Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
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 | 216,864,526 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 10,398,544 | $ 21,029,806 |
Marketable securities | 28,104,146 | 28,592,049 |
Restricted cash – security deposit | 50,000 | 50,000 |
Prepaid expenses and other current assets | 3,371,538 | 1,321,466 |
Total current assets | 41,924,228 | 50,993,321 |
Non-current assets: | ||
Leasehold improvements and equipment - net | 1,982,975 | 1,537,728 |
Operating lease right-of-use assets - net | 3,944,158 | 4,218,890 |
Finance lease right-of-use assets - net | 10,415 | 22,270 |
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 | 10,491,413 | 10,332,753 |
Total assets | 52,415,641 | 61,326,074 |
Current liabilities: | ||
Accounts payable | 497,151 | 938,270 |
Accrued expenses | 4,294,396 | 2,850,888 |
Operating lease liabilities - current | 579,260 | 538,546 |
Financing lease liabilities - current | 11,508 | 21,039 |
Total current liabilities | 5,382,315 | 4,348,743 |
Non-current liabilities: | ||
Deferred tax liability | 341,265 | 341,265 |
Operating lease liabilities - net of current portion | 3,843,524 | 4,140,387 |
Financing lease liabilities - net of current portion | 2,621 | |
Total non-current liabilities | 4,184,789 | 4,484,273 |
Total liabilities | 9,567,104 | 8,833,016 |
Stockholders’ equity: | ||
Common stock par value $0.0001 per share, 500,000,000 shares authorized at June 30, 2022 and December 31, 2021; 216,864,526 and 216,269,450 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 21,685 | 21,627 |
Additional paid-in capital | 187,116,333 | 184,251,138 |
Accumulated deficit | (143,535,065) | (131,634,208) |
Accumulated other comprehensive loss | (754,416) | (145,499) |
Total stockholders’ equity | 42,848,537 | 52,493,058 |
Total liabilities and stockholders’ equity | $ 52,415,641 | $ 61,326,074 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 216,864,526 | 216,269,450 |
Common stock, shares outstanding | 216,864,526 | 216,269,450 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Research and development | $ 1,062,500 | $ 1,062,500 | $ 33,333 | |
Costs and expenses: | ||||
Research and development | 4,126,529 | 2,480,764 | 9,104,634 | 5,722,196 |
General and administrative | 2,861,421 | 2,308,926 | 5,605,616 | 5,453,936 |
Total costs and expenses | 6,987,950 | 4,789,690 | 14,710,250 | 11,176,132 |
Loss from operations | (5,925,450) | (4,789,690) | (13,647,750) | (11,142,799) |
Sale of New Jersey net operating loss & tax credits | 1,734,133 | 1,328,470 | ||
Other income/(loss), net | 2,866 | (1,415) | 12,760 | 66,904 |
Net loss | (5,922,584) | (4,791,105) | (11,900,857) | (9,747,425) |
Preferred stock series B accumulated dividends | (184,899) | (395,799) | ||
Net loss attributable to common shareholders | $ (5,922,584) | $ (4,976,004) | $ (11,900,857) | $ (10,143,224) |
Net loss available for common shareholders per share – basic and diluted | $ (0.03) | $ (0.02) | $ (0.05) | $ (0.05) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 216,864,526 | 205,215,259 | 216,755,261 | 204,547,251 |
Other comprehensive loss, net of tax | ||||
Unrealized loss on securities available-for-sale | $ (125,242) | $ (85,163) | $ (608,917) | $ (176,929) |
Other comprehensive loss, net of tax | (125,242) | (85,163) | (608,917) | (176,929) |
Comprehensive loss attributable to shareholders | $ (6,047,826) | $ (4,876,268) | $ (12,509,774) | $ (9,924,354) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [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, 2020 | $ 3,797,705 | $ 20,010 | $ 167,192,003 | $ (107,507,193) | $ 228,172 | $ 63,730,697 |
Beginning balance, shares at Dec. 31, 2020 | 4,361 | 200,113,431 | ||||
Stock-based compensation | 2,100,402 | 2,100,402 | ||||
Issuance of common stock in exchange for Options | $ 106 | 1,400,552 | 1,400,658 | |||
Issuance of common stock in exchange for Options, shares | 1,062,883 | |||||
Other comprehensive loss | (176,929) | (176,929) | ||||
Net loss | (9,747,425) | (9,747,425) | ||||
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 | $ 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 in exchange for Warrants | ||||||
Issuance of common stock in exchange for Warrants, shares | 1,057 | |||||
Stock dividend | $ 169 | 843,431 | (843,600) | |||
Stock dividend, shares | 1,687,200 | |||||
Ending balance, value at Jun. 30, 2021 | $ 21,462 | 180,929,263 | (118,098,218) | 51,243 | 62,903,750 | |
Ending 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 |
Beginning balance, shares at Mar. 31, 2021 | 4,218 | 204,283,972 | ||||
Stock-based compensation | 1,027,345 | 1,027,345 | ||||
Issuance of common stock in exchange for Options | $ 21 | 188,610 | 188,631 | |||
Issuance of common stock in exchange for Options, shares | 210,106 | |||||
Other comprehensive loss | (85,163) | (85,163) | ||||
Net loss | (4,791,105) | (4,791,105) | ||||
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 | ||||
Stock dividend | $ 169 | 843,431 | (843,600) | |||
Stock dividend, shares | 1,687,200 | |||||
