Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
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 | 484-8805 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MTNB | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 214,741,422 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 30,352,359 | $ 12,432,481 |
Marketable securities | 29,490,430 | 46,246,573 |
Restricted cash – security deposits | 136,000 | 136,000 |
Prepaid expenses and other current assets | 960,422 | 2,739,791 |
Total current assets | 60,939,211 | 61,554,845 |
Non-current assets: | ||
Leasehold improvements and equipment - net | 1,406,748 | 1,523,950 |
Operating lease right-of-use assets - net | 3,034,155 | 3,276,639 |
Finance lease right-of-use assets - net | 37,350 | 58,007 |
In-process research and development | 3,017,377 | 3,017,377 |
Goodwill | 1,336,488 | 1,336,488 |
Restricted cash - security deposit | 200,000 | 200,000 |
Total non-current assets | 9,032,118 | 9,412,461 |
Total assets | 69,971,329 | 70,967,306 |
Current liabilities: | ||
Accounts payable | 450,461 | 349,941 |
Accrued expenses | 2,762,736 | 2,795,329 |
Operating lease liabilities - current | 351,257 | 391,498 |
Financing lease liabilities - current | 26,870 | 30,853 |
Total current liabilities | 3,591,324 | 3,567,621 |
Non-current liabilities: | ||
Deferred tax liability | 341,265 | 341,265 |
Operating lease liabilities - net of current portion | 3,123,482 | 3,304,063 |
Financing lease liabilities - net of current portion | 11,508 | 23,660 |
Total non-current liabilities | 3,476,255 | 3,668,988 |
Total liabilities | 7,067,579 | 7,236,609 |
Stockholders’ equity: | ||
Series B Convertible preferred stock, stated value $1,000 per share, 8,000 shares authorized as of June 30, 2021 and December 31, 2020; 0 and 4,361 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 3,797,705 | |
Common stock par value $0.0001 per share, 500,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 214,627,522 and 200,113,431 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 21,462 | 20,010 |
Additional paid-in capital | 180,929,263 | 167,192,003 |
Accumulated deficit | (118,098,218) | (107,507,193) |
Accumulated other comprehensive income | 51,243 | 228,172 |
Total stockholders’ equity | 62,903,750 | 63,730,697 |
Total liabilities and stockholders’ equity | $ 69,971,329 | $ 70,967,306 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 0 | 4,361 |
Series B Convertible preferred stock, shares outstanding | 0 | 4,361 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 214,627,522 | 200,113,431 |
Common stock, shares outstanding | 214,627,522 | 200,113,431 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Research and development | $ 33,333 | |||
Costs and expenses: | ||||
Research and development | 2,480,764 | 3,410,237 | 5,722,196 | 7,497,120 |
General and administrative | 2,308,926 | 2,356,310 | 5,453,936 | 4,615,941 |
Total costs and expenses | 4,789,690 | 5,766,547 | 11,176,132 | 12,113,061 |
Loss from operations | (4,789,690) | (5,766,547) | (11,142,799) | (12,113,061) |
Sale of New Jersey net operating loss & tax credits | 1,328,470 | 1,073,289 | ||
Other income, net | (1,415) | 156,000 | 66,904 | 383,327 |
Net loss | (4,791,105) | (5,610,547) | (9,747,425) | (10,656,445) |
Preferred stock series B accumulated dividends | (184,899) | (177,092) | (395,799) | (347,792) |
Net loss attributable to common shareholders | $ (4,976,004) | $ (5,787,639) | $ (10,143,224) | $ (11,004,237) |
Net loss available for common shareholders per share - basic and diluted | $ (0.02) | $ (0.03) | $ (0.05) | $ (0.06) |
Weighted average common shares outstanding - basic and diluted | 205,215,259 | 197,601,500 | 204,547,251 | 194,636,326 |
Other comprehensive (loss)/income, net of tax | ||||
Net unrealized (loss)/gain on securities available-for-sale | $ (85,163) | $ (41,954) | $ (176,929) | $ 481,303 |
Reclassifications to net loss | (2,708) | (2,719) | ||
Other comprehensive (loss)/income, net of tax | (85,163) | (44,662) | (176,929) | 478,584 |
Comprehensive loss attributable to shareholders | $ (4,876,268) | $ (5,655,209) | $ (9,924,354) | $ (10,177,861) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | 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, 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 | 2,218,530 | 2,218,530 | ||||
Issuance of common stock as compensation for services | $ 25 | 188,104 | 188,129 | |||
Issuance of common stock as compensation for services, shares | 246,987 | |||||
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 from the exercise of Common Stock Options | $ 6 | 42,494 | 42,500 | |||
Issuance of common stock from the exercise of Common Stock Options, shares | 56,517 | |||||
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 | |||||
Other comprehensive loss | 478,584 | 478,584 | ||||
Net loss | (10,656,445) | (10,656,445) | ||||
Ending 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 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 3,964,034 | $ 19,719 | 162,520,461 | (89,423,453) | 522,366 | 77,603,127 |
Balance, shares at Mar. 31, 2020 | 4,552 | 197,202,938 | ||||
Stock-based compensation | 850,879 | 850,879 | ||||
Issuance of common stock as compensation for services | $ 2 | 15,872 | 15,874 | |||
Issuance of common stock as compensation for services, shares | 20,537 | |||||
Stock issuance cost | 10,000 | 10,000 | ||||
Issuance of common stock from the exercise of Warrants | $ 28 | (28) | ||||
Issuance of common stock from the exercise of Warrants, shares | 284,402 | |||||
Stock dividend | $ 137 | 682,663 | (682,800) | |||
Stock dividend, shares | 1,365,600 | |||||
Other comprehensive loss | (44,662) | (44,662) | ||||
Net loss | (5,610,547) | (5,610,547) | ||||
Ending 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 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 3,797,705 | $ 20,010 | 167,192,003 | (107,507,193) | 228,172 | 63,730,697 |
Balance, shares at Dec. 31, 2020 | 4,361 | 200,113,431 | ||||
Stock-based compensation | 2,100,402 | 2,100,402 | ||||
