Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | COHBAR, INC. | |
Trading Symbol | CWBR | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,906,926 | |
Amendment Flag | false | |
Entity Central Index Key | 0001522602 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38326 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1299952 | |
Entity Address, Address Line One | 1455 Adams Drive | |
Entity Address, Address Line Two | Suite 2050 | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | (650) | |
Local Phone Number | 446-7888 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,211,379 | $ 4,992,145 |
Investments | 14,128,120 | 21,253,866 |
Vendor receivable | 173,499 | |
Prepaid expenses and other current assets | 683,359 | 527,380 |
Total current assets | 19,022,858 | 26,946,890 |
Property and equipment, net | 174,773 | 260,612 |
Intangible assets, net | 18,389 | 19,309 |
Other assets | 76,596 | 69,620 |
Total assets | 19,292,616 | 27,296,431 |
Current liabilities: | ||
Accounts payable | 257,317 | 371,993 |
Accrued liabilities | 92,487 | 196,020 |
Accrued payroll and other compensation | 196,695 | 754,314 |
Note payable, net of debt discount and offering costs of $0 and $8,723 as of September 30, 2022 and December 31, 2021, respectively | 366,277 | |
Total liabilities | 546,499 | 1,688,604 |
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, 2022 and December 31, 2021, respectively | ||
Common stock, $0.001 par value, Authorized 12,000,000 shares; Issued and outstanding 2,906,926 shares as of September 30, 2022 and 2,877,985 as of December 31, 2021 | 2,907 | 2,878 |
Additional paid-in capital | 111,855,921 | 110,339,011 |
Accumulated deficit | (93,112,711) | (84,734,062) |
Total stockholders’ equity | 18,746,117 | 25,607,827 |
Total liabilities and stockholders’ equity | $ 19,292,616 | $ 27,296,431 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Net of debt discount and offering costs (in Dollars) | $ 0 | $ 8,723 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 2,906,926 | 2,877,985 |
Common stock, shares outstanding | 2,906,926 | 2,877,985 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
Research and development | 1,037,111 | 1,634,063 | 3,730,319 | 6,906,510 |
General and administrative | 1,433,699 | 1,777,000 | 4,735,402 | 5,720,043 |
Total operating expenses | 2,470,810 | 3,411,063 | 8,465,721 | 12,626,553 |
Operating loss | (2,470,810) | (3,411,063) | (8,465,721) | (12,626,553) |
Other income (expense): | ||||
Interest income | 78,902 | 1,226 | 97,274 | 4,366 |
Interest expense | (7,562) | (1,479) | (32,547) | |
Amortization of debt discount and offering costs | (4,359) | (8,723) | (28,733) | |
Total other income (expense) | 78,902 | (10,695) | 87,072 | (56,914) |
Net loss | $ (2,391,908) | $ (3,421,758) | $ (8,378,649) | $ (12,683,467) |
Basic and diluted net loss per share (in Dollars per share) | $ (0.82) | $ (1.61) | $ (2.9) | $ (6.09) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 2,903,403 | 2,129,686 | 2,890,723 | 2,081,318 |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Basic and diluted net loss per share | $ (0.82) | $ (1.61) | $ (2.90) | $ (6.09) |
Weighted average common shares outstanding - basic and diluted | 2,903,403 | 2,129,686 | 2,890,723 | 2,081,318 |
Statements of Changes in Stockh
Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in-Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 2,038 | $ 87,743,403 | $ (69,258,286) | $ 18,487,155 |
Balance (in Shares) at Dec. 31, 2020 | 2,037,251 | |||
Stock-based compensation | 320,444 | 320,444 | ||
Stock-based compensation (in Shares) | ||||
Exercise of employee stock options | $ 21 | 958,826 | 958,847 | |
Exercise of employee stock options (in Shares) | 20,797 | |||
Exercise of warrants | $ 2 | 67,534 | 67,536 | |
Exercise of warrants (in Shares) | 1,563 | |||
Net loss | (4,038,344) | (4,038,344) | ||
Balance at Mar. 31, 2021 | $ 2,061 | 89,090,207 | (73,296,630) | 15,795,638 |
Balance (in Shares) at Mar. 31, 2021 | 2,059,611 | |||
Balance at Dec. 31, 2020 | $ 2,038 | 87,743,403 | (69,258,286) | 18,487,155 |
Balance (in Shares) at Dec. 31, 2020 | 2,037,251 | |||
Net loss | (12,683,467) | |||
Balance at Sep. 30, 2021 | $ 2,169 | 95,810,332 | (81,941,753) | 13,870,748 |
Balance (in Shares) at Sep. 30, 2021 | 2,167,600 | |||
Balance at Mar. 31, 2021 | $ 2,061 | 89,090,207 | (73,296,630) | 15,795,638 |
Balance (in Shares) at Mar. 31, 2021 | 2,059,611 | |||
Stock-based compensation | 957,558 | 957,558 | ||
Stock-based compensation (in Shares) | ||||
Sale of common stock, net | $ 16 | 621,806 | 621,822 | |
Sale of common stock, net (in Shares) | 16,037 | |||
Net loss | (5,223,365) | (5,223,365) | ||
