Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 09, 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 | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 42,556,517 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 8,689,514 | $ 2,823,450 |
Investments | 15,534,198 | 5,629,009 |
Prepaid expenses and other current assets | 238,455 | 164,274 |
Total current assets | 24,462,167 | 8,616,733 |
Property and equipment, net | 196,785 | 176,531 |
Intangible assets, net | 20,502 | 23,051 |
Other assets | 50,271 | 46,904 |
Total assets | 24,729,725 | 8,863,219 |
Current liabilities: | ||
Accounts payable | 219,808 | 492,015 |
Accrued liabilities | 336,277 | 249,158 |
Accrued payroll and other compensation | 181,358 | 503,133 |
Total current liabilities | 737,443 | 1,244,306 |
Note payable, net of debt discount and offering costs of $1,096,126 and $0 as of September 30, 2018 and December 31, 2017, respectively | 2,806,374 | |
Total liabilities | 3,543,817 | 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 September 30, 2018 and December 31, 2017, respectively | ||
Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding 42,538,796 shares as of September 30, 2018 and 39,439,505 as of December 31, 2017 | 42,539 | 39,440 |
Additional paid-in capital | 56,901,797 | 31,822,161 |
Accumulated deficit | (35,758,428) | (24,242,688) |
Total stockholders' equity | 21,185,908 | 7,618,913 |
Total liabilities and stockholders' equity | $ 24,729,725 | $ 8,863,219 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Debt discount of note payable and offering costs, current | $ 1,096,126 | $ 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 | 42,538,796 | 39,439,505 |
Common stock, outstanding | 42,538,796 | 39,439,505 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
Research and development | 3,435,509 | 2,316,454 | 7,948,951 | 4,883,868 |
General and administrative | 1,061,709 | 549,505 | 3,290,113 | 2,124,601 |
Total operating expenses | 4,497,218 | 2,865,959 | 11,239,064 | 7,008,469 |
Operating loss | (4,497,218) | (2,865,959) | (11,239,064) | (7,008,469) |
Other income (expense): | ||||
Interest income | 72,810 | 5,954 | 91,818 | 12,359 |
Interest expense | (78,691) | (1,102) | (153,307) | (3,587) |
Amortization of debt discount and offering costs | (109,943) | (215,187) | (59) | |
Total other (expense) income | (115,824) | 4,852 | (276,676) | 8,713 |
Net loss | $ (4,613,042) | $ (2,861,107) | $ (11,515,740) | $ (6,999,756) |
Basic and diluted net loss per share | $ (0.11) | $ (0.07) | $ (0.28) | $ (0.19) |
Weighted average common shares outstanding - basic and diluted | 42,478,877 | 38,809,942 | 40,815,309 | 36,829,669 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2017 | $ 7,618,913 | $ 39,440 | $ 31,822,161 | $ (24,242,688) |
Beginning balance, shares at Dec. 31, 2017 | 39,439,505 | |||
Stock based compensation | 978,708 | 978,708 | ||
Stock based compensation, shares | ||||
Exercise of employee stock options | 146,438 | $ 249 | 146,189 | |
Exercise of employee stock options, shares | 249,309 | |||
Exercise of warrants | 588,499 | $ 267 | 588,232 | |
Exercise of warrants, shares | 267,333 | |||
Debt Discount on notes | 711,310 | 711,310 | ||
Net loss | (3,586,585) | (3,586,585) | ||
Ending balance at Mar. 31, 2018 | 6,457,283 | $ 39,956 | 34,246,600 | (27,829,273) |
Ending balance, shares at Mar. 31, 2018 | 39,956,147 | |||
Beginning balance at Dec. 31, 2017 | 7,618,913 | $ 39,440 | 31,822,161 | (24,242,688) |
Beginning balance, shares at Dec. 31, 2017 | 39,439,505 | |||
Net loss | (11,515,740) | |||
Ending balance at Sep. 30, 2018 | 21,185,908 | $ 42,539 | 56,901,797 | (35,758,428) |
Ending balance, shares at Sep. 30, 2018 | 42,538,796 | |||
Beginning balance at Mar. 31, 2018 | 6,457,283 | $ 39,956 | 34,246,600 | (27,829,273) |
Beginning balance, shares at Mar. 31, 2018 | 39,956,147 | |||
Stock based compensation | 808,470 | 808,470 | ||
Stock based compensation, shares | ||||
Sale of common stock | 19,399,859 | $ 2,187 | 19,397,672 | |
Sale of common stock, shares | 2,186,855 | |||
Deferred offering costs | (95,805) | (95,805) | ||
Exercise of employee stock options | 242,719 | $ 277 | 242,442 | |
Exercise of employee stock options, shares | 277,374 | |||