Issuance of common stock as compensation for services | $ 2 | 15,874 | 15,876 | |||
Issuance of common stock as compensation for services, shares | 17,804 | |||||
Issuance of common stock in exchange for preferred stock | $ (3,797,705) | $ 873 | 3,796,832 | |||
Issuance of common stock in exchange for preferred stock, shares | (4,361) | 8,722,000 | ||||
Issuance of common stock in public offering, net of stock issuance costs ($172,592) | $ 302 | 5,580,169 | 5,580,471 | |||
Issuance of common stock in public offering, net of stock issuance costs, shares | 3,023,147 | |||||
Issuance of common stock from the exercise of Common Stock Options | $ 106 | 1,400,552 | 1,400,658 | |||
Issuance of common stock from the exercise of Common Stock Options, shares | 1,062,883 | |||||
Issuance of common stock from the exercise of Warrants | ||||||
Issuance of common stock from the exercise of Warrants, shares | 1,057 | |||||
Stock dividend | $ 169 | 843,431 | (843,600) | |||
Stock dividend, shares | 1,687,200 | |||||
Other comprehensive loss | (176,929) | (176,929) | ||||
Net loss | (9,747,425) | (9,747,425) | ||||
Ending balance, value at Jun. 30, 2021 | $ 21,462 | 180,929,263 | (118,098,218) | 51,243 | 62,903,750 | |
Balance, shares at Jun. 30, 2021 | 214,627,522 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 3,673,176 | $ 20,427 | 175,189,608 | (112,463,513) | 136,406 | 66,556,104 |
Balance, shares at Mar. 31, 2021 | 4,218 | 204,283,972 | ||||
Stock-based compensation | 1,027,345 | 1,027,345 | ||||
Issuance of common stock as compensation for services | $ 1 | 7,937 | 7,938 | |||
Issuance of common stock as compensation for services, shares | 10,244 | |||||
Issuance of common stock in exchange for preferred stock | $ (3,673,176) | $ 844 | 3,672,332 | |||
Issuance of common stock in exchange for preferred stock, shares | (4,218) | 8,436,000 | ||||
Issuance of common stock from the exercise of Common Stock Options | $ 21 | 188,610 | 188,631 | |||
Issuance of common stock from the exercise of Common Stock Options, shares | 210,106 | |||||
Stock dividend | $ 169 | 843,431 | (843,600) | |||
Stock dividend, shares | 1,687,200 | |||||
Other comprehensive loss | (85,163) | (85,163) | ||||
Net loss | (4,791,105) | (4,791,105) | ||||
Ending balance, value at Jun. 30, 2021 | $ 21,462 | $ 180,929,263 | $ (118,098,218) | $ 51,243 | $ 62,903,750 | |
Balance, shares at Jun. 30, 2021 | 214,627,522 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock [Member] | ||
Stock issuance cost | $ 172,592 | $ 3,298,790 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (9,747,425) | $ (10,656,445) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 117,202 | 115,433 |
Stock based compensation expense | 2,156,941 | 2,391,694 |
Amortization of operating lease right-of-use assets | 242,485 | 237,909 |
Amortization of finance lease right-of-use assets | 20,656 | 41,678 |
Amortization of bond discount | 108,562 | |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (220,822) | (200,762) |
Prepaid expenses and other current assets | 1,738,706 | 861,530 |
Accounts payable | 100,520 | (184,733) |
Accrued expenses and other liabilities | (32,593) | (439,630) |
Net cash used in operating activities | (5,515,768) | (7,833,326) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (7,129,348) | (67,670,491) |
Proceeds from sales of marketable securities | 23,600,000 | 20,700,000 |
Purchases of leasehold improvements and equipment | (5,749) | |
Net cash provided by/(used in) investing activities | 16,470,652 | (46,976,240) |
Cash flows from financing activities: | ||
Net proceeds from public offering of common stock | 5,580,471 | 46,639,210 |
Proceeds from exercise of warrants | 797,581 | |
Proceeds from exercise of options | 1,400,658 | 42,500 |
Payments of capital lease liability - principal | (16,135) | (36,235) |
Net cash provided by financing activities | 6,964,994 | 47,443,056 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 17,919,878 | (7,366,510) |
Cash, cash equivalents and restricted cash at beginning of period | 12,768,481 | 22,756,438 |
Cash, cash equivalents and restricted cash at end of period | 30,688,359 | 15,389,928 |
Supplemental non-cash financing and investing activities: | ||
Unrealized (loss)/gains on securities for sale | (176,929) | 478,584 |
Preferred stock conversion into common stock - Series B | 3,797,705 | 21,771 |
Unearned restricted stock grants | 27,858 | 73,490 |
Cashless exercise of warrants | 441,189 | |
Stock dividends issued | 843,600 | 682,800 |
Deferred financing costs included in accrued expenses and other liabilities | $ 65,000 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
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.), its operating subsidiaries (“Nanotechnologies”, 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, the Company had an accumulated deficit of approximately $ 118.1 9.7 10.7 The Company has been engaged in developing LYPDISO (formerly MAT9001) as well as its lipid nanocrystal (“LNC”) platform delivery technology and a pipeline of associated product candidates, including MAT2203 and MAT2501, 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. Assuming 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, during January 2021, the Company sold 3,023,147 5.6 As of June 30, 2021, the Company had cash and cash equivalents of approximately $ 30.4 29.5 0.3 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 Company has prepared its condensed consolidated financial statements following the requirements of the SEC for interim reporting. 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 described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2020 Form 10-K. COVID-19 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, economies, and financial markets globally, and has and may continue to cause economic downturns. The Company has been actively monitoring the impact of COVID-19. The financial results for the three and six months ended June 30, 2021 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of COVID-19 on future results or the Company’s ability to raise capital due to a variety of factors, including but not limited to 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. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
