Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38022 | |
Entity Registrant Name | MATINAS BIOPHARMA HOLDINGS, INC. | |
Entity Central Index Key | 0001582554 | |
Entity Tax Identification Number | 46-3011414 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1545 Route 206 South | |
Entity Address, Address Line Two | Suite 302 | |
Entity Address, City or Town | Bedminster | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07921 | |
City Area Code | 908 | |
Local Phone Number | 443-1860 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MTNB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 199,249,758 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 7,051,225 | $ 22,170,438 |
Marketable securities | 55,719,661 | 5,604,634 |
Restricted cash | 186,000 | 250,000 |
Prepaid expenses and other current assets | 2,246,128 | 1,897,784 |
Total current assets | 65,203,014 | 29,922,856 |
Non-current assets: | ||
Leasehold improvements and equipment - net | 1,581,762 | 1,749,259 |
Operating lease right-of-use assets - net | 3,401,136 | 3,761,207 |
Finance lease right-of-use assets - net | 66,649 | 116,968 |
In-process research and development | 3,017,377 | 3,017,377 |
Goodwill | 1,336,488 | 1,336,488 |
Restricted cash - security deposits | 200,000 | 336,000 |
Total non-current assets | 9,603,412 | 10,317,299 |
Total assets | 74,806,426 | 40,240,155 |
Current liabilities: | ||
Accounts payable | 373,066 | 679,310 |
Accrued expenses | 2,015,102 | 1,939,510 |
Operating lease liabilities - current | 417,874 | 423,741 |
Financing lease liabilities - current | 32,278 | 54,673 |
Total current liabilities | 2,838,320 | 3,097,234 |
Non-current liabilities: | ||
Deferred tax liability | 341,265 | 341,265 |
Operating lease liabilities - net of current portion | 3,391,568 | 3,695,561 |
Financing lease liabilities - net of current portion | 30,054 | 54,513 |
Total non-current liabilities | 3,762,887 | 4,091,339 |
Total liabilities | 6,601,207 | 7,188,573 |
Stockholders’ equity: | ||
Series B Convertible preferred stock, stated value $1,000 per share, 8,000 shares authorized as of September 30, 2020 and December 31, 2019; 4,552 and 4,577 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; (liquidation preference - $4,552,000 at September 30, 2020) | 3,964,034 | 3,985,805 |
Common stock par value $0.0001 per share, 500,000,000 shares authorized at September 30, 2020 and December 31, 2019; 198,969,758 and 163,156,984 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 19,896 | 16,315 |
Additional paid-in capital | 165,024,057 | 113,427,897 |
Accumulated deficit | (101,166,313) | (84,377,555) |
Accumulated other comprehensive income/(loss) | 363,545 | (880) |
Total stockholders’ equity | 68,205,219 | 33,051,582 |
Total liabilities and stockholders’ equity | $ 74,806,426 | $ 40,240,155 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Series B Convertible Preferred stock, par value | $ 1,000 | $ 1,000 |
Series B Convertible Preferred stock, shares authorized | 8,000 | 8,000 |
Series B Convertible Preferred stock, shares issued | 4,552 | 4,577 |
Series B Convertible Preferred stock, shares outstanding | 4,552 | 4,577 |
Series B Convertible Preferred stock, liquidation preference value | $ 4,552,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 198,969,758 | 163,156,984 |
Common stock, shares outstanding | 198,969,758 | 163,156,984 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Contract research revenue | $ 95,833 | $ 95,833 | $ 89,812 | |
Costs and expenses: | ||||
Research and development | 3,336,225 | 2,671,365 | 10,833,345 | 7,814,842 |
General and administrative | 2,364,214 | 1,889,892 | 6,980,155 | 5,460,023 |
Total costs and expenses | 5,700,439 | 4,561,257 | 17,813,500 | 13,274,865 |
Loss from operations | (5,604,606) | (4,561,257) | (17,717,667) | (13,185,053) |
Sale of New Jersey net operating loss | 1,073,289 | 1,007,082 | ||
Other income, net | 155,093 | 156,872 | 538,420 | 378,151 |
Net loss | (5,449,513) | (4,404,385) | (16,105,958) | (11,799,820) |
Preferred stock series A accumulated dividends | (45,041) | (338,613) | ||
Preferred stock series B accumulated dividends | (227,600) | (115,500) | (575,392) | (349,500) |
Net loss attributable to common shareholders | $ (5,677,113) | $ (4,564,926) | $ (16,681,350) | $ (12,487,933) |
Net loss available for common shareholders per share - basic and diluted | $ (0.03) | $ (0.03) | $ (0.09) | $ (0.09) |
Weighted average common shares outstanding - basic and diluted | 198,909,016 | 156,889,602 | 196,070,952 | 139,265,178 |
Other comprehensive (loss)/income, net of tax | ||||
Net unrealized (loss)/gain on securities available-for-sale | $ (114,159) | $ 367,144 | ||
Reclassifications to net loss | (2,719) | |||
Other comprehensive (loss)/income, net of tax | (114,159) | 364,425 | ||
Comprehensive loss attributable to shareholders | $ (5,563,672) | $ (4,404,385) | $ (15,741,533) | $ (11,799,820) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Redeemable Convertible Preferred Stock A [Member] | Redeemable Convertible Preferred Stock B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 5,583,686 | $ 4,196,547 | $ 11,329 | $ 72,294,921 | $ (65,944,759) | $ 16,141,724 | |
Balance, shares at Dec. 31, 2018 | 1,467,858 | 4,819 | 113,287,670 | ||||
Stock-based compensation | 2,059,373 | 2,059,373 | |||||
Issuance of common stock as compensation for services | $ 41 | 301,838 | 301,879 | ||||
Issuance of common stock as compensation for services, shares | 415,178 | ||||||
Stock dividend | $ 446 | 2,233,983 | (1,060,145) | 1,174,284 | |||
Stock dividend, shares | 4,468,860 | ||||||
Issuance of common stock in exchange for preferred shares A | $ (5,583,686) | $ 1,468 | 5,582,218 | ||||
Issuance of common stock in exchange for preferred shares A, shares | (1,467,858) | 14,678,580 | |||||
Issuance of common stock in exchange for preferred shares B | $ (173,296) | $ 40 | 173,256 | ||||
Issuance of common stock in exchange for preferred shares B, shares | (199) | 398,000 | |||||
Issuance of common stock in public offering, net of stock issuance costs ($2,315,878) | $ 2,947 | 30,100,359 | 30,103,306 | ||||
Issuance of common stock in public offering, net of stock issuance costs, shares | 29,471,986 | ||||||
Net loss | (11,799,820) | (11,799,820) | |||||
Ending balance, value at Sep. 30, 2019 | $ 4,023,251 | $ 16,271 | 112,745,948 | (78,804,724) | 37,980,746 | ||
Balance, shares at Sep. 30, 2019 | 4,620 | 162,720,274 | |||||
Beginning balance, value at Jun. 30, 2019 | $ 5,583,686 | $ 4,031,959 | $ 14,420 | 104,601,220 | (73,813,195) | 40,418,090 | |
Balance, shares at Jun. 30, 2019 | 1,467,858 | 4,630 | 144,205,850 | ||||
Stock-based compensation | 608,129 | 608,129 | |||||
Issuance of common stock as compensation for services | $ 29 | 184,597 | 184,626 | ||||
Issuance of common stock as compensation for services, shares | 292,984 | ||||||
Stock dividend | $ 352 | 1,761,078 | (587,144) | 1,174,286 | |||
Stock dividend, shares | 3,522,860 | ||||||
Issuance of common stock in exchange for preferred shares A | $ (5,583,686) | $ 1,468 | 5,582,218 | ||||
Issuance of common stock in exchange for preferred shares A, shares | (1,467,858) | 14,678,580 | |||||
Issuance of common stock in exchange for preferred shares B | $ (8,708) | $ 2 | 8,706 | ||||
