CohBar (CWBR) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	CohBar, Inc.
Entity Central Index Key	1,522,602
Trading Symbol	CWBR
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		42,463,796

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 14,457,939	$ 2,823,450
Investments	13,565,076	5,629,009
Prepaid expenses and other current assets	307,248	164,274
Total current assets	28,330,263	8,616,733
Property and equipment, net	142,759	176,531
Intangible assets, net	20,772	23,051
Other assets	46,904	46,904
Total assets	28,540,698	8,863,219
Current liabilities:
Accounts payable	767,667	492,015
Accrued liabilities	326,648	249,158
Accrued payroll and other compensation	707,333	503,133
Total current liabilities	1,801,648	1,244,306
Note payable, net of debt discount and offering costs of $1,205,434 and $0 as of June 30, 2018 and December 31, 2017, respectively	2,697,066
Total liabilities	4,498,714	1,244,306
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively
Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding 42,427,358 shares as of June 30, 2018 and 39,439,505 as of December 31, 2017	42,427	39,440
Additional paid-in capital	55,144,943	31,822,161
Accumulated deficit	(31,145,386)	(24,242,688)
Total stockholders' equity	24,041,984	7,618,913
Total liabilities and stockholders' equity	$ 28,540,698	$ 8,863,219

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Debt discount of note payable and offering costs, current	$ 1,205,434	$ 0
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	42,427,358	39,439,505
Common stock, outstanding	42,427,358	39,439,505

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues
Operating expenses:
Research and development	1,832,459	1,274,634	4,513,442	2,567,414
General and administrative	1,315,316	635,007	2,228,404	1,575,096
Total operating expenses	3,147,775	1,909,641	6,741,846	4,142,510
Operating loss	(3,147,775)	(1,909,641)	(6,741,846)	(4,142,510)
Other income (expense):
Interest income	8,048	4,242	19,008	6,405
Interest expense	(73,207)	(1,140)	(74,616)	(2,485)
Amortization of debt discount and offering costs	(103,179)		(105,244)	(59)
Total other (expense) income	(168,338)	3,102	(160,852)	3,861
Net loss	$ (3,316,113)	$ (1,906,539)	$ (6,902,698)	$ (4,138,649)
Basic and diluted net loss per share	$ (0.08)	$ (0.05)	$ (0.17)	$ (0.12)
Weighted average common shares outstanding - basic and diluted	40,261,670	35,857,701	39,969,738	35,823,121

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (6,902,698)	$ (4,138,649)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	34,312	32,976
Stock-based compensation	1,787,178	612,964
Amortization of debt discount	100,953	59
Amortization of debt issuance costs	4,290
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(142,974)	(62,690)
Accounts payable	275,652	653,716
Accrued liabilities	77,490	(50,927)
Accrued payroll and other compensation	204,200	(286,309)
Net cash used in operating activities	(4,561,597)	(3,238,860)
Cash flows from investing activities:
Purchases of property and equipment		(1,428)
Patent costs	1,739
Payment for security deposit		(1,475)
Purchases of investments	(15,062,528)	(8,677,884)
Proceeds from redemptions of investments	7,126,461	11,009,000
Net cash (used in) provided by investing activities	(7,934,328)	2,328,213
Cash flows from financing activities:
Deferred offering costs		(35,154)
Proceeds from notes payable	3,902,500
Debt issuance costs	(57,288)
Proceeds from the Controlled Equity Offering, net	19,304,054
Proceeds from exercise of warrants	591,990	2,404,993
Repayment of note payable		(102,630)
Proceeds from exercise of employee stock options	389,158	19,825
Net cash provided by financing activities	24,130,414	2,287,034
Net increase in cash	11,634,489	1,376,387
Cash at beginning of period	2,823,450	3,257,458
Cash at end of period	14,457,939	4,633,845
Non-cash investing and financing activities:
Warrants issued in connection with note payable	1,253,390
Supplemental disclosure of cash flow information:
Cash paid for interest		$ 14,363

