Hepion Pharmaceuticals (HEPA) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 10, 2019
Document and Entity Information
Entity Registrant Name	ContraVir Pharmaceuticals, Inc.
Entity Central Index Key	0001583771
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		41,333,872
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash	$ 1,682,606	$ 2,832,429
Prepaid expenses	230,482	135,591
Total Current Assets	1,913,088	2,968,020
Property and equipment, net	65,642	32,434
Right of Use Assets	724,139
In-process research and development	3,190,000	3,190,000
Goodwill	1,870,924	1,870,924
Deferred Financing Costs	13,280
Other assets	127,444	127,794
Total Assets	7,904,517	8,189,172
Current Liabilities:
Accounts payable	706,595	748,428
Accrued expenses	657,066	661,421
Short term debt, net of discount	832,903
Operating lease liabilities, current	190,042
Convertible debt	1,070,000	1,440,000
Total Current Liabilities	3,456,606	2,849,849
Contingent consideration	2,690,000	2,590,000
Deferred tax liability	360,700	360,700
Operating lease liabilities, non-current	543,332
Deferred rent liability		9,235
Derivative financial instruments, at estimated fair value-warrants	208,420	404,337
Total Liabilities	7,259,058	6,214,121
Stockholders' Equity:
Convertible preferred stock
Common stock, par value $.0001 per share. Authorized 120,000,000 shares, 20,790,029 and 16,608,512 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	2,079	1,661
Additional paid in capital	77,326,583	76,651,203
Accumulated deficit	(78,447,643)	(76,463,932)
Total Stockholders' Equity	645,459	1,975,051
Total Liabilities and Stockholders' Equity	7,904,517	8,189,172
Series A convertible preferred stock
Stockholders' Equity:
Convertible preferred stock	855,808	855,808
Series C convertible preferred stock
Stockholders' Equity:
Convertible preferred stock	$ 908,632	$ 930,311

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	20,790,029	16,608,512
Common stock, shares outstanding	20,790,029	16,608,512
Convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	20,000,000	20,000,000
Series A convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 10	$ 10
Convertible preferred stock, shares issued	85,581	85,581
Convertible preferred stock, shares outstanding	85,581
Series C convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 1,000
Convertible preferred stock, shares issued	1,928	1,974
Convertible preferred stock, shares outstanding	1,928	1,974

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Costs and Expenses:
Research and development	$ 518,040	$ 2,260,704
General and administrative	1,403,660	1,600,907
Total operating expenses	1,921,700	3,861,611
Loss from Operations	(1,921,700)	(3,861,611)
Other income (expense)
Change in fair value of debt	(59,641)
Interest expense	(98,287)
Change in fair value of derivative instruments-warrants and contingent consideration, net	95,917	635,123
Total other income (expense)	(62,011)	635,123
Loss before income taxes	(1,983,711)	(3,226,488)
Income tax benefit		536,000
Net loss	(1,983,711)	(2,690,488)
Deemed dividend (see note 6)	(24,321)
Net loss attributable to Common Stockholders	$ (2,008,032)	$ (2,690,488)
Weighted Average Common Shares Outstanding
Basic	17,508,853	10,124,112
Diluted	17,508,853	10,124,112
Net loss per Common Share
Basic	$ (0.11)	$ (0.27)
Diluted	$ (0.11)	$ (0.27)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred StockSeries A convertible preferred stock	Preferred StockSeries C convertible preferred stock	Common StockPrivate Placement	Common StockSeries C convertible preferred stock	Common Stock	Additional Paid in CapitalPrivate Placement	Additional Paid in CapitalSeries C convertible preferred stock	Additional Paid in Capital	Accumulated Deficit	Private Placement	Total
Balance at Dec. 31, 2017	$ 1,040,128				$ 979			$ 69,676,687	$ (67,014,637)		$ 3,703,157
Balance (in shares) at Dec. 31, 2017	104,013				9,792,497
Changes in Stockholders' Equity
Issuance of common stock, net					$ 83			1,821,575			1,821,658
Issuance of common stock, net (in shares)					826,405
Stock-based compensation expense								217,387			217,387
Net loss									(2,690,488)		(2,690,488)
Balance at Mar. 31, 2018	$ 1,040,128				$ 1,062			71,715,649	(69,705,125)		3,051,714
Balance (in shares) at Mar. 31, 2018	104,013				10,618,902
Balance at Dec. 31, 2018	$ 855,808	$ 930,311			$ 1,661			76,651,203	(76,463,932)		1,975,051
Balance (in shares) at Dec. 31, 2018	85,581	1,974			16,608,512
Changes in Stockholders' Equity
Issuance of common stock, net			$ 332		$ 83	$ 486,281		149,917		$ 486,613	150,000
Issuance of common stock, net (in shares)			3,320,000		831,841
Accretion of discount upon conversion		$ 24,321					$ (24,321)				(24,321)
Conversion of preferred stock		$ (46,000)		$ 3			$ 45,997
Conversion of preferred stock (in shares)		(46)		29,676
Stock-based compensation expense								17,506			17,506
Net loss									(1,983,711)		(1,983,711)
Balance at Mar. 31, 2019	$ 855,808	$ 908,632			$ 2,079			$ 77,326,583	$ (78,447,643)		$ 645,459
Balance (in shares) at Mar. 31, 2019	85,581	1,928			20,790,029

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net loss	$ (1,983,711)	$ (2,690,488)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	17,506	217,387
Change in fair value of derivative instruments-warrants	(195,917)	(395,123)
Change in fair value of contingent consideration	100,000	(240,000)
Change in the fair value of debt	59,641
Amortization of debt discount recorded as interest expense	69,516
Deferred tax liability adjustment		(536,000)
Depreciation and amortization expense	4,641	4,864
Non-cash interest expense	23,906
Loss on the sale of assets		4,474
Changes in operating assets and liabilities:
Accounts payable and accrued expense	(46,188)	146,015
Deferred rent liability		6,492
Prepaid expenses and other assets	(107,821)	(109,874)
Net Cash used in Operating Activities	(2,058,427)	(3,592,253)
Cash Flows From Investing Activities:
Proceeds from sale of fixed asset		900