Ending balance, value at Jun. 30, 2021 | $ 21,462 | 180,929,263 | (118,098,218) | 51,243 | 62,903,750 | |
Ending balance, shares at Jun. 30, 2021 | 214,627,522 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 21,627 | 184,251,138 | (131,634,208) | (145,499) | 52,493,058 | |
Beginning balance, shares at Dec. 31, 2021 | 216,269,450 | |||||
Stock-based compensation | 2,474,612 | 2,474,612 | ||||
Issuance of common stock in exchange for Options | $ 18 | 99,423 | 99,441 | |||
Issuance of common stock in exchange for Options, shares | 195,076 | |||||
Issuance of common stock pursuant to license agreement amendment | $ 40 | 291,160 | 291,200 | |||
Issuance of common stock pursuant to license agreement amendment, shares | 400,000 | |||||
Other comprehensive loss | (608,917) | (608,917) | ||||
Net loss | (11,900,857) | (11,900,857) | ||||
Ending balance, value at Jun. 30, 2022 | $ 21,685 | 187,116,333 | (143,535,065) | (754,416) | 42,848,537 | |
Ending balance, shares at Jun. 30, 2022 | 216,864,526 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 21,685 | 185,901,685 | (137,612,481) | (629,174) | 47,681,715 | |
Beginning balance, shares at Mar. 31, 2022 | 216,864,526 | |||||
Stock-based compensation | 1,214,648 | 1,214,648 | ||||
Other comprehensive loss | (125,242) | (125,242) | ||||
Net loss | (5,922,584) | (5,922,584) | ||||
Ending balance, value at Jun. 30, 2022 | $ 21,685 | $ 187,116,333 | $ (143,535,065) | $ (754,416) | $ 42,848,537 | |
Ending balance, shares at Jun. 30, 2022 | 216,864,526 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Common Stock [Member] | |
Payments of stock issuance costs | $ 172,592 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (11,900,857) | $ (9,747,425) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 154,804 | 117,202 |
Stock based compensation expense | 2,474,612 | 2,156,941 |
Amortization of operating lease right-of-use assets | 274,733 | 242,485 |
Amortization of finance lease right-of-use assets | 11,854 | 20,656 |
Amortization of bond discount | 109,574 | 108,562 |
Stock issued pursuant to license agreement amendment | 291,200 | |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (256,149) | (220,822) |
Prepaid expenses and other current assets | (2,050,072) | 1,738,706 |
Accounts payable | (441,119) | 100,520 |
Accrued expenses and other liabilities | 1,443,508 | (32,593) |
Net cash used in operating activities | (9,887,912) | (5,515,768) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (9,480,588) | (7,129,348) |
Proceeds from sales of marketable securities | 9,250,000 | 23,600,000 |
Purchases of leasehold improvements and equipment | (600,051) | |
Net cash (used in) provided by investing activities | (830,639) | 16,470,652 |
Cash flows from financing activities: | ||
Net proceeds from public offering of common stock | 5,580,472 | |
Proceeds from exercise of options | 99,441 | 1,400,658 |
Payments of capital lease liability – principal | (12,152) | (16,135) |
Net cash provided by financing activities | 87,289 | 6,964,994 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (10,631,262) | 17,919,878 |
Cash, cash equivalents and restricted cash at beginning of period | 21,279,806 | 12,768,481 |
Cash, cash equivalents and restricted cash at end of period | 10,648,544 | 30,688,359 |
Supplemental non-cash financing and investing activities: | ||
Unrealized loss on securities for sale | (608,917) | (176,929) |
Preferred stock conversion into common stock - Series B | 3,797,705 | |
Unearned restricted stock grants | 27,858 | |
Stock dividends issued | $ 843,600 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [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”). 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, 2022 | |
Liquidity And Plan Of Operations | |
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, 2022, the Company had an accumulated deficit of approximately $ 143.5 11.9 9.7 The Company has been engaged in developing 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. 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. As of June 30, 2022, the Company had cash and cash equivalents of approximately $ 10.4 28.1 0.3 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 (“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 2021 Form 10-K. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. COVID-19 Since its emergence in 2019, COVID-19 has continued to spread and has adversely affected workforces, economies, and financial markets globally, and has and may continue to cause economic downturns. The Company’s financial results for the three and six months ended June 30, 2022 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, and any further government and/or public actions taken in response to COVID-19. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