Business Organization and Natur

Business Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2018
Business Organization and Nature of Operations [Abstract]
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS	Note 1 - Business Organization and Nature of Operations CohBar, Inc. (“CohBar,” “its” or the “Company”) is a clinical stage biotechnology company and a leader in the research and development of mitochondria based therapeutics (MBTs), a novel and emerging class of therapeutics that have the potential to treat a wide range of diseases associated with aging and metabolic dysfunction, including non-alcoholic steatohepatitis (NASH), obesity, type 2 diabetes mellitus (T2D), cancer, atherosclerosis, cardiovascular disease and neurodegenerative diseases such as Alzheimer’s disease. The Company’s primary activities include the research and development of its MBT pipeline, securing intellectual property protection for its discoveries and assets, managing collaborations with contract research organizations (“CROs”) and academic institutions 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 with proceeds from sales of its equity securities, private placements and the exercise of outstanding warrants and stock options 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, 2017, included in the Company’s Annual Report on Form 10-K (the “2017 Form 10-K”), filed with the SEC on April 2, 2018. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2017 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 and six month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018, or any other period.

Liquidity and Management's Plan

Liquidity and Management's Plans	6 Months Ended
	Jun. 30, 2018
Liquidity and Management's Plans [Abstract]
Liquidity and Management's Plans	Note 2 - Liquidity and Management’s Plans As of June 30, 2018, the Company had working capital and stockholders’ equity of $26,528,615 and $24,041,984, respectively. During the six months ended June 30, 2018, the Company incurred a net loss of $6,902,698. 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, projected cash burn, and the cash and investments on hand as of June 30, 2018, 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/or other operations 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	6 Months Ended
	Jun. 30, 2018
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 and Notes, which are classified as held-to-maturity, and Certificates of Deposit. 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 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, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and private offering. 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 accompanying condensed balance sheets as of June 30, 2018 and December 31, 2017. 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. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date 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 with a vesting period of more than three years will be estimated using a volatility derived from an index of comparable entities. Option grants with a vesting schedule that is three years or less will utilize the volatility of the Company’s own stock in estimating the fair value of the stock-based award. 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 For Six Months Ended 2018 2017 2018 2017 Expected life 5 years 8 years 5 years 7 years Risk free interest rate 2.70% 2.14% 2.63% 2.12% Expected volatility 81% 79% 81% 79% Expected dividend yield 0% 0% 0% 0% Forfeiture rate 0% 0% 0% 0% As of June 30, 2018, total unrecognized stock option compensation expense is $4,421,087, 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 (see Note 9). 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 June 30, 2018 2017 Options 5,886,272 5,513,497 Warrants 5,039,205 951,635 Totals 10,925,477 6,465,132 Recent Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ( ) Revenue from Contracts with Customers

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of June 30, December 31, Lab services & supplies $ 6,752 $ 11,477 Professional fees 238,947 235,181 Consultant fees 2,633 2,500 Interest 74,616 - Other 3,700 - Total accrued liabilities $ 326,648 $ 249,158

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
Notes Payable	Note 5 - Notes Payable During the six months ended June 30, 2018, the Company entered into Note and Warrant Purchase Agreements (the “Purchase Agreements”) with certain accredited investors (the “Investors”) pursuant to which the Company issued to the Investors $3,902,500 aggregate principal amount of its 8% Unsecured Promissory Notes due in March 2021 (the “Notes”). The Notes were issued together with warrants to purchase up to an aggregate of 780,500 shares of the Company’s common stock. Notes in the aggregate amount of $532,500 were purchased by officers and directors of the Company. The warrants are exercisable any time prior to March 29, 2021. The Company determined the fair value of the of the warrants issued using the Black-Scholes pricing model using the following assumptions for the three months ended June 30, 2018; expected life of 3 years; risk free interest rate of 2.51%; expected volatility of 69%; expected dividend yield of 0% and a forfeiture rate of 0% The Company determined the fair value of the of the warrants issued using the Black-Scholes pricing model with the following assumptions for the six months ended June 30, 2018; expected life of 3 years; risk free interest rate of 2.44%; expected volatility of 69%; expected dividend yield of 0% and a forfeiture rate of 0%

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6 - 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 (i) a lease agreement for laboratory space leased on a month-to month basis that is part of a shared facility in Menlo Park, California, and (ii) a one-year lease agreement for office space in Fairfield, New Jersey which expires in September 2018. Rent expense was $70,356 and $56,595 for the three months ended June 30, 2018 and 2017, respectively. Rent expense was $140,712 and $111,810 for the six months ended June 30, 2018 and 2017, respectively.