Additions to property and equipment	(37,849)
Net Cash used in Investing Activities	(37,849)	900
Cash Flows From Financing Activities:
Proceeds from the issuance of common stock		1,635,139
Proceeds from issuance of short term debt and common stock	1,250,000
Repayment of debt financing	(303,547)
Net Cash provided by Financing Activities	946,453	1,635,139
Net decrease in cash	(1,149,823)	(1,956,214)
Cash at beginning of period	2,832,429	5,954,017
Cash at end of period	1,682,606	3,997,803
Supplementary Disclosure Of Cash Financing Activities:
Cash paid for interest	8,953
Supplementary Disclosure Of Non-Cash Financing Activities:
Stock issued to employees in lieu of cash payment for accrued bonus		$ 186,519
Accretion of Series C preferred stock discount upon conversion	24,321
Issuance of common stock for debt redemption	126,094
Adoption of Lease accounting	733,374
Series C convertible preferred stock
Supplementary Disclosure Of Non-Cash Financing Activities:
Conversion of convertible preferred stock	$ 46,000

Business Overview

Business Overview	3 Months Ended
	Mar. 31, 2019
Business Overview
Business Overview	1. Business Overview ContraVir Pharmaceuticals, Inc. (“ContraVir” or the “Company”) is a biopharmaceutical company headquartered in Edison, New Jersey, focused on the development of pleiotropic drug therapy for treatment of chronic liver disease. This therapeutic approach targets fibrosis and hepatocellular carcinoma (“HCC”) associated with non-alcoholic steatohepatitis (“NASH”), viral hepatitis, and other liver diseases. The Company’s cyclophilin inhibitor, CRV431, is being developed to offer benefits to address these multiple complex pathologies. CRV431 is a cyclophilin inhibitor that targets multiple biochemical pathways involved in the progression of liver disease. Preclinical studies with CRV431 in NASH models demonstrated consistent reductions in liver inflammation, fibrosis, and cancerous tumors. CRV431 additionally shows antiviral activity towards hepatitis B, C, and D viruses which also trigger liver disease. The Company is developing CRV431 as its lead molecule. CRV431 is a cyclophilin inhibitor that targets specific isomerases that play an important role in protein folding in health and in disease. To date, in vitro and/or in vivo studies have demonstrated reductions in HBV DNA, HBsAg, HBeAg, inhibition of virus uptake (NTCP transport inhibition), and stimulation of innate immunity. Importantly, in vivo studies in a NASH model of fibrosis and HCC have repeatedly demonstrated CRV431 reduces fibrosis scores and overall liver tumor burden. Hence, CRV431 is a pleiotropic molecule that may not only treat liver disease but may also serve to reduce important risk factors (e.g., HBV) for developing the disease. The Company has completed a phase 1 study with CRV431 demonstrating safety, tolerability, and pharmacokinetics (PK). On May 10, 2018, the Company submitted an Investigational New Drug Application (“IND”) to the U.S. Food and Drug Administration (“FDA”) to support initiation of its CRV431 HBV clinical development program in the United States and received approval in June 2018. The Company completed the first segment of its Phase 1 clinical activities for CRV431 in October 2018 wherein the Company reached a major clinical milestone of positive data from a Phase I trial of CRV431 in humans. This achievement triggered the first milestone payment, as stated in the Merger Agreement for the acquisition of Ciclofilin Pharmaceuticals, Inc. (“Ciclofilin”) and the Company paid a related milestone payment of $1,000,000 and issued 100,737 shares of the Company’s common stock with a fair value of $55,398, representing 2.5% of the Company’s issued and outstanding common stock as of June 2016, to the Ciclofilin shareholders. TXL TXL is a novel lipid acyclic nucleoside phosphonate that is designed to deliver high intracellular concentrations of the active antiviral agent tenofovir diphosphate. TXL’s novel structure results in decreased circulating levels of tenofovir (TFV), lowering systemic exposure and thereby reducing the potential for renal side effects. The Company has completed Phase 1 and Phase 2 clinical trials in healthy volunteers and HBV patients, demonstrating an efficacious agent with favorable safety and tolerability profile. On December 18, 2014, the Company and Chimerix entered into a Licensing Agreement pursuant to which the Company licensed CMX157 (now known as tenofovir exalidex, “TXL”) from Chimerix for further clinical development and commercialization in exchange for an upfront payment consisting of 120,000 shares of the Company’s Series B Convertible Preferred Stock with a stated value of $1.2 million. In addition, Chimerix is eligible to receive up to approximately $20 million in clinical, regulatory and initial commercial milestones in the United States and Europe, as well as royalties and additional milestones based on commercial sales in those territories. Either party may terminate the License Agreement upon the occurrence of a material breach by the other party (subject to standard cure periods), or upon certain events involving the bankruptcy or insolvency of the other party. The Company may also terminate the License Agreement without cause on a country by country basis upon sixty ( 60 ) days prior written notice to Chimerix. On April 2, 2019, the Company delivered a notification to Chimerix of its intention to terminate the License Agreement. The termination of the License Agreement will be effective on June 1, 2019. Upon the effectiveness of the termination of the License Agreement, Chimerix will reacquire all worldwide rights to TXL. The Company made the decision to terminate the License Agreement following its decision to no longer pursue development of TXL, and to focus its resources and development programs on further advancing CRV431.

Basis of Presentation and Going

Basis of Presentation and Going Concern	3 Months Ended
	Mar. 31, 2019