Exercise of warrants | 3,491 | $ 7 | 3,484 | |
Exercise of warrants, shares | 6,982 | |||
Debt Discount on notes | 542,080 | 542,080 | ||
Net loss | (3,316,113) | (3,316,113) | ||
Ending balance at Jun. 30, 2018 | 24,041,984 | $ 42,427 | 55,144,943 | (31,145,386) |
Ending balance, shares at Jun. 30, 2018 | 42,427,358 | |||
Stock based compensation | 1,613,354 | 1,613,354 | ||
Stock based compensation, shares | ||||
Deferred offering costs | 27 | 27 | ||
Exercise of employee stock options | 57,335 | $ 37 | 57,298 | |
Exercise of employee stock options, shares | 36,438 | |||
Exercise of warrants | 86,250 | $ 75 | 86,175 | |
Exercise of warrants, shares | 75,000 | |||
Net loss | (4,613,042) | (4,613,042) | ||
Ending balance at Sep. 30, 2018 | $ 21,185,908 | $ 42,539 | $ 56,901,797 | $ (35,758,428) |
Ending balance, shares at Sep. 30, 2018 | 42,538,796 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (11,515,740) | $ (6,999,756) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 53,602 | 49,502 |
Stock-based compensation | 3,400,532 | 1,180,835 |
Amortization of debt discount | 206,039 | 59 |
Amortization of debt issuance costs | 9,148 | |
Discount on investments | (15,059) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (74,181) | (2,474) |
Accounts payable | (272,207) | 472,046 |
Accrued liabilities | 87,119 | 42,493 |
Accrued payroll and other compensation | (321,775) | (300,576) |
Net cash used in operating activities | (8,442,522) | (5,557,871) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (73,046) | (3,259) |
Patent costs | 1,739 | (23,693) |
Payment for security deposit | (3,367) | (3,655) |
Purchases of investments | (24,873,187) | (16,707,352) |
Proceeds from redemptions of investments | 14,983,057 | 14,109,000 |
Net cash used in investing activities | (9,964,804) | (2,628,959) |
Cash flows from financing activities: | ||
Deferred offering costs | ||
Proceeds from notes payable | 3,902,500 | |
Debt issuance costs | (57,923) | |
Proceeds from the Controlled Equity Offering, net | 19,304,081 | |
Proceeds from exercise of warrants | 678,240 | 2,404,993 |
Repayment of note payable | (205,260) | |
Proceeds from private offering, net | 5,024,742 | |
Proceeds from exercise of employee stock options | 446,492 | 19,825 |
Net cash provided by financing activities | 24,273,390 | 7,244,300 |
Net increase (decrease) in cash | 5,866,064 | (942,530) |
Cash at beginning of period | 2,823,450 | 3,257,458 |
Cash at end of period | 8,689,514 | 2,314,928 |
Non-cash investing and financing activities: | ||
Warrants issued in connection with note payable | 1,253,390 | |
Cash paid: | ||
Income taxes paid | 2,057 | |
Cash paid for interest | $ 29,007 |
Business Organization and Natur
Business Organization and Nature of Operations | 9 Months Ended |
Sep. 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 nine month periods ended September 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 | 9 Months Ended |
Sep. 30, 2018 | |
Liquidity and Management's Plans [Abstract] | |
Liquidity and Management's Plans | Note 2 - Liquidity and Management’s Plans As of September 30, 2018, the Company had working capital and stockholders’ equity of $23,724,724 and $21,185,908, respectively. During the nine months ended September 30, 2018, the Company incurred a net loss of $11,515,740. 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 September 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 | 9 Months Ended |
Sep. 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 September 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 Nine Months Ended 2018 2017 2018 2017 Expected life 2 years 5 years 4 years 6 years Risk free interest rate 2.60 % 1.92 % 2.63 % 1.99 % Expected volatility 83 % 81 % 82 % 80 % Expected dividend yield 0 % 0 % 0 % 0 % Forfeiture rate 0 % 0 % 0 % 0 % As of September 30, 2018, total unrecognized stock option compensation expense is $4,853,804, 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: As of September 30, 2018 2017 Options 5,525,834 5,598,497 Warrants 4,964,205 4,569,688 Totals 10,490,039 10,168,185 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 In July 2018, the FASB issued ASU No. 2018-09, “Codification Improvements” (“ASU 2018-09”). These amendments