Balance at Jun. 30, 2021 | $ 2,077 | 90,669,571 | (78,519,995) | 12,151,653 |
Balance (in Shares) at Jun. 30, 2021 | 2,075,648 | |||
Stock-based compensation | 681,835 | 681,835 | ||
Stock-based compensation (in Shares) | ||||
Issuance of common stock for ESPP plan | $ 1 | 16,813 | 16,814 | |
Issuance of common stock for ESPP plan (in Shares) | 589 | |||
Sale of common stock, net | $ 39 | 2,262,925 | 2,262,964 | |
Sale of common stock, net (in Shares) | 39,226 | |||
Exercise of employee stock options | $ 5 | 157,295 | 157,300 | |
Exercise of employee stock options (in Shares) | 5,333 | |||
Exercise of warrants | $ 47 | 2,021,893 | 2,021,940 | |
Exercise of warrants (in Shares) | 46,804 | |||
Net loss | (3,421,758) | (3,421,758) | ||
Balance at Sep. 30, 2021 | $ 2,169 | 95,810,332 | (81,941,753) | 13,870,748 |
Balance (in Shares) at Sep. 30, 2021 | 2,167,600 | |||
Balance at Dec. 31, 2021 | $ 2,878 | 110,339,011 | (84,734,062) | 25,607,827 |
Balance (in Shares) at Dec. 31, 2021 | 2,877,986 | |||
Stock-based compensation | 456,423 | 456,423 | ||
Stock-based compensation (in Shares) | ||||
Sale of common stock in ATM, net | $ 21 | 200,603 | 200,624 | |
Sale of common stock in ATM, net (in Shares) | 21,404 | |||
Net loss | (3,261,773) | (3,261,773) | ||
Balance at Mar. 31, 2022 | $ 2,899 | 110,996,037 | (87,995,835) | 23,003,101 |
Balance (in Shares) at Mar. 31, 2022 | 2,899,390 | |||
Balance at Dec. 31, 2021 | $ 2,878 | 110,339,011 | (84,734,062) | $ 25,607,827 |
Balance (in Shares) at Dec. 31, 2021 | 2,877,986 | |||
Exercise of employee stock options (in Shares) | 5,600 | |||
Net loss | $ (8,378,649) | |||
Balance at Sep. 30, 2022 | $ 2,907 | 111,855,921 | (93,112,711) | 18,746,117 |
Balance (in Shares) at Sep. 30, 2022 | 2,906,926 | |||
Balance at Mar. 31, 2022 | $ 2,899 | 110,996,037 | (87,995,835) | 23,003,101 |
Balance (in Shares) at Mar. 31, 2022 | 2,899,390 | |||
Stock-based compensation | 434,956 | 434,956 | ||
Stock-based compensation (in Shares) | ||||
Net loss | (2,724,968) | (2,724,968) | ||
Balance at Jun. 30, 2022 | $ 2,899 | 111,430,993 | (90,720,803) | 20,713,089 |
Balance (in Shares) at Jun. 30, 2022 | 2,899,390 | |||
Stock-based compensation | 390,062 | 390,062 | ||
Stock-based compensation (in Shares) | ||||
Issuance of common stock for ESPP plan | $ 6 | 25,019 | 25,025 | |
Issuance of common stock for ESPP plan (in Shares) | 5,604 | |||
Payout for fractional shares retired as a result of reverse stock split 1:30 | (68) | (68) | ||
Payout for fractional shares retired as a result of reverse stock split 1:30 (in Shares) | (16) | |||
Sale of common stock in ATM, net | $ 2 | 9,915 | 9,917 | |
Sale of common stock in ATM, net (in Shares) | 1,948 | |||
Net loss | (2,391,908) | (2,391,908) | ||
Balance at Sep. 30, 2022 | $ 2,907 | $ 111,855,921 | $ (93,112,711) | $ 18,746,117 |
Balance (in Shares) at Sep. 30, 2022 | 2,906,926 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders’ Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split | 1:30 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,378,649) | $ (12,683,467) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 86,759 | 107,735 |
Stock-based compensation | 1,281,441 | 1,959,837 |
Amortization of debt discount | 8,350 | 27,513 |
Amortization of debt issuance costs | 373 | 1,220 |
Discount on investments | 40,746 | (2,501) |
Changes in operating assets and liabilities: | ||
Vendor receivable | 173,499 | |
Prepaid expenses and other current assets | (155,979) | (396,615) |
Accounts payable | (114,676) | 579,329 |
Accrued liabilities | (103,533) | (986,129) |
Accrued payroll and other compensation | (557,619) | (340,345) |
Net cash used in operating activities | (7,719,288) | (11,733,423) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,398) | |
Patent costs | (2,359) | |
Payment for security deposit | (6,976) | (2,217) |
Purchases of investments | (46,810,000) | (22,345,994) |
Proceeds from redemptions of investments | 53,895,000 | 34,634,000 |
Net cash provided by investing activities | 7,078,024 | 12,277,032 |
Cash flows from financing activities: | ||
Proceeds from ESPP plan | 25,025 | 16,814 |
Proceeds from the At-the-Market Offering, net | 210,541 | 2,884,786 |
Proceeds from exercise of warrants | 2,089,476 | |
Repayment of promissory notes | (375,000) | (365,000) |
Proceeds from exercise of employee stock options | 1,116,147 | |
Reverse Stock Split Fractional Share Payout | (68) | |
Net cash (used in) provided by financing activities | (139,502) | 5,742,223 |
Net decrease in cash and cash equivalents | (780,766) | 6,285,832 |
Cash and cash equivalents at beginning of period | 4,992,145 | 2,894,575 |
Cash and cash equivalents at end of period | 4,211,379 | 9,180,407 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1,332 | |