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, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date. Cash, Cash Equivalents and Restricted Cash The Company presents restricted cash with cash and cash equivalents in the 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 June 30, 2021, December 31, 2020, June 30, 2020 and December 31, 2019: Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, June 30, December 31, Cash and cash equivalents $ 30,352 $ 12,432 $ 14,904 $ 22,170 Restricted cash included in current/long term assets 336 336 486 586 Cash, cash equivalents and restricted cash in the statement of cash flows $ 30,688 $ 12,768 $ 15,390 $ 22,756 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 losses and gains are classified as other comprehensive (loss)/income 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 six months ended June 30, 2021, the Company recorded unrealized losses of approximately $ 85 177 42 481 51 228 The following tables summarizes the Company’s marketable securities as of June 30, 2021: Summary of Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 10,453 $ 29 $ - $ 10,482 U.S. Government Notes 10,624 31 (1 ) 10,654 Corporate Debt Securities 7,087 - (9 ) 7,078 State and Municipal Bonds 1,275 1 - 1,276 Total marketable securities $ 29,439 $ 61 $ (10 ) $ 29,490 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2021: Schedule of Maturities of Debt Securities Available-for-sale Accrued Net Carrying Fair Value Interest Amount Due within one year $ 21,851 $ 122 $ 21,973 Due after one year through five years 7,639 25 7,664 $ 29,490 $ 147 $ 29,637 The following tables summarizes the Company’s marketable securities for the year ended December 31, 2020 consisted of the following: Summary of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Treasury Bonds $ 18,293 $ 136 $ - $ 18,429 U.S. Government Notes 22,148 82 - 22,230 Corporate Debt Securities 4,303 3 - 4,306 State and Municipal Bonds 1,275 7 - 1,282 Total marketable securities $ 46,019 $ 228 $ - $ 46,247 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2020: Schedule of Maturities of Debt Securities Available-for-sale Accrued Net Carrying Fair Value Interest Amount Due within one year $ 31,438 $ 164 $ 31,602 Due after one year through five years 14,809 36 14,845 $ 46,247 $ 200 $ 46,447 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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, marketable securities, prepaid expenses and other current assets, 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 June 30, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 10,482 $ 10,482 $ - $ - U.S. Government Notes 10,654 - 10,654 - Corporate Debt Securities 7,078 - 7,078 - State and Municipal Bonds 1,276 - 1,276 - Total $ 29,490 $ 10,482 $ 19,008 $ - Fair Value Hierarchy December 31, 2020 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 18,429 $ 18,429 $ - $ - U.S. Government Notes 22,230 - 22,230 - Corporate Debt Securities 4,306 - 4,306 - State and Municipal Bonds 1,282 - 1,282 - Total $ 46,247 $ 18,429 $ 27,818 $ - 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Schedule of Leasehold Improvements and Equipment June 30, 2021 December 31, 2020 Lab equipment $ 1,443 $ 1,443 Leasehold improvements 878 878 Total 2,321 2,321 Less: accumulated depreciation and amortization 914 797 Leasehold improvements and equipment, net $ 1,407 $ 1,524 Depreciation and amortization expense for the three and six months ended June 30, 2021 was approximately $ 59 117 58 115 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Note 7 – Accrued Expenses and Other Liabilities Accrued Expenses, summarized by major category, as of June 30, 2021 and December 31, 2020 consist of the following: Schedule of Accrued Expenses June 30, 2021 December 31, 2020 Payroll and incentives $ 619 $ 1,094 General and administrative expenses 249 280 Research and development expenses 1,055 778 Deferred revenue and other deferred liabilities * 840 643 Total $ 2,763 $ 2,795 * At June 30, 2021, there was an approximately $ 807 33 577 67 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Company has various lease agreements with terms up to 10 Some leases include purchase, termination or extension options for one or more years. Operating lease obligations On November 1, 2013, the Company entered into a 7 13,000 14,000 On September 23, 2020, the Company entered into an amendment to the Bedminster lease. Pursuant to the amendment, the Company leased an additional 3,034 seven years seven-year 1.8 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 did 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 $ 204 407 203 407 116 243 120 238 The Company incurred interest expense on its finance leases of approximately $ 1 2 2 4 9 21 19 42 The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases, excluding the Expansion Premises which the Company had not taken control of as of June 30, 2021, and finance leases as of June 30, 2021: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2021 $ 314 $ 17 2022 645 19 2023 677 2 2024 710 - 2025 745 - 2026 - - Thereafter 1,458 - Total undiscounted operating lease payments $ 4,549 $ 38 Less: Imputed interest 1,074 - Present value of operating lease liabilities $ 3,475 $ 38 Weighted average remaining lease term in years 6.3 1.3 Weighted average discount rate 8.4 % 8.0 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases, excluding the Expansion Premises which the Company had not taken control of as of December 31, 2020, and finance leases as of December 31, 2020: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2021 $ 685 $ 34 2022 645 19 2023 677 2 2024 710 - 2025 745 - Thereafter 1,458 - Total undiscounted operating lease payments $ 4,920 $ 55 Less: Imputed interest 1,224 - Present value of operating lease liabilities $ 3,696 $ 55 Weighted average remaining lease term in years 6.7 1.7 Weighted average discount rate 8.4 % 8.1 % |
