CohBar (CWBR) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 05, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	CohBar, Inc.
Entity Central Index Key	0001522602
Trading Symbol	CWBR
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		42,782,505

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 4,089,774	$ 5,722,342
Investments	15,441,486	16,460,426
Prepaid expenses and other current assets	211,804	260,630
Total current assets	19,743,064	22,443,398
Property and equipment, net	491,063	520,740
Intangible assets, net	19,963	20,233
Other assets	56,793	56,793
Total assets	20,310,883	23,041,164
Current liabilities:
Accounts payable	255,545	1,142,735
Accrued liabilities	470,470	351,813
Accrued payroll and other compensation	543,774	667,661
Total current liabilities	1,269,789	2,162,209
Notes payable, net of debt discount and offering costs of $876,200 and $986,163 as of March 31, 2019 and December 31, 2018, respectively	3,026,300	2,916,337
Total liabilities	4,296,089	5,078,546
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively
Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding 42,722,738 shares as of March 31, 2019 and 42,578,208 as of December 31, 2018	42,723	42,578
Additional paid-in capital	58,841,208	57,868,593
Accumulated deficit	(42,869,137)	(39,948,553)
Total stockholders' equity	16,014,794	17,962,618
Total liabilities and stockholders' equity	$ 20,310,883	$ 23,041,164

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Debt discount of note payable and offering costs, current	$ 876,200	$ 986,163
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	42,722,738	42,578,208
Common stock, outstanding	42,722,738	42,578,208

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues
Operating expenses:
Research and development	1,371,848	2,680,983
General and administrative	1,456,197	913,088
Total operating expenses	2,828,045	3,594,071
Operating loss	(2,828,045)	(3,594,071)
Other income (expense):
Interest income	94,405	10,960
Interest expense	(76,981)	(1,409)
Amortization of debt discount and offering costs	(109,963)	(2,065)
Total other (expense) income	(92,539)	7,486
Net loss	$ (2,920,584)	$ (3,586,585)
Basic and diluted net loss per share	$ (0.07)	$ (0.09)
Weighted average common shares outstanding - basic and diluted	42,635,509	39,674,563

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2017	$ 39,440	$ 31,822,161	$ (24,242,688)	$ 17,962,618
Beginning balance, shares at Dec. 31, 2017	39,439,505
Stock based compensation		978,708		978,708
Exercise of employee stock options	$ 249	146,189		146,438
Exercise of employee stock options, shares	249,309
Exercise of warrants	$ 267	588,232		588,499
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	$ 39,956	34,246,600	(27,829,273)	6,457,283
Ending balance, shares at Mar. 31, 2018	39,956,147
Beginning balance at Dec. 31, 2018	$ 42,578	57,868,593	(39,948,553)	17,962,618
Beginning balance, shares at Dec. 31, 2018	42,578,208
Stock based compensation		$ 763,659		$ 763,659
Exercise of employee stock options, shares	95	151,506		151,601
Exercise of IPO warrants	$ 94,530
Exercise of warrants	$ 50	$ 57,450		$ 57,500
Exercise of warrants, shares	50,000
Net loss			(2,920,584)	(2,920,584)
Ending balance at Mar. 31, 2019	$ 42,723	$ 58,841,208	$ (42,869,137)	$ 16,014,794
Ending balance, shares at Mar. 31, 2019	42,722,738

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (2,920,584)	$ (3,586,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	34,623	17,239
Stock-based compensation	763,659	978,708
Amortization of debt discount	105,085	1,976
Amortization of debt issuance costs	4,878	89
Discount on investments	8,940
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	48,826	(254,118)
Accounts payable	(887,190)	(52,668)
Accrued liabilities	118,657	22,622
Accrued payroll and other compensation	(123,887)	29,751
Net cash used in operating activities	(2,846,993)	(2,842,986)
Cash flows from investing activities:
Purchases of property and equipment	(4,676)
Adjustment to capitalized patent costs		1,739
Purchases of investments	(15,485,000)	(1,498,889)
Proceeds from redemptions of investments	16,495,000	5,631,830
Net cash provided by investing activities	1,005,324	4,134,680
Cash flows from financing activities:
Debt issuance costs		(31,993)
Proceeds from exercise of warrants	57,500	588,499
Proceeds from private offering, net		2,142,500
Proceeds from exercise of employee stock options	151,601	146,438
Net cash provided by financing activities	209,101	2,845,444
Net (decrease) increase in cash	(1,632,568)	4,137,138
Cash at beginning of period	5,722,342	2,823,450
Cash at end of period	4,089,774	6,960,588
Non-cash investing and financing activities:
Warrants issued in connection with note payable		$ 711,310

Business Organization and Natur

Business Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization and Nature of Operations	Note 1 - 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, the exercise of outstanding warrants and stock options and the issuance of debt instruments. 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, 2018, included in the Company's Annual Report on Form 10-K (the "2018 Form 10-K"), filed with the SEC on March 18, 2019. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2018 Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019, or any other period.

