CohBar (CWBR) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CohBar, Inc.
Entity Central Index Key	1,522,602
Trading Symbol	COBU
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		35,857,701

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 2,867,054	$ 3,257,458
Investments	6,323,323	5,428,962
Subscription receivable		522,326
Prepaid expenses and other current assets	172,005	110,822
Total current assets	9,362,382	9,319,568
Property and equipment, net	214,523	230,512
Other assets	36,810	36,810
Total assets	9,613,715	9,586,890
Current liabilities:
Accounts payable	384,525	103,294
Accrued liabilities	161,467	132,780
Accrued payroll and other compensation	182,224	447,641
Note payable, net of debt discount of $0 and $59 as of March 31, 2017 and December 31, 2016, respectively	102,630	205,201
Total liabilities	830,846	888,916
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively
Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding 35,857,701 shares as of March 31, 2017 and 34,807,881 as of December 31, 2016	35,858	34,808
Additional paid-in capital	25,388,657	23,072,702
Accumulated deficit	(16,641,646)	(14,409,536)
Total stockholders' equity	8,782,869	8,697,974
Total liabilities and stockholders' equity	$ 9,613,715	$ 9,586,890

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Debt discount of note payable, current	$ 0	$ 59
Preferred stock, value	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	35,857,701	34,807,881
Common stock, outstanding	35,857,701	34,807,881

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues
Operating expenses:
Research and development	1,292,780	737,100
General and administrative	940,089	479,932
Total operating expenses	2,232,869	1,217,032
Operating loss	(2,232,869)	(1,217,032)
Other income (expense):
Interest income	2,163	2,656
Interest expense	(1,345)	(1,875)
Amortization of debt discount	(59)	(49)
Total other income (expense)	759	732
Net loss	$ (2,232,110)	$ (1,216,300)
Basic and diluted net loss per share	$ (0.06)	$ (0.04)
Weighted average common shares outstanding - basic and diluted	35,788,158	32,331,345

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (2,232,110)	$ (1,216,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	15,989	12,273
Stock-based compensation	414,513	123,646
Amortization of debt discount	59	49
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(61,183)	(35,490)
Accounts payable	281,231	90,975
Accrued liabilities	28,687	(73,016)
Accrued payroll and other compensation	(265,417)	(94,072)
Net cash used in operating activities	(1,818,231)	(1,191,935)
Cash flows from investing activities:
Purchases of property and equipment		(8,422)
Payment for security deposit		(2,152)
Purchases of investments	(5,327,361)	(4,008,518)
Proceeds from redemptions of investments	4,433,000	4,742,000
Net cash (used in) provided by investing activities	(894,361)	722,908
Cash flows from financing activities:
Proceeds from exercise of warrants	2,404,993
Repayment of note payable	(102,630)
Proceeds from exercise of compensation options		6,650
Proceeds from exercise of employee stock options	19,825	2,600
Net cash provided by financing activities	2,322,188	9,250
Net decrease in cash	(390,404)	(459,777)
Cash at beginning of period	3,257,458	4,803,687
Cash at end of period	2,867,054	4,343,910
Supplemental disclosure of cash flow information:
Income taxes paid		1,300
Interest paid	$ 12,418

Business Organization

Business Organization	3 Months Ended
	Mar. 31, 2017
Business Organization [Abstract]
Business Organization	Note 1 - Business Organization CohBar, Inc. (“CohBar” or the “Company”) is an innovative biotechnology company and a leader in the research and development of mitochondria based therapeutics (MBTs), an emerging class of drugs with the potential to treat a wide range of diseases associated with aging and metabolic dysfunction, including obesity, fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH), type 2 diabetes mellitus (T2D), cancer, atherosclerosis, cardiovascular disease, and neurodegenerative diseases such as Alzheimer’s. The Company’s primary activities include research and development of its MBT pipeline, securing intellectual property protection, managing collaborations with contract research organizations (“CROs”) and academic institutions, expanding its scientific leadership and raising capital. To date, the Company has not generated any revenues from operations and does not expect to generate any revenues in the near future. The Company has financed its operations primarily through proceeds from its initial public offering (“IPO”) and concurrent private offering, private placements of its preferred stock, the exercise of outstanding warrants and stock options and, to a lesser extent, from a grant from a research foundation. The unaudited interim condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. 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 U.S. 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, 2016, included in the Company’s Annual Report on Form 10-K (the “2016 Form 10-K”), filed with the SEC on March 31, 2017. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2016 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 months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017, or any other period.