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 Condensed Consolidated Statements of Cash Flows. Restricted cash at both June 30, 2022 and December 31, 2021 of $ 250 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, 2022, December 31, 2021, June 30, 2021 and December 31, 2020: Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, June 30, December 31, Cash and cash equivalents $ 10,399 $ 21,030 $ 30,352 $ 12,432 Restricted cash included in current/long term assets 250 250 336 336 Cash, cash equivalents and restricted cash in the statement of cash flows $ 10,649 $ 21,280 $ 30,688 $ 12,768 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, 2022, the Company recorded unrealized losses of $ 125 609 85 177 754 145 The following tables summarizes the Company’s marketable securities as of June 30, 2022: Schedule of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 6,982 $ — $ (25 ) $ 6,957 U.S. Government Notes 16,360 — (617 ) 15,743 Corporate Debt Securities 5,516 — (112 ) 5,404 Total marketable securities $ 28,858 $ — $ (754 ) $ 28,104 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2022: Schedule of Maturities of Debt Securities Available-for-sale Fair Value Due within one year $ 15,319 Due after one year through five years 12,785 $ 28,104 The following tables summarizes the Company’s marketable securities for the year ended December 31, 2021 consisted of the following: Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Government Notes $ 19,395 $ 2 $ (120 ) $ 19,277 Corporate Debt Securities 9,092 — (27 ) 9,065 State and Municipal Bonds 250 — — 250 Total marketable securities $ 28,737 $ 2 $ (147 ) $ 28,592 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2021: Fair Value Due within one year $ 8,257 Due after one year through five years 20,335 $ 28,592 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 cash equivalents, current portion of restricted cash, marketable securities, prepaid expenses and other current assets, accounts payable, current portion of lease liabilities 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 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy June 30, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 6,957 $ 6,957 $ — $ — U.S. Government Notes 15,743 — 15,743 — Corporate Debt Securities 5,404 — 5,404 — Total $ 28,104 $ 6,957 $ 21,147 $ — Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Government Notes $ 19,277 $ — $ 19,277 $ — Corporate Debt Securities 9,065 — 9,065 — State and Municipal Bonds 250 — 250 — Total $ 28,592 $ — $ 28,592 $ — Total $ 28,592 $ — $ 28,592 $ — 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, 2022 | |
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, 2022 and December 31, 2021: Schedule of Leasehold Improvements and Equipment June 30, 2022 December 31, 2021 Equipment $ 2,020 $ 1,640 Leasehold improvements 1,155 935 Total 3,175 2,575 Less: accumulated depreciation and amortization 1,192 1,037 Leasehold improvements and equipment, net $ 1,983 $ 1,538 Depreciation and amortization expense for the three and six months ended June 30, 2022 was $ 86 155 59 117 220 380 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 consist of the following: Schedule of Accrued Expenses June 30, 2022 December 31, 2021 Payroll and incentives $ 974 $ 1,343 General and administrative expenses 404 195 Research and development expenses 376 381 Deferred revenue * 2,096 33 Other deferred liabilities ** 444 899 Total $ 4,294 $ 2,851 * At June 30, 2022, the balance included $ 2,063 33 33 ** At June 30, 2022, the balance of $ 444 899 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | Note 8 – Leases The Company has various lease agreements , including leases of office space, a laboratory and manufacturing facility, and various equipment. Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised 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 Operating lease obligations The Company incurred lease expense for its operating leases of $ 226 452 204 407 139 275 116 242 Finance Leases The Company incurred interest expense on its finance leases of $ 0 1 1 2 6 12 9 21 The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of June 30, 2022: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2022 $ 450 $ 10 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,496 $ 12 Less: Imputed interest 1,073 - Present value of operating lease liabilities $ 4,423 $ 12 Weighted average remaining lease term in years 5.6 0.7 Weighted average discount rate 7.8 % 7.3 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2021: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2022 $ 883 $ 22 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,929 $ 24 Less: Imputed interest 1,250 - Present value of operating lease liabilities $ 4,679 $ 24 Weighted average remaining lease term in years 6.1 0.9 Weighted average discount rate 7.8 % 7.8 % |
Revenue Recognition, Collaborat
Revenue Recognition, Collaboration Agreements and Other | 6 Months Ended |
Jun. 30, 2022 | |
Research and Development [Abstract] | |