Liquidity and Management's Plan

Liquidity and Management's Plans	3 Months Ended
	Mar. 31, 2019
Liquidity and Management's Plans [Abstract]
Liquidity and Management's Plans	Note 2 - Liquidity and Management's Plans As of March 31, 2019, the Company had working capital and stockholders' equity of $18,473,275 and $16,014,794 respectively. During the three months ended March 31, 2019, the Company incurred a net loss of $2,920,584 and used $2,846,993 in its operating activities. Based on current budget assumptions, projected cash burn, and the cash and investments on hand as of March 31, 2019, the Company believes 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. There can be no assurance that such a plan will be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 accounting principles generally accepted in the United States of America ("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. Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation ("FDIC"). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. Investments Investments consist of U.S. Treasury Bills of $13,895,716, which are classified as held-to-maturity, and Certificates of Deposit of $1,545,770. 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 minimus 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 March 31, 2019 and December 31, 2018. Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable and re-measured on each financial reporting date until the service is complete. The Company has granted stock options at exercise prices equal to the higher of (i) the closing price of the Company's common stock as reported by Nasdaq, (ii) the closing price of the Company's common stock as reported by the TSX Venture Exchange or (iii) the closing price of the Company's common stock as reported on the OTCQX marketplace as determined by the board of directors, with input from management on the date of grant. 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. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. Beginning with the current year quarter, the fair value of stock-based payment awards issued was estimated using a volatility derived from the Company's share price. Prior to the current year quarter, the Company had a limited history of being publicly traded and estimated the fair value of stock-based payment awards using a volatility derived from an index of comparable entities. The assumptions used in calculating the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company's stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. In estimating the Company's forfeiture rate, the Company analyzed its historical forfeiture rate, the remaining lives of unvested options, and the number of vested options as a percentage of total options outstanding. If the Company's actual forfeiture rate is materially different from its estimate, or if the Company reevaluates the forfeiture rate in the future, the stock-based compensation expense could be significantly different from what the Company has recorded in the current period. The weighted-average Black-Scholes assumptions are as follows: For the Three Months Ended March 31, 2019 2018 Expected life 6 years 7 years Risk free interest rate 2.44 % 2.57 % Expected volatility 78 % 80 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 % As of March 31, 2019, total unrecognized stock option compensation expense is $3,831,195, 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 March 31, 2019 2018 Options 5,593,752 5,722,105 Warrants 4,907,223 4,694,187 Totals 10,500,975 10,416,292 Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-09, " Codification Improvements 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	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued Liabilities	Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of March 31, 2019 December 31, 2018 Professional fees $ 135,843 $ 106,478 Interest 308,980 231,999 Other 25,647 13,336 Total accrued liabilities $ 470,470 $ 351,813

