note 2 - Management’s Liquidity Plans |
As of March 31, 2015, the Company had working capital and stockholders’ equity of $12,835,370 and $12,663,179, respectively. During the three months ended March 31, 2015, the Company incurred a net loss of $781,265. The Company has not generated any revenues, has incurred net losses since inception and does not expect to generate revenues in the near term. | |
In January 2015, the Company completed its Initial Public Offering (”IPO”) on the TSX Venture Exchange. The Company sold 11,250,000 units at a price of $1.00 per unit, providing gross proceeds of $11,250,000. Concurrently with the IPO, the Company completed a previously-subscribed private placement of an additional 2,700,000 units for gross proceeds of $2,700,000, resulting in total gross proceeds of $13,950,000. | |
With the cash on hand as of March 31, 2015 the Company believes that it has sufficient cash to meet its working capital needs and operating expenses into the early part of 2017. However, if unanticipated difficulties arise the Company may be required to raise additional capital to support its operations or curtail its research and development activities until such time as additional capital becomes available. There is no assurance that additional financing will be available when needed or that management will be able to obtain such financing on terms acceptable to the Company and that the Company will become profitable and generate positive operating cash flow in the future. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies [Text Block] | Note 3 - Summary of Significant Accounting Policies | |||||||
Basis of Presentation | ||||||||
All amounts are presented in U.S. Dollars. | ||||||||
Use of Estimates | ||||||||
The preparation of 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 liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of the Company’s stock, stock-based compensation, debt discount and the valuation allowance relating to the Company’s deferred tax assets. | ||||||||
Concentrations of Credit Risk | ||||||||
The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. | ||||||||
Marketable Securities | ||||||||
Marketable securities, which consists of U.S Treasury Bills and Certificates of Deposit, are classified as held-to-maturity. Held-to-maturity securities represent those securities that the Company has both a positive intent and ability to hold the security until maturity. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. | ||||||||
The Company had $3,247,509 and $0 of held-to-maturity securities at March 31, 2015 and December 31, 2014, respectively. | ||||||||
Deferred Offering Costs | ||||||||
The Company classifies amounts related to the IPO not closed as of the balance sheet date as Deferred Offering Costs. During the three months ended March 31, 2015, the Company reclassified Deferred Offering Costs in the amount of $749,386 to Additional Paid-in-Capital as an offset to its IPO. | ||||||||
During the three months ended March 31, 2015, the Company incurred $30,321 of additional offering related costs. These costs were recorded as a reduction in Additional Paid-in-Capital in the accompanying condensed balance sheets. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes three levels of inputs that may be used to measure fair value: | ||||||||
Level 1 - quoted prices in active markets for identical assets or liabilities | ||||||||
Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable | ||||||||
Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) | ||||||||
The carrying amounts of cash, marketable securities, accounts payable, accrued liabilities and debt approximate fair value due to the short-term nature of these instruments. | ||||||||
Common Stock Purchase Warrants | ||||||||
The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provides the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing that such contracts are indexed to the Company's own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s free standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable, warrants to purchase common stock that were issued in connection with the Company’s IPO and concurrent private placement and compensation options issued to the agent’s in the IPO exercisable for shares of common stock and common stock purchase warrants. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the condensed balance sheet as of March 31, 2015 and December 31, 2014. | ||||||||
Share-Based Payment | ||||||||
The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable and re-measured on each financial reporting dates until the service is complete. The Company has granted stock options at exercise prices no less than the fair market value as determined by the board of directors, with input from management. | ||||||||
