Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Pulmatrix, Inc. | |
Entity Central Index Key | 0001574235 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,249,062 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 63,445 | $ 31,657 |
Accounts receivable | 87 | 84 |
Prepaid expenses and other current assets | 962 | 797 |
Total current assets | 64,494 | 32,538 |
Property and equipment, net | 325 | 361 |
Operating lease right-of-use asset | 1,250 | 1,489 |
Long-term restricted cash | 204 | 204 |
Goodwill | 3,577 | 3,577 |
Total assets | 69,850 | 38,169 |
Current liabilities: | ||
Accounts payable | 918 | 925 |
Accrued expenses | 1,868 | 2,028 |
Operating lease liability | 1,159 | 1,135 |
Deferred revenue | 3,143 | 4,166 |
Total current liabilities | 7,088 | 8,254 |
Deferred revenue, net of current portion | 5,810 | 6,168 |
Operating lease liability, net of current portion | 306 | 608 |
Total liabilities | 13,204 | 15,030 |
Commitments (Note10) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value - 500,000 authorized and 0 issued and outstanding at March 31, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value - 200,000,000 shares authorized; 56,249,062 and 36,105,097 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively. | 6 | 4 |
Additional paid-in capital | 295,213 | 257,604 |
Accumulated deficit | (238,573) | (234,469) |
Total stockholders' equity | 56,646 | 23,139 |
Total liabilities and stockholders' equity | $ 69,850 | $ 38,169 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 56,249,062 | 36,105,097 |
Common stock, shares outstanding | 56,249,062 | 36,105,097 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 1,390 | $ 2,762 |
Operating expenses | ||
Research and development | 3,856 | 5,287 |
General and administrative | 1,619 | 2,212 |
Total operating expenses | 5,475 | 7,499 |
Loss from operations | (4,085) | (4,737) |
Other income (expense) | ||
Interest income | 3 | 52 |
Other expenses, net | (22) | (1) |
Net loss | $ (4,104) | $ (4,686) |
Net loss per share, basic and diluted | $ (0.09) | $ (0.23) |
Weighted average shares used to compute basic and diluted net loss per share | 46,032,195 | 20,469,457 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 2 | $ 226,178 | $ (215,161) | $ 11,019 |
Balance, shares at Dec. 31, 2019 | 19,994,560 | |||
Exercise of pre-funded warrants | ||||
Exercise of pre-funded warrants, shares | 300,000 | |||
Exercise of common stock options | 21 | 21 | ||
Exercise of common stock options, shares | 19,997 | |||
Exercise of warrants | 239 | 239 | ||
Exercise of warrants, shares | 206,747 | |||
Share-based compensation | 343 | 343 | ||
Net loss | (4,686) | (4,686) | ||
Balance at Mar. 31, 2020 | $ 2 | 226,781 | (219,847) | 6,936 |
Balance, shares at Mar. 31, 2020 | 20,521,304 | |||
Balance at Dec. 31, 2020 | $ 4 | 257,604 | (234,469) | 23,139 |
Balance, shares at Dec. 31, 2020 | 36,105,097 | |||
Issuance of common stock, net of issuance costs | $ 2 | 37,077 | 37,079 | |
Issuance of common stock, net of issuance costs, shares | 20,000,000 | |||
Exercise of warrants | 204 | 204 | ||
Exercise of warrants, shares | 143,965 | |||
Share-based compensation | 328 | 328 | ||
Net loss | (4,104) | (4,104) | ||
Balance at Mar. 31, 2021 | $ 6 | $ 295,213 | $ (238,573) | $ 56,646 |
Balance, shares at Mar. 31, 2021 | 56,249,062 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,104) | $ (4,686) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 51 | 51 |
Amortization of operating lease right-of-use asset | 239 | 153 |
Stock-based compensation | 328 | 343 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3) | 7,200 |
Prepaid expenses and other current assets | (165) | (1,068) |
Accounts payable | (22) | 672 |
Accrued expenses | (160) | 1,034 |
Operating lease liability | (278) | (164) |
Deferred revenue | (1,381) | (2,737) |
Net cash provided by (used in) operating activities | (5,495) | 798 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (96) | |
Net cash used in investing activities | (96) | |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 37,079 | |
Proceeds from exercise of common stock options | 21 | |
Proceeds from exercise of warrants | 204 | 239 |
Net cash provided by financing activities | 37,283 | 260 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 31,788 | 962 |
Cash, cash equivalents and restricted cash - beginning of period | 31,861 | 23,644 |
Cash, cash equivalents and restricted cash - end of period | 63,649 | 24,606 |
Supplemental disclosures of non-cash investing and financing information: | ||
Fixed asset purchases in accounts payable | $ 15 | $ 2 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE ™ |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Standards | 2. Summary of Significant Accounting Policies and Recent Accounting Standards Basis of Presentation Principles of Consolidation The condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 23, 2021, and amended on March 26, 2021 (the “Annual Report”). In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2021. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2020, which are included in the Annual Report. Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, valuing future expected costs in order to derive and recognize revenue, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. Concentrations of Credit Risk and Off-Balance Sheet Arrangements Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date. We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Three months ended March 31 2021 2020 Cash and cash equivalents $ 63,445 $ 24,402 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 63,649 $ 24,606 Revenue Recognition The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Our principal sources of revenue during the reporting period were income that resulted through our collaborative arrangements and license agreements that related to the development and commercialization of Pulmazole and PUR1800, and from reimbursement of clinical study costs. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, and collectability of the resulting receivable is reasonably assured. During the three months ended March 31, 2021, our principal source of revenue was income that resulted from the Cipla Agreement, the JJEI License Agreement and immaterial royalties from the Sensory Cloud Agreement. Milestone Payments At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. As of March 31, 2021, the Company has an active arrangement that contains a research or development milestone. Royalties. For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has recognized immaterial royalty revenue that resulted from the Sensory Cloud licensing arrangement. Research and Development Costs Research and development costs are expensed as incurred and include: salaries, benefits, bonus, share-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, develop drug materials and delivery devices, and associated overhead and facilities costs. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contract research organizations (“CROs”) to carry out our clinical development activities and third-party contract manufacturing organizations (“CMOs”) to carry out our clinical manufacturing activities. Invoicing from third-party contractors for services performed can lag several months. We accrue the costs of services rendered in connection with third-party contractor activities based on our estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided. Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated. Recently Issued Accounting Pronouncements There have been no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets Prepaid expenses consisted of the following: At At December 31, 2020 Prepaid Insurance $ 172 $ 276 Prepaid Clinical Trials 455 317 Prepaid Other 269 130 Deferred Operating Costs 66 74 Total prepaid and other current assets $ 962 $ 797 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net At At Laboratory equipment $ 1,738 $ 1,702 Computer equipment 302 302 Office furniture and equipment 217 217 Leasehold improvements 596 596 Capital in progress 4 25 Total property and equipment 2,857 2,842 Less accumulated depreciation and amortization (2,532 ) (2,481 ) Property and equipment, net $ 325 $ 361 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following: At At Accrued vacation $ 105 $ 56 Accrued wages and incentive 197 813 Accrued clinical & consulting 1,358 1,010 Accrued legal & patent 150 129 Accrued other expenses 58 20 Total accrued expenses $ 1,868 $ 2,028 |
Significant Agreements
Significant Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Agreements | 6. Significant Agreements License, Development and Commercialization Agreement with Johnson & Johnson Enterprise Innovation, Inc. (“JJEI”) On December 26, 2019, the Company entered into a License, Development and Commercialization Agreement (the “JJEI License Agreement”) with Johnson & Johnson Enterprise Innovation, Inc. Under the terms of the JJEI License Agreement, the Company has granted JJEI an option to acquire (1) the Company’s rights to an intellectual property portfolio of materials and technology related to narrow spectrum kinase inhibitor compounds (the “Licensed Product”) and (2) an exclusive, worldwide, royalty bearing license to PUR1800, the Company’s inhaled iSPERSE drug delivery system as formulated with one of the kinase inhibitor compounds. The Company is currently conducting a clinical and chronic toxicology program focused on chronic obstructive pulmonary diseases (“COPD”) and lung cancer interception. As consideration for the Company’s entry into the JJEI License Agreement, JJEI paid the Company an upfront fee of $7,200 to conduct research on the Phase 1b clinical study and will also fund $3,400 for toxicology study costs. The Company is also eligible to earn a $2,000 milestone payment for the completion of the Phase 1b study of the products licensed to JJEI (the “Licensed Product”). If JJEI exercises the option, Pulmatrix is eligible to receive a $14,000 option exercise payment, up to an additional $32,000 in development milestone payments, $45,000 in commercial milestones, as well as royalty payments ranging from 1% to 2% of sales. Under the JJEI License Agreement, JJEI will have three months from the later of (1) the completion of a Phase 1b clinical study for the Licensed Product and JJEI’s receipt of audited final reports and (2) JJEI’s receipt of audited draft reports for the chronic toxicology program of the Licensed Product to exercise the option. If the option is not exercised, Pulmatrix may terminate the JJEI License Agreement by providing a 30-day written notice, and all licenses revert back to Pulmatrix. All rights to the in-licensed kinase inhibitor portfolio, including PUR1800 and PUR5700, will revert to Pulmatrix when the termination of the contract is effective on July 6, 2021 as JJEI exercised their option to terminate the Company’s license, development, and commercialization agreement in April 2021. The Company intends to continue the development of PUR1800, with ongoing clinical and toxicology studies to support programs in acute exacerbation of chronic obstructive pulmonary disease (“AECOPD”) and other chronic airway diseases. Accounting Treatment Revenue associated with the combined research and development services for the Licensed Product and the irrevocable license to the Assigned Assets (as defined below) is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. During the three months ending March 31, 2021, the Company recognized $769 in revenue related to the license agreement in the Company’s condensed consolidated statement of operations. As of March 31, 2021, $1,224 was recorded as deferred revenue, all of which is current. The Company expects to recognize the deferred revenue according to costs incurred, through the termination date of the contract, which is July 6, 2021. Collaborations - Development and Commercialization Agreement with Cipla Technologies LLC (“Cipla”) The Company received a non-refundable upfront payment of $22,000 (the “Upfront Payment”) under the Development and Commercialization Agreement (the “Cipla Agreement”). Upon receipt of the Upfront Payment, the Company irrevocably assigned to Cipla the following assets, solely to the extent that each covers the Product in connection with any treatment, prevention, and/or diagnosis of diseases of the pulmonary system (“Pulmonary Indications”): all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets directly related to the Product, specifically in relation to Pulmonary Indications (collectively, the “Assigned Assets”), excluding most specifically the Company’s iSPERSE technology. The Cipla Agreement will