Basis of Presentation and Going Concern
Basis of Presentation and Going Concern	2. Basis of Presentation and Going Concern These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The condensed consolidated balance sheet as of December 31, 2018 was derived from the audited annual consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018 contained in the Company’s Annual Report on Form 10-K (“Form 10-K”) filed with the SEC on March 14, 2019. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of ContraVir and its subsidiaries ContraVir Research Inc. and ContraVir Research Corp, which conducts its operations in Canada. All intercompany balances and transactions have been eliminated in consolidation. Going Concern As of March 31, 2019, the Company had $1.7 million in cash. Net cash used in operating activities was $2.1 million for the three months ended March 31, 2019. Net loss for the three months ended March 31, 2019 was $2.0 million. As of March 31, 2019, the Company had working capital of $(1.5) million. The Company has not generated revenue to date and has incurred substantial losses and negative cash flows from operations since its inception. The Company has historically funded its operations through issuances of convertible debt, common stock and preferred stock. The Company expects to continue to incur losses for the next several years as it expands its research, development and clinical trials of CRV431. The Company is unable to predict the extent of any future losses or when the Company will become profitable, if at all. These condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. Due to the Company’s recurring and expected continuing losses from operations, the Company has concluded there is substantial doubt in the Company’s ability to continue as a going concern within one year of the issuance of these condensed consolidated financial statements without additional capital becoming available to attain further operating efficiencies and, ultimately, to generate revenue. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company will be required to raise additional capital within the next year to continue the development and commercialization of current product candidates and to continue to fund operations at the current cash expenditure levels. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. If the Company is unable to raise additional capital when required or on acceptable terms, the Company may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that the Company would otherwise seek to develop or commercialize on unfavorable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2018 included in the Company’s Form 10‑K filed with the SEC on March 14, 2019. Since the date of such consolidated financial statements, there have been no changes to the Company’s significant accounting policies. Cash As of March 31, 2019, and December 31, 2018, the amount of cash was approximately $1.7 million and $2.8 million, respectively, consisting primarily of checking accounts held at U.S. and Canadian commercial banks. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced losses related to these balances. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: · Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash and accounts payable, short-term debt, derivative instruments - warrants, convertible debt and contingent consideration. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature, except for derivative instruments - warrants, convertible debt, and contingent consideration, which were marked to market at the end of each reporting period. See Note 7 for additional information of the fair value of the derivative liabilities. The Company recorded contingent consideration in its 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 7 for additional information on the fair value of the contingent consideration and convertible debt. Derivative financial instruments The Company has issued common stock warrants in connection with the execution of certain equity financings. The fair value of the warrants, which were deemed to be derivative instruments based on certain contingent put features, was recorded as a derivative liability under the provisions of ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently, the liability is adjusted to fair value as of the end of each reporting period and the changes in fair value of derivative liabilities are recorded in the statements of operations under the caption “Change in fair value of derivative financial instruments—warrants.” See Note 6 for additional information. The fair value of the warrants, issued in connection with the October 2015, April 2016 and April 2017 common stock offerings and deemed to be derivative instruments due to certain contingent put feature, was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The warrants, issued in connection with the July 2018 Rights Offering (See Note 6) are deemed to be derivative instruments since if the Company does not maintain an effective registration statement, the Company is obligated to deliver registered shares upon exercise and settlement of the warrant because there are further registration and prospectus delivery requirements that are outside of the control of the Company. Therefore, the fair value of the warrants was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The fair value of warrants was affected by changes in inputs to the Black-Scholes option pricing model including the Company’s stock price, expected stock price volatility, the contractual term, and the risk-free interest rate. This model uses Level 3 inputs, including stock price volatility, in the fair value hierarchy established by ASC 820 Fair Value Measurement. At March 31, 2019 and December 31, 2018, the fair value of such warrants was $0.2 million and $0.4 million, respectively, which are classified as a long-term derivative liability on the Company’s balance sheets. Property, equipment and depreciation As of March 31, 2019, and December 31, 2018 the Company had $65,642 and $32,434, respectively, of property and equipment, consisting primarily of computer equipment, furniture and fixtures. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 2 to 5 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the three months ended March 31, 2019, and the three months ended March 31, 2018,was $4,641 and $4,864, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. The Company will periodically evaluate whether current events or circumstances indicate that the carrying value of its depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at March 31, 2019 and December 31, 2018. Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in the Company’s fourth quarter, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Pursuant to ASU No. 2011-08, Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment , and ASU No. 2012-02, Intangibles — Goodwill and Other(Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not (that is, a likelihood of more than 50%) that the goodwill or the acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and determines that it is not more likely than not goodwill or acquired IPR&D is impaired, the Company is not required to take further action to test for impairment. The Company also has the option to bypass the qualitative assessment and perform only the quantitative impairment test, which the Company may choose to do in some periods but not in others. The Company’s CRV431 intangible asset and goodwill are assessed for impairment annually on December 31st of the Company’s fiscal year or more frequently if impairment indicators exist. If the Company performs a quantitative assessment of goodwill, it utilizes the two-step approach prescribed under ASC Topic 350. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. The Company tests for impairment at the entity level because it operates on the basis of a single reporting unit. If the carrying value exceeds fair value, the Company then performs Step 2 to measure the amount of impairment loss, if any. In Step 2, the Company estimates the fair value of its individual assets, including identifiable intangible assets, and liabilities to determine the implied fair value of goodwill. The Company then compares the carrying value of its goodwill to its implied fair value. The excess of the carrying value of goodwill over its implied fair value, if any, is recorded as an impairment charge. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. There was no impairment of goodwill for the three months ended March 31, 2019, or the three months ended March 31, 2018. IPR&D acquired in a business combination is capitalized as indefinite-lived assets on the Company’s condensed consolidated balance sheets at its acquisition-date fair value. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred.The projected discounted cash flow models used to estimate the fair values of the Company’s IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The use of different inputs and assumptions could increase or decrease our estimated discounted future cash flows, the resulting estimated fair values and the amounts of related impairments, if any. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing the Company's programs, the Company could incur significant charges in the period in which the impairment occurs. There was no impairment of IPR&D for the three months ended March 31, 2019 or the three months ended March 31, 2018. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is ''more-likely-than-not'' that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. In conjunction with the acquisition of Ciclofilin in June 2016, a deferred tax liability of $1.3 million was recorded reflecting the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset the deferred tax assets when analyzing the Company's valuation allowance as the acquired IPR&D is considered to have an indefinite life until the Company completes or abandons development of the related IPR&D. The re-measurement of the deferred tax balances to the new corporate rate was completed as of December 31, 2017 and resulted in an adjustment of approximately $900,000 recorded as a reduction in the deferred tax liability offset by a credit to Income Tax benefit at that time. The 2017 Tax Act also changed the Net Operating Loss carryforwards' period to now have an indefinite life. The Company performed an evaluation with regard to the impact of Deferred Tax Assets ("DTA") that were generated by Temporary Differences (such as Stock Compensation, Accrued Vacation, depreciation, etc.) which would reverse and turn into indefinite lived NOL carryforwards and whether the Deferred Tax Liability associated with In-Process R&D could be used to offset indefinite lived DTAs. In March 2018, the Company recorded an adjustment to the valuation allowance in the approximate amount of $536,000. This adjustment reflects the adjustment allowed by the Tax Cuts and Jobs Act of 2017 to utilize indefinite deferred tax liabilities as a source of income against indefinite lived portions of the Company's deferred tax assets in conjunction with the evaluation of the amount of valuation allowance needed. Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies, (“ASC 450”), the Company records accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. The Company, in accordance with this guidance, does not recognize gain contingencies until realized. Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development, (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. The Company does not currently have any commercial biopharmaceutical products, and does not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of the Company’s research and development costs may have future benefits, the Company’s policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Also as prescribed by ASC 730, non-refundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. As the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided, the deferred amounts would be recognized as an expense. At March 31, 2019 and December 31, 2018, the Company had prepaid research and development costs of $90,003 and $41,514, respectively. Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company has a limited trading history in its common stock and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company accounts for stock options issued to non-employees in accordance with ASC 718 based on the adoption of ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee share-based Payment Accounting (“ASU 2018-07”) and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at the adoption date using either the a) expected term, or b) the contractual term. The expense will be recognized in the same period and in the same manner as if the entity had paid cash for goods or services. Foreign Exchange The functional currency of ContraVir and ContraVir Research Inc. is the U.S. dollar. The functional currency of ContraVir Research Corp. is the Canadian dollar. The Company’s reporting currency is the U.S. dollar. The assets and liabilities of Ciclofilin are translated into U.S. dollars using period-end exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss, a separate component of shareholders’ equity. The amount of currency translation adjustment was immaterial at March 31, 2019 and December 31, 2018. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in other foreign exchange (gain) loss within the condensed consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial for the three months ended March 31, 2019 and 2018. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company, through its chief operating decision maker, views its operations and manages the business in one segment. Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholder by the weighted-average common shares outstanding during the period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Recent Accounting Pronouncements
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements In August of 2018, the FASB issued ASU 2018-13 — Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends disclosure requirements on fair value measurements in Topic 820. This amendment modifies the valuation process of fair value measurements by removing the disclosure requirements for the valuation processes for Level 3 fair value measurements, clarifying the timing of the measurement uncertainty disclosure, and including the changes in unrealized gains and losses for recurring Level 3 fair value measurements in other comprehensive income if held at the end of the reporting period. It also allows the disclosure of other quantitative information in lieu of the weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and should be applied prospectively for the most recent period presented in the initial fiscal year of adoption. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows. In July of 2018, the FASB issued ASU 2018-11 — Leases (Topic 842) Targeted Improvements (“ASU 2018-11”), which addresses stakeholder’s inquiries that are applicable to the Company regarding reporting requirements for initial adoption of ASU 2016-02. ASU 2018-11 provides entities with an additional (and optional) transition method to adopt the new leases standard in ASU 2016-02, allowing an entity to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840. Additionally, in July of 2018, the FASB issued ASU 2018-10 — Codification Improvements to Topic 842, Leases (“ASU 2018-10”), which amends narrow aspects of the guidance issued in the amendments in ASU 2016-02 based on comments and questions raised by stakeholders during the assessment and implementation of ASU 2016-02. The Company has adopted this guidance in conjunction with the adoption of FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) in February of 2016. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at or entered after the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company’s primary lease arrangements are associated with a lease for the Company’s corporate office. ASU 2016-02 became effective for the Company on January 1, 2019. The Company adopted ASU 2016-02 using a modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, which provides an alternative modified retrospective transition method (See Note 12). As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. January 1, 2019). The Company has elected to adopt the package of transition practical expedients and, therefore, have not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. As of January 1, 2019, the Company recorded an operating lease liability of approximately $773 thousand and operating right of use assets of approximately $764 thousand. In June 2018, the FASB issued ASU 2018-07 . ASU 2018-07 aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, “Equity – Equity-based Payments to Nonemployees.” It is effective for annual reporting periods beginning after December 15, 2018. The Company’s adoption of ASU 2018-07 had an immaterial impact on the Company’s consolidated statement of operations, loss per share or cash flows for the quarter ended March 31, 2019. In July of 2017 the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity Topic (480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instrument with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU 2017-11”), which modifies the classification of some financial instruments. A down round feature no longer precludes equity classification, therefore a freestanding equity feature would no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity-classified financial instruments, the amendments require entities present earnings per share in accordance with Topic 260, and to recognize the effect of the down round feature when triggered. Convertible instruments are now subject to specialized contingent beneficial conversion features. The Company has evaluated this amendment and determined it does not have a significant impact on its condensed consolidated financial statements for the current quarter. In January of 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which amended the 2014 amendments to the FASB Accounting Standards Codification that allowed companies an alternative accounting treatment for subsequently measuring goodwill. This amendment is Phase 1 of a project by the FASB Board to simplify how an entity is required to test goodwill for impairment by eliminating step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. These amendments are to be applied on a prospective basis and are required to be adopted for annual and any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt
Debt	5. Debt On May 8, 2018, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Iliad Research and Trading, L.P. (“IRT”), pursuant to which the Company issued to IRT a secured convertible promissory note (the “Note”) in the aggregate principal amount of $3,325,000 for an aggregate purchase price of $2,000,000 cash and $1,000,000 aggregate principal amount of investor notes (the “Investor Notes”) payable to the Company in four tranches of $250,000 upon request by the Company. Closing occurred on May 9, 2018. The Note carries an original issue discount of $300,000, and the initial principal balance of $2,225,000 also includes original issue discount of $200,000 and $25,000 to cover IRT’s transaction expenses. The Investor Notes have not been drawn as of March 31, 2019. The Note bears interest at the rate of 10% per annum and matures on November 8, 2019. Beginning on November 8, 2018, IRT has the right to redeem all or any portion of the Note up to the Maximum Monthly Redemption Amount which is $500,000. Payments of each redemption amount may be made in cash or shares of Company common stock at Company’s election (so long as the various conditions to paying stock set forth in the Note are satisfied) provided, however, that if the Company’s common stock is trading below $1.60 per share (as adjusted for the reverse stock split), the redemption(s) must be in cash. Common stock issued upon redemption will be issued at a price equal to 80% of the lowest trade price of the common stock for the 20 consecutive trading days prior to the date of redemption, subject to adjustments; provided, however, that in no event will the redemption price be less than $1.60. The Company has obtained a waiver to the redemption price to enable the Company to be able to redeem balances of the debt with the Company’s common stock. Because of this feature which allows the lender to redeem the entire outstanding balance at its option within twelve (12) months of initial issuance, the debt is classified as current. The Company also entered into a security agreement with IRT, pursuant to which IRT will receive a security interest in substantially all of the Company’s assets, except for intellectual property. The Company identified numerous embedded features to which bifurcation would be required. The Securities Purchase Agreement requires that the Company comply with certain non-financial covenants customary for financing of this nature which the Company complied with as of March 31, 2019. The Company is eligible to elect the fair value option under ASC 815 and bypass analysis of potential embedded derivatives and further analysis of bifurcation of any such derivatives and has elected such option. Therefore, the debt will be recorded at its fair value upon issuance and subsequently re-measured at each reporting period until maturity. Additionally, all issuance costs incurred in connection with a debt instrument that is measured at fair value pursuant to the election of the fair value option are expensed during the period the debt is acquired. The Note carries total debt discount of $225,000 (comprising of original issue discount of $200,000 and $25,000 payment to IRT for transaction expenses) which was not recorded due to the election of the fair value option. During November and December of 2018, the Company made cash redemption payments totaling $800,000 against the Note, $131,058 of which was applied towards interest resulting in a $1.6 million balance of remaining principal as of December 31, 2018. During the period ended March 31, 2019, the Company made a cash redemption payment on the debt to IRT totaling $312,500. The Company also made redemption payments on the debt to IRT utilizing the Company’s common stock totaling 831,841 shares with a redemption fair value of $150,000, $126,094 of which was applied to principal, resulting in a $1.1 million balance of remaining principal as of March 31, 2019. On March 13, 2019, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an accredited investor (the “Investor”). Pursuant to the Securities Purchase Agreement, the Company issued to the Investor in a private placement (i) 3,320,000 shares of the Company’s common stock and (ii) an unsecured $1.25 million aggregate principal amount debenture (the “Debenture”). The maturity date of the Debenture is June 30, 2019. Prior to the maturity date, no interest will accrue on the Debenture. Upon an event of default, including upon the non-repayment of the principal amount at the maturity date, interest shall accrue on the Debenture at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such principal amount is paid in full. The Debenture ranks junior to the Company’s existing secured indebtedness. The relative fair value of Company shares of common stock issued was approximately $487 thousand and was recorded as a debt discount, of which $69,516 was amortized as interest expense during the three months ended March 31, 2019. The unamortized debt discount was recorded as a reduction of the debenture note as reflected in the condensed consolidated balance sheet as of March 31, 2019.