Cash paid for interest | $ 114,411 | $ 89,908 |
Business Organization and Natur
Business Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
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 leveraging the power of the mitochondria and the peptides encoded in its genome to develop potential breakthrough therapeutics targeting chronic and age-related diseases with limited to no treatment options. The Company’s primary activities include utilizing its MITO+ platform to identify and develop novel peptide analogs, the research and development of its pipeline, securing intellectual property protection for its discoveries and assets, managing collaborations and clinical trials with contract research organizations (“CROs”) and raising capital to fund the Company’s operations. 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 Company is monitoring the COVID-19 pandemic, which continues to rapidly evolve, and has taken steps to mitigate the potential impacts on its business. The extent to which the pandemic may impact the Company’s business, preclinical studies and its clinical trial will depend on future developments, which are highly uncertain and cannot be predicted with confidence. The Company has modified its business practices by restricting nonessential travel, implementing a partial work from home policy for its employees and instituting safety protocols for its lab to enable essential on-site work to continue. The Company expects to continue to take actions that are in the best interests of its employees and business partners. Due to the uncertainty surrounding the pandemic, the Company’s visibility into the duration of these actions is limited. 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, 2021, included in the Company’s Annual Report on Form 10-K (the “2021 Form 10-K”), filed with the SEC on March 29, 2022. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2021 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other period. |
Liquidity and Management_s Plan
Liquidity and Management’s Plans | 9 Months Ended |
Sep. 30, 2022 | |
Liquidity and Management’s Plan [Abstract] | |
Liquidity and Management’s Plans | Note 2 – Liquidity and Management’s Plans Pursuant to the requirements of Accounting Standard Codification (“ASC”) 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. As of September 30, 2022, the Company had working capital and stockholders’ equity of $18.5 million and $18.7 million, respectively. During the nine months ended September 30, 2022, the Company incurred a net loss of $8.4 million and utilized cash of $7.7 million in its operating activities. Based on the cash and investments on hand as of September 30, 2022 of approximately $18.3 million, current budget assumptions and projected cash burn, 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 but it anticipates it will be dependent on additional investment capital to fund its operating expenses in subsequent quarters. Future capital requirements will depend on many factors, including the timing of spending on research and development, potential success of the Company’s research and development efforts, the sentiment of the capital markets at the time capital is required or pursued, amongst other things. 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 it 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 would be successful. There is no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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. Reverse Stock Split On September 23, 2022, the Company effected a reverse stock split of its Common Stock at a ratio of 1-for-30. No fractional shares were issued in connection with the reverse stock split. Stockholders of record who would have otherwise been entitled to receive a fractional share received a cash payment in lieu thereof. All information presented in the accompanying unaudited condensed consolidated financial statements, unless otherwise indicated herein, reflects a 1-for-30 reverse stock split of the Company’s outstanding shares of Common Stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split. 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 as of September 30, 2022 and December 31, 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $14.1 million and $21.3 million, respectively. 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 mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were de minimus Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) provided 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) give 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 a 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 balance sheets as of September 30, 2022 and December 31, 2021. 