remain in effect in perpetuity, unless otherwise earlier terminated in accordance with its terms. In the event of circumstances affecting the continuity of development of the Product in line with the Cipla Agreement, the JSC will evaluate the cause and effect and make a recommendation as to the most optimal option available to Cipla and the Company. In any event, either the Company or Cipla may elect to terminate (a “Terminating Party”) its obligation to fund additional costs and expenses for the development and/or commercialization of the Product. If the non-Terminating Party wishes to continue the development of the Product, it will have the right to purchase the rights of the Terminating Party in the Product at fair market value. If both the Company and Cipla abandon the development program, the Company and Cipla shall make commercially reasonable efforts to monetize the Product and development program in connection with the Pulmonary Indications. The Company and Cipla will equally share the proceeds. The Company conducted a Type C meeting with the Food and Drug Administration (the “FDA”) on January 27, 2021, and, leveraging the insights gained from this meeting, now plan to commence the Phase 2b clinical study when the risks of study conduct presented by the ongoing COVID-19 pandemic is reduced to an acceptable level. The Phase 2b clinical study design includes a 16-week dosing regimen as well as an exploration of potential efficacy endpoints, whereas the terminated Phase 2 study comprised only a 4 week dosing regimen with safety and tolerability as its primary endpoint. The longer dosing regimen of the planned new Phase 2b clinical study is supported by the 6-month inhalation toxicology study in dogs completed in April 2020. On May 10, 2021, the Company sent a letter to Cipla notifying Cipla that it is in material breach of the Cipla Agreement due to Cipla’s anticipatory breach of its obligation under the Agreement to fund 50% of the development costs for Pulmazole in accordance with the terms of the Cipla Agreement. Cipla has refused to approve the development plan and budget for the Phase 2b clinical study unless the Company accepts Cipla’s demands that the Company absorb a disproportionate amount of the costs and financial risks of the development plan. Accordingly, the Company has given Cipla 30 days from the date of the letter to reaffirm that it will perform the Cipla Agreement in accordance with its terms or the Company will exercise its contractual right to terminate the Cipla Agreement for Cipla’s material breach and reacquire all rights to Pulmazole for 25% of its fair market value. Accounting Treatment The Company determined the total transaction price to be $22,000 – comprised of $12,000 for research and development services for the Product and $10,000 for the irrevocable license to the Assigned Assets. Any consideration related to the Co-Development Phase has not been included in the transaction price as such amounts are subject to the variable consideration constraint. Additionally, upon Commercialization, Cipla and the Company will share equally, both positive and negative total free cash-flows earned by Cipla in respect of the Product. However, the Company has not included such free cash-flows in the transaction price as these milestones are constrained until after the commercialization of the Product. Revenue associated with the combined research and development services for the Product and the irrevocable license to the Assigned Assets is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. The Company received the $22,000 upfront payment in May 2019. During the three months ended March 31, 2021, the Company recognized $490 in revenue related to the research and development services and $122 in revenue for the irrevocable license to the Assigned Assets in the Company’s condensed consolidated statements of operations. The aggregate amount of the transaction price related to the Company’s unsatisfied performance obligations and at March 31, 2021 the Company recorded $7,729 in deferred revenue, $1,919 of which is current. The Company expects to recognize the deferred revenue according to costs incurred, over the remaining research term, which is expected to be completed during the second half of 2023. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock 2021 Issuance of Common Stock On February 16, 2021, the Company closed on a registered direct offering with certain healthcare-focused institutional investors for the sale of 20,000,000 shares of its common stock for gross proceeds of $40,000, prior to deducting placement agent’s fees and other offering expenses. In connection with the offering, 1,300,000 warrants with a five-year expiry were issued to placement agent designees at an exercise price of $2.50 per share. The fair value of the placement agent warrants was $1.57 per share. The shares of common stock were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-230225) previously filed with the SEC on March 12, 2019 and declared effective by the SEC on March 15, 2019. After giving effect to approximately $2,921 of fees and expenses related to the sale, the Company recorded net proceeds of $37,079. The estimated fair values of warrants granted during the three months ended March 31, 2021 were determined on the date of grant with the following assumptions using the Black-Scholes option-pricing model. There were no warrants granted during the three months ended March 31, 2020. For the three months ended March 31, 2021 Contractual term (years) 5.0 Risk-free interest rate 0.57% Expected volatility 105.77% Expected dividend yield 0% The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the weighted average of the historical volatility for industry peers and our own volatility. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. Exercise of Warrants During the three months ended March 31, 2021 warrants to purchase 25,000 shares of common stock issued in July 2020, 100,000 shares of common stock issued in February 2019 and 18,965 shares of common stock issued in April 2019, were exercised for cash and the Company collected aggregate proceeds of $204. 