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 - 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 $85,190 and $70,356 for the three months ended March 31, 2019 and 2018, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Note 6 - Stockholders’ Equity Stock Options The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of March 31, 2019, there were 3,575,852 shares remaining available for issuance under the 2011 Plan. During the three months ended March 31, 2019, the Company granted a stock option award to a board member to purchase 200,000 shares of the Company’s common stock at $3.15 per share. The stock option has a term of ten years and shares subject to the option will vest over a four-year period. The stock option has an aggregate grant date fair value of approximately $439,260. During the three months ended March 31, 2019, stock options to purchase 94,530 shares of common stock were exercised for cash proceeds of $151,601. The Company recorded stock-based compensation in the three months ended March 31, 2019 and 2018 as follows:. For the Three Months Ended March 31, 2019 2018 Research and development $ 272,811 $ 773,659 General and administrative 490,848 205,049 Total $ 763,659 $ 978,708 The following table represents stock option activity for the three months ended March 31, 2019: Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2018 5,488,282 4,384,294 $ 2.10 $ 1.32 $ 1.32 5.80 $ - Granted 200,000 - - - - - - Exercised (94,530 ) - - - - - - Cancelled - - - - - - - Balance – March 31, 2019 5,593,752 4,528,900 $ 2.15 $ 1.39 $ 1.39 5.80 $ 8,962,676 The following table summarizes information on stock options outstanding and exercisable as of March 31, 2019: Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Contractual Term $ 0.05 $ 2.02 $ 0.89 3,438,752 3,376,876 4.25 years $ 2.40 $ 4.60 $ 2.91 1,402,000 767,500 8.38 years $ 5.30 $ 8.86 $ 6.52 753,000 384,524 9.10 years Totals 5,593,752 4,528,900 Warrants During the three months ended March 31, 2019, warrants to purchase 50,000 shares of the Company’s common stock were exercised for aggregate cash proceeds of $57,500. Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2018 4,964,205 4,907,223 $ 2.39 $ 2.39 $ 1.14 2.27 $ - Granted - - - - - - - Exercised (50,000 ) - - - - - - Cancelled (6,982 ) - - - - - - Balance – March 31, 2019 4,907,223 4,907,223 $ 2.40 $ 2.40 $ 1.11 2.05 $ 5,807,620 During the three months ended March 31, 2019, warrants to purchase 6,982 shares of the Company’s common stock expired and were cancelled.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 7 - 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. In May 2019, the Company entered into an Executive Employment Agreement (the “Agreement”) with Steve Engle pursuant to which Mr. Engle will serve as the Company’s Chief Executive Officer (“CEO”), effective May 15, 2019. Pursuant to the terms of the Agreement, Mr. Engle will be paid a base salary of $450,000 and will also be eligible for an annual bonus with a target amount of up to 50% of his annual base salary, payable based on achievement of corporate and/or personal performance goals. Additionally, Mr. Engle received an award under the Company’s Amended and Restated 2011 Equity Incentive Plan of options to purchase up to an aggregate of 1,930,000 shares of our common stock. Subsequent to March 31, 2019, options to purchase 59,767 shares of common stock were exercised for aggregate cash proceeds of $87,588.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 accounting principles generally accepted in the United States of America ("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.
CONCENTRATIONS OF CREDIT RISK	Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation ("FDIC"). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk.
INVESTMENTS	Investments Investments consist of U.S. Treasury Bills of $13,895,716, which are classified as held-to-maturity, and Certificates of Deposit of $1,545,770. 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 minimus
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 March 31, 2019 and December 31, 2018.
SHARE-BASED PAYMENT	Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable and re-measured on each financial reporting date until the service is complete. The Company has granted stock options at exercise prices equal to the higher of (i) the closing price of the Company's common stock as reported by Nasdaq, (ii) the closing price of the Company's common stock as reported by the TSX Venture Exchange or (iii) the closing price of the Company's common stock as reported on the OTCQX marketplace as determined by the board of directors, with input from management on the date of grant. 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. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. Beginning with the current year quarter, the fair value of stock-based payment awards issued was estimated using a volatility derived from the Company's share price. Prior to the current year quarter, the Company had a limited history of being publicly traded and estimated the fair value of stock-based payment awards using a volatility derived from an index of comparable entities. The assumptions used in calculating the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company's stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. In estimating the Company's forfeiture rate, the Company analyzed its historical forfeiture rate, the remaining lives of unvested options, and the number of vested options as a percentage of total options outstanding. If the Company's actual forfeiture rate is materially different from its estimate, or if the Company reevaluates the forfeiture rate in the future, the stock-based compensation expense could be significantly different from what the Company has recorded in the current period. The weighted-average Black-Scholes assumptions are as follows: For the Three Months Ended March 31, 2019 2018 Expected life 6 years 7 years Risk free interest rate 2.44 % 2.57 % Expected volatility 78 % 80 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 % As of March 31, 2019, total unrecognized stock option compensation expense is $3,831,195, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested.
NET LOSS PER SHARE OF COMMON STOCK	Net Loss Per Share of Common Stock Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: As of March 31, 2019 2018 Options 5,593,752 5,722,105 Warrants 4,907,223 4,694,187 Totals 10,500,975 10,416,292
RECENT ACCOUNTING PRONOUNCEMENTS	Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-09, " Codification Improvements 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)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of weighted-average Black-Scholes assumptions	For the Three Months Ended March 31, 2019 2018 Expected life 6 years 7 years Risk free interest rate 2.44 % 2.57 % Expected volatility 78 % 80 % Expected dividend yield 0 % 0 % Forfeiture rate 0 % 0 %
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share	As of March 31, 2019 2018 Options 5,593,752 5,722,105 Warrants 4,907,223 4,694,187 Totals 10,500,975 10,416,292