Controlled Equity Offering

Controlled Equity Offering	6 Months Ended
	Jun. 30, 2018
Controlled Equity Offering [Abstract]
Controlled Equity Offering	Note 7 - Controlled Equity Offering In June 2018, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. as sales agent. During the quarter ended June 30, 2018, the Company issued 2,186,855 shares of its common stock under the Controlled Equity Offering program for proceeds of $19,304,054, net of commissions and professional fees of $95,805.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 8 - 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. On June 19, 2018, the Company’s stockholders approved an amendment to the 2011 Plan to increase the number of shares authorized for issuance under the 2011 Plan to a total of 10,000,000. As of June 30, 2018, there were 3,453,712 shares remaining available for issuance under the 2011 Plan. During the six months ended June 30, 2018, the Company granted stock options to employees and non-employee directors to purchase a total of 758,000 shares of the Company’s common stock with grant date prices that ranged between $5.30 to $8.86 per share. The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over the periods ranging between zero and four years. The stock options have an aggregate grant date fair value of $3,031,676. During the six months ended June 30, 2018, stock options for the purchase of 526,683 shares were exercised for cash proceeds of $389,158. The Company recorded stock-based compensation as follows: For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Research and development $ 337,730 $ 76,267 $ 1,111,389 $ 142,960 General and administrative 470,740 122,184 675,789 470,004 Total $ 808,470 $ 198,451 $ 1,787,178 $ 612,964 The following table represents stock option activity for the six months ended June 30, 2018: Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2017 5,691,414 3,124,941 $ 1.16 $ 0.73 $ 0.73 6.87 $ - Granted 758,000 - - - - - - Exercised (526,683 ) - - - - - - Cancelled (36,459 ) - - - - - - Balance – June 30, 2018 5,886,272 3,169,680 $ 1.98 $ 0.95 $ 0.95 6.71 $ 23,595,541 The following table summarizes information on stock options outstanding and exercisable as of June 30, 2018: Weighted Weighted Exercise Number Average Remaining Average Number Price Outstanding Contractual Term Exercise Price Exercisable $ 0.05 52,876 3.76 years $ 0.05 52,876 $ 0.26 915,497 5.78 years $ 0.26 915,497 $ 0.73 1,131,691 6.38 years $ 0.73 927,410 $ 1.00 237,124 7.06 years $ 1.00 170,458 $ 1.10 8,000 7.53 years $ 1.10 4,459 $ 1.17 22,772 7.37 years $ 1.17 2,147 $ 1.22 70,312 7.60 years $ 1.22 20,833 $ 1.50 28,000 7.67 years $ 1.50 11,333 $ 1.55 1,456,000 7.69 years $ 1.55 636,750 $ 2.02 85,000 9.11 years $ 2.02 46,250 $ 2.40 926,000 8.59 years $ 2.40 152,083 $ 4.60 200,000 9.44 years $ 4.60 25,000 $ 5.30 275,000 9.74 years $ 5.30 103,021 $ 6.04 278,000 9.89 years $ 6.04 101,563 $ 8.86 200,000 8.94 years $ 8.86 - Totals 5,886,272 3,169,680 Warrants During the six months ended June 30, 2018, warrants to purchase 274,315 shares of the Company’s common stock were exercised for aggregate cash proceeds of $591,990. Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2017 4,533,020 4,517,395 $ 1.85 $ 1.85 $ 1.00 3.21 $ - Granted 780,500 - - - - - - Exercised (274,315 ) - - - - - - Cancelled - - - - - - - Balance – June 30, 2018 5,039,205 5,039,205 $ 2.37 $ 2.37 $ 1.18 2.74 $ 24,057,541