Management's Liquidity Plans

Management's Liquidity Plans	3 Months Ended
	Mar. 31, 2017
Management's Liquidity Plans [Abstract]
Management's Liquidity Plans	Note 2 - Management’s Liquidity Plans As of March 31, 2017, the Company had working capital and stockholders’ equity of $8,531,536 and $8,782,869 respectively. During the three months ended March 31, 2017, the Company incurred a net loss of $2,232,110. The Company has not generated any revenues, has incurred net losses since inception and does not expect to generate revenues in the near term. Based on current budget assumptions and with the cash and investments on hand as of March 31, 2017, the Company believes that it has sufficient capital to meet its operating expenses and obligations for the next twelve months from the date of this filing. However, if unanticipated difficulties or circumstances arise the Company may require additional capital sooner to support its operations. If the Company is unable to raise additional capital whenever necessary it may be forced to decelerate or curtail its research and development activities and delay planned FDA filings and clinical activities until such time as additional capital becomes available. Such limitation of the Company’s activities would allow the Company to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan will be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets. Investments Investments consist of U.S. Treasury Bills of $4,331,283, which are classified as held-to-maturity, and Certificates of Deposit of $1,992,040. 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. All of the Company’s U.S. Treasury Bills and Certificates of Deposit mature within the next twelve months. Unrealized gains and losses are de minimis 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 date until the service is complete. The Company has granted stock options at exercise prices equal to the higher of (i) the closing price of the Company’s common stock as reported on the OTCQX marketplace or (ii) the closing price of the Company’s common stock as reported by the TSX Venture Exchange on the date of grant. 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 was estimated using a volatility derived from 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 2017 2016 Expected life 8 years 6 years Risk free interest rate 2.16 % 1.27 % Expected volatility 79 % 79 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 % 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: As of March 31, 2017 2016 Options 5,618,497 5,376,995 Warrants 951,635 8,064,716 Totals 6,570,132 13,441,711

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of March 31, December 31, Lab services & supplies $ 100,225 $ 87,100 Professional fees 46,340 17,760 Consultant fees 2,500 2,500 Interest 12,402 25,420 Total accrued liabilities $ 161,467 $ 132,780