Issuance of common stock in exchange for preferred shares B, shares | (10) | 20,000 | |||||
Net loss | (4,404,385) | (4,404,385) | |||||
Ending balance, value at Sep. 30, 2019 | $ 4,023,251 | $ 16,271 | 112,745,948 | (78,804,724) | 37,980,746 | ||
Balance, shares at Sep. 30, 2019 | 4,620 | 162,720,274 | |||||
Beginning balance, value at Dec. 31, 2019 | $ 3,985,805 | $ 16,315 | 113,427,897 | (84,377,555) | (880) | 33,051,582 | |
Balance, shares at Dec. 31, 2019 | 4,577 | 163,156,984 | |||||
Stock-based compensation | 3,082,048 | 3,082,048 | |||||
Issuance of common stock as compensation for services | $ 27 | 203,977 | 204,004 | ||||
Issuance of common stock as compensation for services, shares | 267,712 | ||||||
Issuance of common stock in exchange for preferred stock | $ (21,771) | $ 5 | 21,766 | ||||
Issuance of common stock in exchange for preferred stock, shares | (25) | 50,000 | |||||
Issuance of common stock in public offering, net of stock issuance costs ($3,298,790) | $ 3,226 | 46,700,984 | 46,704,210 | ||||
Issuance of common stock in public offering, net of stock issuance costs, shares | 32,260,000 | ||||||
Issuance of common stock in exchange for Options | $ 14 | 107,313 | 107,327 | ||||
Issuance of common stock in exchange for Options, shares | 132,073 | ||||||
Issuance of common stock from the exercise of Warrants | $ 172 | 797,409 | 797,581 | ||||
Issuance of common stock from the exercise of Warrants, shares | 1,737,389 | ||||||
Stock dividend | $ 137 | 682,663 | (682,800) | ||||
Stock dividend, shares | 1,365,600 | ||||||
Issuance of common stock from the exercise of Options | |||||||
Issuance of common stock from the exercise of Options, shares | |||||||
Issuance of common stock in exchange for preferred shares A | |||||||
Issuance of common stock in exchange for preferred shares A, shares | |||||||
Issuance of common stock in exchange for preferred shares B | |||||||
Issuance of common stock in exchange for preferred shares B, shares | |||||||
Issuance of common stock in public offering, net of stock issuance costs ($2,315,878) | |||||||
Issuance of common stock in public offering, net of stock issuance costs, shares | |||||||
Other comprehensive loss | 364,425 | 364,425 | |||||
Net loss | (16,105,958) | (16,105,958) | |||||
Ending balance, value at Sep. 30, 2020 | $ 3,964,034 | $ 19,896 | 165,024,057 | (101,166,313) | 363,545 | 68,205,219 | |
Balance, shares at Sep. 30, 2020 | 4,552 | 198,969,758 | |||||
Beginning balance, value at Jun. 30, 2020 | $ 3,964,034 | $ 19,886 | 164,079,847 | (95,716,800) | 477,704 | 72,824,671 | |
Balance, shares at Jun. 30, 2020 | 4,552 | 198,873,477 | |||||
Stock-based compensation | 863,518 | 863,518 | |||||
Issuance of common stock as compensation for services | $ 2 | 15,873 | 15,875 | ||||
Issuance of common stock as compensation for services, shares | 20,725 | ||||||
Issuance of common stock from the exercise of Options | $ 8 | 64,819 | 64,827 | ||||
Issuance of common stock from the exercise of Options, shares | 75,556 | ||||||
Other comprehensive loss | (114,159) | (114,159) | |||||
Net loss | (5,449,513) | (5,449,513) | |||||
Ending balance, value at Sep. 30, 2020 | $ 3,964,034 | $ 19,896 | $ 165,024,057 | $ (101,166,313) | $ 363,545 | $ 68,205,219 | |
Balance, shares at Sep. 30, 2020 | 4,552 | 198,969,758 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Common Stock [Member] | ||
Stock issuance cost | $ (3,298,790) | $ (2,315,878) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (16,105,958) | $ (11,799,820) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 173,246 | 148,918 |
Loss on disposal of equipment | 6,417 | |
Stock based compensation expense | 3,344,577 | 2,297,483 |
Amortization of operating lease right-of-use assets | 360,071 | 336,192 |
Amortization of finance lease right-of-use assets | 50,319 | 97,794 |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (309,860) | (262,405) |
Prepaid expenses and other current assets | (406,869) | (783,715) |
Accounts payable | (306,244) | 390,148 |
Accrued expenses and other liabilities | 140,592 | 375,899 |
Net cash used in operating activities | (13,060,126) | (9,193,089) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (74,200,602) | |
Proceeds from sales of marketable securities | 24,450,000 | |
Purchases of leasehold improvements and equipment | (5,749) | (405,604) |
Net cash used in investing activities | (49,756,351) | (405,604) |
Cash flows from financing activities: | ||
Net proceeds from public offering of common stock | 46,639,210 | 30,103,306 |
Proceeds from exercise of warrants | 797,581 | |
Proceeds from exercise of options | 107,327 | |
Payments of capital lease liability - principal | (46,854) | (61,827) |
Payments of note payable | (199,842) | |
Net cash provided by financing activities | 47,497,264 | 29,841,637 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (15,319,213) | 20,242,944 |
Cash, cash equivalents and restricted cash at beginning of period | 22,756,438 | 13,007,838 |
Cash, cash equivalents and restricted cash at end of period | 7,437,225 | 33,250,782 |
Supplemental non-cash financing and investing activities: | ||
Unrealized gains on marketable securities | 364,425 | |
Preferred stock conversion into common stock - Series B | 21,771 | 173,296 |
Cashless exercise of warrants | 441,189 | |
Unearned restricted stock grants | 125,600 | |
Stock dividends issued | 682,800 | 2,234,429 |
Stock dividends accrual | 1,060,145 | |
Right-of-use assets obtained in exchange for liabilities | 4,453,028 | |
Preferred stock conversion into common stock - Series A | $ 5,583,686 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Note 1 – Description of Business Matinas BioPharma Holdings Inc. (“Holdings”) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (“BioPharma”), and Matinas BioPharma Nanotechnologies, Inc. (“Nanotechnologies,” formerly known as Aquarius Biotechnologies, Inc. and together with “Holdings” and “BioPharma”, “the Company” or “we” or “our” or “us”). The Company is a clinical-stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products. |
Liquidity and Plan of Operation
Liquidity and Plan of Operations | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Plan of Operations | Note 2 – Liquidity and Plan of Operations The Company has experienced net losses and negative cash flows from operations each period since its inception. Through September 30, 2020, the Company had an accumulated deficit of approximately $ 101.2 16.1 The Company has been engaged in developing MAT-9001, its lead product candidate, as well as its lipid nano-crystal (“LNC”) platform delivery technology and a pipeline of associated product candidates since 2011. To date, the Company has not obtained regulatory approval for any of its product candidates nor generated any revenue from product sales and the Company expects to incur significant expenses to complete development of its product candidates. The Company may never be able to obtain regulatory approval for the marketing of any of its product candidates in any indication in the United States or internationally and there can be no assurance that the Company will generate revenues or ever achieve profitability. If the Company obtains Food and Drug Administration (“FDA”) approval for one or more of its product candidates, the Company expects that its expenses will continue to increase once the Company reaches commercial launch. The Company also expects that its research and development expenses will continue to increase as it moves forward with additional clinical studies for its current product candidates and development of additional product candidates. As a result, the Company expects to continue to incur substantial losses for the foreseeable future, and that these losses will be increasing. To continue to fund operations, on January 14, 2020, the Company completed an underwritten public offering of common stock, generating gross cash proceeds of approximately $ 50.0 46.7 50,000 3% As of September 30, 2020, the Company had cash and cash equivalents of approximately $ 7.1 55.7 0.4 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are fully described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2019 Form 10-K. In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economics, and financial markets globally, potentially leading to an economic downturn. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. The financial results for the three and nine months ended September 30, 2020 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of the COVID-19 pandemic on future results or the Company’s ability to raise capital due to a variety of factors, including the continued good health of Company employees, the ability of suppliers to continue to operate and deliver, the ability of the Company to maintain operations, any further government and/or public actions taken in response to the pandemic and ultimately the length of the pandemic. Recently adopted accounting pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updated (“ASU”) 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements”, which will improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements, and is effective for fiscal years, and interim` periods within those fiscal years, beginning after December 15, 2019. The Company adopted the guidance on January 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “Collaboration Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606”, to clarify when ASC 606 should be used for collaborative arrangements when the counterparty is a customer. The guidance precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from the contracts with the customers if the counterparty is not a customer for that transaction. The guidance is effective for public entities in fiscal years beginning after December 15, 2019, and interim period therein. The Company adopted the guidance on January 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Securities The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts and money market funds. Cash, Cash Equivalents and Restricted Cash The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash represents funds the Company is required to set aside to cover building operating leases and other purposes. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2020, December 31, 2019, September 30, 2019 and December 31, 2018: Schedule of Cash, Cash Equivalents and Restricted Cash September 30, December 31, September 30, December 31, Cash and cash equivalents $ 7,051 $ 22,170 $ 32,665 $ 12,447 Restricted cash included in current/long term assets 386 586 586 561 Cash, cash equivalents and restricted cash in the statement of cash flows $ 7,437 $ 22,756 $ 33,251 $ 13,008 Marketable Securities The Company has classified its investments in marketable securities as available-for-sale and as a current asset. The Company’s investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized gains and losses are classified as other comprehensive income (loss) and costs are determined on a specific identification basis. Realized gains and losses from our marketable securities are recorded in other income, net. For the three and nine months ended September 30, 2020, the Company recorded unrealized losses of approximately $ 114.2 367.1 no 363.5 0.9 The following tables summarizes the Company’s marketable securities as of September 30, 2020: Summary of Cash, Cash Equivalents and Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 25,575 $ 220 $ — $ 25,795 U.S. Government Notes 22,305 116 (1 ) 22,420 Corporate Debt Securities 6,201 19 — 6,220 State and Municipal Bonds 1,275 10 — 1,285 Total marketable securities $ 55,356 $ 365 $ (1 ) $ 55,720 Maturities of debt securities classified as available-for-sale were as follows at September 30, 2020: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 33,547 $ 33,726 Due after one year through five years 22,173 22,225 $ 55,720 $ 55,951 The following tables summarizes the Company’s cash, cash equivalents and marketable securities for the year ended December 31, 2019: Summary of Cash, Cash Equivalents and Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value Cash and cash equivalents $ 22,169 $ 1 $ — $ 22,170 U.S. Treasury Bonds $ 4,003 $ — $ (1 ) $ 4,002 Corporate Debt Securities 1,604 — (1 ) 1,603 Total marketable securities $ 5,607 $ — $ (2 ) $ 5,605 Total cash, cash equivalents and marketable securities $ 27,776 $ 1 $ (2 ) $ 27,775 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 5,002 $ 5,019 Due after one year through five years 603 607 $ 5,605 $ 5,626 The Company determined that the unrealized gains and (losses) are deemed to be temporary as of September 30, 2020. Unrealized gains and (losses) generally are the result of increases in the risk premiums required by market participants rather than an adverse change in cash flows for a fundamental weakness in the credit quality of the issuer or underlying assets. The Company has the ability and intent to hold these investments until maturity. The Company does not consider the investment in marketable securities to be other-than-temporarily impaired at September 30, 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 - Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: ● Level 1 – Quoted prices for identical assets or liabilities in active markets. ● Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The carrying amounts of certain cash and cash equivalents, current portion of restricted cash, prepaid expenses, accounts payable, current portion of lease liability and accrued expenses approximate fair value due to the short-term nature of these instruments. A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities Fair Value Hierarchy September 30, 2020 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 25,795 $ 25,795 $ — $ — U.S. Government Notes 22,420 — 22,420 — Corporate Debt Securities 6,220 — 6,220 — State and Municipal Bonds 1,285 — 1,285 — Total $ 55,720 $ 25,795 $ 29,925 $ — Fair Value Hierarchy December 31, 2019 Total (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 22,170 $ 22,170 $ — $ — Marketable Securities: U.S. Treasury Bonds 4,002 4,002 — — Corporate Debt Securities 1,603 — 1,603 — Total $ 27,775 $ 26,172 $ 1,603 $ — Cash and cash equivalents consisted of cash in bank checking and savings accounts, money market funds and U.S. treasury bonds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical assets in active markets. Marketable securities consisting of U.S. government notes, corporate debt securities and state and municipal bonds are classified as Level 2 and are valued using quoted market