Revenue Recognition, Collaboration Agreements and Other | Note 9 – Revenue Recognition, Collaboration Agreements and Other BioNTech Research Collaboration On April 8, 2022, the Company entered into an exclusive research collaboration with BioNTech SE (the “BioNTech Agreement”) to evaluate the combination of mRNA formats utilizing the Company’s proprietary LNC platform technology. Under the terms of the BioNTech Agreement, the Company received an exclusivity fee in the amount of $ 2.75 The Company assessed the BioNTech Agreement under ASC 808 Collaboration Arrangements Revenue form Contracts with Customers The $ 2.75 As of June 30, 2022, the Company recognized approximately $ 1.1 688 375 2.1 Cystic Fibrosis Foundation Therapeutics Development Award On November 19, 2020, the Company entered into an award agreement (the “CFF Agreement”) with the Cystic Fibrosis Foundation (“CFF”), pursuant to which it received a Therapeutics Development Award of up to $ 4.2 484 321 As of June 30, 2022, the Company has received approximately $ 3.6 4.5 444 899 Genentech Feasibility Study Agreement On December 12, 2019, the Company entered into a feasibility study agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). The Genentech Agreement involves the development of oral formulations using the Company’s LNC platform delivery technology. Under the terms of the Genentech Agreement, Genentech paid the Company a total of $100 thousand for the development of three molecules, or $ 33 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Sale of net operating losses (NOLs) & tax credits The Company recognized approximately $ 1.7 1.3 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Common Stock On February 8, 2022, the Company issued 400,000 100,000 50,000 291 400,000 0.728 For the six months ended June 31, 2021, the Company sold 3,023,147 1.90 5.8 5.6 Warrants All warrants issued by the Company 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 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. The warrants do not have a redemption feature. They may be exercised on a cashless basis at the holder’s option. The warrants are classified as equity instruments. As of June 30, 2022, the Company had outstanding warrants to purchase an aggregate of 988,000 0.50 0.75 Schedule of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2020 1,328 Issued - Exercised (320 ) Tendered - Expired (20 ) Outstanding at December 31, 2021 988 Issued - Exercised - Tendered - Expired - Outstanding at June 30, 2022 988 * * Weighted average exercise price for outstanding warrants is $ 0.56 Basic and diluted net loss per common share During the three and six months ended June 30, 2022 and 2021, diluted loss per common share is the same as basic loss 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 and warrants, 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 as of June 30, 2022 and 2021: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share As of June 30, 2022 2021 Stock options 27,729 22,162 Warrants 988 1,326 Total 28,717 23,488 Anti dilutive securities 28,717 23,488 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss)/Income | Note 12 – Accumulated Other Comprehensive (Loss)/Income The following table summarizes the changes in accumulated other comprehensive (loss)/income by component during the six months ended June 30, 2022 and 2021: Schedule of Components of Accumulated Other Comprehensive (Loss)/Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (609 ) (609 ) Net current period other comprehensive loss (609 ) (609 ) Balance, June 30, 2022 $ (754 ) $ (754 ) Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (177 ) (177 ) Net current period other comprehensive income (177 ) (177 ) Balance, June 30, 2021 $ 51 $ 51 All components of accumulated other comprehensive income are net of tax. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. The following table contains information about the Company’s stock plan at June 30, 2022: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 45,603 * 32,429 ** 13,174 * Increased by 8,651 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 2022 2021 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and Development $ 555 $ 460 $ 1,105 $ 945 General and Administrative 660 596 1,370 1,212 Total $ 1,215 $ 1,056 $ 2,475 $ 2,157 As of June 30, 2022, total compensation costs related to unvested awards not yet recognized was approximately $ 9.3 2.5 Stock Options The following table summarizes the activity for Company’ stock options for the six months ended June 30, 2022: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2021 28,184 Granted 260 Exercised (195 ) Forfeited (154 ) Cancelled - Expired (366 ) Outstanding at June 30, 2022 27,729 Restricted Stock Awards During the six months ended June 30, 2022 and 2021, the Company granted restricted stock awards for 0 8 28 57 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies On March 7, 2022, the Company entered into an agreement with Thermo Fisher Scientific to provide scale-up and commercial manufacturing capabilities for MAT2203. The estimated fees under the agreement, including capital equipment requirements, are approximately $ 7.7 2.0 20 38 1,962 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 (“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 2021 Form 10-K. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