The weighted-average fair value of options and warrants has been estimated on the date of grant using the Black-Scholes pricing model. The fair value of each instrument is estimated on the date of grant utilizing certain assumptions for a risk free interest rate, volatility and expected remaining lives of the awards. Since the Company has a limited history of being publicly traded, the fair value of stock-based payment awards issued before the Company’s IPO was estimated using a volatility derived from an index of comparable entities. Stock-based awards that were issued during the three months ended March 31, 2015, after the Company’s IPO, were estimated using the volatility derived from the Company’s common stock, which was not materially different than using an index of Comparable entities. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. In estimating the Company’s forfeiture rate, the Company analyzed its historical forfeiture rate, the remaining lives of unvested options, and the number of vested options as a percentage of total options outstanding. If the Company’s actual forfeiture rate is materially different from its estimate, or if the Company reevaluates the forfeiture rate in the future, the stock-based compensation expense could be significantly different from what the Company has recorded in the current period. | ||||||||
The weighted-average Black-Scholes assumptions are as follows: | ||||||||
For The Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Expected life | 2 years | 1 year | ||||||
Risk free interest rate | 0.65 | % | 0.13 | % | ||||
Expected volatility | 80 | % | 132 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
As of March 31, 2015, total unrecognized stock option compensation expense is $838,163, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested. | ||||||||
Net Loss Per Share of Common Stock | ||||||||
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: | ||||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Warrants | 7,936,391 | 36,542 | ||||||
Options | 3,340,959 | 163,971 | ||||||
Convertible notes | - | 210,000 | ||||||
Totals | 11,277,350 | 410,513 | ||||||
Recent Accounting Pronouncements | ||||||||
Recent accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future a date are not expected to have a material impact on the Company’s financial statements upon adoption. | ||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 4 – Accrued Expenses | |||||||
Accrued expenses consist of: | ||||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Lab services | $ | 36,579 | $ | 64,768 | ||||
Professional fees | 107,143 | 173,829 | ||||||
Consultant fees | 52,000 | 52,000 | ||||||
Interest | 12,559 | 10,804 | ||||||
Expense reimbursement | - | 4,000 | ||||||
Total accrued expenses | $ | 208,281 | $ | 305,401 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 5 - Commitments and Contingencies |
Litigations, Claims and Assessments | |
The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are included in the condensed financial statements as of March 31, 2015. | |
Operating Lease | |
In February 2015, the Company entered into a lease agreement for a new and expanded laboratory facility. The laboratory space is leased on a month-to-month basis and is part of a shared facility in Menlo Park, California. | |
Rent expense was to $19,015 and $5,400 for the three months ended March 31, 2015 and 2014, respectively. Rent expense for the three months ended March 31, 2015 included $5,700 for the laboratory space in Pasadena, California. The Company terminated its previous lease for the the laboratory space in Pasadena, California effective March 31, 2015. | |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 6 - Stockholders’ Equity | ||||||||||||||||||||||
Authorized Capital | |||||||||||||||||||||||
In January 2015, the Company completed its IPO on the TSX Venture Exchange. The Company sold 11,250,000 units at a price of $1.00 per unit, providing gross proceeds of $11,250,000. Concurrently with the IPO, the Company completed a previously-subscribed private placement of an additional 2,700,000 units for gross proceeds of $2,700,000, resulting in total gross proceeds of $13,950,000. After deducting the offering expenses, the Company received net proceeds of $12,953,484. All units consist of one share of CohBar's common stock and one-half of one common stock purchase warrant. In the aggregate, a total of 13,950,000 shares of common stock and 6,975,000 warrants to purchase common stock were issued in connection with the IPO and concurrent private placement. Each whole warrant is exercisable to acquire one share of CohBar's common stock at a price of $2.00 per share at any time up to January 6, 2017, subject to CohBar's right to accelerate the expiration time of the warrants if at any time the volume-weighted average trading price of its common stock is equal to or exceeds $3.00 per share for twenty (20) consecutive trading days. The Company also issued compensation options to its agent for the IPO exercisable for an aggregate of 786,696 units at a price of $1.00 per unit at any time prior to July 6, 2016. | |||||||||||||||||||||||