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 5 - Commitments and Contingencies Litigations, Claims and Assessments The Company may from time to time be party to litigation and subject to claims incident to the ordinary course of business. As the Company grows and gains prominence in the marketplace it may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect the Company’s future results of operations, cash flows or financial position. The Company is not currently a party to any legal proceedings. Operating Lease The Company is a party to a lease agreement for a shared laboratory facility leased on a month-to-month basis in Menlo Park, California. Rent expense was $55,215 and $34,396 for the three months ended March 31, 2017 and 2016, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 6 - Stockholders’ Equity Stock Options The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. In January 2016 the Company issued a warrant to purchase 125,000 shares of the Company’s common stock to an investor relations firm as partial compensation for consulting services it will provide the Company over a two year period. Pursuant to applicable policies of the TSX-V, the shares issuable under the warrant will be counted against the limit of shares authorized for issuance under the 2011 Plan, notwithstanding that the warrant was not issued under the 2011 Plan. After giving effect to this limitation there are 683,322 shares remaining available for issuance under the 2011 Plan at March 31, 2017. During the three months ended March 31, 2017, the Company granted stock options to employees to purchase 1,031,000 shares of the Company’s common stock at $2.40 per share. Of the 1,031,000 stock options granted, 300,000 are subject to vesting based on continuous service over periods between zero and four years from the date of grant and have terms of ten years. The balance of the total grant, or 731,000, is performance based and will be valued at the time the milestones are reached. The stock options have an aggregate grant date fair value of $528,580. In February 2017, 16,250 stock options were exercised for cash proceeds of $19,825 and the Company cancelled 48,750 stock options. The Company recorded $414,513 and $123,646 of stock based compensation in the three months ended March 31, 2017 and 2016, respectively. The following table represents stock option activity for the three months ended March 31, 2017: Weighted Average Aggregate Stock Options Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2016 4,652,497 1,908,883 $ 0.92 $ 0.41 $ 0.41 8.24 $ - Granted 1,031,000 100,000 2.40 2.40 6.25 6.25 - Exercised (16,250 ) - - - - - - Cancelled (48,750 ) - - - - - - Balance – March 31, 2017 5,618,497 2,511,008 $ 1.01 $ 0.58 $ 0.58 6.72 $ 4,034,869 The following table summarizes information on stock options outstanding and exercisable as of March 31, 2017: Weighted Weighted Weighted Exercise Number Remaining Average Number Average Price Outstanding Contractual Term Exercise Price Exercisable Exercise Price $ 0.05 72,876 5.01 years $ 0.05 72,876 $ 0.05 $ 0.26 1,024,810 7.03 years $ 0.26 948,901 $ 0.26 $ 0.73 1,475,687 7.63 years $ 0.73 860,817 $ 0.73 $ 1.00 313,124 8.31 years $ 1.00 146,457 $ 1.00 $ 1.10 10,000 8.78 years $ 1.10 3,333 $ 1.10 $ 1.17 70,000 8.62 years $ 1.17 27,500 $ 1.17 $ 1.22 125,000 8.85 years $ 1.22 36,458 $ 1.22 $ 1.50 40,000 8.92 years $ 1.50 10,833 $ 1.50 $ 1.55 1,456,000 8.94 years $ 1.55 283,000 $ 1.55 $ 2.40 1,031,000 9.84 years $ 2.40 120,833 $ 2.40 Totals 5,618,497 2,511,008 Warrants In January 2017, a total of 926,588 warrants were exercised for cash proceeds of $1,853,176. An additional $522,326 was received in January 2017 which was the proceeds from warrants exercised in December 2016. During the three months ended March 31, 2017, 4,695,846 warrants expired. As of March 31, 2017, the Company has 951,635 warrants outstanding and exercisable to purchase common stock. Such warrants have a weighted average exercise price of $0.39, a weighted average remaining contractual life of 6.25 years and an aggregate intrinsic value of $1,339,531.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 - Related Party Transactions Two of the Company’s directors, Pinchas Cohen and Nir Barzilai, provide consulting services to the Company pursuant to agreements that provide for annual compensation to each director 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 expired in 2015. The Company continues to compensate Dr. Cohen and Dr. Barzilai for their ongoing services under the terms of the original agreements. Payments of $10,500 were made to each Director during each of the three months ended March 31, 2017 and 2016. As of March 31, 2017 and December 31, 2016, no amounts were owed to either Director.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 8 - Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the condensed financial statements were issued require adjustment or disclosure in the Company’s condensed financial statements.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
BASIS OF PRESENTATION	Basis of Presentation All amounts are presented in U.S. Dollars.
USE OF ESTIMATES	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 financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets.
INVESTMENTS	Investments Investments consist of U.S. Treasury Bills of $4,331,283, which are classified as held-to-maturity, and Certificates of Deposit of $1,992,040. 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. All of the Company’s U.S. Treasury Bills and Certificates of Deposit mature within the next twelve months. Unrealized gains and losses are de minimis
SHARE-BASED PAYMENT	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 date until the service is complete. The Company has granted stock options at exercise prices equal to the higher of (i) the closing price of the Company’s common stock as reported on the OTCQX marketplace or (ii) the closing price of the Company’s common stock as reported by the TSX Venture Exchange on the date of grant. 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 was estimated using a volatility derived from 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 2017 2016 Expected life 8 years 6 years Risk free interest rate 2.16 % 1.27 % Expected volatility 79 % 79 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 % As of March 31, 2017, total unrecognized stock option compensation expense is $1,821,693, 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	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: As of March 31, 2017 2016 Options 5,618,497 5,376,995 Warrants 951,635 8,064,716 Totals 6,570,132 13,441,711