Collaboration Agreements, Licen
Collaboration Agreements, Licenses and Other Research and Development Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Collaboration Agreements, Licenses and Other Research and Development Agreements | Note 9 - Collaboration Agreements, Licenses and Other Research and Development Agreements Cystic Fibrosis Foundation Therapeutics Development Award On November 19, 2020, the Company entered into an award agreement (the “CFF Agreement”) with the CFF, pursuant to which it received a Therapeutics Development Award of up to $ 4.2 484,249 During the three and six months ended June 30, 2021, the Company recognized approximately $ 547 971 807 650 577 Genentech Feasibility Study Agreement On December 12, 2019, the Company entered into a feasibility study agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). This feasibility study agreement involves the development of oral formulations using the Company’s LNC platform delivery technology, which enables the development of a wide range of difficult-to-deliver molecules. Under the terms of the Genentech Agreement, Genentech shall pay the Company a total of $100 thousand for developing oral formulations of three molecules, or approximately $33 thousand per molecule, which will be recognized upon the Company fulfilling its obligations for each molecule under the Genentech Agreement. 100 33 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Sale of net operating losses (NOLs) & tax credits The Company recognized approximately $ 1.3 1.1 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Common Stock For the six months ended June 30, 2021, the Company sold 3,023,147 1.90 5.8 5.6 On January 14, 2020, the Company closed an underwritten public offering of 32.3 million shares of its common stock at a purchase price of $ 1.55 per share. The Company generated gross proceeds of approximately $ 50.0 million and net proceeds of approximately $ 46.6 million, after deducting underwriting discounts and commissions and other estimated offering expenses. 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 2,000 8,436,000 0 4,361 Dividends (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. 1,687,200 1,365,600 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 June 30, 2021, the Company had outstanding warrants to purchase an aggregate of 1,325,810 0.50 0.75 Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2019 5,397 Issued - Exercised (2,576 ) Tendered - Expired (1,493 ) Outstanding at December 31, 2020 1,328 * Outstanding at December 31, 2020 1,328 * Issued - Exercised (2 ) ** Tendered - Expired - Outstanding at June 30, 2021 1,326 *** * Weighted average exercise price for outstanding warrants is $ 0.55 ** Converted into approximately 1 thousand *** Weighted average exercise price for outstanding warrants is $ 0.54 Basic and diluted net loss per common share During the three and six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021 and 2020: Schedule of Anti-Diluted Securities Excluded FromComputation of Earning Per Share As of June 30, 2021 2020 Stock options 22,162 22,317 Preferred Stock and accrued dividend upon conversion - 9,104 Warrants 1,326 1,328 Total 23,488 32,749 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by components during the three months ended June 30, 2021 and 2020: Schedule of Components of Accumulated Other Comprehensive Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (177 ) (177 ) Reclassifications to net loss - - Net current period other comprehensive loss (177 ) (177 ) Balance, June 30, 2021 $ 51 $ 51 Balance, December 31, 2019 $ (1 ) $ (1 ) Net unrealized gain on securities available-for-sale 482 482 Reclassifications to net loss (3 ) (3 ) Net current period other comprehensive income 479 479 Balance, June 30, 2020 $ 478 $ 478 All components of accumulated other comprehensive income are net of tax. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 13 – 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 six months ended June 30, 2021 and 2020. With the approval of the Board of Directors and a majority of shareholders, effective May 8, 2014, the Plan was amended and restated to provide for an automatic increase in the number of shares of common stock available for issuance under the Plan each January, commencing January 1, 2015, in an amount up to four percent ( 4 The following table contains information about the Company’s stock plan at June 30, 2021: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 36,952 * 27,127 ** 9,825 * Increased by 8,005 4 ** Includes both restricted 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and Development $ 460 $ 358 $ 945 $ 1,180 General and Administrative 596 587 1,212 1,212 Total $ 1,056 $ 945 $ 2,157 $ 2,392 As of June 30, 2021, total compensation costs related to unvested awards not yet recognized was approximately $ 9.4 2.8 Stock Options The following table summarizes the activity for Company’ stock options for the three months ended June 30, 2021: Schedule of Stock Option Activity Stock Options Outstanding at January 1, 2021 22,551 Granted 4,697 Exercised (1,063) Forfeited (2,681) Cancelled - Expired (1,341) Outstanding at June 30, 2021 22,163 Restricted Stock Awards During the six months ended June 30, 2021 and 2020, the Company granted restricted stock awards for 18 247 28 57 93 173 28 100,000 0.3 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 Company has prepared its condensed consolidated financial statements following the requirements of the SEC for interim reporting. 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 described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2020 Form 10-K. |