In January 2015, the Company amended its Certificate of Incorporation to increase the total number of authorized shares of common stock. Following the amendment, the Company has authorized the issuance and sale of up to 80,000,000 shares of stock, consisting of 75,000,000 shares of common stock having a par value of $0.001 and 5,000,000 shares of Preferred Stock having a par value of $0.001 per share. As of March 31, 2015, there were no shares of Preferred Stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock. | |||||||||||||||||||||||
In January 2015, the Company amended and restated the 2011 Equity Incentive Plan (the “2011 Plan”). The Amendment and Restatement increased the aggregate number of shares of its common stock that may be issued pursuant to stock awards under the plan. In accordance with the rules of the TSX Venture Exchange regarding equity incentive plans, the number of shares that can be reserved for issuance under the 2011 Plan is equal to 20% of the Company’s common stock outstanding at the completion of the offering. The total number of shares reserved for issuance after the completion of the IPO is 6,453,069. | |||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||
Upon the completion of the IPO on January 6, 2015 each outstanding share of Series B Preferred Stock was automatically converted into one share of common stock. The Company converted 5,400,000 shares of Series B Preferred Stock into 5,400,000 shares of its common stock. | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
The Company has one incentive stock plan, the 2011 Plan, and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. At March 31, 2015, 3,843,258 shares of the Company’s common stock were available for future issuance under the 2011 Plan. | |||||||||||||||||||||||
The Company granted 127,532 stock options during the year ended December 31, 2014 which contained performance conditions that include (i) the optionee’s continuous service and (ii) completion of the Company’s initial public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended. The performance conditions were met during the three months ended March 31, 2015 and the options were valued. The options had an exercise price of $0.26 and a fair value of $0.87. The Company recognized an expense of $39,201 in the three months ended March 31, 2015 for the period from the grant date, October 31, 2013, to the end of the current quarter, March 31, 2015. | |||||||||||||||||||||||
The Company recorded $145,514 and $362 of stock based compensation in the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||
The following table represents stock option activity for the three months ended March 31, 2015: | |||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
Stock Options | Exercise Price | Fair Value | Contractual | Aggregate | |||||||||||||||||||
Outstanding | Exercisable | Outstanding | Exercisable | Vested | Life (Years) | Intrinsic Value | |||||||||||||||||
Balance – December 31, 2014 | 2,609,811 | 459,437 | $ | 0.38 | $ | 0.17 | $ | 0.17 | 9.57 | $ | - | ||||||||||||
Granted | 786,696 | 786,696 | 1 | 1 | 0.38 | 1.27 | - | ||||||||||||||||
Exercised | -55,548 | -55,548 | - | - | - | - | - | ||||||||||||||||
Cancelled | - | - | - | - | - | - | - | ||||||||||||||||
Balance – March 31, 2015 | 3,340,959 | 1,360,374 | $ | 0.62 | $ | 0.31 | $ | 0.31 | 7.55 | $ | 2,458,311 | ||||||||||||
The following table summarizes information on stock options outstanding and exercisable as of March 31, 2015: | |||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||
Exercise | Number | Average Remaining | Average | Number | Average | ||||||||||||||||||
Price | Outstanding | Contractual Term | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||||
$ | 0.05 | 72,876 | 7.01 | $ | 0.05 | 57,693 | $ | 0.05 | |||||||||||||||
$ | 0.26 | 1,061,248 | 9.03 | $ | 0.26 | 529,867 | $ | 0.26 | |||||||||||||||
$ | 0.73 | 1,475,687 | 9.63 | $ | 0.73 | 41,666 | $ | 0.73 | |||||||||||||||
$ | 1 | 731,148 | 1.27 | $ | 1 | 731,148 | $ | 1 | |||||||||||||||
Totals | 3,340,959 | 1,360,374 | |||||||||||||||||||||
Agent’s Compensation Options | |||||||||||||||||||||||
In connection with the closing of its IPO in January 2015 the Company issued 786,696 compensation options (“Compensation Options”) to the agents that took part in the offering. Each Compensation Option is exercisable for a unit consisting of one share of common stock and one-half of one common stock purchase warrant at an exercise price of $1.00 per unit. The Compensation Options expire on July 6, 2016. Each whole warrant issuable upon exercise of Compensation Options is exercisable to acquire one share of common stock at an exercise price of $2.00 per share at any time up to January 6, 2017, subject to the Company’s right to accelerate the expiration time of the warrants if at any time the volume-weighted average trading price of its common stock is equal to or exceeds $3.00 per share for twenty (20) consecutive trading days. Because the Compensation Options are considered a cost of the IPO, the resulting value is recognized as both an increase and decrease to the equity section of the accompanying condensed balance sheets. | |||||||||||||||||||||||