2020 Exercise of Warrants On December 31, 2019, 300,000 pre-funded warrants were exercised, the Company collected proceeds of $3 and 300,000 shares of common stock were issued on January 2, 2020. During the three months ended March 31, 2020, warrants to purchase 176,747 shares of common stock issued in April 2019 were exercised for cash, and the Company collected proceeds of $239. During the three months ended March 31, 2020, 146,084 warrants issued in February 2019 were exercised on a cashless basis, and 30,000 shares of common stock were issued. Exercise of Stock Options During the three months ended March 31, 2020, stock options to buy 19,997 shares were exercised, and the Company collected proceeds of $21. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Warrants | 8. Warrants A rollforward of the common stock warrants outstanding at March 31, 2021 is as follows. Number of Weighted Weighted Aggregate Outstanding January 1, 2021 23,284,813 $ 3.41 3.3 $ — Warrants exercised (143,965 ) $ (1.42 ) Warrants issued 1,300,000 $ 2.50 Outstanding March 31, 2021 24,440,848 $ 3.37 3.2 $ — The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants For the Period Ended March 31 Issue Date Classification Exercise Price Expiration Date 2021 2020 February 16, 2021 Equity $ 2.50 February 11, 2026 1,300,000 — August 07, 2020 Equity $ 1.80 July 14, 2025 1,814,815 — August 07, 2020 Equity $ 2.25 July 14, 2025 218,713 — July 23, 2020 Equity $ 1.80 July 14, 2025 1,550,000 — July 13, 2020 Equity $ 2.25 July 14, 2025 436,860 — July 13, 2020 Equity $ 1.80 July 14, 2025 6,695,926 — April 20, 2020 Equity $ 1.55 April 20, 2022 4,787,553 — April 20, 2020 Equity $ 2.0888 April 20, 2022 311,191 — April 8, 2019 Equity $ 1.35 April 8, 2024 1,317,812 12,089,918 April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 797,334 February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922 February 12, 2019 Equity $ 1.34 August 12, 2024 1,333,447 1,560,400 February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605 January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151 December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500 April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000 August 31, 2015 Equity $ 118.00 August 31, 2020 — 3,000 June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 — 2,515 Total Outstanding 24,440,848 18,330,364 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 9. Share-Based Compensation The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of March 31, 2021, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 1,092,017 shares remain available for future grant. In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of March 31, 2021, a total of 6,881 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan. Stock Options During the three months ended March 31, 2021, the Company granted 993,587 options to employees and directors. The fair value of the awards on the date of grant was $1,175. During the three months ended March 31, 2020, the Company granted 2,144,104 options to employees, directors, or consultants. The fair value of the awards on the date of grant was $2,498. The options vest over four years and expire ten years from the grant date for all options awarded during both years. The following table summarizes stock option activity for the three months ended March 31, 2021: Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2021 2,899,837 $ 3.22 8.75 $ 60 Granted 993,587 $ 1.47 Forfeited or expired (120 ) $ 22.20 Outstanding — March 31, 2021 3,893,304 $ 2.77 8.84 $ 136 Exercisable — March 31, 2021 1,212,324 $ 5.61 8.22 $ 58 The estimated fair values of employee stock options granted during the three months ended March 31, 2021 and March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: For the three months ended March 31, 2021 March 31, 2020 Expected option life (years) 5.96 5.92 Risk-free interest rate 0.58 % 1.68 % Expected volatility 104.81 % 93.88 % Expected dividend yield 0 % 0 % The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the weighted average of the historical volatility for industry peers and our own volatility. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of March 31, 2021, there was $2,957 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 3.0 years. The following table presents total stock-based compensation expense for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 Research and development $ 56 $ 47 General and administrative 272 296 Total share-based compensation expense $ 328 $ 343 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Research and Development Activities The Company contracts with various other organizations to conduct research and development activities. As of March 31, 2021, we had aggregate commitments to pay approximately $1,460 remaining on these contracts. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by us upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. Operating Leases The Company has limited leasing activities as a lessee and are primarily related to its corporate headquarters located at 99 Hayden Avenue, Suite 390, Lexington, Massachusetts. The Company currently leases approximately 22,000 square feet of office and lab space in Lexington, Massachusetts under a lease that expires on June 30, 2022. The lease provides for base rent, and the Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. The components of lease expense for the Company as of March 31, 2021 were as follows: For the Three Months Ended March 31, 2021 2020 Lease Cost: Fixed lease cost $ 259 $ 163 Variable lease cost 126 119 Total lease cost $ 385 $ 282 Maturities of lease liabilities due under these lease agreements as of March 31, 2021 are as follows: Operating Leases Maturity of lease liabilities: 2021 $ 896 2022 (half year) 615 Total lease payments 1,511 Less: interest (46 ) Total lease liabilities $ 1,465 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three months ended March 31, 2021 and 2020, respectively, resulted in net losses attributable to common shareholders, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share. The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of March 31, 2021 2020 Options to purchase common stock 3,893,304 2,912,419 Warrants to purchase common stock 24,440,848 18,330,364 Total 28,334,152 21,242,783 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On April 6, 2021, JJEI notified the Company that it was exercising its option to terminate the Company’s license, development and commercialization agreement. The