COVID-19 | COVID-19 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, economies, and financial markets globally, and has and may continue to cause economic downturns. The Company has been actively monitoring the impact of COVID-19. The financial results for the three and six months ended June 30, 2021 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of COVID-19 on future results or the Company’s ability to raise capital due to a variety of factors, including but not limited to 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. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, December 31, 2020, June 30, 2020 and December 31, 2019: Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, June 30, December 31, Cash and cash equivalents $ 30,352 $ 12,432 $ 14,904 $ 22,170 Restricted cash included in current/long term assets 336 336 486 586 Cash, cash equivalents and restricted cash in the statement of cash flows $ 30,688 $ 12,768 $ 15,390 $ 22,756 |
Summary of Marketable Securities | The following tables summarizes the Company’s marketable securities as of June 30, 2021: Summary of Marketable Securities Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 10,453 $ 29 $ - $ 10,482 U.S. Government Notes 10,624 31 (1 ) 10,654 Corporate Debt Securities 7,087 - (9 ) 7,078 State and Municipal Bonds 1,275 1 - 1,276 Total marketable securities $ 29,439 $ 61 $ (10 ) $ 29,490 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at June 30, 2021: Schedule of Maturities of Debt Securities Available-for-sale Accrued Net Carrying Fair Value Interest Amount Due within one year $ 21,851 $ 122 $ 21,973 Due after one year through five years 7,639 25 7,664 $ 29,490 $ 147 $ 29,637 |
Summary of Marketable Securities | The following tables summarizes the Company’s marketable securities for the year ended December 31, 2020 consisted of the following: Summary of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Treasury Bonds $ 18,293 $ 136 $ - $ 18,429 U.S. Government Notes 22,148 82 - 22,230 Corporate Debt Securities 4,303 3 - 4,306 State and Municipal Bonds 1,275 7 - 1,282 Total marketable securities $ 46,019 $ 228 $ - $ 46,247 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at December 31, 2020: Schedule of Maturities of Debt Securities Available-for-sale Accrued Net Carrying Fair Value Interest Amount Due within one year $ 31,438 $ 164 $ 31,602 Due after one year through five years 14,809 36 14,845 $ 46,247 $ 200 $ 46,447 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 10,482 $ 10,482 $ - $ - U.S. Government Notes 10,654 - 10,654 - Corporate Debt Securities 7,078 - 7,078 - State and Municipal Bonds 1,276 - 1,276 - Total $ 29,490 $ 10,482 $ 19,008 $ - Fair Value Hierarchy December 31, 2020 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 18,429 $ 18,429 $ - $ - U.S. Government Notes 22,230 - 22,230 - Corporate Debt Securities 4,306 - 4,306 - State and Municipal Bonds 1,282 - 1,282 - Total $ 46,247 $ 18,429 $ 27,818 $ - |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Schedule of Leasehold Improvements and Equipment June 30, 2021 December 31, 2020 Lab equipment $ 1,443 $ 1,443 Leasehold improvements 878 878 Total 2,321 2,321 Less: accumulated depreciation and amortization 914 797 Leasehold improvements and equipment, net $ 1,407 $ 1,524 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses, summarized by major category, as of June 30, 2021 and December 31, 2020 consist of the following: Schedule of Accrued Expenses June 30, 2021 December 31, 2020 Payroll and incentives $ 619 $ 1,094 General and administrative expenses 249 280 Research and development expenses 1,055 778 Deferred revenue and other deferred liabilities * 840 643 Total $ 2,763 $ 2,795 * At June 30, 2021, there was an approximately $ 807 33 577 67 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 leases, excluding the Expansion Premises which the Company had not taken control of as of June 30, 2021, and finance leases as of June 30, 2021: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2021 $ 314 $ 17 2022 645 19 2023 677 2 2024 710 - 2025 745 - 2026 - - Thereafter 1,458 - Total undiscounted operating lease payments $ 4,549 $ 38 Less: Imputed interest 1,074 - Present value of operating lease liabilities $ 3,475 $ 38 Weighted average remaining lease term in years 6.3 1.3 Weighted average discount rate 8.4 % 8.0 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases, excluding the Expansion Premises which the Company had not taken control of as of December 31, 2020, and finance leases as of December 31, 2020: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2021 $ 685 $ 34 2022 645 19 2023 677 2 2024 710 - 2025 745 - Thereafter 1,458 - Total undiscounted operating lease payments $ 4,920 $ 55 Less: Imputed interest 1,224 - Present value of operating lease liabilities $ 3,696 $ 55 Weighted average remaining lease term in years 6.7 1.7 Weighted average discount rate 8.4 % 8.1 % |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Shareholders Equity Warrants Outstanding | Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2019 5,397 Issued - Exercised (2,576 ) Tendered - Expired (1,493 ) Outstanding at December 31, 2020 1,328 * Outstanding at December 31, 2020 1,328 * Issued - Exercised (2 ) ** Tendered - Expired - Outstanding at June 30, 2021 1,326 *** * Weighted average exercise price for outstanding warrants is $ 0.55 ** Converted into approximately 1 thousand *** Weighted average exercise price for outstanding warrants is $ 0.54 |
Schedule of Anti-Diluted Securities Excluded FromComputation of Earning Per Share | Schedule of Anti-Diluted Securities Excluded FromComputation of Earning Per Share As of June 30, 2021 2020 Stock options 22,162 22,317 Preferred Stock and accrued dividend upon conversion - 9,104 Warrants 1,326 1,328 Total 23,488 32,749 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income | |