In March 2015, two agents that took part in the Company’s IPO exercised a total of 55,548 Compensation Options for cash proceeds of $55,548. | |||||||||||||||||||||||
Warrants | |||||||||||||||||||||||
During the three months ended March 31, 2015, the Company issued 7,002,774 common stock purchase warrants consisting of warrants included in the units sold in the IPO and concurrent private placement and issued on exercise of compensation options. The warrants are exercisable through January 6, 2017 at a price of $2.00 per share. The warrants are subject to the Company’s right to accelerate the expiration time of the warrants if at any time the volume-weighted average trading price of its common stock is equal to or exceeds $3.00 per share for twenty (20) consecutive trading days. | |||||||||||||||||||||||
As of March 31, 2015, the Company has 7,936,391 warrants outstanding and exercisable to purchase common stock. Such warrants have a weighted average exercise price of $1.80, a weighted average remaining contractual life of 2.6 years and an aggregate intrinsic value of $1,038,575. | |||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 7 – Related Party Transactions |
Two of the Company’s Directors each provide it consulting services pursuant to agreements that provide for annual compensation of $42,000. Each agreement provides for an annual service term and can be extended by mutual consent of both parties. The service terms under the agreements with expire in September 2015 and November 2015, respectively. During the three months ended March 31, 2015 and 2014, payments of $10,500 and $3,000 were made to each Director, respectively. As of March 31, 2015 and December 31, 2014, no amounts were owed to either Director. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 8 - Subsequent Events |
Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the financial statements were issued require adjustment or disclosure in the Company’s financial statements. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |||||||
All amounts are presented in U.S. Dollars. | ||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||
The preparation of 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 liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of the Company’s stock, stock-based compensation, debt discount and the valuation allowance relating to the Company’s deferred tax assets. | ||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk | |||||||
The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. | ||||||||
Marketable Securities, Policy [Policy Text Block] | Marketable Securities | |||||||
Marketable securities, which consists of U.S Treasury Bills and Certificates of Deposit, are classified as held-to-maturity. Held-to-maturity securities represent those securities that the Company has both a positive intent and ability to hold the security until maturity. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. | ||||||||
The Company had $3,247,509 and $0 of held-to-maturity securities at March 31, 2015 and December 31, 2014, respectively. | ||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred Offering Costs | |||||||
The Company classifies amounts related to the IPO not closed as of the balance sheet date as Deferred Offering Costs. During the three months ended March 31, 2015, the Company reclassified Deferred Offering Costs in the amount of $749,386 to Additional Paid-in-Capital as an offset to its IPO. | ||||||||
During the three months ended March 31, 2015, the Company incurred $30,321 of additional offering related costs. These costs were recorded as a reduction in Additional Paid-in-Capital in the accompanying condensed balance sheets. | ||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |||||||
The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes three levels of inputs that may be used to measure fair value: | ||||||||
Level 1 - quoted prices in active markets for identical assets or liabilities | ||||||||
Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable | ||||||||
Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) | ||||||||
The carrying amounts of cash, marketable securities, accounts payable, accrued liabilities and debt approximate fair value due to the short-term nature of these instruments. | ||||||||
Common Stock Purchase Warrants [Policy Text Block] | Common Stock Purchase Warrants | |||||||