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 - Related Party Transactions Two of the Company’s directors provide consulting, scientific and research and advisory services to the Company pursuant to agreements that provided for annual compensation of $20,000. In addition, each of Drs. Barzilai and Cohen receive a fee for serving on the Company’s Board of Directors. Payments of $3,333 and $10,500 were made to each Director during each of the three month periods ended June 30, 2018 and 2017, respectively. During the six month periods ended June 30, 2018 and 2017, payments to each Director totaled $8,333 and $21,000, respectively. As of June 30, 2018, no amounts were owed to either director and the Company has no further payment obligations under the consulting agreements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 10 - 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. Subsequent to June 30, 2018, the Company announced that it had initiated its a Phase 1a/1b safety and biomarker study of CB4211, its lead MBT candidate under development as a potential treatment for non-alcoholic steatohepatitis (NASH) and obesity. Due to the commencement of the clinical study, the 726,000 stock options the Company granted to its employees in January 2017 met the performance conditions applicable to such options and began vesting. 50% of the options became vested upon certification of achievement of the performance condition by the compensation committee of the Company’s board of directors on July 18, 2018. The remaining shares subject to the stock options will vest over a period of 24 months following such certification, subject to the continuous service of the applicable optionee. The stock options have an exercise price of $2.40. Subsequent to June 30, 2018, stock options to purchase 36,438 shares of the Company’s common stock were exercised for aggregate cash proceeds of $57,334.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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 and Notes, which are classified as held-to-maturity, and Certificates of Deposit. 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
COMMON STOCK PURCHASE WARRANTS	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, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and private offering. 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 accompanying condensed balance sheets as of June 30, 2018 and December 31, 2017.
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. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date 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 with a vesting period of more than three years will be estimated using a volatility derived from an index of comparable entities. Option grants with a vesting schedule that is three years or less will utilize the volatility of the Company’s own stock in estimating the fair value of the stock-based award. 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 For Six Months Ended 2018 2017 2018 2017 Expected life 5 years 8 years 5 years 7 years Risk free interest rate 2.70% 2.14% 2.63% 2.12% Expected volatility 81% 79% 81% 79% Expected dividend yield 0% 0% 0% 0% Forfeiture rate 0% 0% 0% 0% As of June 30, 2018, total unrecognized stock option compensation expense is $4,421,087, 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 (see Note 9).
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 June 30, 2018 2017 Options 5,886,272 5,513,497 Warrants 5,039,205 951,635 Totals 10,925,477 6,465,132
RECENT ACCOUNTING PRONOUNCEMENTS	Recent Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ( ) Revenue from Contracts with Customers

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of weighted-average Black-Scholes assumptions	For the Three Months Ended For Six Months Ended 2018 2017 2018 2017 Expected life 5 years 8 years 5 years 7 years Risk free interest rate 2.70% 2.14% 2.63% 2.12% Expected volatility 81% 79% 81% 79% Expected dividend yield 0% 0% 0% 0% Forfeiture rate 0% 0% 0% 0%
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share	As of June 30, 2018 2017 Options 5,886,272 5,513,497 Warrants 5,039,205 951,635 Totals 10,925,477 6,465,132

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	As of As of June 30, December 31, Lab services & supplies $ 6,752 $ 11,477 Professional fees 238,947 235,181 Consultant fees 2,633 2,500 Interest 74,616 - Other 3,700 - Total accrued liabilities $ 326,648 $ 249,158