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. The Company accounts for performance-based share payments by measuring the fair value of the grant when the performance criteria are deemed probable and recognizing the associated expense at that time. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by The Nasdaq Capital Market, 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. The volatility percentage used was derived from the Company’s share price equal to the expected term of the option grant. 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. The weighted-average Black-Scholes assumptions are as follows: For the Three Months For the Nine Months 2022 2021 2022 2021 Expected life 6.25 years 6.25 years 6.25 years 6.25 years Risk free interest rate 3.06 % 0.91 % 2.03 % 1.05 % Expected volatility 92 % 91 % 92 % 91 % Expected dividend yield 0 % 0 % 0 % 0 % Forfeiture rate 0 % 0 % 0 % 0 % As of September 30, 2022, total unrecognized stock option compensation expense was $4.6 million, 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, 2022 2021 Options 332,551 372,154 Warrants 1,178,169 493,358 Totals 1,510,720 865,512 Recent Accounting Pronouncements There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements or related disclosures. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 4 - Commitments and Contingencies Litigation, 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 Leases 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 2023. Rent expense was $0.1 million for each of the three-month periods ended September 30, 2022 and 2021. Rent expense was $0.3 million for each of the nine-month periods ended September 30, 2022 and 2021. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 5 - Stockholders’ Equity Authorized Capital The Company has authorized the issuance and sale of up to 17.0 million shares of stock, consisting of 12.0 million shares of common stock having a par value of $0.001 and 5.0 million shares of Preferred Stock having a par value of $0.001 per share. As of September 30, 2022 and December 31, 2021, there were no shares of Preferred Stock outstanding and there were no 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 September 30, 2022, there were 0.1 million shares remaining available for issuance under the 2011 Plan. During the nine months ended September 30, 2022, stock options to purchase 19.4 thousand shares of common stock were granted at a weighted average exercise price of $10.42 per share. The stock options have a term of ten years and are subject to vesting based on continuous service of the awardee over a period of four years. The stock options have an aggregate grant date fair value of $0.2 million. During the nine months ended September 30, 2022, stock options to purchase 53.2 thousand shares of common stock with a weighted average exercise price of $56.39 expired, were cancelled and returned to the option pool for future issuance. The Company recorded stock-based compensation as follows: For the Three Months For the Nine Months 2022 2021 2022 2021 Research and development $ 17,639 $ 23,362 $ 64,048 $ 200,092 General and administrative 372,423 658,473 1,217,393 1,759,745 Total $ 390,062 $ 681,835 $ 1,281,441 $ 1,959,837 The following table represents stock option activity for the nine months ended September 30, 2022: Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 366,411 204,230 $ 51.30 $ 47.40 $ 47.40 6.27 $ - Granted 19,367 278 10.42 10.42 4.53 6.27 - Exercised - - - - - - - Cancelled (53,227 ) - - - - - - Balance – September 30, 2022 332,551 197,585 $ 49.08 $ 43.12 $ 43.12 6.27 $ - The following table summarizes information on stock options outstanding and exercisable as of September 30, 2022: Grant Price Weighted Total Number Weighted From To Exercise Price Outstanding Exercisable Term $ 6.00 $ 60.60 $ 34.41 270,963 138,680 7.46 years $ 63.00 $ 138.00 $ 82.13 46,821 44,138 5.46 years $ 159.00 $ 265.80 $ 193.28 14,767 14,767 5.60 years Totals 332,551 197,585 Warrants During the nine months ended September 30, 2022, 9.6 thousand warrants to purchase 9.6 thousand shares of common stock at a weighted average exercise price of $114.33 expired and were cancelled. Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 1,187,803 1,187,664 $ 31.35 $ 31.35 $ 15.90 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (9,634 ) - - - - - - Balance – September 30, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.66 $ - |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 9 Months Ended |
Sep. 30, 2022 | |
Employee Stock Purchase Plan [Abstract] | |