provide clarifications and corrections to certain ASC subtopics including, but not limited to, the following: Income Statement - Reporting Comprehensive Income – Overall Debt - Modifications and Extinguishments Distinguishing Liabilities from Equity – Overall Compensation - Stock Compensation - Income Taxes Fair Value Measurement – Overall |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of September 30, December 31, Lab services & supplies $ 6,913 $ 11,477 Professional fees 152,307 235,181 Consultant fees 3,750 2,500 Interest 153,307 - Other 20,000 - Total accrued liabilities $ 336,277 $ 249,158 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2018 | |
Notes Payable [Abstract] | |
Notes Payable | Note 5 - Notes Payable During the nine months ended September 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 warrants issued using the Black-Scholes pricing model with the following assumptions: For The Three and Nine Months Ended Expected life 3 years Risk free interest rate 2.39% - 2.51 % Expected volatility 0 % Expected dividend yield 0 % Forfeiture rate 0 % The aggregate deferred debt discount related to the Notes was $1,253,390. The Company amortized $206,039 of the deferred debt discount during the nine months ended September 30, 2018. The Company also deferred the costs related to the Notes which totaled $57,923 and recorded amortization of $9,148 of that amount during the nine months ended September 30, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 2019. Rent expense was $73,723 and $57,428 for the three months ended September 30, 2018 and 2017, respectively. Rent expense was $214,435 and $169,237 for the nine months ended September 30, 2018 and 2017, respectively. |
Controlled Equity Offering
Controlled Equity Offering | 9 Months Ended |
Sep. 30, 2018 | |
Controlled Equity Offering [Abstract] | |
Controlled Equity Offering | Note 7 - Controlled Equity Offering During the nine months ended September 30, 2018, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. as sales agent. The Company issued 2,186,855 shares of its common stock under the Controlled Equity Offering program for proceeds of $19,304,081, net of commissions and professional fees of $95,778. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 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 September 30, 2018, there were 3,777,712 shares remaining available for issuance under the 2011 Plan. During the nine months ended September 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 $3,034,559. Due to the commencement of the clinical study during the quarter ended September 30, 2018, 726,000 stock options the Company granted to its employees in January 2017 met the performance conditions applicable to such options and began vesting. Upon certification of achievement of the performance condition by the compensation committee of the Company’s board of directors on July 18, 2018, 50% of the options became vested. The remaining shares subject to the stock options will vest over a period of 24 months subject to the continuous service of the applicable optionee. The stock options have an exercise price of $2.40 and an aggregate grant date fair value of $2,759,453. During the nine months ended September 30, 2018, stock options for the purchase of 563,121 shares were exercised for cash proceeds of $446,242. The Company recorded stock-based compensation as follows: For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Research and development $ 1,188,545 $ 441,629 $ 2,299,934 $ 584,589 General and administrative 424,809 126,242 1,100,598 596,246 Total $ 1,613,354 $ 567,871 $ 3,400,532 $ 1,180,835 The following table represents stock option activity for the nine months ended September 30, 2018: Weighted Average Aggregate Stock Options Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2017 5,691,414 3,124,941 $ 1.16 $ 0.73 $ 0.73 6.87 $ - Granted 758,000 - - - - - - Exercised (563,121 ) - - - - - - Cancelled (360,459 ) - - - - - - Balance – September 30, 2018 5,525,834 3,870,451 $ 2.06 $ 1.28 $ 1.28 5.74 $ 14,150,427 The following table summarizes information on stock options outstanding and exercisable as of September 30, 2018: Weighted Weighted Exercise Number Average Remaining Average