contract will remain intact through July 6, 2021 when the termination becomes effective. There is no expected financial impact to the Company. On May 10, 2021, the Company sent a letter to Cipla notifying Cipla that it is in material breach of the Cipla Agreement due to Cipla’s anticipatory breach of its obligation under the Cipla Agreement to fund 50% of the development costs for Pulmazole (PUR 1900). Following the onset of the COVID-19 pandemic in March 2020, while the Company’s Phase 2a clinical trial was underway, Cipla notified the Company that it was no longer willing to continue the development of Pulmazole in accordance with the current cost sharing arrangements set forth in the Cipla Agreement and was seeking to amend the Cipla Agreement to shift a greater share of the development costs onto the Company. As a result of the COVID-19 pandemic, the Company, with Cipla’s consent, halted its Phase 2a clinical study for Pulmazole in July 2020. Since that time the Company has attempted to resolve Cipla’s demands through negotiation of an amendment to the Cipla Agreement while preparing to launch a new Phase 2b clinical study for Pulmazole. Based on the Company’s meeting with the FDA, the Company is in a position to commence work on the Phase 2b clinical study, however, despite several months of negotiations with Cipla, it has become apparent that the Company and Cipla will be unable to reach an agreement regarding an amendment to the Cipla Agreement. Cipla has refused to approve the development plan and budget for the Phase 2b clinical study unless the Company accepts Cipla’s demands that the Company absorb a disproportionate amount of the costs and financial risks of the development plan. Accordingly, the Company has given Cipla 30 days from the date of the letter to reaffirm that it will perform the Cipla Agreement in accordance with its terms or the Company will exercise its contractual right to terminate the agreement for Cipla’s material breach and reacquire all rights to Pulmazole for 25% of its fair market value. The Company has evaluated its events subsequent to March 31, 2021 to the date these condensed consolidated financial statements were issued, and has determined that, other than what was disclosed above, it does not have any subsequent events to disclose in these condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 23, 2021, and amended on March 26, 2021 (the “Annual Report”). In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2021. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2020, which are included in the Annual Report. |
Use of Estimates | Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, valuing future expected costs in order to derive and recognize revenue, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. |
Concentrations of Credit Risk and Off-Balance Sheet Arrangements | Concentrations of Credit Risk and Off-Balance Sheet Arrangements Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date. We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Three months ended March 31 2021 2020 Cash and cash equivalents $ 63,445 $ 24,402 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 63,649 $ 24,606 |
Revenue Recognition | Revenue Recognition The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Our principal sources of revenue during the reporting period were income that resulted through our collaborative arrangements and license agreements that related to the development and commercialization of Pulmazole and PUR1800, and from reimbursement of clinical study costs. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, and collectability of the resulting receivable is reasonably assured. During the three months ended March 31, 2021, our principal source of revenue was income that resulted from the Cipla Agreement, the JJEI License Agreement and immaterial royalties from the Sensory Cloud Agreement. Milestone Payments At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. As of March 31, 2021, the Company has an active arrangement that contains a research or development milestone. Royalties. For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has recognized immaterial royalty revenue that resulted from the Sensory Cloud licensing arrangement. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and include: salaries, benefits, bonus, share-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, develop drug materials and delivery devices, and associated overhead and facilities costs. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contract research organizations (“CROs”) to carry out our clinical development activities and third-party contract manufacturing organizations (“CMOs”) to carry out our clinical manufacturing activities. Invoicing from third-party contractors for services performed can lag several months. We accrue the costs of services rendered in connection with third-party contractor activities based on our estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided. |
Goodwill | Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Three months ended March 31 2021 2020 Cash and cash equivalents $ 63,445 $ 24,402 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 63,649 $ 24,606 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses consisted of the following: At At Prepaid Insurance $ 172 $ 276 Prepaid Clinical Trials 455 317 Prepaid Other 269 130 Deferred Operating Costs 66 74 Total prepaid and other current assets $ 962 $ 797 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | At At Laboratory equipment $ 1,738 $ 1,702 Computer equipment 302 302 Office furniture and equipment 217 217 Leasehold improvements 596 596 Capital in progress 4 25 Total property and equipment 2,857 2,842 Less accumulated depreciation and amortization (2,532 ) (2,481 ) Property and equipment, net $ 325 $ 361 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: At At Accrued vacation $ 105 $ 56 Accrued wages and incentive 197 813 Accrued clinical & consulting 1,358 1,010 Accrued legal & patent 150 129 Accrued other expenses 58 20 Total accrued expenses $ 1,868 $ 2,028 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Warrants Assumptions | For the three months ended March 31, 2021 Contractual term (years) 5.0 Risk-free interest rate 0.57% Expected volatility 105.77% Expected dividend yield 0% |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Rollforward of Common Stock Warrants Outstanding | A rollforward of the common stock warrants outstanding at March 31, 2021 is as follows. Number of Weighted Weighted Aggregate Outstanding January 1, 2021 23,284,813 $ 3.41 3.3 $ — Warrants exercised (143,965 ) $ (1.42 ) Warrants issued 1,300,000 $ 2.50 Outstanding March 31, 2021 24,440,848 $ 3.37 3.2 $ — |