Stockholders' Equity and Deriva

Stockholders' Equity and Derivative Liability - Warrants	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity and Derivative Liability - Warrants
Stockholders' Equity and Derivative Liability - Warrants	6. Stockholder’s Equity and Derivative Liability - Warrants Preferred Stock, Common Stock and Warrant Offering During the period from August 5, 2016 to September 30, 2018, certain holders of the Company’s Series A Convertible Preferred Stock elected to convert approximately 1.2 million shares of Series A Convertible Preferred stock into approximately 3.0 million shares of the Company’s common stock. Series C Convertible Preferred Stock Issuance On July 3, 2018, the Company completed its rights offering pursuant to its effective registration statement on Form S-1. The Company offered for sale units in the rights offering and each unit sold in connection with the rights offering consists of 1 share of the Company’s Series C Convertible Preferred Stock, or Series C, and 575 common stock warrants (the “Rights Offering”). Upon completion of the offering, pursuant to the rights offering, the Company sold an aggregate of 10,826 units at an offering price of $1,000 per unit comprised of 10,826 shares of Series C and 6,224,950 common stock warrants. The Company received net proceeds of $9.9 million, after deducting expenses relating to the Rights Offering, including dealer-manager fees and offering expenses, totaling approximately $0.9 million, and excluding any proceeds received upon exercise of any warrants. The common stock warrants are exercisable at $1.55 per share and subject to adjustments upon the occurrence of certain dilutive events. The warrants expire on the fifth anniversary from their original issuance date. The Company may redeem the warrants for $0.01 per warrant if the Company’s common stock closes above $6.20 per share for ten consecutive trading days, provided that the Company may not do so prior to the first anniversary of the closing of the unit offering. The warrants were sold under a written public offering. If a warrant is exercised during a period where a registration statement is not declared effective, the Company cannot assert that settlement in unregistered shares is permitted. As a result, the warrants are liability classified and carried at their estimated fair value at each reporting until they are exercised, terminated or otherwise settled. The Company determined that the Series C should not be classified as temporary equity due to its lack of senior liquidation preferences and is not redeemable on a fixed or determinable date. The rights and preferences of the Series C are as follows: Dividends Holders of Series C shares are entitled to dividends, if and when declared on shares of common stock, on an “as-converted” basis. Voting Subject to certain preferred stock class votes specified in the certificate of designation, the holders of Series C shares shall have no voting rights. Liquidation Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company, holder of Series C shares shall be entitled to receive the same consideration as the holders of the Company’s common stock on an “as converted” basis. Conversion Each share of Series C is convertible into common stock at any time at the option of the holder thereof at the conversion price then in effect. The conversion price for the Series C is determined by dividing the stated value of $1,000 per share by $1.55 per share (subject to adjustments upon the occurrence of certain dilutive events). At any time after the first anniversary of the original issuance date, the Company may, subject to certain conditions, require the conversion of Series C shares. The gross proceeds of the offering were first allocated to the warrants based on the fair value of the warrants at that time, with the residual proceeds allocated to the Series C. All offering costs were allocated between the Series C and the warrants. In addition, the placement agent received, as compensation for the transaction, unregistered equity warrants to purchase 279,381 shares of the Company’s common stock priced at $1.71 per share. The fair value of the placement agent equity classified warrants was $0.2 million at the time of issuance and $0.1 million was allocated to the Series C and $0.1 million was allocated to the liability classified common stock warrants. All costs allocated to the liability classified warrants were expensed immediately and as a component of general and administrative expenses within the Company’s condensed consolidated statement of operations. In connection with the issuance of the Series C and liability classified warrants, the Company recognized the intrinsic value of a beneficial conversion feature of $3.8 million. The beneficial conversion amount was computed as the difference between the Series C effective conversion price and the fair value of the Company’s common stock multiplied by that number of shares issuable upon conversion. As a result of the Company’s issuance of convertible preferred shares that included a beneficial conversion feature, the Company may, upon conversion of the Series C, recognize any unamortized discount resulting from the initial allocation of proceeds issued to the liability classified warrants. During the three months ended March 31, 2019, the holders of Series C shares converted 46 shares of Series C into 29,676 shares of common stock. As a result of the conversion, the Company recognized a preferred stock discount amortization to additional paid in capital of $24,321 as deemed dividends. During the year ended December 31, 2018, the holders