Number Price Outstanding Contractual Term Exercise Price Exercisable $ 0.05 52,876 3.51 years $ 0.05 52,876 $ 0.26 915,497 5.53 years $ 0.26 915,497 $ 0.73 1,131,691 6.13 years $ 0.73 1,080,621 $ 1.00 237,124 6.81 years $ 1.00 190,457 $ 1.10 8,000 7.27 years $ 1.10 5,083 $ 1.17 20,772 7.12 years $ 1.17 4,522 $ 1.22 46,874 7.35 years $ 1.22 5,207 $ 1.50 28,000 7.42 years $ 1.50 13,833 $ 1.55 1,132,000 7.44 years $ 1.55 707,500 $ 2.02 85,000 8.86 years $ 2.02 52,500 $ 2.40 915,000 8.34 years $ 2.40 540,583 $ 4.60 200,000 9.19 years $ 4.60 37,500 $ 5.30 275,000 9.49 years $ 5.30 120,521 $ 6.04 278,000 9.64 years $ 6.04 131,250 $ 8.86 200,000 9.69 years $ 8.86 12,501 Totals 5,525,834 3,870,451 Warrants During the nine months ended September 30, 2018, warrants to purchase 349,315 shares of the Company’s common stock were exercised for aggregate cash proceeds of $678,240. Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2017 4,533,020 4,517,395 $ 1.85 $ 1.85 $ 1.00 3.21 $ - Granted 780,500 - - - - - - Exercised (349,315 ) - - - - - - Cancelled - - - - - - - Balance – September 30, 2018 4,964,205 4,964,205 $ 2.39 $ 2.39 $ 1.14 2.52 $ 10,325,281 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 - Related Party Transactions Two of the Company’s directors, Pinchas Cohen and Nir Barzilai, provided 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 $15,000 and $10,500 were made to each Director during each of the three months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018 and 2017, payments to each Director totaled $43,334 and $31,500, respectively. As of September 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 | 9 Months Ended |
Sep. 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 September 30, 2018, stock options to purchase 17,721 shares of the Company’s common stock were exercised for aggregate cash proceeds of $32,540. Subsequent to September 30, 2018, the Company granted stock options to purchase a total of 6,000 shares of the Company’s common stock with a grant date price of $3.92 per share. The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over a four-year period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 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 Nine Months Ended 2018 2017 2018 2017 Expected life 2 years 5 years 4 years 6 years Risk free interest rate 2.60 % 1.92 % 2.63 % 1.99 % Expected volatility 83 % 81 % 82 % 80 % Expected dividend yield 0 % 0 % 0 % 0 % Forfeiture rate 0 % 0 % 0 % 0 % As of September 30, 2018, total unrecognized stock option compensation expense is $4,853,804, 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 September 30, 2018 2017 Options 5,525,834 5,598,497 Warrants 4,964,205 4,569,688 Totals 10,490,039 10,168,185 |
Recently Adopted 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 In July 2018, the FASB issued ASU No. 2018-09, “Codification Improvements” (“ASU 2018-09”). These amendments provide clarifications and corrections to certain ASC subtopics including, but not limited to, the following: Income Statement - Reporting Comprehensive Income – Overall Debt - Modifications and Extinguishments Distinguishing Liabilities from Equity – Overall Compensation - Stock Compensation - Income Taxes Fair Value Measurement – Overall |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of weighted-average Black-Scholes assumptions | For the Three Months Ended For Nine Months Ended 2018 2017 2018 2017 Expected life 2 years 5 years 4 years 6 years Risk free interest rate 2.60 % 1.92 % 2.63 % 1.99 % Expected volatility 83 % 81 % 82 % 80 % 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 September 30, 2018 2017 Options 5,525,834 5,598,497 Warrants 4,964,205 4,569,688 Totals 10,490,039 10,168,185 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities [Abstract] | |
Schedule of accrued liabilities | As of As of September 30, December 31, Lab services & supplies $ 6,913 $ 11,477 Professional fees 152,307 235,181 Consultant fees 3,750 2,500 Interest 153,307 - Other 20,000 - Total accrued liabilities $ 336,277 $ 249,158 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Payable [Abstract] | |