prices in markets that are not active. |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Leasehold Improvements and Equipment | Note 6 – Leasehold Improvements and Equipment Leasehold improvements and equipment, summarized by major category, consist of the following as of September 30, 2020 and December 31, 2019: Schedule of Leasehold Improvements and Equipment September 30, December 31, Lab equipment $ 1,443 $ 1,437 Leasehold improvements 878 878 Total 2,321 2,315 Less: accumulated depreciation and amortization 739 566 Leasehold improvements and equipment, net $ 1,582 $ 1,749 Depreciation and amortization expense for the three and nine months ended September 30, 2020 was approximately $ 57.8 173.2 52.0 148.9 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 7 – Accrued Expenses Accrued Expenses, summarized by major category, as of September 30, 2020 and December 31, 2019 consist of the following: Schedule of Accrued Expenses September 30, December 31, Payroll and incentives $ 805 $ 978 General and administrative expenses 250 428 Research and development expenses 856 421 Deferred revenue 104 100 Other - 13 Total $ 2,015 $ 1,940 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Company has various lease agreements with original terms of up to 10 Some leases include purchase, termination or extension options for one or more years. The assets and liabilities from operating and finance leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12 months or less, are not recorded on the balance sheet. The Company’s operating leases do not provide an implicit rate that can readily be determined. Therefore, the Company uses a discount rate based on its incremental borrowing rate, which is determined using the average of borrowing rates explicitly stated in the Company’s finance leases. The Company incurred lease expense for its operating leases of approximately $ 203.4 610.3 The Company incurred interest expense on its finance leases of approximately $ 1.4 5.4 2.8 9.3 8.6 50.3 25.0 97.8 The following table presents information about the amount and timing of liabilities arising from the Company’s operating and finance leases as of September 30, 2020: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2020 $ 193 $ 9 2021 685 34 2022 645 19 2023 677 2 2024 710 - Thereafter $ 2,203 $ - Total undiscounted operating lease payments $ 5,113 64 Less: Imputed interest 1,304 $ 2 Present value of operating lease liabilities $ 3,809 $ 62 Weighted average remaining lease term in years 6.9 1.9 Weighted average discount rate 8.4% 8.1% The following table presents information about the amount and timing of liabilities arising from the Company’s operating and finance leases as of December 31, 2019: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2020 $ 753 $ 60 2021 685 34 2022 645 19 2023 677 2 2024 710 - Thereafter $ 2,203 $ - Total undiscounted operating lease payments $ 5,673 115 Less: Imputed interest 1,554 $ 6 Present value of operating lease liabilities $ 4,119 $ 109 Weighted average remaining lease term in years 7.5 2.2 Weighted average discount rate 8.4% 7.8% Amendment to the Administrative Office Lease in Bedminster New Jersey On September 23, 2020, the Company entered into an amendment to the lease on its administrative office location in Bedminster New Jersey. Pursuant to the amendment, the Company will lease an additional 3,034 1.8 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes Sale of net operating losses (NOLs) The Company recognized $ 0 1.1 0 1.0 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 10 – Stockholders’ Equity At-The-Market Equity Offering On July 2, 2020, the Company entered into an At-The-Market (“ATM”) Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”), pursuant to which the Company may offer and sell, from time to time, through BTIG, as sales agent and/or principal, shares of its common stock having an aggregate offering price of up to $ 50 3 Common Stock On January 14, 2020, the Company closed on an underwritten public offering of 32.3 1.55 50.0 46.7 4.8 Preferred Stock Series B Preferred Stock In connection with a public offering of Series B Preferred Stock, on June 19, 2018, the Company filed the Series B Certificate of Designation with the Secretary of the State of Delaware to designate the preferences, rights and limitations of the Series B Preferred Stock. Pursuant to the Series B Certificate of Designation, the Company designated 8,000 4,552 4,577 Dividends Subject to certain ownership limitations, holders of the Series B Preferred Stock received or are entitled to receive dividends payable in the Company’s common stock as follows: (i) a number of shares of common stock equal to 10% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2019, (ii) a number of shares of common stock equal to 15% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2020 and (iii) a number of shares of common stock equal to 20% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2021 1,365,600 946,000 Warrants The Company has issued two types of warrants: (i) investor warrants and (ii) placement agent warrants. All warrants are exercisable immediately upon issuance and have a five-year term. The warrants may be exercised at any time in whole or in part upon payment of the applicable exercise price until expiration. No fractional shares will be issued upon the exercise of the warrants. The exercise price and the number of shares purchasable upon the exercise of the investor warrants are subject to adjustment upon the occurrence of certain events, which include stock dividends, stock splits, combinations and reclassifications of the Company’s capital stock or other similar changes to the equity structure of the Company. As of September 30, 2020, the Company had outstanding warrants to purchase an aggregate of 1,327,810 0.50 0.75 Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2018 5,799 Issued - Exercised (402 ) Tendered - Expired - Outstanding at December 31, 2019 5,397 * Issued - Exercised (2,576 )** Tendered - Expired (1,493 ) Outstanding at September 30, 2020 1,328 *** * Weighted average exercise price for outstanding warrants is $ 0.62 ** Converted into approximately 1,737.4 *** Weighted average exercise price for outstanding warrants is $ 0.55 Basic and diluted net loss per common share During the three and nine months ended September 30, 2020 and 2019, diluted earnings per common share is the same as basic earnings per common share because, as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise of all outstanding stock options, warrants and conversion of preferred stock, would have an anti-dilutive effect. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common shareholders because including them would have been anti-dilutive for the three and nine months ended September 30, 2020 and 2019: Schedule of Antidilutive Securities As of September 30, 2020 2019 Stock options 22,260 16,859 Preferred Stock and accrued dividend upon conversion 9,104 9,240 Warrants 1,328 5,799 Total 32,692 31,898 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Lossincome | |