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Schedule of accrued liabilities	As of As of March 31, 2019 December 31, 2018 Professional fees $ 135,843 $ 106,478 Interest 308,980 231,999 Other 25,647 13,336 Total accrued liabilities $ 470,470 $ 351,813

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation	For the Three Months Ended March 31, 2019 2018 Research and development $ 272,811 $ 773,659 General and administrative 490,848 205,049 Total $ 763,659 $ 978,708
Schedule of stock option activity	Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – 5,488,282 4,384,294 $ 2.10 $ 1.32 $ 1.32 5.80 $ - Granted 200,000 - - - - - - Exercised (94,530 ) - - - - - - Cancelled - - - - - - - Balance – 5,593,752 4,528,900 $ 2.15 $ 1.39 $ 1.39 5.80 $ 8,962,676
Schedule of stock options outstanding and exercisable	Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Contractual Term $ 0.05 $ 2.02 $ 0.89 3,438,752 3,376,876 4.25 years $ 2.40 $ 4.60 $ 2.91 1,402,000 767,500 8.38 years $ 5.30 $ 8.86 $ 6.52 753,000 384,524 9.10 years Totals 5,593,752 4,528,900
Schedule of warrants activity	Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – 4,964,205 4,907,223 $ 2.39 $ 2.39 $ 1.14 2.27 $ - Granted - - - - - - - Exercised (50,000 ) - - - - - - Cancelled (6,982 ) - - - - - - Balance – 4,907,223 4,907,223 $ 2.40 $ 2.40 $ 1.11 2.05 $ 5,807,620

Liquidity and Management's Pl_2

Liquidity and Management's Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Liquidity and Management's Plans (Textual)
Working capital	$ 18,473,275
Stockholders' equity	16,014,794	$ 6,457,283	$ 17,962,618	$ 17,962,618
Net loss	(2,920,584)	(3,586,585)
Operating activities	$ (2,846,993)	$ (2,842,986)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Equity Option [Member]	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of weighted-average Black-Scholes assumptions
Expected life	6 years	7 years
Risk free interest rate	2.44%	2.57%
Expected volatility	78.00%	80.00%
Expected dividend yield	0.00%	0.00%
Forfeiture rate	0.00%	0.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share, Amount	10,500,975	10,416,292
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	4,907,223	4,694,187
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	5,593,752	5,722,105

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2019USD ($)
Summary of Significant Accounting Policies (Textual)
U.S. Treasury bills	$ 13,895,716
Certificates of deposit	1,545,770
Unrecognized stock option compensation expense	$ 3,831,195
Recognized options vest over period	4 years

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Professional fees	$ 135,843	$ 106,478
Interest	308,980	231,999
Other	25,647	13,336
Total accrued liabilities	$ 470,470	$ 351,813

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies (Textual)
Rent expense	$ 85,190	$ 70,356
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.

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	$ 763,659	$ 978,708
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	272,811	773,659
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total	$ 490,848	$ 205,049

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Equity Option [Member]	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Stock Options, Outstanding
Beginning Balance | shares	5,488,282
Granted | shares	200,000
Exercised | shares	(94,530)
Cancelled | shares
Ending Balance | shares	5,593,752
Stock Options, Exercisable
Beginning Balance | shares	4,384,294
Granted | shares
Exercised | shares
Cancelled | shares
Ending Balance | shares	4,528,900
Weighted Average, Exercise Price, Outstanding
Beginning Balance	$ 2.10
Granted
Exercised
Cancelled
Ending Balance	2.15
Weighted Average, Exercise Price, Exercisable
Beginning Balance	1.32
Granted
Exercised
Cancelled
Ending Balance	1.39
Weighted Average, Fair Value Vested
Beginning Balance	1.32
Granted
Exercised
Cancelled
Ending Balance	$ 1.39
Weighted Average, Contractual Life (Years)
Beginning Balance	5 years 9 months 18 days
Ending Balance	5 years 9 months 18 days
Aggregate Intrinsic Value
Beginning Balance | $
Ending Balance | $	$ 8,962,676