Schedule of warrants issued using Black-Scholes pricing model | For The Three and Nine Months Ended Expected life 3 years Risk free interest rate 2.39% - 2.51 % Expected volatility 0 % Expected dividend yield 0 % Forfeiture rate 0 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity [Abstract] | |
Schedule of stock-based compensation | For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Research and development $ 1,188,545 $ 441,629 $ 2,299,934 $ 584,589 General and administrative 424,809 126,242 1,100,598 596,246 Total $ 1,613,354 $ 567,871 $ 3,400,532 $ 1,180,835 |
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, 2017 5,691,414 3,124,941 $ 1.16 $ 0.73 $ 0.73 6.87 $ - Granted 758,000 - - - - - - Exercised (563,121 ) - - - - - - Cancelled (360,459 ) - - - - - - Balance – September 30, 2018 5,525,834 3,870,451 $ 2.06 $ 1.28 $ 1.28 5.74 $ 14,150,427 |
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 3.51 years $ 0.05 52,876 $ 0.26 915,497 5.53 years $ 0.26 915,497 $ 0.73 1,131,691 6.13 years $ 0.73 1,080,621 $ 1.00 237,124 6.81 years $ 1.00 190,457 $ 1.10 8,000 7.27 years $ 1.10 5,083 $ 1.17 20,772 7.12 years $ 1.17 4,522 $ 1.22 46,874 7.35 years $ 1.22 5,207 $ 1.50 28,000 7.42 years $ 1.50 13,833 $ 1.55 1,132,000 7.44 years $ 1.55 707,500 $ 2.02 85,000 8.86 years $ 2.02 52,500 $ 2.40 915,000 8.34 years $ 2.40 540,583 $ 4.60 200,000 9.19 years $ 4.60 37,500 $ 5.30 275,000 9.49 years $ 5.30 120,521 $ 6.04 278,000 9.64 years $ 6.04 131,250 $ 8.86 200,000 9.69 years $ 8.86 12,501 Totals 5,525,834 3,870,451 |
Schedule of warrants activity | Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2017 4,533,020 4,517,395 $ 1.85 $ 1.85 $ 1.00 3.21 $ - Granted 780,500 - - - - - - Exercised (349,315 ) - - - - - - Cancelled - - - - - - - Balance – September 30, 2018 4,964,205 4,964,205 $ 2.39 $ 2.39 $ 1.14 2.52 $ 10,325,281 |
Liquidity and Management's Pl_2
Liquidity and Management's Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Liquidity and Management's Plans (Textual) | |||||||
Working capital | $ 23,724,724 | $ 23,724,724 | |||||
Stockholders' equity | 21,185,908 | $ 24,041,984 | $ 6,457,283 | 21,185,908 | $ 7,618,913 | ||
Net loss | $ (4,613,042) | $ (3,316,113) | $ (3,586,585) | $ (2,861,107) | $ (11,515,740) | $ (6,999,756) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Stock Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of weighted-average Black-Scholes assumptions | ||||
Expected life | 2 years | 5 years | 4 years | 6 years |
Risk free interest rate | 2.60% | 1.92% | 2.63% | 1.99% |
Expected volatility | 83.00% | 81.00% | 82.00% | 80.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% | 0.00% | 0.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 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 | 10,490,039 | 10,168,185 |
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 | 5,525,834 | 5,598,497 |
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 | 4,964,205 | 4,569,688 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Summary of Significant Accounting Policies (Textual) | |
Unrecognized stock option compensation expense | $ 4,853,804 |
Recognized options vest over period | 4 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Abstract] | ||
Lab services & supplies | $ 6,913 | $ 11,477 |
Professional fees | 152,307 | 235,181 |
Consultant fees | 3,750 | 2,500 |
Interest | 153,307 | |
Other | 20,000 | |
Total accrued liabilities | $ 336,277 | $ 249,158 |
Notes Payable (Details)
Notes Payable (Details) - Warrant [Member] | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Schedule of weighted-average Black-Scholes assumptions | ||
Expected life | 3 years | 3 years |
Expected volatility | 0.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Minimum [Member] | ||
Schedule of weighted-average Black-Scholes assumptions | ||
Risk free interest rate | 2.39% | 2.39% |
Maximum [Member] | ||
Schedule of weighted-average Black-Scholes assumptions | ||
Risk free interest rate | 2.51% | 2.51% |
Notes Payable (Details Textual)
Notes Payable (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Notes Payable (Textual) | ||
Aggregate of deferred debt discount | $ 1,253,390 | |
Amortization of debt discount | 206,039 | $ 59 |
Deferred costs, total | 57,923 | |
Recorded amortization | $ 9,148 | |
Issuance of warrants | 780,500 | |