COVID-19 | COVID-19 Since its emergence in 2019, COVID-19 has continued to spread and has adversely affected workforces, economies, and financial markets globally, and has and may continue to cause economic downturns. The Company’s financial results for the three and six months ended June 30, 2022 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, and any further government and/or public actions taken in response to COVID-19. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022, December 31, 2021, June 30, 2021 and December 31, 2020: Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, June 30, December 31, Cash and cash equivalents $ 10,399 $ 21,030 $ 30,352 $ 12,432 Restricted cash included in current/long term assets 250 250 336 336 Cash, cash equivalents and restricted cash in the statement of cash flows $ 10,649 $ 21,280 $ 30,688 $ 12,768 |
Schedule of Marketable Securities | The following tables summarizes the Company’s marketable securities as of June 30, 2022: Schedule of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 6,982 $ — $ (25 ) $ 6,957 U.S. Government Notes 16,360 — (617 ) 15,743 Corporate Debt Securities 5,516 — (112 ) 5,404 Total marketable securities $ 28,858 $ — $ (754 ) $ 28,104 The following tables summarizes the Company’s marketable securities for the year ended December 31, 2021 consisted of the following: Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Government Notes $ 19,395 $ 2 $ (120 ) $ 19,277 Corporate Debt Securities 9,092 — (27 ) 9,065 State and Municipal Bonds 250 — — 250 Total marketable securities $ 28,737 $ 2 $ (147 ) $ 28,592 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at June 30, 2022: Schedule of Maturities of Debt Securities Available-for-sale Fair Value Due within one year $ 15,319 Due after one year through five years 12,785 $ 28,104 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2021: Fair Value Due within one year $ 8,257 Due after one year through five years 20,335 $ 28,592 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy June 30, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 6,957 $ 6,957 $ — $ — U.S. Government Notes 15,743 — 15,743 — Corporate Debt Securities 5,404 — 5,404 — Total $ 28,104 $ 6,957 $ 21,147 $ — Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Government Notes $ 19,277 $ — $ 19,277 $ — Corporate Debt Securities 9,065 — 9,065 — State and Municipal Bonds 250 — 250 — Total $ 28,592 $ — $ 28,592 $ — Total $ 28,592 $ — $ 28,592 $ — |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021: Schedule of Leasehold Improvements and Equipment June 30, 2022 December 31, 2021 Equipment $ 2,020 $ 1,640 Leasehold improvements 1,155 935 Total 3,175 2,575 Less: accumulated depreciation and amortization 1,192 1,037 Leasehold improvements and equipment, net $ 1,983 $ 1,538 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses, summarized by major category, as of June 30, 2022 and December 31, 2021 consist of the following: Schedule of Accrued Expenses June 30, 2022 December 31, 2021 Payroll and incentives $ 974 $ 1,343 General and administrative expenses 404 195 Research and development expenses 376 381 Deferred revenue * 2,096 33 Other deferred liabilities ** 444 899 Total $ 4,294 $ 2,851 * At June 30, 2022, the balance included $ 2,063 33 33 ** At June 30, 2022, the balance of $ 444 899 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
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 and finance leases as of June 30, 2022: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2022 $ 450 $ 10 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,496 $ 12 Less: Imputed interest 1,073 - Present value of operating lease liabilities $ 4,423 $ 12 Weighted average remaining lease term in years 5.6 0.7 Weighted average discount rate 7.8 % 7.3 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2021: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2022 $ 883 $ 22 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,929 $ 24 Less: Imputed interest 1,250 - Present value of operating lease liabilities $ 4,679 $ 24 Weighted average remaining lease term in years 6.1 0.9 Weighted average discount rate 7.8 % 7.8 % |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Shareholders Equity Warrants Outstanding | Schedule of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2020 1,328 Issued - Exercised (320 ) Tendered - Expired (20 ) Outstanding at December 31, 2021 988 Issued - Exercised - Tendered - Expired - Outstanding at June 30, 2022 988 * * Weighted average exercise price for outstanding warrants is $ 0.56 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share | Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share As of June 30, 2022 2021 Stock options 27,729 22,162 Warrants 988 1,326 Total 28,717 23,488 Anti dilutive securities 28,717 23,488 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss)/Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive (Loss)/Income | The following table summarizes the changes in accumulated other comprehensive (loss)/income by component during the six months ended June 30, 2022 and 2021: Schedule of Components of Accumulated Other Comprehensive (Loss)/Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (609 ) (609 ) Net current period other comprehensive loss (609 ) (609 ) Balance, June 30, 2022 $ (754 ) $ (754 ) Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (177 ) (177 ) Net current period other comprehensive income (177 ) (177 ) Balance, June 30, 2021 $ 51 $ 51 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 45,603 * 32,429 ** 13,174 * Increased by 8,651 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 2022 2021 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and Development $ 555 $ 460 $ 1,105 $ 945 General and Administrative 660 596 1,370 1,212 Total $ 1,215 $ 1,056 $ 2,475 $ 2,157 |