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity [Abstract]
Schedule of stock-based compensation	For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Research and development $ 337,730 $ 76,267 $ 1,111,389 $ 142,960 General and administrative 470,740 122,184 675,789 470,004 Total $ 808,470 $ 198,451 $ 1,787,178 $ 612,964
Schedule of stock option activity	Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2017 5,691,414 3,124,941 $ 1.16 $ 0.73 $ 0.73 6.87 $ - Granted 758,000 - - - - - - Exercised (526,683 ) - - - - - - Cancelled (36,459 ) - - - - - - Balance – June 30, 2018 5,886,272 3,169,680 $ 1.98 $ 0.95 $ 0.95 6.71 $ 23,595,541
Schedule of stock options outstanding and exercisable	Weighted Weighted Exercise Number Average Remaining Average Number Price Outstanding Contractual Term Exercise Price Exercisable $ 0.05 52,876 3.76 years $ 0.05 52,876 $ 0.26 915,497 5.78 years $ 0.26 915,497 $ 0.73 1,131,691 6.38 years $ 0.73 927,410 $ 1.00 237,124 7.06 years $ 1.00 170,458 $ 1.10 8,000 7.53 years $ 1.10 4,459 $ 1.17 22,772 7.37 years $ 1.17 2,147 $ 1.22 70,312 7.60 years $ 1.22 20,833 $ 1.50 28,000 7.67 years $ 1.50 11,333 $ 1.55 1,456,000 7.69 years $ 1.55 636,750 $ 2.02 85,000 9.11 years $ 2.02 46,250 $ 2.40 926,000 8.59 years $ 2.40 152,083 $ 4.60 200,000 9.44 years $ 4.60 25,000 $ 5.30 275,000 9.74 years $ 5.30 103,021 $ 6.04 278,000 9.89 years $ 6.04 101,563 $ 8.86 200,000 8.94 years $ 8.86 - Totals 5,886,272 3,169,680
Schedule of warrants activity	Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2017 4,533,020 4,517,395 $ 1.85 $ 1.85 $ 1.00 3.21 $ - Granted 780,500 - - - - - - Exercised (274,315 ) - - - - - - Cancelled - - - - - - - Balance – June 30, 2018 5,039,205 5,039,205 $ 2.37 $ 2.37 $ 1.18 2.74 $ 24,057,541

Liquidity and Management's Pl20

Liquidity and Management's Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Liquidity and Management's Plans (Textual)
Working capital	$ 26,528,615		$ 26,528,615
Stockholders' equity	24,041,984		24,041,984		$ 7,618,913
Net loss	$ (3,316,113)	$ (1,906,539)	$ (6,902,698)	$ (4,138,649)

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of weighted-average Black-Scholes assumptions
Expected life	5 years	8 years	5 years	7 years
Risk free interest rate	2.70%	2.14%	2.63%	2.12%
Expected volatility	81.00%	79.00%	81.00%	79.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Forfeiture rate	0.00%	0.00%	0.00%	0.00%

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details 1) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Schedule of anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share, Amount	10,925,477	6,465,132
Options [Member]
Schedule of anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share, Amount	5,886,272	5,513,497
Warrants [Member]
Schedule of anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share, Amount	5,039,205	951,635

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2018USD ($)
Summary of Significant Accounting Policies (Textual)
Unrecognized stock option compensation expense	$ 4,421,087
Recognized options vest over period	4 years

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Accrued Liabilities [Abstract]
Lab services & supplies	$ 6,752	$ 11,477
Professional fees	238,947	235,181
Consultant fees	2,633	2,500
Interest	74,616
Other	3,700
Total accrued liabilities	$ 326,648	$ 249,158

Notes Payable (Details)

Notes Payable (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Notes Payable (Textual)
Aggregate of deferred debt discount		$ 1,253,390
Amortization of debt discount		100,953	$ 59
Deferred costs, total		57,288
Amortization of debt issuance costs		$ 4,290
Issuance of warrants	780,500	780,500
Risk free interest rate	2.51%	2.44%
Expected life	3 years	3 years
Expected volatility	69.00%	69.00%
Expected dividend yield	0.00%	0.00%
Forfeiture rate	0.00%	0.00%
Note and Warrant Purchase Agreements [Member]
Notes Payable (Textual)
Rate of interest on unsecured promissory notes	8.00%	8.00%
Aggregate principal amount	$ 3,902,500	$ 3,902,500
Note and Warrant Purchase Agreements [Member] | Officers and directors [Member]
Notes Payable (Textual)
Net aggregate amount of notes purchased by officers	$ 532,500	$ 532,500