Employee Stock Purchase Plan | Note 6 - Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) in which it purchases shares with the amounts accumulated during the offering period from employee directed payroll deferrals. Purchases of the Company’s common stock are equal to 85% of the closing market price of its common stock on the first day or last day of the offering period, whichever is lower. During the nine months ended September 30, 2022, 5.6 thousand shares were issued under the ESPP for $25.0 thousand of employee compensation deferrals. As of September 30, 2022, 10.5 thousand shares are available for future issuance under the ESPP. |
At-the-Market Offering
At-the-Market Offering | 9 Months Ended |
Sep. 30, 2022 | |
At-the-Market Offering [Abstract] | |
At-the-Market Offering | Note 7 – At-the-Market Offering In May 2020, the Company entered into an At-the-Market Offering Sales Agreement (the “ATM”) with Virtu Americas, LLC as sales agent. During the nine months ended September 30, 2022, the Company sold 23.4 thousand shares of its common stock under the ATM program for proceeds of $0.2 million, net of commissions. As of September 30, 2022, a balance of approximately $5.0 million remains in the Company’s ATM program. |
Non-Cash Expenses
Non-Cash Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Non-Cash Expenses [Abstract] | |
Non-Cash Expenses | Note 8 – Non-Cash Expenses The following table details the Company’s non-cash expenses included in the accompanying condensed statements of operations: For the Three Months For the Nine Months 2022 2021 2022 2021 Operating expenses: Stock-based compensation $ 390,062 $ 681,835 $ 1,281,441 $ 1,959,837 Depreciation & amortization 21,716 34,594 86,759 107,735 Subtotal $ 411,778 $ 716,429 $ 1,368,200 $ 2,067,572 Other expense: Amortization of debt discount - 4,174 8,350 27,512 Subtotal $ - $ 4,174 $ 8,350 $ 27,512 Total non-cash expenses $ 411,778 $ 720,603 $ 1,376,550 $ 2,095,084 |
Promissory Notes
Promissory Notes | 9 Months Ended |
Sep. 30, 2022 | |
Promissory Notes [Abstract] | |
Promissory Notes | Note 9 – Promissory Notes During the nine months ended September 30, 2022, the Company repaid a promissory note, held by a director of the Company, totaling $0.5 million in principal and interest. During the nine months ended September 30, 2021, the Company paid $0.1 million in principal and interest for two promissory notes that matured. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, the Company negotiated a buyout of a previously issued purchase order. The buyout, in the amount of approximately $1.2 million, related to materials and manufacturing services that were expected to be delivered in the quarter ending December 31, 2022. A portion of the buyout relates to raw materials that could be used at a later date, the timing of which is not determinable at this time. The Company will recognize the $1.2 million charge on the aforementioned buyout during the quarter ending December 31, 2022. Subsequent to September 30, 2022, the Company sold unused equipment for net proceeds of approximately $0.1 million. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Business Organization and Nature of Operations [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. |
Reverse Stock Split | Reverse Stock Split On September 23, 2022, the Company effected a reverse stock split of its Common Stock at a ratio of 1-for-30. No fractional shares were issued in connection with the reverse stock split. Stockholders of record who would have otherwise been entitled to receive a fractional share received a cash payment in lieu thereof. All information presented in the accompanying unaudited condensed consolidated financial statements, unless otherwise indicated herein, reflects a 1-for-30 reverse stock split of the Company’s outstanding shares of Common Stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split. |
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 as of September 30, 2022 and December 31, 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $14.1 million and $21.3 million, respectively. 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 mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were 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) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) provided 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) give 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 a 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 balance sheets as of September 30, 2022 and December 31, 2021. |