Schedule of Stock Option Activity | The following table summarizes the activity for Company’ stock options for the six months ended June 30, 2022: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2021 28,184 Granted 260 Exercised (195 ) Forfeited (154 ) Cancelled - Expired (366 ) Outstanding at June 30, 2022 27,729 |
Liquidity and Plan of Operati_2
Liquidity and Plan of Operations (Details Narrative) - USD ($) | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liquidity And Plan Of Operations | ||||
Accumulated deficit | $ 143,535,065 | $ 131,634,208 | ||
Net loss | 11,900,000 | $ 9,700,000 | ||
Cash and cash equivalents | 10,398,544 | $ 30,352,000 | 21,029,806 | $ 12,432,000 |
Marketable securities | 28,104,146 | $ 28,592,049 | ||
Restricted cash | $ 300,000 |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 10,398,544 | $ 21,029,806 | $ 30,352,000 | $ 12,432,000 |
Restricted cash included in current/long term assets | 250,000 | 250,000 | 336,000 | 336,000 |
Cash, cash equivalents and restricted cash in the statement of cash flows | $ 10,649,000 | $ 21,280,000 | $ 30,688,000 | $ 12,768,000 |
Schedule of Marketable Securiti
Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 28,858 | $ 28,737 |
Unrealized Gain | 2 | |
Fair Value | 28,104 | 28,592 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (754) | (147) |
US Treasury Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 6,982 | |
Unrealized Gain | ||
Fair Value | 6,957 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (25) | |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 16,360 | 19,395 |
Unrealized Gain | 2 | |
Fair Value | 15,743 | 19,277 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (617) | (120) |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 5,516 | 9,092 |
Unrealized Gain | ||
Fair Value | 5,404 | 9,065 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ (112) | $ (27) |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Due within one year, fair value | $ 15,319 | $ 8,257 |
Due after one year through five years, fair value | 12,785 | 20,335 |
Debt Securities Available-for-sale, fair value | $ 28,104 | $ 28,592 |
Summary of Marketable Securitie
Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 28,858 | $ 28,737 |
Unrealized Gain | 2 | |
Unrealized (Loss) | (754) | (147) |
Fair Value | 28,104 | 28,592 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 16,360 | 19,395 |
Unrealized Gain | 2 | |
Unrealized (Loss) | (617) | (120) |
Fair Value | 15,743 | 19,277 |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 5,516 | 9,092 |
Unrealized Gain | ||
Unrealized (Loss) | (112) | (27) |
Fair Value | $ 5,404 | 9,065 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 250 | |
Unrealized Gain | ||
Unrealized (Loss) | ||
Fair Value | $ 250 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |||||
Cash cash equivalents and restricted cash | $ 250 | $ 250 | $ 250 | ||
Marketable securities, unrealized loss | 125 | $ 85 | 609 | $ 177 | |
Net accumulated unrealized losses | $ 754 | $ 754 | $ 145 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 28,104 | $ 28,592 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 6,957 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 21,147 | 28,592 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Treasury Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 6,957 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 6,957 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Government Agencies Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 15,743 | 19,277 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 15,743 | 19,277 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
Corporate Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 5,404 | 9,065 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 5,404 | 9,065 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 250 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 250 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total |
Schedule of Leasehold Improveme
Schedule of Leasehold Improvements and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,175,000 | $ 2,575,000 |
Less: accumulated depreciation and amortization | 1,192,000 | 1,037,000 |
Leasehold improvements and equipment, net | 1,982,975 | 1,537,728 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,020,000 | 1,640,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,155,000 | $ 935,000 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expenses | $ 86,000 | $ 59,000 | $ 155,000 | $ 117,000 |