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Total Outstanding | shares	5,593,752
Stock Options, Number Exercisable | shares	4,528,900
Grant Price From 0.05 To 2.02 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 0.05
Stock Options, Grant Price, Maximum	2.02
Stock Options, Weighted Average Exercise Price	$ 0.89
Stock Options, Total Outstanding | shares	3,438,752
Stock Options, Number Exercisable | shares	3,376,876
Stock Options, Weighted Average Remaining Contractual Term	4 years 2 months 30 days
Grant Price From 2.40 To 4.60 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 2.40
Stock Options, Grant Price, Maximum	4.60
Stock Options, Weighted Average Exercise Price	$ 2.91
Stock Options, Total Outstanding | shares	1,402,000
Stock Options, Number Exercisable | shares	767,500
Stock Options, Weighted Average Remaining Contractual Term	8 years 4 months 17 days
Grant Price From 5.30 To 8.86 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 5.30
Stock Options, Grant Price, Maximum	8.86
Stock Options, Weighted Average Exercise Price	$ 6.52
Stock Options, Total Outstanding | shares	753,000
Stock Options, Number Exercisable | shares	384,524
Stock Options, Weighted Average Remaining Contractual Term	9 years 1 month 6 days

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Warrant [Member]	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Warrants, Outstanding
Beginning Balance | shares	4,964,205
Granted | shares
Exercised | shares	(50,000)
Cancelled | shares	(6,982)
Ending Balance | shares	4,907,223
Warrants, Exercisable
Beginning Balance | shares	4,907,223
Granted | shares
Exercised | shares
Cancelled | shares
Ending Balance | shares	4,907,223
Weighted Average, Exercise Price, Outstanding
Beginning Balance	$ 2.39
Granted
Cancelled
Exercised
Ending Balance	2.40
Weighted Average, Exercise Price, Exercisable
Beginning Balance	2.39
Granted
Exercised
Cancelled
Ending Balance	2.40
Weighted Average, Fair Value Vested
Beginning Balance	1.14
Granted
Exercised
Cancelled
Ending Balance	$ 1.11
Weighted Average, Contractual Life (Years)
Beginning Balance	2 years 3 months 8 days
Ending Balance	2 years 18 days
Aggregate Intrinsic Value
Beginning Balance | $
Ending Balance | $	$ 5,807,620

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Stockholders' Equity (Textual)
Common stock, shares authorized	75,000,000		75,000,000
Common stock, par value	$ 0.001		$ 0.001
Preferred stock, shares authorized	5,000,000		5,000,000
Preferred stock, par value	$ 0.001		$ 0.001
Recognized options and warrants vest over period	4 years
Total net proceeds of private offering		$ 2,142,500
Cash proceeds of exercised, stock options	$ 151,601	$ 146,438
Warrant [Member]
Stockholders' Equity (Textual)
Warrants issued with promissory notes
Warrants exercised	50,000
Cash proceeds from warrants	$ 57,500
Number of warrants expired	6,982
2011 Plan [Member]
Stockholders' Equity (Textual)
Remaining options to be issued	3,575,852
Stock Option [Member]
Stockholders' Equity (Textual)
Stock options granted	200,000
Options exercised	94,530
Number of options cancelled
Cash proceeds of exercised, stock options	$ 151,601
Board Member [Member] | Stock Option [Member]
Stockholders' Equity (Textual)
Stock options granted	200,000
Common stock, per share	$ 3.15
Stock option aggregate grant fair value	$ 439,260
Stock options, description	The stock option has a term of ten years and shares subject to the option will vest over a four-year period.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Events (Textual)
Cash proceeds of exercised, stock options		$ 151,601	$ 146,438
Mr. Engle [Member] | Subsequent Event [Member]
Subsequent Events (Textual)
Paid base salary amount	$ 450,000
Annual base salary percentage	50.00%
Options to purchase shares of common stock	1,930,000
Equity Option [Member]
Subsequent Events (Textual)
Options exercised		94,530
Cash proceeds of exercised, stock options		$ 151,601
Equity Option [Member] | Common Stock [Member]
Subsequent Events (Textual)
Options exercised		59,767
Cash proceeds of exercised, stock options		$ 87,588