Schedule of Components of Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income by components during the three months ended June 30, 2021 and 2020: Schedule of Components of Accumulated Other Comprehensive Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (177 ) (177 ) Reclassifications to net loss - - Net current period other comprehensive loss (177 ) (177 ) Balance, June 30, 2021 $ 51 $ 51 Balance, December 31, 2019 $ (1 ) $ (1 ) Net unrealized gain on securities available-for-sale 482 482 Reclassifications to net loss (3 ) (3 ) Net current period other comprehensive income 479 479 Balance, June 30, 2020 $ 478 $ 478 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Equity Compensation Plan by Arrangements | The following table contains information about the Company’s stock plan at June 30, 2021: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 36,952 * 27,127 ** 9,825 * Increased by 8,005 4 ** Includes both restricted 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and Development $ 460 $ 358 $ 945 $ 1,180 General and Administrative 596 587 1,212 1,212 Total $ 1,056 $ 945 $ 2,157 $ 2,392 |
Schedule of Stock Option Activity | The following table summarizes the activity for Company’ stock options for the three months ended June 30, 2021: Schedule of Stock Option Activity Stock Options Outstanding at January 1, 2021 22,551 Granted 4,697 Exercised (1,063) Forfeited (2,681) Cancelled - Expired (1,341) Outstanding at June 30, 2021 22,163 |
Liquidity and Plan of Operati_2
Liquidity and Plan of Operations (Details Narrative) - USD ($) | Jun. 19, 2021 | Jan. 14, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Accumulated deficit | $ 118,098,218 | $ 107,507,193 | ||||
Net loss | (9,700,000) | $ (10,700,000) | ||||
Proceeds from public offering | $ 50,000,000 | 5,580,471 | 46,639,210 | |||
Cash and cash equivalents | 30,352,359 | 14,904,000 | 12,432,481 | $ 22,170,000 | ||
Marketable securities | 29,490,430 | $ 46,246,573 | ||||
Restricted cash | $ 300,000 | |||||
At The Market Sales Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Proceeds from public offering | $ 5,600,000 | |||||
Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Issuance of common stock in public offering, net of stock issuance costs, shares | 8,436,000 | 32,300,000 | 3,023,147 |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 30,352,359 | $ 12,432,481 | $ 14,904,000 | $ 22,170,000 |
Restricted cash included in current/long term assets | 336,000 | 336,000 | 486,000 | 586,000 |
Cash, cash equivalents and restricted cash in the statement of cash flows | $ 30,688,000 | $ 12,768,000 | $ 15,390,000 | $ 22,756,000 |
Summary of Marketable Securitie
Summary of Marketable Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 29,439 | $ 46,019 |
Available-for-sale Securities, Gross Unrealized Gain | 61 | 228 |
Available-for-sale Securities, Gross Unrealized Loss | (10) | |
Available-for-sale Securities | 29,490 | 46,247 |
U.S. Treasury Bonds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10,453 | 18,293 |
Available-for-sale Securities, Gross Unrealized Gain | 29 | 136 |
Available-for-sale Securities, Gross Unrealized Loss | ||
Available-for-sale Securities | 10,482 | 18,429 |
U.S. Government Notes [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10,624 | 22,148 |
Available-for-sale Securities, Gross Unrealized Gain | 31 | 82 |
Available-for-sale Securities, Gross Unrealized Loss | (1) | |
Available-for-sale Securities | 10,654 | 22,230 |
Corporate Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 7,087 | 4,303 |
Available-for-sale Securities, Gross Unrealized Gain | 3 | |
Available-for-sale Securities, Gross Unrealized Loss | (9) | |
Available-for-sale Securities | 7,078 | 4,306 |
State and Municipal Bonds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,275 | 1,275 |
Available-for-sale Securities, Gross Unrealized Gain | 1 | 7 |
Available-for-sale Securities, Gross Unrealized Loss | ||
Available-for-sale Securities | $ 1,276 | $ 1,282 |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Due within one year, fair value | $ 21,851 | $ 31,438 |
Due within one year, accrued interest | 122 | 164 |
Due within one year, net carrying amount | 21,973 | 31,602 |
Due after one year through five years, fair value | 7,639 | 14,809 |
Due after one year through five years, accrued interest | 25 | 36 |
Due after one year through five years, net carrying amount | 7,664 | 14,845 |
Debt Securities Available-for-sale, fair value | 29,490 | 46,247 |
Debt Securities Available-for-sale, accrued interest | 147 | 200 |
Debt Securities Available-for-sale, net carrying amount | $ 29,637 | $ 46,447 |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |||||
Marketable securities, unrealized gain loss | $ 85 | $ 42 | $ 177 | $ 481 | |
Net accumulated unrealized gain | $ 51 | $ 51 | $ 228 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | $ 29,490 | $ 46,247 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 10,482 | 18,429 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 19,008 | 27,818 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
U.S. Treasury Bonds [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 10,482 | 18,429 |
U.S. Treasury Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 10,482 | 18,429 |
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 | 10,654 | 22,230 |
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 | 10,654 | 22,230 |
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 | 7,078 | 4,306 |
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 | 7,078 | 4,306 |
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 | 1,276 | 1,282 |
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 | 1,276 | 1,282 |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,321,000 | $ 2,321,000 |
Less: accumulated depreciation and amortization | 914,000 | 797,000 |
Leasehold improvements and equipment, net | 1,406,748 | 1,523,950 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,443,000 | 1,443,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 878,000 | $ 878,000 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 59 | $ 58 | $ 117 | $ 115 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |||
Payroll and incentives | $ 619,000 | $ 1,094,000 | |
General and administrative expenses | 249,000 | 280,000 | |
Research and development expenses | 1,055,000 | 778,000 | |