Purchase of equipment and leasehold improvements | 600,051 | |||
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase of equipment and leasehold improvements | 220,000 | |||
Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase of equipment and leasehold improvements | $ 380,000 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |||
Payroll and incentives | $ 974,000 | $ 1,343,000 | |
General and administrative expenses | 404,000 | 195,000 | |
Research and development expenses | 376,000 | 381,000 | |
Deferred revenue * | [1] | 2,096,000 | 33,000 |
Other deferred liabilities ** | [2] | 444,000 | 899,000 |
Total | $ 4,294,396 | $ 2,850,888 | |
[1]At June 30, 2022, the balance included $ 2,063 33 33 444 899 |
Schedule of Accrued Expenses _2
Schedule of Accrued Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Bio NTech agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred liability | $ 2,063 | |
Genentech Feasibility Study Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred revenue | 33 | $ 33 |
CFF Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred liability | $ 444 | $ 899 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating and Finance Leases Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease liabilities, Remainder of fiscal year | $ 450 | |
Finance Lease Liabilities, Remainder of fiscal year | 10 | |
Operating Lease Liabilities, Year one | 922 | $ 883 |
Finance Lease Liabilities, Year one | 2 | 22 |
Operating Lease Liabilities, Year two | 962 | 922 |
Finance Lease Liabilities, Year two | 2 | |
Operating Lease Liabilities, Year three | 1,004 | 962 |
Finance Lease Liabilities, Year three | ||
Operating Lease Liabilities, Year four | 1,046 | 1,004 |
Finance Lease Liabilities, Year five | ||
Operating lease Liabilities, Year five | 1,046 | 1,046 |
Finance Lease Liabilities, Year five | ||
Operating Lease Liabilities, Thereafter | 1,112 | 1,112 |
Finance Lease Liabilities, Thereafter | ||
Total undiscounted operating lease payments | 5,496 | 5,929 |
Total undiscounted finance lease payments | 12 | 24 |
Operating Lease Liabilities, less: Imputed interest | 1,073 | 1,250 |
Finance Lease Liabilities, less: Imputed interest | ||
Present value of operating lease liabilities | 4,423 | 4,679 |
Present value of finance lease liabilities | $ 12 | $ 24 |
Operating Lease Liabilities, weighted average remaining lease term in years | 5 years 7 months 6 days | 6 years 1 month 6 days |
Finance Lease Liabilities, weighted average remaining lease term in years | 8 months 12 days | 10 months 24 days |
Operating Lease Liabilities, weighted average discount rate | 7.80% | 7.80% |
Finance Lease Liabilities, weighted average discount rate | 7.30% | 7.80% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases | ||||
Operating lease, description | Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised | |||
Remaining lease term | 12 months | 12 months | ||
Lease expense | $ 226,000 | $ 204,000 | $ 452,000 | $ 407,000 |
Operating lease right-of-use assets amortization expenses | 139,000 | 116,000 | 274,733 | 242,485 |
Finance lease, interest expense | 0 | 1,000 | 1,000 | 2,000 |
Finance lease right-of-use assets amortization expenses | $ 6,000 | $ 9,000 | $ 11,854 | $ 20,656 |
Revenue Recognition, Collabor_2
Revenue Recognition, Collaboration Agreements and Other (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Apr. 08, 2022 | Nov. 19, 2020 | Dec. 12, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Research and development expense | $ 4,126,529 | $ 2,480,764 | $ 9,104,634 | $ 5,722,196 | |||||
Deferred revenue | [1] | 2,096,000 | $ 33,000 | 2,096,000 | |||||
Revenue | 1,062,500 | 1,062,500 | $ 33,333 | ||||||
Bio NTech agreement [Member] | |||||||||
Research and development expense | $ 2,750,000 | ||||||||
Deferred revenue | $ 2,750,000 | ||||||||
Revenue | 1,100,000 | ||||||||
Revenue recognized | 688,000 | 688,000 | |||||||
License fee | 375,000 | ||||||||
Accrued liabilities and other liabilities | 2,100,000 | 2,100,000 | |||||||
Award Agreement [Member] | Cystic Fibrosis Foundation [Member] | |||||||||
Therapeutics development award | $ 4,200,000 | ||||||||
Proceeds from award | $ 484,000 | ||||||||
Additional milestone payment | 321,000 | ||||||||
CFF Agreement [Member] | |||||||||
Grants Receivable | 3,600,000 | 3,600,000 | |||||||
Additional milestone payment | 4,500,000 | 4,500,000 | |||||||
CFF Agreement [Member] | Accrued Expense and Other Current Liabilities [Member] | |||||||||
Other Liabilities | $ 444,000 | $ 899,000 | $ 444,000 | ||||||
Genentech Feasibility Study Agreement [Member] | Genentech [Member] | |||||||||
Revenue | $ 33,000 | ||||||||
Agreement description | Under the terms of the Genentech Agreement, Genentech paid the Company a total of $100 thousand for the development of three molecules, or $33 thousand per molecule, which is being recognized upon the Company fulfilling its obligations for each molecule under the Genentech Agreement | ||||||||
[1]At June 30, 2022, the balance included $ 2,063 33 33 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Sale of net operating losses | $ 1.7 | $ 1.3 |