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. The Company accounts for performance-based share payments by measuring the fair value of the grant when the performance criteria are deemed probable and recognizing the associated expense at that time. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by The Nasdaq Capital Market, 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. The volatility percentage used was derived from the Company’s share price equal to the expected term of the option grant. 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. The weighted-average Black-Scholes assumptions are as follows: For the Three Months For the Nine Months 2022 2021 2022 2021 Expected life 6.25 years 6.25 years 6.25 years 6.25 years Risk free interest rate 3.06 % 0.91 % 2.03 % 1.05 % Expected volatility 92 % 91 % 92 % 91 % Expected dividend yield 0 % 0 % 0 % 0 % Forfeiture rate 0 % 0 % 0 % 0 % As of September 30, 2022, total unrecognized stock option compensation expense was $4.6 million, 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, 2022 2021 Options 332,551 372,154 Warrants 1,178,169 493,358 Totals 1,510,720 865,512 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements or related disclosures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Organization and Nature of Operations [Abstract] | |
Schedule of weighted-average Black-Scholes assumptions | For the Three Months For the Nine Months 2022 2021 2022 2021 Expected life 6.25 years 6.25 years 6.25 years 6.25 years Risk free interest rate 3.06 % 0.91 % 2.03 % 1.05 % Expected volatility 92 % 91 % 92 % 91 % 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, 2022 2021 Options 332,551 372,154 Warrants 1,178,169 493,358 Totals 1,510,720 865,512 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock-based compensation | For the Three Months For the Nine Months 2022 2021 2022 2021 Research and development $ 17,639 $ 23,362 $ 64,048 $ 200,092 General and administrative 372,423 658,473 1,217,393 1,759,745 Total $ 390,062 $ 681,835 $ 1,281,441 $ 1,959,837 |
Schedule of stock option activity | Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 366,411 204,230 $ 51.30 $ 47.40 $ 47.40 6.27 $ - Granted 19,367 278 10.42 10.42 4.53 6.27 - Exercised - - - - - - - Cancelled (53,227 ) - - - - - - Balance – September 30, 2022 332,551 197,585 $ 49.08 $ 43.12 $ 43.12 6.27 $ - |
Schedule of stock options outstanding and exercisable | Grant Price Weighted Total Number Weighted From To Exercise Price Outstanding Exercisable Term $ 6.00 $ 60.60 $ 34.41 270,963 138,680 7.46 years $ 63.00 $ 138.00 $ 82.13 46,821 44,138 5.46 years $ 159.00 $ 265.80 $ 193.28 14,767 14,767 5.60 years Totals 332,551 197,585 |
Schedule of warrants activity | Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 1,187,803 1,187,664 $ 31.35 $ 31.35 $ 15.90 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (9,634 ) - - - - - - Balance – September 30, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.66 $ - |
Non-Cash Expenses (Tables)
Non-Cash Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Non-Cash Expenses [Abstract] | |
Schedule of non-cash expenses included in condensed statements of operations | For the Three Months For the Nine Months 2022 2021 2022 2021 Operating expenses: Stock-based compensation $ 390,062 $ 681,835 $ 1,281,441 $ 1,959,837 Depreciation & amortization 21,716 34,594 86,759 107,735 Subtotal $ 411,778 $ 716,429 $ 1,368,200 $ 2,067,572 Other expense: Amortization of debt discount - 4,174 8,350 27,512 Subtotal $ - $ 4,174 $ 8,350 $ 27,512 Total non-cash expenses $ 411,778 $ 720,603 $ 1,376,550 $ 2,095,084 |
Liquidity and Management_s Pl_2
Liquidity and Management’s Plans (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Liquidity and Management’s Plan [Abstract] | |
Working capital | $ 18.5 |
Stockholder equity | 18.7 |
Net loss | 8.4 |
Cash used in operating activities | 7.7 |
Cash and investment balance | $ 18.3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Business Organization and Nature of Operations [Abstract] | ||
U.S. treasury bills | $ 14.1 | $ 21.3 |
Unrecognized stock option compensation expense | $ 4.6 | |
Options vest over a period | 4 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions - Equity Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | ||||
Expected life | 6 years 3 months | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Risk free interest rate | 3.06% | 0.91% | 2.03% | 1.05% |
Expected volatility | 92% | 91% | 92% | 91% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Forfeiture rate | 0% | 0% | 0% | 0% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities excluded from computation of diluted net loss per share - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 1,510,720 | 865,512 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 1,178,169 | 493,358 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 332,551 | 372,154 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | ||||