Deferred revenue and other deferred liabilities * | [1] | 840,000 | 643,000 |
Total | $ 2,762,736 | $ 2,795,329 | |
[1] | At June 30, 2021, there was an approximately $ 807 33 577 67 |
Schedule of Accrued Expenses _2
Schedule of Accrued Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CFF Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred liability | $ 807 | $ 577 |
Genentech Feasibility Study Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred revenue | $ 33 | $ 67 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating and Finance Leases Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease Liabilities, Remainder of 2021 | $ 314 | |
Finance Lease Liabilities, Remainder of 2021 | 17 | |
Operating Lease Liabilities, 2022 | 645 | |
Finance Lease Liabilities, 2022 | 19 | |
Operating Lease Liabilities, 2023 | 677 | |
Finance Lease Liabilities, 2023 | 2 | |
Operating Lease Liabilities, 2024 | 710 | |
Finance Lease Liabilities, 2024 | ||
Operating Lease Liabilities, 2025 | 745 | |
Finance Lease Liabilities, 2025 | ||
Operating Lease Liabilities, Thereafter | 1,458 | |
Finance Lease Liabilities, Thereafter | ||
Total undiscounted operating lease payments | 4,549 | |
Total undiscounted finance lease payments | 38 | |
Operating Lease Liabilities, less: Imputed interest | 1,074 | |
Finance Lease Liabilities, less: Imputed interest | ||
Present value of operating lease liabilities | 3,475 | |
Present value of finance lease liabilities | $ 38 | |
Operating Lease Liabilities, weighted average remaining lease term in years | 6 years 3 months 18 days | |
Finance Lease Liabilities, weighted average remaining lease term in years | 1 year 3 months 18 days | |
Operating Lease Liabilities, weighted average discount rate | 8.40% | |
Finance Lease Liabilities, weighted average discount rate | 8.00% | |
Operating Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease Liabilities, 2022 | $ 685 | |
Operating Lease Liabilities, 2023 | 645 | |
Operating Lease Liabilities, 2024 | 677 | |
Operating Lease Liabilities, 2025 | 710 | |
Operating Lease Liabilities, 2026 | 745 | |
Operating Lease Liabilities, Thereafter | 1,458 | |
Total undiscounted operating lease payments | 4,920 | |
Operating Lease Liabilities, less: Imputed interest | 1,224 | |
Present value of operating lease liabilities | $ 3,696 | |
Operating Lease Liabilities, weighted average remaining lease term in years | 6 years 8 months 12 days | |
Operating Lease Liabilities, weighted average discount rate | 8.40% | |
Finance Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease Liabilities, 2022 | $ 34 | |
Finance Lease Liabilities, 2023 | 19 | |
Finance Lease Liabilities, 2024 | 2 | |
Finance Lease Liabilities, 2025 | ||
Finance Lease Liabilities, 2026 | ||
Finance Lease Liabilities, Thereafter | ||
Total undiscounted finance lease payments | 55 | |
Finance Lease Liabilities, less: Imputed interest | ||
Present value of finance lease liabilities | $ 55 | |
Finance Lease Liabilities, weighted average remaining lease term in years | 1 year 8 months 12 days | |
Finance Lease Liabilities, weighted average discount rate | 8.10% |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 23, 2020USD ($)ft² | Nov. 01, 2013USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Leases [Abstract] | ||||||
Lessee, operating lease, term of contract | 7 years | 10 years | 10 years | |||
Lessee, operating lease, option to extend | Some leases include purchase, termination or extension options for one or more years. | |||||
Lease monthly rent expense | $ 13,000 | |||||
Increase of rent expenses | $ 14,000 | |||||
Area of land | ft² | 3,034 | |||||
Operating lease extended term | seven years | |||||
Operating lease extension period | seven-year | |||||
Lease expense | $ 1,800,000 | $ 204,000 | $ 203,000 | $ 407,000 | $ 407,000 | |
Operating lease right-of-use assets amortization expenses | 116,000 | 120,000 | 243,000 | 238,000 | ||
Finance lease, interest expense | 1,000 | 2,000 | 2,000 | 4,000 | ||
Finance lease right-of-use assets amortization expenses | $ 9,000 | $ 19,000 | $ 20,656 | $ 41,678 |
Collaboration Agreements, Lic_2
Collaboration Agreements, Licenses and Other Research and Development Agreements (Details Narrative) - USD ($) | Dec. 12, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Nov. 19, 2020 | Dec. 13, 2019 |
Entity Listings [Line Items] | ||||||||
Research and development expenses | $ 2,480,764 | $ 3,410,237 | $ 5,722,196 | $ 7,497,120 | ||||
Revenue | 33,333 | |||||||
Genentech [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Revenue | 33,000 | |||||||
Award Agreement [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Research and development expenses | 547,000 | 971,000 | ||||||
Award Agreement [Member] | Accrued Expense And Other Current Liabilities [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Deferred liability | $ 807,000 | $ 807,000 | $ 650,000 | |||||
Related receivable | 577,000 | |||||||
Award Agreement [Member] | Cystic Fibrosis Foundation [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Therapeutics development award | $ 4,200,000 | |||||||
Proceeds from award | $ 484,249 | |||||||
Genentech Feasibility Study Agreement [Member] | Genentech [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Agreement description | Genentech shall pay the Company a total of $100 thousand for developing oral formulations of three molecules, or approximately $33 thousand per molecule, which will be recognized upon the Company fulfilling its obligations for each molecule under the Genentech Agreement. | |||||||
Deferred revenue | $ 100,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Sale of net operating losses | $ 1.3 | $ 1.1 |
Summary of Shareholders Equity
Summary of Shareholders Equity Warrants Outstanding (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | |||
Equity [Abstract] | ||||
Shares Outstanding, beginning | 1,328,000 | [1] | 5,397,000 | |
Shares Issued | ||||
Shares Exercised | (2,000) | [2] | (2,576,000) | |
Shares Tendered | ||||