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Schedule of weighted-average Black-Scholes assumptions	For the Three Months 2017 2016 Expected life 8 years 6 years Risk free interest rate 2.16 % 1.27 % Expected volatility 79 % 79 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 %
Schedule of antidilutive securities excluded from computation of diluted net loss per share	As of March 31, 2017 2016 Options 5,618,497 5,376,995 Warrants 951,635 8,064,716 Totals 6,570,132 13,441,711

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	As of As of March 31, December 31, Lab services & supplies $ 100,225 $ 87,100 Professional fees 46,340 17,760 Consultant fees 2,500 2,500 Interest 12,402 25,420 Total accrued liabilities $ 161,467 $ 132,780

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Schedule of stock option activity	Weighted Average Aggregate Stock Options Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2016 4,652,497 1,908,883 $ 0.92 $ 0.41 $ 0.41 8.24 $ - Granted 1,031,000 100,000 2.40 2.40 6.25 6.25 - Exercised (16,250 ) - - - - - - Cancelled (48,750 ) - - - - - - Balance – March 31, 2017 5,618,497 2,511,008 $ 1.01 $ 0.58 $ 0.58 6.72 $ 4,034,869
Schedule of stock options outstanding and exercisable	Weighted Weighted Weighted Exercise Number Remaining Average Number Average Price Outstanding Contractual Term Exercise Price Exercisable Exercise Price $ 0.05 72,876 5.01 years $ 0.05 72,876 $ 0.05 $ 0.26 1,024,810 7.03 years $ 0.26 948,901 $ 0.26 $ 0.73 1,475,687 7.63 years $ 0.73 860,817 $ 0.73 $ 1.00 313,124 8.31 years $ 1.00 146,457 $ 1.00 $ 1.10 10,000 8.78 years $ 1.10 3,333 $ 1.10 $ 1.17 70,000 8.62 years $ 1.17 27,500 $ 1.17 $ 1.22 125,000 8.85 years $ 1.22 36,458 $ 1.22 $ 1.50 40,000 8.92 years $ 1.50 10,833 $ 1.50 $ 1.55 1,456,000 8.94 years $ 1.55 283,000 $ 1.55 $ 2.40 1,031,000 9.84 years $ 2.40 120,833 $ 2.40 Totals 5,618,497 2,511,008

Management's Liquidity Plans (D

Management's Liquidity Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Management's Liquidity Plans (Textual)
Working capital	$ 8,531,536
Stockholders' equity	8,782,869		$ 8,697,974
Net loss	$ (2,232,110)	$ (1,216,300)

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of weighted-average Black-Scholes assumptions
Expected life	8 years	6 years
Risk free interest rate	2.16%	1.27%
Expected volatility	79.00%	79.00%
Expected dividend yield	0.00%	0.00%
Forfeiture rate	0.00%	0.00%

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share, Amount	6,570,132	13,441,711
Warrants [Member]
Schedule of antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share, Amount	951,635	8,064,716
Options [Member]
Schedule of antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share, Amount	5,618,497	5,376,995

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2017USD ($)
Summary of Significant Accounting Policies (Textual)
U.S. Treasury bills	$ 4,331,283
Certificates of deposit	1,992,040
Unrecognized stock option compensation expense	$ 1,821,693
Recognized options vest over period	4 years

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Schedule of accrued liabilities
Lab services & supplies	$ 100,225	$ 87,100
Professional fees	46,340	17,760
Consultant fees	2,500	2,500
Interest	12,402	25,420
Total accrued liabilities	$ 161,467	$ 132,780

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments and Contingencies (Textual)
Rent expense	$ 55,215	$ 34,396