Accumulated Other Comprehensive (Loss)/Income | Note 11 – Accumulated Other Comprehensive (Loss)/Income The following table summarizes the changes in accumulated other comprehensive (loss)/income by components during the nine months ended September 30, 2020: Schedule of Components of Accumulated Other Comprehensive Income/(Loss) Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Balance, December 31, 2019 $ (1 ) $ (1 ) Unrealized gain on securities available-for-sale 368 368 Reclassifications to net loss (3 ) (3 ) Net current period other comprehensive income 365 365 Balance, September 30, 2020 $ 364 $ 364 The amounts reclassified to net income for realized gains and losses on available-for-sale securities are recorded as part of other income, net, in our Condensed Consolidated Statements of Operations and Comprehensive Loss. There were no accumulated other comprehensive (losses)/gains during the nine months ended September 30, 2019 and all components of accumulated other comprehensive (losses)/gains are net of tax. Realized gains and losses and declines in value judged to be other-than-temporary are included in the determination of net loss and are included in other income, net. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 12 – Stock-based Compensation The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the nine months ended September 30, 2020 and 2019. With the approval of the Board of Directors and a majority of shareholders, effective May 8, 2014, the Plan was amended and restated. The amendment provides for an automatic increase in the number of shares of common stock available for issuance under the Plan each January, commencing January 1, 2015 4 The following table contains information about the Company’s stock plan at September 30, 2020: Schedule of Equity Compensation Plan by Arrangements Awards Reserved for Issuance Awards Issued & Exercised Awards Available for Grant 2013 Equity Compensation Plan (in thousands) 28,948 * 24,875 ** 4,073 * Increased by 6,526 4 ** Includes both stock grants and option grants The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and Development $ 358 $ 185 $ 1,538 $ 834 General and Administrative 595 486 1,807 1,463 Total $ 953 $ 671 $ 3,345 $ 2,297 During the nine months ended September 30, 2020, the Company modified the exercise terms of certain vested stock options resulting in additional stock-based compensation expense of approximately $ 432.8 The exercise terms were due to expire on February 9, 2020 two years As of September 30, 2020, total compensation costs related to unvested awards not yet recognized was approximately $ 9.0 2.9 Stock Options The following table summarizes the activity for Company’ stock options for the three months ended September 30, 2020 (in thousands): Schedule of Stock Option Activity Stock Options Outstanding at January 1, 2020 17,529 Granted 5,538 Exercised (176 )* Forfeited (72 ) Cancelled - Expired (559 ) Outstanding at September 30, 2020 22,260 * Resulted in the issuance of approximately 132.1 Restricted Stock Awards During the nine months ended September 30, 2020 and 2019, the Company granted restricted stock awards for approximately 267.7 415.2 89.7 262.5 62.1 237.5 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 13 – Subsequent Event None |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are fully described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2019 Form 10-K. In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economics, and financial markets globally, potentially leading to an economic downturn. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. The financial results for the three and nine months ended September 30, 2020 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of the COVID-19 pandemic on future results or the Company’s ability to raise capital due to a variety of factors, including the continued good health of Company employees, the ability of suppliers to continue to operate and deliver, the ability of the Company to maintain operations, any further government and/or public actions taken in response to the pandemic and ultimately the length of the pandemic. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updated (“ASU”) 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements”, which will improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements, and is effective for fiscal years, and interim` periods within those fiscal years, beginning after December 15, 2019. The Company adopted the guidance on January 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “Collaboration Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606”, to clarify when ASC 606 should be used for collaborative arrangements when the counterparty is a customer. The guidance precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from the contracts with the customers if the counterparty is not a customer for that transaction. The guidance is effective for public entities in fiscal years beginning after December 15, 2019, and interim period therein. The Company adopted the guidance on January 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2020, December 31, 2019, September 30, 2019 and December 31, 2018: Schedule of Cash, Cash Equivalents and Restricted Cash September 30, December 31, September 30, December 31, Cash and cash equivalents $ 7,051 $ 22,170 $ 32,665 $ 12,447 Restricted cash included in current/long term assets 386 586 586 561 Cash, cash equivalents and restricted cash in the statement of cash flows $ 7,437 $ 22,756 $ 33,251 $ 13,008 |
Summary of Cash, Cash Equivalents and Marketable Securities | The following tables summarizes the Company’s marketable securities as of September 30, 2020: Summary of Cash, Cash Equivalents and Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 25,575 $ 220 $ — $ 25,795 U.S. Government Notes 22,305 116 (1 ) 22,420 Corporate Debt Securities 6,201 19 — 6,220 State and Municipal Bonds 1,275 10 — 1,285 Total marketable securities $ 55,356 $ 365 $ (1 ) $ 55,720 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at September 30, 2020: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 33,547 $ 33,726 Due after one year through five years 22,173 22,225 $ 55,720 $ 55,951 |
Summary of Cash, Cash Equivalents and Marketable Securities | The following tables summarizes the Company’s cash, cash equivalents and marketable securities for the year ended December 31, 2019: Summary of Cash, Cash Equivalents and Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value Cash and cash equivalents $ 22,169 $ 1 $ — $ 22,170 U.S. Treasury Bonds $ 4,003 $ — $ (1 ) $ 4,002 Corporate Debt Securities 1,604 — (1 ) 1,603 Total marketable securities $ 5,607 $ — $ (2 ) $ 5,605 Total cash, cash equivalents and marketable securities $ 27,776 $ 1 $ (2 ) $ 27,775 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 5,002 $ 5,019 Due after one year through five years 603 607 $ 5,605 $ 5,626 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement of Assets and Liabilities | A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities Fair Value Hierarchy September 30, 2020 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 25,795 $ 25,795 $ — $ — U.S. Government Notes 22,420 — 22,420 — Corporate Debt Securities 6,220 — 6,220 — State and Municipal Bonds 1,285 — 1,285 — Total $ 55,720 $ 25,795 $ 29,925 $ — Fair Value Hierarchy December 31, 2019 Total (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 22,170 $ 22,170 $ — $ — Marketable Securities: U.S. Treasury Bonds 