Rent expense | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity (Details) [Line Items] | ||
Authorized to issue and sale of stock | 17,000,000 | |
Common stock, shares authorized | 12,000,000 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding | ||
Options to purchase common stock | 53,200 | |
Stock options term | 10 years | |
Awardee over a period | 4 years | |
Weighted average exercise price expired (in Dollars) | $ 56.39 | |
Warrant [Member] | ||
Stockholders' Equity (Details) [Line Items] | ||
Weighted average exercise price expired (in Dollars) | $ 114.33 | |
Warrants purchase | 9,600 | |
Shares of common stock | 9,600 | |
Stock Option [Member] | ||
Stockholders' Equity (Details) [Line Items] | ||
Options to purchase common stock | 19,400 | |
Weighted average exercise price granted (in Dollars per share) | $ 10.42 | |
Aggregate grant fair value (in Dollars) | $ 200,000 | |
Stock Option [Member] | 2011 plan [Member] | ||
Stockholders' Equity (Details) [Line Items] | ||
Remaining options to be issued | 100,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of stock-based compensation - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Stock Based Compensation Abstract | ||||
Research and development | $ 17,639 | $ 23,362 | $ 64,048 | $ 200,092 |
General and administrative | 372,423 | 658,473 | 1,217,393 | 1,759,745 |
Total | $ 390,062 | $ 681,835 | $ 1,281,441 | $ 1,959,837 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of stock option activity | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Schedule Of Stock Option Activity Abstract | |
Stock Options, Outstanding, Beginning Balance (in Shares) | shares | 366,411 |
Stock Options, Exercisable, Beginning Balance (in Shares) | shares | 204,230 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 51.3 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 47.4 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 47.4 |
Weighted Average, Contractual Life (Years), Beginning Balance | 6 years 3 months 7 days |
Weighted Average Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $ | |
Stock Options, Outstanding, Granted (in Dollars) | $ | 19,367 |
Stock Options, Exercisable, Granted (in Dollars) | $ | $ 278 |
Weighted Average, Exercise Price, Outstanding, Granted | $ 10.42 |
Weighted Average, Exercise Price, Exercisable, Granted | 10.42 |
Weighted Average, Fair Value Vested, Granted | $ 4.53 |
Weighted Average, Contractual Life (Years), Granted | 6 years 3 months 7 days |
Weighted Average, Aggregate Intrinsic Value, Granted (in Dollars) | $ | |
Stock Options Outstanding Exercised (in Shares) | shares | |
Stock Options Exercisable Exercised (in Shares) | shares | |
Weighted Average Outstanding Exercised | |
Weighted Average Exercisable Exercised | |
Weighted Average Fair Value Vested Exercised | |
Weighted Average Contractual Life (Years) Exercised | |
Weighted Average Aggregate Intrinsic Value Exercised (in Dollars) | $ | |
Stock Options Outstanding Cancelled (in Dollars) | $ | $ (53,227) |
Stock Options Exercisable Cancelled (in Shares) | shares | |
Weighted Average Outstanding Cancelled | |
Weighted Average Exercisable Cancelled | |
Weighted Average Fair Value Vested Cancelled | |
Weighted Average Contractual Life (Years) Cancelled | |
Weighted Average Aggregate Intrinsic Value Cancelled (in Dollars) | $ | |
Stock Options, Outstanding, Ending Balance (in Shares) | shares | 332,551 |
Stock Options, Exercisable, Ending Balance (in Shares) | shares | 197,585 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 49.08 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 43.12 |
Weighted Average, Fair Value Vested, Ending Balance | $ 43.12 |
Weighted Average, Contractual Life (Years), Ending Balance | 6 years 3 months 7 days |
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | $ |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of stock options outstanding and exercisable | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Weighted Average Exercise Price | |
Stock Options, Total Outstanding (in Shares) | shares | 332,551 |
Stock Options, Number Exercisable (in Shares) | shares | 197,585 |
6.00 To 60.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 6 |
Stock Options, Grant Price, Maximum | 60.6 |
Stock Options, Weighted Average Exercise Price | $ 34.41 |
Stock Options, Total Outstanding (in Shares) | shares | 270,963 |
Stock Options, Number Exercisable (in Shares) | shares | 138,680 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 5 months 15 days |
63.00 To 138.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 63 |
Stock Options, Grant Price, Maximum | 138 |