The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provides the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing that such contracts are indexed to the Company's own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s free standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable, warrants to purchase common stock that were issued in connection with the Company’s IPO and concurrent private placement and compensation options issued to the agent’s in the IPO exercisable for shares of common stock and common stock purchase warrants. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the condensed balance sheet as of March 31, 2015 and December 31, 2014. | ||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Payment | |||||||
The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable and re-measured on each financial reporting dates until the service is complete. The Company has granted stock options at exercise prices no less than the fair market value as determined by the board of directors, with input from management. | ||||||||
The weighted-average fair value of options and warrants has been estimated on the date of grant using the Black-Scholes pricing model. The fair value of each instrument is estimated on the date of grant utilizing certain assumptions for a risk free interest rate, volatility and expected remaining lives of the awards. Since the Company has a limited history of being publicly traded, the fair value of stock-based payment awards issued before the Company’s IPO was estimated using a volatility derived from an index of comparable entities. Stock-based awards that were issued during the three months ended March 31, 2015, after the Company’s IPO, were estimated using the volatility derived from the Company’s common stock, which was not materially different than using an index of Comparable entities. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. In estimating the Company’s forfeiture rate, the Company analyzed its historical forfeiture rate, the remaining lives of unvested options, and the number of vested options as a percentage of total options outstanding. If the Company’s actual forfeiture rate is materially different from its estimate, or if the Company reevaluates the forfeiture rate in the future, the stock-based compensation expense could be significantly different from what the Company has recorded in the current period. | ||||||||
The weighted-average Black-Scholes assumptions are as follows: | ||||||||
For The Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Expected life | 2 years | 1 year | ||||||
Risk free interest rate | 0.65 | % | 0.13 | % | ||||
Expected volatility | 80 | % | 132 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
As of March 31, 2015, total unrecognized stock option compensation expense is $838,163, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share of Common Stock | |||||||
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: | ||||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Warrants | 7,936,391 | 36,542 | ||||||
Options | 3,340,959 | 163,971 | ||||||
Convertible notes | - | 210,000 | ||||||
Totals | 11,277,350 | 410,513 | ||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||
Recent accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future a date are not expected to have a material impact on the Company’s financial statements upon adoption. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted-average Black-Scholes assumptions are as follows: | |||||||
For The Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Expected life | 2 years | 1 year | ||||||
Risk free interest rate | 0.65 | % | 0.13 | % | ||||
Expected volatility | 80 | % | 132 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Warrants | 7,936,391 | 36,542 | ||||||
Options | 3,340,959 | 163,971 | ||||||
Convertible notes | - | 210,000 | ||||||
Totals | 11,277,350 | 410,513 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of: | |||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Lab services | $ | 36,579 | $ | 64,768 | ||||
Professional fees | 107,143 | 173,829 | ||||||
Consultant fees | 52,000 | 52,000 | ||||||
Interest | 12,559 | 10,804 | ||||||
Expense reimbursement | - | 4,000 | ||||||
Total accrued expenses | $ | 208,281 | $ | 305,401 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table represents stock option activity for the three months ended March 31, 2015: | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
Stock Options | Exercise Price | Fair Value | Contractual | Aggregate | |||||||||||||||||||
Outstanding | Exercisable | Outstanding | Exercisable | Vested | Life (Years) | Intrinsic Value | |||||||||||||||||
Balance – December 31, 2014 | 2,609,811 | 459,437 | $ | 0.38 | $ | 0.17 | $ | 0.17 | 9.57 | $ | - | ||||||||||||
Granted | 786,696 | 786,696 | 1 | 1 | 0.38 | 1.27 | - | ||||||||||||||||
Exercised | -55,548 | -55,548 | - | - | - | - | - | ||||||||||||||||
Cancelled | - | - | - | - | - | - | - | ||||||||||||||||
Balance – March 31, 2015 | 3,340,959 | 1,360,374 | $ | 0.62 | $ | 0.31 | $ | 0.31 | 7.55 | $ | 2,458,311 | ||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information on stock options outstanding and exercisable as of March 31, 2015: | ||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||