4,002 4,002 — — Corporate Debt Securities 1,603 — 1,603 — Total $ 27,775 $ 26,172 $ 1,603 $ — |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Leasehold Improvements and Equipment | Leasehold improvements and equipment, summarized by major category, consist of the following as of September 30, 2020 and December 31, 2019: Schedule of Leasehold Improvements and Equipment September 30, December 31, Lab equipment $ 1,443 $ 1,437 Leasehold improvements 878 878 Total 2,321 2,315 Less: accumulated depreciation and amortization 739 566 Leasehold improvements and equipment, net $ 1,582 $ 1,749 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses, summarized by major category, as of September 30, 2020 and December 31, 2019 consist of the following: Schedule of Accrued Expenses September 30, December 31, Payroll and incentives $ 805 $ 978 General and administrative expenses 250 428 Research and development expenses 856 421 Deferred revenue 104 100 Other - 13 Total $ 2,015 $ 1,940 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Maturity of Operating and Finance Leases Liabilities | The following table presents information about the amount and timing of liabilities arising from the Company’s operating and finance leases as of September 30, 2020: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2020 $ 193 $ 9 2021 685 34 2022 645 19 2023 677 2 2024 710 - Thereafter $ 2,203 $ - Total undiscounted operating lease payments $ 5,113 64 Less: Imputed interest 1,304 $ 2 Present value of operating lease liabilities $ 3,809 $ 62 Weighted average remaining lease term in years 6.9 1.9 Weighted average discount rate 8.4% 8.1% The following table presents information about the amount and timing of liabilities arising from the Company’s operating and finance leases as of December 31, 2019: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2020 $ 753 $ 60 2021 685 34 2022 645 19 2023 677 2 2024 710 - Thereafter $ 2,203 $ - Total undiscounted operating lease payments $ 5,673 115 Less: Imputed interest 1,554 $ 6 Present value of operating lease liabilities $ 4,119 $ 109 Weighted average remaining lease term in years 7.5 2.2 Weighted average discount rate 8.4% 7.8% |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Lossincome | |
Summary of Shareholders Equity Warrants Outstanding | Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2018 5,799 Issued - Exercised (402 ) Tendered - Expired - Outstanding at December 31, 2019 5,397 * Issued - Exercised (2,576 )** Tendered - Expired (1,493 ) Outstanding at September 30, 2020 1,328 *** * Weighted average exercise price for outstanding warrants is $ 0.62 ** Converted into approximately 1,737.4 *** Weighted average exercise price for outstanding warrants is $ 0.55 |
Schedule of Antidilutive Securities | Schedule of Antidilutive Securities As of September 30, 2020 2019 Stock options 22,260 16,859 Preferred Stock and accrued dividend upon conversion 9,104 9,240 Warrants 1,328 5,799 Total 32,692 31,898 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss)/Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Lossincome | |
Schedule of Components of Accumulated Other Comprehensive Income/(Loss) | The following table summarizes the changes in accumulated other comprehensive (loss)/income by components during the nine months ended September 30, 2020: Schedule of Components of Accumulated Other Comprehensive Income/(Loss) Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Balance, December 31, 2019 $ (1 ) $ (1 ) Unrealized gain on securities available-for-sale 368 368 Reclassifications to net loss (3 ) (3 ) Net current period other comprehensive income 365 365 Balance, September 30, 2020 $ 364 $ 364 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Equity Compensation Plan by Arrangements | The following table contains information about the Company’s stock plan at September 30, 2020: Schedule of Equity Compensation Plan by Arrangements Awards Reserved for Issuance Awards Issued & Exercised Awards Available for Grant 2013 Equity Compensation Plan (in thousands) 28,948 * 24,875 ** 4,073 * Increased by 6,526 4 ** Includes both stock grants and option grants |
Schedule of Recognized Stock-Based Compensation | The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and Development $ 358 $ 185 $ 1,538 $ 834 General and Administrative 595 486 1,807 1,463 Total $ 953 $ 671 $ 3,345 $ 2,297 |
Schedule of Stock Option Activity | The following table summarizes the activity for Company’ stock options for the three months ended September 30, 2020 (in thousands): Schedule of Stock Option Activity Stock Options Outstanding at January 1, 2020 17,529 Granted 5,538 Exercised (176 )* Forfeited (72 ) Cancelled - Expired (559 ) Outstanding at September 30, 2020 22,260 * Resulted in the issuance of approximately 132.1 |
Liquidity and Plan of Operati_2
Liquidity and Plan of Operations (Details Narrative) - USD ($) | Jul. 02, 2020 | Jan. 14, 2020 | Jan. 14, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Accumulated deficit | $ 101,200,000 | |||||
Net loss | 16,100,000 | |||||
Proceeds from public offering | $ 50,000,000 | 46,639,210 | $ 30,103,306 | |||
Cash and cash equivalents | 7,051,225 | $ 22,170,438 | ||||
Marketable securities | 55,719,661 | $ 5,604,634 | ||||
Restricted cash | $ 400,000 | |||||
Underwritten Public Offering [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Proceeds from public offering of common stock, gross | $ 50,000,000 | |||||
Proceeds from public offering | $ 46,700,000 | |||||
Underwritten Public Offering [Member] | Sales Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Sale of stock percentage | 3.00% | |||||
Underwritten Public Offering [Member] | Sales Agreement [Member] | Maximum [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Sale of Stock, Consideration Received on Transaction | $ 50,000,000 |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 7,051 | $ 22,170 | $ 32,665 | $ 12,447 |
Restricted cash included in current/long term assets | 386 | 586 | 586 | 561 |
Cash, cash equivalents and restricted cash in the statement of cash flows | $ 7,437 | $ 22,756 | $ 33,251 | $ 13,008 |
Summary of Cash, Cash Equivalen
Summary of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total marketable securities, Amortized Cost | $ 55,356 | $ 5,607 |
Total marketable securities, Unrealized Gain | 365 | |
Total marketable securities, Unrealized (Loss) | (1) | (2) |
Total marketable securities, Fair Value | 55,720 | 5,605 |
Cash and cash equivalents, Amortized Cost | 22,169 | |
Cash and cash equivalents, Unrealized Gain | 1 | |
Cash and cash equivalents, Unrealized (Loss) | ||
Cash and cash equivalents, Fair Value | 22,170 | |
Total cash, cash equivalents and marketable securities, Amortized Cost | 27,776 | |
Total cash, cash equivalents and marketable securities, Unrealized Gain | 1 | |
Total cash, cash equivalents and marketable securities, Unrealized (Loss) | (2) | |
Total cash, cash equivalents and marketable securities, Fair Value | 27,775 | |
U.S. Treasury Bonds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total marketable securities, Amortized Cost | 25,575 | 4,003 |
Total marketable securities, Unrealized Gain | 220 | |
Total marketable securities, Unrealized (Loss) | (1) | |
Total marketable securities, Fair Value | 25,795 | 4,002 |