Schedule of Shareholders Equity
Schedule of Shareholders Equity Warrants Outstanding (Details) - shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Equity [Abstract] | |||
Shares outstanding, beginning | 988 | 1,328 | |
Shares Issued | |||
Shares Exercised | (320) | ||
Shares Tendered | |||
Shares Expired | (20) | ||
Shares outstanding, ending | 988 | [1] | 988 |
[1]Weighted average exercise price for outstanding warrants is $ 0.56 |
Schedule of Shareholders Equi_2
Schedule of Shareholders Equity Warrants Outstanding (Details) (Parenthetical) | Jun. 30, 2022 $ / shares |
Equity [Abstract] | |
Weighted average of exercise price for outstanding warrants | $ 0.56 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 28,717 | 23,488 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 27,729 | 22,162 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 988 | 1,326 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Feb. 08, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||||
Research and development expense | $ 4,126,529 | $ 2,480,764 | $ 9,104,634 | $ 5,722,196 | |
Number of warrant to purchase of common stock | 988,000 | 988,000 | |||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Class of warrant or right, exercise price of warrants or rights | $ 0.50 | $ 0.50 | |||
Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Class of warrant or right, exercise price of warrants or rights | $ 0.75 | $ 0.75 | |||
BTIG, LLC [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued during new issued, shares | 3,023,147 | ||||
Average price, per share | $ 1.90 | $ 1.90 | |||
Gross proceeds from common stock | $ 5,800,000 | ||||
Net proceeds from common stock | $ 5,600,000 | ||||
Restated Exclusive License Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Milestone fee | $ 100,000 | ||||
License fee | 50,000 | ||||
Research and development expense | $ 291,000 | ||||
Stock issued during new issued, shares | 400,000 | ||||
Share price | $ 0.728 | ||||
Restated Exclusive License Agreement [Member] | Unregistered Shares [Member] | Rutgers [Member] | |||||
Class of Stock [Line Items] | |||||
Business acquisition, equity iterest issued or issuable, shares | 400,000 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive (Loss)/Income (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Beginning Balance | $ (145,000) | $ 228,000 |
Accumulated Other Comprehensive (Loss)/Gain, Beginning Balance | (145,499) | 228,000 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net unrealized gain (loss) on securities available-for-sale | (609,000) | (177,000) |
Accumulated Other Comprehensive (Loss)/Gain, Net unrealized gain (loss) on securities available-for-sale | (609,000) | (177,000) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net current period other comprehensive loss | (609,000) | (177,000) |
Accumulated Other Comprehensive (Loss)/Gain, Net current period other comprehensive loss | (609,000) | (177,000) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Ending Balance | (754,000) | 51,000 |
Accumulated Other Comprehensive (Loss)/Gain, Ending Balance | $ (754,416) | $ 51,000 |
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, 2022 shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards Reserved for Issuance | 45,603 | [1] |
Awards Issued & Exercised | 32,429 | [2] |
Awards Available for Grant | 13,174 | |
[1]Increased by 8,651 4 |
Schedule of Equity Compensati_2
Schedule of Equity Compensation Plan by Arrangements (Details) (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Jan. 02, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Increased shares of common stock outstanding | 8,651 | |
Percentage for common stock outstanding | 4% |
Schedule of Recognized Stock-Ba
Schedule of Recognized Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 1,215,000 | $ 1,056,000 | $ 2,474,612 | $ 2,156,941 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | 555,000 | 460,000 | 1,105,000 | 945,000 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 660,000 | $ 596,000 | $ 1,370,000 | $ 1,212,000 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2022 shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Options, Outstanding at Beginning | 28,184 |
Number of Options, Granted | 260 |
Number of Options, Exercised | (195) |
Number of Options, Forfeited | (154) |
Number of Options, Cancelled | |
Number of Options, Expired | (366) |
Number of Options, Outstanding at Ending | 27,729 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Unrecognized share based compensation | $ 9,300 | ||
Unrecognized share based compensation, recognition period | 2 years 6 months | ||
Restricted stock award gross | 0 | 8 | |
Other general and administrative expense | $ 28 | $ 57 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Commercial fees | $ 7,700,000 | ||
Prepaid expense and other assets current | $ 3,371,538 | 3,371,538 | $ 1,321,466 |
Thermo fisher [Member] | |||
Prepaid expenses | 2,000,000 | 2,000,000 | |
Other expenses | 20,000 | 38,000 | |
Prepaid expense and other assets current | $ 1,962,000 | $ 1,962,000 |