Note and Warrant Purchase Agreements [Member] | ||
Notes Payable (Textual) | ||
Rate of interest on unsecured promissory notes | 8.00% | |
Aggregate principal amount | $ 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 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 2019. | |||
Rent expense | $ 73,723 | $ 57,428 | $ 214,435 | $ 169,237 |
Controlled Equity Offering (Det
Controlled Equity Offering (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Controlled Equity Offering (Textual) | ||
Common stock issued under the Controlled Equity Offering program | 2,186,855 | |
Controlled Equity Offering program for proceeds | $ 19,304,081 | |
Commissions and professional fees | $ 95,778 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 1,613,354 | $ 567,871 | $ 3,400,532 | $ 1,180,835 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 1,188,545 | 441,629 | 2,299,934 | 584,589 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 424,809 | $ 126,242 | $ 1,100,598 | $ 596,246 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - Stock Option [Member] | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Stock Options, Outstanding | |
Beginning Balance | shares | 5,691,414 |
Stock options granted | shares | 758,000 |
Exercised | shares | (563,121) |
Cancelled | shares | (360,459) |
Ending Balance | shares | 5,525,834 |
Stock Options, Exercisable | |
Beginning Balance | shares | 3,124,941 |
Granted | shares | |
Exercised | shares | |
Cancelled | shares | |
Ending Balance | shares | 3,870,451 |
Weighted Average, Exercise Price, Outstanding | |
Beginning Balance | $ 1.16 |
Granted | |
Exercised | |
Cancelled | |
Ending Balance | 2.06 |
Weighted Average, Exercise Price, Exercisable | |
Beginning Balance | 0.73 |
Granted | |
Exercised | |
Cancelled | |
Ending Balance | 1.28 |
Weighted Average, Fair Value Vested | |
Beginning Balance | 0.73 |
Granted | |
Exercised | |
Cancelled | |
Ending Balance | $ 1.28 |
Weighted Average, Contractual Life (Years) | |
Beginning Balance | 6 years 10 months 14 days |
Ending Balance | 5 years 8 months 26 days |
Aggregate Intrinsic Value | |
Beginning Balance | $ | |
Granted | $ | |
Exercised | $ | |
Cancelled | $ | |
Ending Balance | $ | $ 14,150,427 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Number Outstanding | 5,525,834 |
Stock Options, Number Exercisable | 3,870,451 |
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 6 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 6 months 10 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 1 month 16 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 0.73 |
Stock Options, Number Exercisable | 1,080,621 |
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 | 6 years 9 months 22 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1 |
Stock Options, Number Exercisable | 190,457 |
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 3 months 8 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1.10 |
Stock Options, Number Exercisable | 5,083 |
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 | 20,772 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 1 month 13 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1.17 |
Stock Options, Number Exercisable | 4,522 |
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 | 46,874 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 4 months 6 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1.22 |
Stock Options, Number Exercisable | 5,207 |
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 5 months 1 day |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1.50 |
Stock Options, Number Exercisable | 13,833 |
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 | 1,132,000 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 5 months 9 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 1.55 |
Stock Options, Number Exercisable | 707,500 |
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 | 8 years 10 months 10 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 2.02 |
Stock Options, Number Exercisable | 52,500 |
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 | 915,000 |
Stock Options, Weighted Average Remaining Contractual Term | 8 years 4 months 2 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 2.40 |