Shares Expired | (1,493,000) | |||
Shares Outstanding, ending | 1,326,000 | [3] | 1,328,000 | [1] |
Number of securities exercised by warrants | 1 | |||
[1] | Weighted average exercise price for outstanding warrants is $ 0.55 | |||
[2] | Converted into approximately 1 thousand | |||
[3] | Weighted average exercise price for outstanding warrants is $ 0.54 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shareholders Equity Warrants Outstanding (Details) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Number of warrant common stock converted | $ 0.54 | $ 0.55 |
Schedule of Anti-Diluted Securi
Schedule of Anti-Diluted Securities Excluded FromComputation of Earning Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,488 | 32,749 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,162 | 22,317 |
Preferred Stock And Accrued Dividend Upon Conversion [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,104 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,326 | 1,328 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jun. 19, 2021 | Jun. 19, 2021 | Jun. 19, 2020 | Jan. 14, 2020 | Jun. 19, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 50,000,000 | $ 5,580,471 | $ 46,639,210 | |||||||
Preferred stock, shares outstanding | 0 | 0 | 4,361 | |||||||
Dividend description | (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. | |||||||||
Number of warrant to purchase of common stock | 1,325,810 | 1,325,810 | ||||||||
Minimum [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Conversion price per share | $ 0.50 | $ 0.50 | ||||||||
Maximum [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Conversion price per share | $ 0.75 | $ 0.75 | ||||||||
Series B Preferred Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number share issued upon conversion | 8,000 | |||||||||
Preferred stock converted | 2,000 | 2,000 | ||||||||
Preferred stock, shares outstanding | 0 | 0 | 4,361 | |||||||
Merger Warrants [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 46,600,000 | |||||||||
Underwritten Public Offering [Member] | Sales Agreement [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Gross proceeds from common stock | $ 5,600,000 | |||||||||
BTIGLLC [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Average price per shares | $ 1.90 | $ 1.90 | ||||||||
Gross proceeds from common stock | $ 5,800,000 | |||||||||
Common Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of underwritten public offering of common stock | 8,436,000 | 32,300,000 | 3,023,147 | |||||||
Share Price | $ 1.55 | |||||||||
Number share issued upon conversion | 8,436,000 | 8,722,000 | 50,000 | |||||||
Dividend shares | 1,687,200 | 1,365,600 | 1,687,200 | 1,365,600 | ||||||
Common Stock [Member] | Series B Preferred Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Dividend shares | 1,687,200 | 1,365,600 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Beginning Balance | $ 228,000 | $ (1,000) |
Accumulated Other Comprehensive (Loss)/Gain, Beginning Balance | 228,172 | (1,000) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net unrealized loss on securities available-for-sale | (177,000) | 482,000 |
Accumulated Other Comprehensive (Loss)/Gain, Net unrealized loss on securities available-for-sale | (177,000) | 482,000 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Reclassifications to net loss | (3,000) | |
Accumulated Other Comprehensive (Loss)/Gain, Reclassifications to net loss | (3,000) | |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Other comprehensive income (loss) | (177,000) | 479,000 |
Accumulated Other Comprehensive (Loss)/Gain, Other comprehensive gain | (177,000) | 479,000 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Ending Balance | 51,000 | 478,000 |
Accumulated Other Comprehensive (Loss)/Gain, Ending Balance | $ 51,243 | $ 478,000 |
Schedule of Equity Compensation
Schedule of Equity Compensation Plan by Arrangements (Details) - 2013 Equity Compensation Plan [Member] shares in Thousands | 6 Months Ended | |
Jun. 30, 2021shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards Reserved for Issuance | 36,952 | [1] |
Awards Issued | 27,127 | [2] |
Awards Available for Grant | 9,825 | |
[1] | Increased by 8,005 4 | |
[2] | Includes both restricted stock grants and option grants |
Schedule of Equity Compensati_2
Schedule of Equity Compensation Plan by Arrangements (Details) (Parenthetical) - shares shares in Thousands | May 08, 2014 | Dec. 31, 2020 | Jan. 02, 2020 |
Share-based Payment Arrangement [Abstract] | |||
Increased shares of common stock outstanding | 8,005 | ||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 1,056,000 | $ 945,000 | $ 2,156,941 | $ 2,391,694 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 460,000 | 358,000 | 945,000 | 1,180,000 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 596,000 | $ 587,000 | $ 1,212,000 | $ 1,212,000 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - Stock Options [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2021shares | |
Option Indexed to Issuer's Equity [Line Items] | |
Outstanding at January 1, 2021 | 22,551 |
Granted | 4,697 |
Exercised | (1,063) |
Forfeited | (2,681) |
Cancelled | |
Expired | (1,341) |
Outstanding at June 30, 2021 | 22,163 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) $ in Thousands | May 08, 2014 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Option Indexed to Issuer's Equity [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.00% | 4.00% | ||||
Unrecognized share-based compensation | $ 28 | $ 28 | ||||
Share-based compensation weighted average period | 3 months 18 days | |||||
Number of restricted stock awards granted | 18,000 | 247,000 | ||||
General and administrative expense | $ 28 | $ 93 | $ 57 | $ 173 | ||
Unrecognized share-based compensation, shares | 100,000 | 100,000 | ||||
Stock Options [Member] | ||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||
Unrecognized share-based compensation | $ 9,400 | $ 9,400 | ||||
Share-based compensation weighted average period | 2 years 9 months 18 days |