Schedule of Warrants Outstanding | The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants For the Period Ended March 31 Issue Date Classification Exercise Price Expiration Date 2021 2020 February 16, 2021 Equity $ 2.50 February 11, 2026 1,300,000 — August 07, 2020 Equity $ 1.80 July 14, 2025 1,814,815 — August 07, 2020 Equity $ 2.25 July 14, 2025 218,713 — July 23, 2020 Equity $ 1.80 July 14, 2025 1,550,000 — July 13, 2020 Equity $ 2.25 July 14, 2025 436,860 — July 13, 2020 Equity $ 1.80 July 14, 2025 6,695,926 — April 20, 2020 Equity $ 1.55 April 20, 2022 4,787,553 — April 20, 2020 Equity $ 2.0888 April 20, 2022 311,191 — April 8, 2019 Equity $ 1.35 April 8, 2024 1,317,812 12,089,918 April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 797,334 February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922 February 12, 2019 Equity $ 1.34 August 12, 2024 1,333,447 1,560,400 February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605 January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151 December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500 April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000 August 31, 2015 Equity $ 118.00 August 31, 2020 — 3,000 June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 — 2,515 Total Outstanding 24,440,848 18,330,364 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2021: Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2021 2,899,837 $ 3.22 8.75 $ 60 Granted 993,587 $ 1.47 Forfeited or expired (120 ) $ 22.20 Outstanding — March 31, 2021 3,893,304 $ 2.77 8.84 $ 136 Exercisable — March 31, 2021 1,212,324 $ 5.61 8.22 $ 58 |
Schedule of Calculation of Fair Value Assumptions | The estimated fair values of employee stock options granted during the three months ended March 31, 2021 and March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: For the three months ended March 31, 2021 March 31, 2020 Expected option life (years) 5.96 5.92 Risk-free interest rate 0.58 % 1.68 % Expected volatility 104.81 % 93.88 % Expected dividend yield 0 % 0 % |
Schedule of Stock-Based Compensation Expense | The following table presents total stock-based compensation expense for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 Research and development $ 56 $ 47 General and administrative 272 296 Total share-based compensation expense $ 328 $ 343 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense for the Company as of March 31, 2021 were as follows: For the Three Months Ended March 31, 2021 2020 Lease Cost: Fixed lease cost $ 259 $ 163 Variable lease cost 126 119 Total lease cost $ 385 $ 282 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities due under these lease agreements as of March 31, 2021 are as follows: Operating Leases Maturity of lease liabilities: 2021 $ 896 2022 (half year) 615 Total lease payments 1,511 Less: interest (46 ) Total lease liabilities $ 1,465 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of March 31, 2021 2020 Options to purchase common stock 3,893,304 2,912,419 Warrants to purchase common stock 24,440,848 18,330,364 Total 28,334,152 21,242,783 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Standards - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 63,445 | $ 31,657 | $ 24,402 |
Restricted cash | 204 | 204 | |
Total cash, cash equivalents and restricted cash | $ 63,649 | $ 24,606 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid Insurance | $ 172 | $ 276 |
Prepaid Clinical Trials | 455 | 317 |
Prepaid Other | 269 | 130 |
Deferred Operating Costs | 66 | 74 |
Total prepaid and other current assets | $ 962 | $ 797 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 2,857 | $ 2,842 |
Less accumulated depreciation and amortization | (2,532) | (2,481) |
Property and equipment, net | 325 | 361 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,738 | 1,702 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 302 | 302 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 217 | 217 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 596 | 596 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4 | $ 25 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 105 | $ 56 |
Accrued wages and incentive | 197 | 813 |
Accrued clinical & consulting | 1,358 | 1,010 |
Accrued legal & patent | 150 | 129 |
Accrued other expenses | 58 | 20 |
Total accrued expenses | $ 1,868 | $ 2,028 |
Significant Agreements (Details
Significant Agreements (Details Narrative) - USD ($) $ in Thousands | May 10, 2021 | Dec. 26, 2019 | May 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||||||
Research and development expense | $ 3,856 | $ 5,287 | ||||
Revenue recognized | 1,390 | $ 2,762 | ||||
Deferred revenue | 1,224 | |||||
Deferred revenue current | 3,143 | $ 4,166 | ||||
License Agreement [Member] | ||||||
Other Commitments [Line Items] | ||||||
Revenue recognized | 769 | |||||
Cipla Agreement [Member] | ||||||
Other Commitments [Line Items] | ||||||
Breach of contract percentage | 50.00% | |||||
Fair market value of contracts percentage | 25.00% | |||||
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | ||||||
Other Commitments [Line Items] | ||||||
Proceeds from upfront fee | $ 22,000 | |||||
Deferred revenue | 7,729 | |||||
Transaction price | 22,000 | |||||
Deferred revenue current | 1,919 | |||||
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Research and Development Service [Member] | ||||||
Other Commitments [Line Items] | ||||||
Revenue recognized | 490 | |||||
Transaction price | 12,000 | |||||
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Irrevocable License [Member] | ||||||
Other Commitments [Line Items] | ||||||
Revenue recognized | 122 | |||||
Transaction price | $ 10,000 | |||||
Breach Of License Agreement [Member] | ||||||
Other Commitments [Line Items] | ||||||
License agreement termination period | 30 days | |||||
Development Milestones [Member] | ||||||
Other Commitments [Line Items] | ||||||
Milestone payment eligible | $ 32,000 | |||||