U.S. Government Notes [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total marketable securities, Amortized Cost | 22,305 | |
Total marketable securities, Unrealized Gain | 116 | |
Total marketable securities, Unrealized (Loss) | (1) | |
Total marketable securities, Fair Value | 22,420 | |
Corporate Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total marketable securities, Amortized Cost | 6,201 | 1,604 |
Total marketable securities, Unrealized Gain | 19 | |
Total marketable securities, Unrealized (Loss) | (1) | |
Total marketable securities, Fair Value | 6,220 | $ 1,603 |
State And Municipal Bonds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total marketable securities, Amortized Cost | 1,275 | |
Total marketable securities, Unrealized Gain | 10 | |
Total marketable securities, Unrealized (Loss) | ||
Total marketable securities, Fair Value | $ 1,285 |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Available-for-sale (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Fair Value, Due within one year | $ 33,547 | $ 5,002 |
Net Carrying Amount, Due within one year | 33,726 | 5,019 |
Fair Value, Due after one year through five years | 22,173 | 603 |
Net Carrying Amount, Due after one year through five years | 22,225 | 607 |
Fair Value, Debt Securities, Available-for-sale, Maturity | 55,720 | 5,605 |
Net Carrying Amount, Debt Securities, Available-for-sale, Maturity | $ 55,951 | $ 5,626 |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |||||
Marketable securities, unrealized loss | $ 114,200 | $ 114,200 | |||
Marketable securities, unrealized gain | 367,100 | 367,100 | |||
Marketable securities, unrealized gain loss | $ 0 | $ 0 | |||
Accumulated unrealized gain | $ 363,500 | $ 363,500 | |||
Accumulated unrealized loss | $ 900 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | $ 55,720 | |
Cash and cash equivalent | $ 22,170 | |
Total | 27,775 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 25,795 | |
Cash and cash equivalent | 22,170 | |
Total | 26,172 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 29,925 | |
Cash and cash equivalent | ||
Total | 1,603 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
Cash and cash equivalent | ||
Total | ||
U.S. Treasury Bonds [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 25,795 | 4,002 |
U.S. Treasury Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 25,795 | 4,002 |
U.S. Treasury Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
U.S. Treasury Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
U.S. Government Notes [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 22,420 | |
U.S. Government Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
U.S. Government Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 22,420 | |
U.S. Government Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
Corporate Debt Securities [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 6,220 | 1,603 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 6,220 | 1,603 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
State And Municipal Bonds [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 1,285 | |
State And Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
State And Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 1,285 | |
State And Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities |
Schedule of Leasehold Improveme
Schedule of Leasehold Improvements and Equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,321 | $ 2,315 |
Less: accumulated depreciation and amortization | 739 | 566 |
Leasehold improvements and equipment, net | 1,582 | 1,749 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,443 | 1,437 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 878 | $ 878 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 57,800 | $ 52,000 | $ 173,200 | $ 148,900 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and incentives | $ 805 | $ 978 |
General and administrative expenses | 250 | 428 |
Research and development expenses | 856 | 421 |
Deferred revenue | 104 | 100 |
Other | 13 | |
Total | $ 2,015 | $ 1,940 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating and Finance Leases Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease Liabilities, 2020 | $ 193 | $ 753 |
Operating Lease Liabilities, 2021 | 685 | 685 |
Operating Lease Liabilities, 2022 | 645 | 645 |
Operating Lease Liabilities, 2023 | 677 | 677 |
Operating Lease Liabilities, 2024 | 710 | 710 |
Thereafter | 2,203 | 2,203 |
Total undiscounted operating lease payments | 5,113 | 5,673 |
Less: Imputed interest | 1,304 | 1,554 |
Present value of operating lease liabilities | $ 3,809 | $ 4,119 |
Weighted average remaining lease term in years | 6 years 10 months 24 days | 7 years 6 months |
Weighted average discount rate | 8.40% | 8.40% |
Finance Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease Liabilities, 2020 | $ 9 | $ 60 |
Finance Lease Liabilities, 2021 | 34 | 34 |
Finance Lease Liabilities, 2022 | 19 | 19 |
Finance Lease Liabilities, 2023 | 2 | 2 |
Finance Lease Liabilities, 2024 | ||
Thereafter | ||
Total undiscounted finance lease payments | 64 | 115 |
Less: Imputed interest | 2 | 6 |
Present value of finance lease liabilities | $ 62 | $ 109 |
Weighted average remaining lease term in years | 1 year 10 months 24 days | 2 years 2 months 12 days |
Weighted average discount rate | 8.10% | 7.80% |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 23, 2020ft² | Sep. 23, 2020USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Leases [Abstract] | ||||||
Lessee, operating lease, term of contract | 10 years | 10 years | ||||
Lessee, operating lease, option to extend | Some leases include purchase, termination or extension options for one or more years. | |||||
Lease expense | $ 1,800,000 | $ 203,400 | $ 610,300 | $ 203,400 | $ 610,300 | |
Finance lease, interest expense | 1,400 | 2,800 | 5,400 | 9,300 | ||
Finance lease, amortization expense | $ 8,600 | $ 25,000 | $ 50,319 | $ 97,794 | ||
Description on lease | Company entered into an amendment to the lease on its administrative office location in Bedminster New Jersey. Pursuant to the amendment, the Company will lease an additional 3,034 rentable square feet (“Expansion Premises”). The amendment becomes effective upon the date on which the landlord delivers to the Company the Expansion Premises, which is expected to occur on or about January 15, 2021, and extends the term of the lease for seven years from such date. There is no renewal option, no security deposit, no residual value or significant restrictions or covenants other than those customary in such arrangements. Except as expressly provided, all other terms, covenants, conditions and agreements as set forth in the lease will remain unchanged and in full force and effect. | |||||
Area of land | ft² | 3,034 | 3,034 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Sale of net operating losses | $ 0 | $ 0 | $ 1,100,000 | $ 1,000,000 |
Summary of Shareholders Equity
Summary of Shareholders Equity Warrants Outstanding (Details) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | |||
Equity [Abstract] | ||||
Shares Outstanding, beginning | 5,397 | [1] | 5,799 | |
Shares Issued | ||||
Shares Exercised | (2,576) | [2] | (402) | |
Shares Tendered | ||||
Shares Expired | (1,493) | |||