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Stock Options Outstanding
Balance - December 31, 2016 | shares	4,652,497
Granted | shares	1,031,000
Exercised | shares	(16,250)
Cancelled | shares	(48,750)
Balance - March 31, 2017 | shares	5,618,497
Stock Options Exercisable
Balance - December 31, 2016 | shares	1,908,883
Granted | shares	100,000
Exercised | shares
Cancelled | shares
Balance - March 31, 2017 | shares	2,511,008
Weighted Average Exercise Price Outstanding
Balance - December 31, 2016	$ 0.92
Granted	2.40
Exercised
Cancelled
Balance - March 31, 2017	1.01
Weighted Average Exercise Price Exercisable
Balance - December 31, 2016	0.41
Granted	2.40
Exercised
Cancelled
Balance - March 31, 2017	0.58
Weighted Average Fair Value Vested
Balance - December 31, 2016	0.41
Granted	6.25
Exercised
Balance - March 31, 2017	$ 0.58
Weighted Average Contractual Life (Years)
Balance - December 31, 2016	8 years 2 months 27 days
Granted	6 years 3 months
Balance - March 31, 2017	6 years 8 months 19 days
Aggregate Intrinsic Value
Balance - December 31, 2016 | $
Granted | $
Exercised | $
Cancelled | $
Balance - March 31, 2017 | $	$ 4,034,869

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	5,618,497
Stock Options Number Exercisable	2,511,008
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	5 years 4 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 0.05
Stock Options Number Exercisable	72,876
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 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	1,024,810
Stock Options Outstanding Weighted Average Remaining Contractual Term	7 years 11 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 0.26
Stock Options Number Exercisable	948,901
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 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	7 years 7 months 17 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 0.73
Stock Options Number Exercisable	860,817
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 0.73
Exercise Price 1.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	313,124
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 3 months 22 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1
Stock Options Number Exercisable	146,457
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1
Exercise Price 1.10 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	10,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 9 months 11 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1.10
Stock Options Number Exercisable	3,333
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1.10
Exercise Price 1.17 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	70,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 7 months 13 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1.17
Stock Options Number Exercisable	27,500
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1.17
Exercise Price 1.22 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	125,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 10 months 6 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1.22
Stock Options Number Exercisable	36,458
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1.22
Exercise Price 1.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	40,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 11 months 1 day
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1.50
Stock Options Number Exercisable	10,833
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1.50
Exercise Price 1.55 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	1,456,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	8 years 11 months 9 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 1.55
Stock Options Number Exercisable	283,000
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 1.55
Exercise Price 2.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options Number Outstanding	1,031,000
Stock Options Outstanding Weighted Average Remaining Contractual Term	9 years 10 months 2 days
Stock Options Outstanding Weighted Average Exercise Price | $ / shares	$ 2.40
Stock Options Number Exercisable	120,833
Stock Options Exercisable Weighted Average Exercise Price | $ / shares	$ 2.40

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended		2 Months Ended	3 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016	Jan. 31, 2016
Stockholders' Equity (Textual)
Proceeds from exercise options				$ 19,825	$ 2,600
Recognized options vest over period				4 years
Stock based compensation				$ 414,513	$ 123,646
Consultants [Member]
Stockholders' Equity (Textual)
Number of warrants exercised			106,982
Cash proceeds from warrants			$ 29,491
Stock Options [Member]
Stockholders' Equity (Textual)
Number of options granted to employee				1,031,000
Number of shares vesting				300,000
Stock option aggregate grant fair value				$ 528,580
Exercise prices of stock option				$ 2.40
Options exercised	16,250
Recognized options vest over period				4 years
Class of warrant or right expiration term				10 years
Stock options grant, description				The Company granted stock options to employees to purchase 1,031,000 shares of the Company's common stock at $2.40 per share. Of the 1,031,000 stock options granted, 300,000 are subject to vesting based on continuous service over periods between zero and four years from the date of grant and have terms of ten years. The balance of the total grant, or 731,000, is performance based and will be valued at the time the milestones are reached. The stock options have an aggregate grant date fair value of $528,580.
Number of options cancelled	48,750
Warrant [Member]
Stockholders' Equity (Textual)
Warrant exercise price per share				$ 0.39
Number of warrants exercised		926,588
Number of warrants expired				4,695,846
Warrants outstanding and exercisable to purchase common stock				951,635
Weighted average remaining contractual life, warrant				6 years 3 months
Aggregate intrinsic value, warrant				$ 1,339,531
2011 Plan [Member]
Stockholders' Equity (Textual)
Warrants issued to purchase common stock						125,000
Remaining options to be issued				683,322

Related Party Transactions (Det

Related Party Transactions (Details) - Director [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transactions (Textual)
Annual compensation	$ 42,000
Payments of related party	$ 10,500	$ 10,500