JJEI [Member] | ||||||
Other Commitments [Line Items] | ||||||
Proceeds from upfront fee | 7,200 | |||||
Research and development expense | $ 3,400 | |||||
JJEI [Member] | License Agreement Terms [Member] | Minimum [Member] | ||||||
Other Commitments [Line Items] | ||||||
Range of royalties based on sales, percentage | 1.00% | |||||
JJEI [Member] | License Agreement Terms [Member] | Maximum [Member] | ||||||
Other Commitments [Line Items] | ||||||
Range of royalties based on sales, percentage | 2.00% | |||||
JJEI [Member] | Phase 1b Study of Products Licensed [Member] | ||||||
Other Commitments [Line Items] | ||||||
Milestone payment eligible | $ 2,000 | |||||
JJEI [Member] | Option Exercise Payment [Member] | ||||||
Other Commitments [Line Items] | ||||||
Milestone payment eligible | 14,000 | |||||
JJEI [Member] | Commercial Milestone [Member] | ||||||
Other Commitments [Line Items] | ||||||
Milestone payment eligible | $ 45,000 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 16, 2021 | Feb. 04, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2019 | Feb. 28, 2019 |
Gross proceeds from sale of common stock | $ 37,079 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 37,079 | |||||||
Employee Stock Option [Member] | ||||||||
Number of stock options shares exercised | 19,997 | |||||||
Proceeds from sale of stock | $ 21 | |||||||
Warrants [Member] | ||||||||
Number of common stock shares issued | 30,000 | |||||||
Warrants to purchase shares of common stock | 146,084 | 24,440,848 | 18,330,364 | 25,000 | 18,965 | 100,000 | ||
Proceeds from warrants exercised | $ 204 | $ 239 | ||||||
Pre-funded Member [Member] | ||||||||
Number of common stock shares issued | 300,000 | |||||||
Warrants to purchase shares of common stock | 300,000 | |||||||
Proceeds from warrants exercised | $ 3 | |||||||
Warrants [Member] | ||||||||
Warrants to purchase shares of common stock | 176,747 | |||||||
Institutional Investors [Member] | Direct Offering [Member] | ||||||||
Number of common stock shares issued | 20,000,000 | |||||||
Gross proceeds from sale of common stock | $ 40,000 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 37,079 | |||||||
Payment of commissions and other issuance cost | $ 2,921 | |||||||
Placement Agents [Member] | Direct Offering [Member] | ||||||||
Warrant issued | 1,300,000 | |||||||
Warrants term | 5 years | |||||||
Warrant exercise price per share | $ 2.50 | |||||||
Warrant fair value price per share | $ 1.57 |
Common Stock- Schedule of Warra
Common Stock- Schedule of Warrants Assumptions (Details) | Mar. 31, 2021 |
Contractual Term (Years) [Member] | |
Warrants, measurement input, term | 5 years |
Risk-Free Interest Rate [Member] | |
Warrants, measurement input, percentage | 0.57 |
Expected Volatility [Member] | |
Warrants, measurement input, percentage | 105.77 |
Expected Dividend Yield [Member] | |
Warrants, measurement input, percentage | 0 |
Warrants - Schedule of Rollforw
Warrants - Schedule of Rollforward of Common Stock Warrants Outstanding (Details) - Warrants [Member] | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Common Warrants, Outstanding, Beginning Balance | shares | 23,284,813 |
Number of Common Warrants, Warrants exercised | shares | (143,965) |
Number of Common Warrants, Warrants issued | shares | 1,300,000 |
Number of Common Warrants, Outstanding, Ending Balance | shares | 24,440,848 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 3.41 |
Weighted Average Exercise Price, Warrants exercised | $ / shares | (1.42) |
Weighted Average Exercise Price, Warrants issued | $ / shares | 2.50 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 3.37 |
Weighted Average Remaining Contractual Term (Years), Outstanding, Beginning Balance | 3 years 3 months 19 days |
Weighted Average Remaining Contractual Term (Years), Outstanding, Ending balance | 3 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants Outstanding (Details) - $ / shares | 3 Months Ended | |||||
Mar. 31, 2021 | Jul. 31, 2020 | Mar. 31, 2020 | Feb. 04, 2020 | Apr. 30, 2019 | Feb. 28, 2019 | |
Warrant One [Member] | ||||||
Warrants, Issue Date | Feb. 16, 2021 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.50 | |||||
Warrants, Expiration Date | Feb. 11, 2026 | |||||
Number of Shares Underlying Warrants | 1,300,000 | |||||
Warrant Two [Member] | ||||||
Warrants, Issue Date | Aug. 7, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.80 | |||||
Warrants, Expiration Date | Jul. 14, 2025 | |||||
Number of Shares Underlying Warrants | 1,814,815 | |||||
Warrant Three [Member] | ||||||
Warrants, Issue Date | Aug. 7, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.25 | |||||
Warrants, Expiration Date | Jul. 14, 2025 | |||||
Number of Shares Underlying Warrants | 218,713 | |||||
Warrant Four [Member] | ||||||
Warrants, Issue Date | Jul. 23, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.80 | |||||
Warrants, Expiration Date | Jul. 14, 2025 | |||||
Number of Shares Underlying Warrants | 1,550,000 | |||||
Warrant Five [Member] | ||||||
Warrants, Issue Date | Jul. 13, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.25 | |||||
Warrants, Expiration Date | Jul. 14, 2025 | |||||
Number of Shares Underlying Warrants | 436,860 | |||||
Warrant Six [Member] | ||||||
Warrants, Issue Date | Jul. 13, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.80 | |||||
Warrants, Expiration Date | Jul. 14, 2025 | |||||
Number of Shares Underlying Warrants | 6,695,926 | |||||
Warrant Seven [Member] | ||||||
Warrants, Issue Date | Apr. 20, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.55 | |||||
Warrants, Expiration Date | Apr. 20, 2022 | |||||
Number of Shares Underlying Warrants | 4,787,553 | |||||
Warrant Eight [Member] | ||||||
Warrants, Issue Date | Apr. 20, 2020 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.09 | |||||
Warrants, Expiration Date | Apr. 20, 2022 | |||||
Number of Shares Underlying Warrants | 311,191 | |||||
Warrant Nine [Member] | ||||||
Warrants, Issue Date | Apr. 8, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.35 | |||||
Warrants, Expiration Date | Apr. 8, 2024 | |||||
Number of Shares Underlying Warrants | 1,317,812 | 12,089,918 | ||||
Warrant Ten [Member] | ||||||
Warrants, Issue Date | Apr. 8, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.6875 | |||||
Warrants, Expiration Date | Apr. 3, 2024 | |||||