Shares Outstanding, ending | 1,328 | [3] | 5,397 | [1] |
[1] | Weighted average exercise price for outstanding warrants is $ 0.62 | |||
[2] | Converted into approximately 1,737.4 | |||
[3] | Weighted average exercise price for outstanding warrants is $ 0.55 |
Summary of Shareholders Equit_2
Summary of Shareholders Equity Warrants Outstanding (Details) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Weighted average of exercise price for outstanding warrants | $ 0.55 | $ 0.62 |
Number of warrant common stock converted | 1,737,400 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive earnings per share, amount | 32,692 | 31,898 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive earnings per share, amount | 22,260 | 16,859 |
Preferred Stock and Accrued Dividend Upon Conversion [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive earnings per share, amount | 9,104 | 9,240 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive earnings per share, amount | 1,328 | 5,799 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jul. 02, 2020 | Jul. 02, 2020 | Jan. 14, 2020 | Jan. 14, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net proceeds from public offering of common stock | $ 50,000,000 | $ 46,639,210 | $ 30,103,306 | |||||
Series B Convertible Preferred stock shares designated | 8,000 | 8,000 | ||||||
Series B Convertible Preferred stock, shares outstanding | 4,552 | 4,577 | ||||||
Series B Preferred Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Dividend payable description | Subject to certain ownership limitations, holders of the Series B Preferred Stock received or are entitled to receive dividends payable in the Company’s common stock as follows: (i) a number of shares of common stock equal to 10% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2019, (ii) a number of shares of common stock equal to 15% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2020 and (iii) a number of shares of common stock equal to 20% of the shares of common stock underlying the Series B Preferred Stock then held by such holder on June 19, 2021 | |||||||
Stock dividend, shares | 1,365,600 | 946,000 | ||||||
Merger Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net proceeds from public offering of common stock | $ 46,700,000 | |||||||
Common Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Number of underwritten public offering of common stock | 32,300,000 | 32,260,000 | ||||||
Purchase price | $ 1.55 | $ 1.55 | ||||||
Stock dividend, shares | 3,522,860 | 1,365,600 | 4,468,860 | |||||
Common Stock [Member] | Maximum [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Options to purchase an additional shares of common stock | 4,800,000 | |||||||
Warrant [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Number of warrant to purchase of common stock | 1,327,810 | |||||||
Warrant [Member] | Maximum [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ 0.75 | |||||||
Warrant [Member] | Minimum [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ 0.50 | |||||||
Underwritten Public Offering [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net proceeds from public offering of common stock | $ 46,700,000 | |||||||
Market Sales Agreement [Member] | Lab Equipment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net proceeds from public offering of common stock | $ 50,000,000 | |||||||
Sales Agreement [Member] | Underwritten Public Offering [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Sale of stock percentage | 3.00% |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Income/(Loss) (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Accumulated Other Comprehensive Lossincome | |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Beginning Balance | $ (1) |
Accumulated Other Comprehensive (Loss)/Gain, Beginning Balance | (1) |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Unrealized gain on securities available-for-sale | 368 |
Accumulated Other Comprehensive (Loss)/Gain, Unrealized gain on securities available-for-sale | 368 |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Reclassifications to net income | (3) |
Accumulated Other Comprehensive (Loss)/Gain, Reclassifications to net income | (3) |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Other comprehensive gain | 365 |
Accumulated Other Comprehensive (Loss)/Gain, Other comprehensive gain | 365 |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Ending Balance | 364 |
Net Unrealized (Losses)/Gains on Available-for-Sale Securities, Ending Balance | $ 364 |
Schedule of Equity Compensation
Schedule of Equity Compensation Plan by Arrangements (Details) - Two Thousand Thirteen Equity Compensation Plan [Member] | 9 Months Ended | |
Sep. 30, 2020shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards Reserved for Issuance | 28,948 | [1] |
Awards Issued & Exercised | 24,875 | [2] |
Awards Available for Grant | 4,073 | |
[1] | Increased by 6,526 4 | |
[2] | Includes both stock grants and option grants |
Schedule of Equity Compensati_2
Schedule of Equity Compensation Plan by Arrangements (Details) (Parenthetical) - shares | May 08, 2014 | Sep. 30, 2020 | Jan. 02, 2019 |
Share-based Payment Arrangement [Abstract] | |||
Increased shares of common stock outstanding | 6,526,000 | ||
Percentage for common stock outstanding | 4.00% | 4.00% |
Schedule of Recognized Stock-Ba
Schedule of Recognized Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 953 | $ 671 | $ 3,345 | $ 2,297 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 358 | 185 | 1,538 | 834 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 595 | $ 486 | $ 1,807 | $ 1,463 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 9 Months Ended | |
Sep. 30, 2020shares | ||
Share-based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding at Beginning | 17,529,000 | |
Number of Options, Granted | 5,538,000 | |
Number of Options, Exercised | (176,000) | [1] |
Number of Options, Forfeited | (72,000) | |
Number of Options, Cancelled | ||
Number of Options, Expired | (559,000) | |
Number of Options, Outstanding at Ending | 22,260,000 | |
[1] | Resulted in the issuance of approximately 132.1 |
Schedule of Stock Option Acti_2
Schedule of Stock Option Activity (Details) (Parenthetical) | 9 Months Ended |
Sep. 30, 2020shares | |
Share-based Payment Arrangement [Abstract] | |
Common stock, shares converted | 132,100 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) | May 08, 2014 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment award increase of shares offering date | January 1, 2015 | ||||
Share-based payment award, percentage of outstanding stock maximum | 4.00% | 4.00% | |||
Stock-based compensation expense | $ 3,344,577 | $ 2,297,483 | |||
Option term | The exercise terms were due to expire on February 9, 2020 but were extended for an additional two years and will be cancelled if not exercised on or before February 9, 2022 | ||||
Expiration date | Feb. 9, 2020 | ||||
Option vested period | 2 years | ||||
Unrecognized share-based compensation | $ 9,000,000 | $ 9,000,000 | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 10 months 24 days | ||||
Number of restricted stock awards granted | 267,700 | 415,200 | |||
General and administrative expense | $ 89,700 | $ 62,100 | $ 262,500 | $ 237,500 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 432,800 |