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Commitments and Contingencies (Textual)
Operating lease, description			(i) a lease agreement for laboratory space leased on a month-to month basis that is part of a shared facility in Menlo Park, California, and (ii) a one-year lease agreement for office space in Fairfield, New Jersey which expires in September 2018.
Rent expense	$ 70,356	$ 56,595	$ 140,712	$ 111,810

Controlled Equity Offering (Det

Controlled Equity Offering (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Controlled Equity Offering (Textual)
Common stock issued under the Controlled Equity Offering program	2,186,855
Controlled Equity Offering program for proceeds	$ 19,304,054
Commissions and professional fees	$ 95,805

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	$ 808,470	$ 198,451	$ 1,787,178	$ 612,964
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	337,730	76,267	1,111,389	142,960
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	$ 470,740	$ 122,184	$ 675,789	$ 470,004

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Stock Option [Member]	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Stock Options, Outstanding
Beginning Balance | shares	5,691,414
Granted | shares	758,000
Exercised | shares	(526,683)
Cancelled | shares	(36,459)
Ending Balance | shares	5,886,272
Stock Options, Exercisable
Beginning Balance | shares	3,124,941
Granted | shares
Exercised | shares
Cancelled | shares
Ending Balance | shares	3,169,680
Weighted Average, Exercise Price, Outstanding
Beginning Balance	$ 1.16
Granted
Exercised
Cancelled
Ending Balance	1.98
Weighted Average, Exercise Price, Exercisable
Beginning Balance	0.73
Granted
Exercised
Cancelled
Ending Balance	0.95
Weighted Average, Fair Value Vested
Beginning Balance	0.73
Granted
Exercised
Cancelled
Ending Balance	$ 0.95
Weighted Average, Contractual Life (Years)
Beginning Balance	6 years 10 months 14 days
Ending Balance	6 years 8 months 16 days
Aggregate Intrinsic Value
Beginning Balance | $
Granted | $
Exercised | $
Cancelled | $
Ending Balance | $	$ 23,595,541

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Number Outstanding	5,886,272
Stock Options, Number Exercisable	3,169,680
Exercise Price $0.05 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 0.05
Stock Options, Number Outstanding	52,876
Stock Options, Weighted Average Remaining Contractual Term	3 years 9 months 3 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 0.05
Stock Options, Number Exercisable	52,876
Exercise Price $0.26 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 0.26
Stock Options, Number Outstanding	915,497
Stock Options, Weighted Average Remaining Contractual Term	5 years 9 months 11 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 0.26
Stock Options, Number Exercisable	915,497
Exercise Price $0.73 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 0.73
Stock Options, Number Outstanding	1,131,691
Stock Options, Weighted Average Remaining Contractual Term	6 years 4 months 17 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 0.73
Stock Options, Number Exercisable	927,410
Exercise Price $1.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1
Stock Options, Number Outstanding	237,124
Stock Options, Weighted Average Remaining Contractual Term	7 years 22 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1
Stock Options, Number Exercisable	170,458
Exercise Price $1.10 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1.10
Stock Options, Number Outstanding	8,000
Stock Options, Weighted Average Remaining Contractual Term	7 years 6 months 10 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1.10
Stock Options, Number Exercisable	4,459
Exercise Price $1.17 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1.17
Stock Options, Number Outstanding	22,772
Stock Options, Weighted Average Remaining Contractual Term	7 years 4 months 13 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1.17
Stock Options, Number Exercisable	2,147
Exercise Price $1.22 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1.22
Stock Options, Number Outstanding	70,312
Stock Options, Weighted Average Remaining Contractual Term	7 years 7 months 6 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1.22
Stock Options, Number Exercisable	20,833
Exercise Price $1.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1.50
Stock Options, Number Outstanding	28,000
Stock Options, Weighted Average Remaining Contractual Term	7 years 8 months 2 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1.50
Stock Options, Number Exercisable	11,333
Exercise Price $1.55 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 1.55
Stock Options, Number Outstanding	1,456,000
Stock Options, Weighted Average Remaining Contractual Term	7 years 8 months 9 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 1.55
Stock Options, Number Exercisable	636,750
Exercise Price $2.02 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 2.02
Stock Options, Number Outstanding	85,000
Stock Options, Weighted Average Remaining Contractual Term	9 years 1 month 9 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 2.02
Stock Options, Number Exercisable	46,250
Exercise Price $2.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 2.40
Stock Options, Number Outstanding	926,000
Stock Options, Weighted Average Remaining Contractual Term	8 years 7 months 2 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 2.40
Stock Options, Number Exercisable	152,083
Exercise Price $4.60 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 4.60
Stock Options, Number Outstanding	200,000
Stock Options, Weighted Average Remaining Contractual Term	9 years 5 months 9 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 4.60
Stock Options, Number Exercisable	25,000
Exercise Price $5.30 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 5.30
Stock Options, Number Outstanding	275,000
Stock Options, Weighted Average Remaining Contractual Term	9 years 8 months 26 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 5.30
Stock Options, Number Exercisable	103,021
Exercise Price $6.04 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 6.04
Stock Options, Number Outstanding	278,000
Stock Options, Weighted Average Remaining Contractual Term	9 years 10 months 21 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 6.04
Stock Options, Number Exercisable	101,563
Exercise Price $8.86 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Exercise Price | $ / shares	$ 8.86
Stock Options, Number Outstanding	200,000
Stock Options, Weighted Average Remaining Contractual Term	8 years 11 months 8 days
Stock Options, Weighted Average Exercise Price | $ / shares	$ 8.86
Stock Options, Number Exercisable