Stock Options, Number Exercisable | 540,583 |
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 2 months 8 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 4.60 |
Stock Options, Number Exercisable | 37,500 |
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 5 months 27 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 5.30 |
Stock Options, Number Exercisable | 120,521 |
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 7 months 21 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 6.04 |
Stock Options, Number Exercisable | 131,250 |
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 | 9 years 8 months 9 days |
Stock Options, Weighted Average Exercise Price | $ / shares | $ 8.86 |
Stock Options, Number Exercisable | 12,501 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - Warrants [Member] | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Warrants, Outstanding | |
Beginning Balance | shares | 4,533,020 |
Granted | shares | 780,500 |
Exercised | shares | (349,315) |
Cancelled | shares | |
Ending Balance | shares | 4,964,205 |
Warrants, Exercisable | |
Beginning Balance | shares | 4,517,395 |
Granted | shares | |
Exercised | shares | |
Cancelled | shares | |
Ending Balance | shares | 4,964,205 |
Weighted Average, Exercise Price, Outstanding | |
Beginning Balance | $ 1.85 |
Granted | |
Cancelled | |
Exercised | |
Ending Balance | 2.39 |
Weighted Average, Exercise Price, Exercisable | |
Beginning Balance | 1.85 |
Granted | |
Exercised | |
Cancelled | |
Ending Balance | 2.39 |
Weighted Average, Fair Value Vested | |
Beginning Balance | 1 |
Granted | |
Exercised | |
Cancelled | |
Ending Balance | $ 1.14 |
Weighted Average, Contractual Life (Years) | |
Beginning Balance | 3 years 2 months 16 days |
Ending Balance | 2 years 6 months 7 days |
Aggregate Intrinsic Value | |
Beginning Balance | $ | |
Granted | $ | |
Exercised | $ | |
Cancelled | $ | |
Ending Balance | $ | $ 10,325,281 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Jul. 18, 2018 | Jun. 19, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Stockholders' Equity (Textual) | |||||
Aggregate cash proceeds of exercised, warrants | $ 678,240 | $ 2,404,993 | |||
Cash proceeds of exercised, stock options | $ 446,492 | $ 19,825 | |||
Stock options, description | The remaining shares subject to the stock options will vest over a period of 24 months subject to the continuous service of the applicable optionee. | 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. | |||
Vesting percentage | 50.00% | ||||
2011 Plan [Member] | |||||
Stockholders' Equity (Textual) | |||||
Remaining options to be issued | 3,777,712 | 3,777,712 | |||
Total number of shares authorized for issuance | 10,000,000 | ||||
Stock Option [Member] | |||||
Stockholders' Equity (Textual) | |||||
Stock options granted | 758,000 | ||||
Stock options granted to employees | 726,000 | ||||
Options exercised | 563,121 | ||||
Cash proceeds of exercised, stock options | $ 446,242 | ||||
Common stock, per share | $ 2.40 | $ 2.40 | |||
Stock option aggregate grant fair value | $ 2,759,453 | $ 3,034,559 | |||
Stock Option [Member] | Minimum [Member] | |||||
Stockholders' Equity (Textual) | |||||
Common stock, per share | $ 5.30 | $ 5.30 | |||
Stock Option [Member] | Maximum [Member] | |||||
Stockholders' Equity (Textual) | |||||
Common stock, per share | $ 8.86 | $ 8.86 | |||
Warrants [Member] | |||||
Stockholders' Equity (Textual) | |||||
Warrants issued with promissory notes | 780,500 | ||||
Warrants exercised | 349,315 |
Related Party Transactions (Det
Related Party Transactions (Details) - Directors [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transactions (Textual) | ||||
Annual compensation | $ 20,000 | |||
Payments of related party | $ 15,000 | $ 10,500 | $ 43,334 | $ 31,500 |
Subsequent Events (Details)
Subsequent Events (Details) - Stock options [Member] | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Subsequent Events (Textual) | |
Aggregate cash proceeds of exercised | $ | $ 32,540 |
Exercise prices of stock option | $ / shares | $ 3.92 |
Stock options granted to employees | 6,000 |
Options exercised | 17,721 |
Subsequent event, description | The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over a four-year period. |