Stock Options, Weighted Average Exercise Price | $ 82.13 |
Stock Options, Total Outstanding (in Shares) | shares | 46,821 |
Stock Options, Number Exercisable (in Shares) | shares | 44,138 |
Stock Options, Weighted Average Remaining Contractual Term | 5 years 5 months 15 days |
159.00 To 265.80 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 159 |
Stock Options, Grant Price, Maximum | 265.8 |
Stock Options, Weighted Average Exercise Price | $ 193.28 |
Stock Options, Total Outstanding (in Shares) | shares | 14,767 |
Stock Options, Number Exercisable (in Shares) | shares | 14,767 |
Stock Options, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days |
Stockholders' Equity (Details_4
Stockholders' Equity (Details) - Schedule of warrants activity | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Schedule Of Warrants Activity Abstract | |
Warrants, Outstanding, Beginning Balance (in Shares) | shares | 1,187,803 |
Warrants, Exercisable, Beginning Balance (in Shares) | shares | 1,187,664 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 31.35 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 31.35 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 15.9 |
Weighted Average, Contractual Life (Years), Beginning Balance | 4 years 4 months 17 days |
Weighted Average, Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $ | |
Warrants, Outstanding, Granted (in Shares) | shares | |
Warrants, Exercisable, Granted (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Granted | |
Weighted Average, Exercise Price, Exercisable, Granted (in Shares) | shares | |
Weighted Average, Fair Value Vested, Granted | |
Granted (in Shares) | shares | |
Weighted Average, Aggregate Intrinsic Value, Granted (in Dollars) | $ | |
Warrants, Outstanding, Exercised (in Shares) | shares | |
Warrants, Exercisable, Exercised (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Exercised | |
Weighted Average, Exercise Price, Exercisable, Exercised | |
Weighted Average, Fair Value Vested, Exercised | |
Exercised (in Shares) | shares | |
Weighted Average, Aggregate Intrinsic Value, Exercised (in Dollars) | $ | |
Warrants, Outstanding, Cancelled (in Shares) | shares | (9,634) |
Warrants, Exercisable, Cancelled (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Cancelled | |
Weighted Average, Exercise Price, Exercisable, Cancelled | |
Weighted Average, Fair Value Vested, Cancelled | |
Cancelled (in Shares) | shares | |
Weighted Average, Aggregate Intrinsic Value, Cancelled | |
Warrants, Outstanding, Ending Balance (in Shares) | shares | 1,178,169 |
Warrants, Exercisable, Ending Balance (in Shares) | shares | 1,178,169 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 30.67 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 30.67 |
Weighted Average, Fair Value Vested, Ending Balance | $ 17.83 |
Weighted Average, Contractual Life (Years), Ending Balance | 3 years 7 months 28 days |
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | $ |
Employee Stock Purchase Plan (D
Employee Stock Purchase Plan (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Employee Stock Purchase Plan [Abstract] | |
Market price percentage | 85% |
Share issued | 5,600 |
Employee compensation deferrals (in Dollars) | $ | $ 25,000 |
Future issuance share | 10,500 |
At-the-Market Offering (Details
At-the-Market Offering (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
At-the-Market Offering (Details) [Line Items] | ||
Common stock issued (in Shares) | 2,906,926 | 2,877,985 |
Net proceeds | $ 0.2 | |
Balance amount | $ 5 | |
Common Stock [Member] | ATM [Member] | ||
At-the-Market Offering (Details) [Line Items] | ||
Common stock issued (in Shares) | 23,400 |
Non-Cash Expenses (Details) - S
Non-Cash Expenses (Details) - Schedule of non-cash expenses included in condensed statements of operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Stock-based compensation | $ 390,062 | $ 681,835 | $ 1,281,441 | $ 1,959,837 |
Depreciation & amortization | 21,716 | 34,594 | 86,759 | 107,735 |
Subtotal | 411,778 | 716,429 | 1,368,200 | 2,067,572 |
Other expense: | ||||
Amortization of debt discount | 4,174 | 8,350 | 27,512 | |
Subtotal | 4,174 | 8,350 | 27,512 | |
Total non-cash expenses | $ 411,778 | $ 720,603 | $ 1,376,550 | $ 2,095,084 |
Promissory Notes (Details)
Promissory Notes (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Totaling in principal and interest | $ 0.5 | $ 0.1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2022 | Sep. 30, 2022 | |
Subsequent Events (Details) [Line Items] | ||
Net proceeds from the sale of unused equipment | $ 0.1 | |
Forecast [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Related to materials and manufacturing services | $ 1.2 |