Number of Shares Underlying Warrants | 797,334 | 797,334 | ||||
Warrant Eleven [Member] | ||||||
Warrants, Issue Date | Feb. 12, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.8313 | |||||
Warrants, Expiration Date | Feb. 7, 2024 | |||||
Number of Shares Underlying Warrants | 110,922 | 110,922 | ||||
Warrant Twelve [Member] | ||||||
Warrants, Issue Date | Feb. 12, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 1.34 | |||||
Warrants, Expiration Date | Aug. 12, 2024 | |||||
Number of Shares Underlying Warrants | 1,333,447 | 1,560,400 | ||||
Warrant Thirteen [Member] | ||||||
Warrants, Issue Date | Feb. 4, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.125 | |||||
Warrants, Expiration Date | Jan. 30, 2024 | |||||
Number of Shares Underlying Warrants | 34,605 | 34,605 | ||||
Warrant Fourteen [Member] | ||||||
Warrants, Issue Date | Jan. 31, 2019 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 2.125 | |||||
Warrants, Expiration Date | Jan. 26, 2024 | |||||
Number of Shares Underlying Warrants | 10,151 | 10,151 | ||||
Warrant Fifteen [Member] | ||||||
Warrants, Issue Date | Dec. 3, 2018 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 3.90 | |||||
Warrants, Expiration Date | Jun. 3, 2024 | |||||
Number of Shares Underlying Warrants | 937,500 | 937,500 | ||||
Warrant Sixteen [Member] | ||||||
Warrants, Issue Date | Apr. 3, 2018 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 7.50 | |||||
Warrants, Expiration Date | Apr. 3, 2023 | |||||
Number of Shares Underlying Warrants | 2,350,011 | 2,350,011 | ||||
Warrant Seventeen [Member] | ||||||
Warrants, Issue Date | Apr. 4, 2018 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 7.50 | |||||
Warrants, Expiration Date | Apr. 4, 2023 | |||||
Number of Shares Underlying Warrants | 115,000 | 115,000 | ||||
Warrant Eighteen [Member] | ||||||
Warrants, Issue Date | Aug. 31, 2015 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 118 | |||||
Warrants, Expiration Date | Aug. 31, 2020 | |||||
Number of Shares Underlying Warrants | 3,000 | |||||
Warrant Nineteen [Member] | ||||||
Warrants, Issue Date | Jun. 15, 2015 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 75.50 | |||||
Warrants, Expiration Date, Description | Five years after milestone achievement | |||||
Number of Shares Underlying Warrants | 319,008 | 319,008 | ||||
Warrant Twenty [Member] | ||||||
Warrants, Issue Date | Jun. 15, 2015 | |||||
Warrants, Classification | Equity | |||||
Warrants, Exercise Price | $ 83.50 | |||||
Warrants, Expiration Date | Jun. 16, 2020 | |||||
Number of Shares Underlying Warrants | 2,515 | |||||
Warrants [Member] | ||||||
Number of Shares Underlying Warrants | 24,440,848 | 25,000 | 18,330,364 | 146,084 | 18,965 | 100,000 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Stock Option [Member] | ||
Award vesting period | 4 years | |
Stock options expire date | 10 years | |
Employee Stock Option [Member] | Employees and Directors [Member] | ||
Number of shares provides for grant | 993,587 | |
Fair value of the awards | $ 1,175 | |
Employee Stock Option [Member] | Employees Directors and Consultant [Member] | ||
Number of shares provides for grant | 2,144,104 | |
Fair value of the awards | $ 2,498 | |
2013 Employee, Director and Consultant Equity Incentive Plan [Member] | ||
Number of shares authorized to grant | 4,060,000 | |
Shares remain available for future grant | 1,092,017 | |
Legacy Share Plan [Member] | ||
Shares outstanding | 6,881 | |
Stock Award Plan [Member] | ||
Unrecognized stock-based compensation expenses | $ 2,957 | |
Weighted-average period of unrecognized stock-based compensation expense | 3 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Details) - Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Options, Outstanding, Beginning Balance | shares | 2,899,837 |
Number of Options, Granted | shares | 993,587 |
Number of Options, Forfeited or expired | shares | (120) |
Number of Options, Outstanding, Ending Balance | shares | 3,893,304 |
Number of Options, Outstanding, Exercisable | shares | 1,212,324 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 3.22 |
Weighted Average Exercise Price, Granted | $ / shares | 1.47 |
Weighted Average Exercise Price, Forfeited or Expired | $ / shares | 22.20 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 2.77 |
Weighted Average Exercise Price, Outstanding, Exercisable | $ / shares | $ 5.61 |
Weighted Average Remaining Contractual Term (Years), Outstanding, Beginning Balance | 8 years 9 months |
Weighted Average Remaining Contractual Term (Years), Outstanding, Ending balance | 8 years 10 months 3 days |
Weighted Average Remaining Contractual Term (Years), Outstanding, Exercisable | 8 years 2 months 19 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ | $ 60 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | 136 |
Aggregate Intrinsic Value, Outstanding, Exercisable | $ | $ 58 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Calculation of Fair Value Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life (years) | 5 years 11 months 15 days | 5 years 11 months 1 day |
Risk-free interest rate | 0.58% | 1.68% |
Expected volatility | 104.81% | 93.88% |
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 328 | $ 343 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 56 | 47 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 272 | $ 296 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Apr. 23, 2020 | Mar. 31, 2021USD ($)ft² |
Payments for commitments | $ | $ 1,460 | |
Area of lease | ft² | 22,000 | |
Hayden LLC [Member] | ||
Operating lease expiration date | Jun. 30, 2022 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Fixed lease cost | $ 259 | $ 163 |
Variable lease cost | 126 | 119 |
Total lease cost | $ 385 | $ 282 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 896 |
2022 (half year) | 615 |
Total lease payments | 1,511 |
Less interest | (46) |
Total lease liabilities | $ 1,465 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total | 28,334,152 | 21,242,783 |
Options to Purchase Common Stock [Member] | ||
Total | 3,893,304 | 2,912,419 |
Warrants to Purchase Common Stock [Member] | ||
Total | 24,440,848 | 18,330,364 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Cipla Agreement [Member] | May 10, 2021 |
Breach of contract percentage | 50.00% |
Fair market value of contracts percentage | 25.00% |