Exercise | Number | Average Remaining | Average | Number | Average | ||||||||||||||||||
Price | Outstanding | Contractual Term | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||||
$ | 0.05 | 72,876 | 7.01 | $ | 0.05 | 57,693 | $ | 0.05 | |||||||||||||||
$ | 0.26 | 1,061,248 | 9.03 | $ | 0.26 | 529,867 | $ | 0.26 | |||||||||||||||
$ | 0.73 | 1,475,687 | 9.63 | $ | 0.73 | 41,666 | $ | 0.73 | |||||||||||||||
$ | 1 | 731,148 | 1.27 | $ | 1 | 731,148 | $ | 1 | |||||||||||||||
Totals | 3,340,959 | 1,360,374 | |||||||||||||||||||||
Managements_Liquidity_Plans_De
Management's Liquidity Plans (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Working Capital | $12,835,370 | |||
Stockholders' Equity Attributable to Parent | 12,663,179 | 1,069,604 | ||
Net Loss | 781,265 | 254,410 | ||
Proceeds from Issuance of Common Stock | 13,950,000 | |||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 11,250,000 | |||
Share Price | $1 | $1 | ||
Stock Issued During Period, Value, New Issues | 11,250,000 | |||
Private Placement [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 2,700,000 | |||
Stock Issued During Period, Value, New Issues | $2,700,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Weighted Average [Line Items] | ||
Expected life | 2 years | 1 year |
Risk free interest rate | 0.65% | 0.13% |
Expected volatility | 80.00% | 132.00% |
Expected dividend yield | 0.00% | 0.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,277,350 | 410,513 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,936,391 | 36,542 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,340,959 | 163,971 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 210,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textaul) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Marketable Securities, Current | $3,247,509 | $0 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 749,386 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 838,163 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||
Payments Of Deferred Offering Costs | $30,321 | $14,982 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses [Line Items] | ||
Lab services | $36,579 | $64,768 |
Professional fees | 107,143 | 173,829 |
Consultant fees | 52,000 | 52,000 |
Interest | 12,559 | 10,804 |
Expense reimbursement | 0 | 4,000 |
Total accrued expenses | $208,281 | $305,401 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net | $19,015 | $5,400 |
Laboratory Space [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net | $5,700 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stock Options Outstanding | ||
Balance - December 31, 2014 | 2,609,811 | |
Granted | 786,696 | |
Exercised | -55,548 | |
Cancelled | 0 | |
Balance - March 31, 2015 | 3,340,959 | 2,609,811 |
Stock Options Exercisable | ||
Balance - December 31, 2014 | 459,437 | |
Granted | 786,696 | |
Exercised | -55,548 | |
Cancelled | 0 | |
Balance - March 31, 2015 | 1,360,374 | 459,437 |
Weighted Average Exercise Price Outstanding | ||
Balance - December 31, 2014 | $0.38 | |
Granted | $1 | |
Exercised | $0 | |
Cancelled | $0 | |
Balance - March 31, 2015 | $0.62 | $0.38 |
Weighted Average Exercise Price Exercisable | ||
Balance - December 31, 2014 | $0.17 | |
Granted | $1 | |
Exercised | $0 | |
Cancelled | $0 | |
Balance - March 31, 2015 | $0.31 | $0.17 |
Weighted Average Fair Value Vested | ||
Balance - December 31, 2014 | $0.17 | |
Granted | $0.38 | |
Exercised | $0 | |
Cancelled | $0 | |
Balance - March 31, 2015 | $0.31 | $0.17 |
Weighted Average Contractual Life (Years) | ||
Granted | 1 year 3 months 7 days | |
Exercised | 0 years | |
Cancelled | 0 years | |
Balance | 7 years 6 months 18 days | 9 years 6 months 25 days |
Aggregate Intrinsic Value | ||
Balance - December 31, 2014 | $0 | |
Granted | 0 | |
Exercised | 0 | |
Cancelled | 0 | |
Balance - March 31, 2015 | $2,458,311 | $0 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options Number Outstanding | 3,340,959 |
Stock Options Number Exercisable | 1,360,374 |
Exercise Price 0.05 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options Number Outstanding | 72,876 |
Stock Options Outstanding Weighted Average Remaining Contractual Term | 7 years 4 days |
Stock Options Outstanding Weighted Average Exercise Price | $0.05 |
Stock Options Number Exercisable | 57,693 |
Stock Options Exercisable Weighted Average Exercise Price | $0.05 |
Exercise Price 0.26 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options Number Outstanding | 1,061,248 |
Stock Options Outstanding Weighted Average Remaining Contractual Term | 9 years 11 days |
Stock Options Outstanding Weighted Average Exercise Price | $0.26 |
Stock Options Number Exercisable | 529,867 |
Stock Options Exercisable Weighted Average Exercise Price | $0.26 |
Exercise Price 0.73 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options Number Outstanding | 1,475,687 |