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Warrants [Member]	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Warrants, Outstanding
Beginning Balance | shares	4,533,020
Granted | shares	780,500
Exercised | shares	(274,315)
Cancelled | shares
Ending Balance | shares	5,039,205
Warrants, Exercisable
Beginning Balance | shares	4,517,395
Granted | shares
Exercised | shares
Cancelled | shares
Ending Balance | shares	5,039,205
Weighted Average, Exercise Price, Outstanding
Beginning Balance	$ 1.85
Granted
Cancelled
Exercised
Ending Balance	2.37
Weighted Average, Exercise Price, Exercisable
Beginning Balance	1.85
Granted
Exercised
Cancelled
Ending Balance	2.37
Weighted Average, Fair Value Vested
Beginning Balance	1
Granted
Exercised
Cancelled
Ending Balance	$ 1.18
Weighted Average, Contractual Life (Years)
Beginning Balance	3 years 2 months 16 days
Ending Balance	2 years 8 months 26 days
Aggregate Intrinsic Value
Beginning Balance | $
Granted | $
Exercised | $
Cancelled | $
Ending Balance | $	$ 24,057,541

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 19, 2018	Jun. 30, 2018	Jun. 30, 2017
Stockholders' Equity (Textual)
Aggregate cash proceeds of exercised, warrants		$ 591,990	$ 2,404,993
Cash proceeds of exercised, stock options		$ 389,158	$ 19,825
Stock options, description		The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over the periods ranging between zero and four years.
2011 Plan [Member]
Stockholders' Equity (Textual)
Remaining options to be issued		3,453,712
Total number of shares authorized for issuance	10,000,000
Stock Option [Member]
Stockholders' Equity (Textual)
Granted		758,000
Options exercised		526,683
Stock option aggregate grant fair value		$ 3,031,676
Stock Option [Member] | Minimum [Member]
Stockholders' Equity (Textual)
Common stock, per share		$ 5.30
Stock Option [Member] | Maximum [Member]
Stockholders' Equity (Textual)
Common stock, per share		$ 8.86
Warrants [Member]
Stockholders' Equity (Textual)
Granted		780,500
Warrants exercised		274,315

Related Party Transactions (Det

Related Party Transactions (Details) - Directors [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transactions (Textual)
Annual compensation			$ 20,000
Payments of related party	$ 3,333	$ 10,500	$ 8,333	$ 21,000

Subsequent Events (Details)

Subsequent Events (Details) - Stock options [Member]	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Subsequent Events (Textual)
Aggregate cash proceeds of exercised | $	$ 57,334
Stock options vested percentage	50.00%
Exercise prices of stock option | $ / shares	$ 2.40
Stock options granted to employees	726,000
Options exercised	36,438