Stock Options Outstanding Weighted Average Remaining Contractual Term | 9 years 7 months 17 days |
Stock Options Outstanding Weighted Average Exercise Price | $0.73 |
Stock Options Number Exercisable | 41,666 |
Stock Options Exercisable Weighted Average Exercise Price | $0.73 |
Exercise Price 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options Number Outstanding | 731,148 |
Stock Options Outstanding Weighted Average Remaining Contractual Term | 1 year 3 months 7 days |
Stock Options Outstanding Weighted Average Exercise Price | $1 |
Stock Options Number Exercisable | 731,148 |
Stock Options Exercisable Weighted Average Exercise Price | $1 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2015 | Jan. 06, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 786,696 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1 | |||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | 75,000,000 | |||
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | |||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | |||
Equity Incentive Plan Description | In accordance with the rules of the TSX Venture Exchange regarding equity incentive plans, the number of shares that can be reserved for issuance under the 2011 Plan is equal to 20% of the Companys common stock outstanding at the completion of the offering. | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,843,258 | 3,843,258 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $0.38 | |||||
Share-based Compensation | $145,514 | $362 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 55,548 | |||||
Proceeds from Stock Options Exercised | 55,548 | 0 | ||||
Two Agent [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 55,548 | |||||
Proceeds from Stock Options Exercised | 55,548 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 127,532 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $0.87 | |||||
Payments of Stock Issuance Costs | 39,201 | |||||
Compensation Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 786,696 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1 | |||||
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | The Compensation Options expire on July 6, 2016. Each whole warrant issuable upon exercise of Compensation Options is exercisable to acquire one share of common stock at an exercise price of $2.00 per share at any time up to January 6, 2017, subject to the Companys right to accelerate the expiration time of the warrants if at any time the volume-weighted average trading price of its common stock is equal to or exceeds $3.00 per share for twenty (20) consecutive trading days. | |||||
Common Stock [Member] | ||||||
Conversion of Stock, Shares Issued | 5,400,000 | |||||
Warrant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,936,391 | 7,936,391 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Exercise Price | $1.80 | $1.80 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 7 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 1,038,575 | 1,038,575 | ||||
Amendment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 80,000,000 | |||||
Common Stock, Shares Authorized | 75,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $0.00 | |||||
Preferred Stock, Shares Authorized | 5,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | |||||
IPO and Private Placement [Member] | ||||||
Warrants To Purchase Common Stock | 6,975,000 | |||||
Proceeds from Issuance or Sale of Equity | 13,950,000 | |||||
Stock Issued During Period, Shares, New Issues | 13,950,000 | |||||
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Each whole warrant is exercisable to acquire one share of CohBar's common stock at a price of $2.00 per share at any time up to January 6, 2017, subject to CohBar's right to accelerate the expiration time of the warrants if at any time the volume-weighted average trading price of its common stock is equal to or exceeds $3.00 per share for twenty (20) consecutive trading days. | |||||
Proceeds from Debt, Net of Issuance Costs | 12,953,484 | |||||
IPO [Member] | ||||||
Class Of Warrant Or Rights Issued During Period | 11,250,000 | |||||
Share Price | $1 | $1 | $1 | |||
Proceeds from Issuance of Warrants | 11,250,000 | |||||
Stock Issued During Period, Shares, New Issues | 11,250,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 786,696 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,453,069 | |||||
Private Placement [Member] | ||||||
Class Of Warrant Or Rights Issued During Period | 2,700,000 | |||||
Proceeds from Issuance of Warrants | $2,700,000 | |||||
Stock Issued During Period, Shares, New Issues | 2,700,000 | |||||
Series B Preferred Stock [Member] | ||||||
Conversion of Stock, Shares Converted | 5,400,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (Two Directors [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Two Directors [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $42,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $10,500 | $3,000 |