of Series C shares converted 8,852 shares of Series C into 5,710,963 shares of common stock. As a result of the conversion, the Company recognized a deemed dividend charged to additional paid in capital of $4.7 million associated with the difference between the stated and carrying per share values of the Series C, including a $0.5 million accretion related to issuance costs that had been allocated to the Series C which have been presented as a component of net loss attributable to common stockholders in the Company’s condensed consolidated statement of operations. Beneficial Conversion Feature-Series C Convertible Preferred Stock Each share of Series C is convertible into shares of common stock, at any time at the option of the holder at a conversion price of $1.55 per share. Based on the guidance in ASC 470-20-20, the Company determined that a beneficial conversion feature exists, as the effective conversion price for the Series C preferred shares at issuance was less than the fair value of the common stock into which the preferred shares are convertible. A beneficial conversion feature based on the intrinsic value of the date of issuances for the Series C was $3.8 million and the preferred stock was discounted by this amount. The beneficial conversion amount of $3.8 million was then accreted back to the preferred stock as a dividend charged to additional paid in capital as the preferred stock was 100% convertible immediately. The $3.8 million accretion was recorded as a dividend reflected in additional paid in capital and also presented as a component of net loss attributable to common stockholders in the Company’s consolidated statement of operations for the year ended December 31, 2018. Common Stock and Warrant Offering On October 7, 2015, the Company entered into an underwriting agreement related to the public offering and sale of 625,000 shares of common stock and warrants to purchase up to 375,000 shares of common stock, at a fixed combined price to the public of $24.00 under the Company’s prior shelf registration statement on Form S-3. The shares of common stock and warrants were issued separately on October 13, 2015. The warrants are immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $34.00 per share. There is not, nor is there expected to be, any trading market for the warrants issued in the offering contemplated by the Underwriting Agreement. The Company also granted the Underwriters a 45-day option to purchase up to an additional 93,750 additional shares of common stock and additional warrants to purchase up to 56,250 shares of common stock at $24.00, which was not exercised. The gross proceeds to the Company were $15.0 million, before deducting the underwriting discount and other offering expenses payable by the Company of approximately $1.5 million. If the warrants were exercised in full, ContraVir would receive additional proceeds of approximately $12.8 million. If the Company consummates any merger, consolidation, sale or other reorganization event in which its common stock is converted into or exchanged for securities, cash or other property (“Fundamental transaction”), then the Company shall pay at the holder’s option, exercisable at any time commencing on the occurrence or the consummation of the fundamental transaction and continuing for 90 days, an amount of cash equal to the value of the remaining unexercised portion of the warrant as determined in accordance with the Black-Scholes option pricing model on the date of such fundamental transaction. As a result of these terms, in accordance with the guidance contained in ASC Topic 815-40, the Company has determined that the warrants issued in connection with this financing transaction must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in the Company’s statements of operations. Upon the issuance of these warrants, the fair value of approximately $4.4 million was recorded as derivative financial instruments liability — warrants. The fair value of these liability classified warrants was estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2019 and December 31, 2018: March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 1.53 years 1.78 years Risk-free interest rate 2.34 % 2.48 % Expected volatility 73 % 74 % Dividend yield — — On April 4, 2016, the Company closed on a public offering of 616,197 shares of its common stock and warrants to purchase up to 308,098 shares of common stock, at a fixed combined price to the public of $11.36 under the Company’s prior shelf registration statement on Form S-3. The warrants are immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $13.60 per share. There is not, nor is there expected to be, any trading market for the warrants issued in the offering contemplated by the Underwriting Agreement. The gross proceeds to the Company were $7.0 million, before deducting the underwriting discount and other offering expenses payable by the Company of approximately $0.7 million. If the warrants were exercised in full, ContraVir would receive additional proceeds of approximately $4.2 million. If the Company consummates any merger, consolidation, sale or other reorganization event in which its common stock is converted into or exchanged for securities, cash or other property (“Fundamental transaction”), then the Company shall pay at the holder’s option, exercisable at any time commencing on the occurrence or the consummation of the Fundamental transaction and continuing for 90 days, an amount of cash equal to the value of the remaining unexercised portion of the warrant as determined in accordance with the Black-Scholes option pricing model on the date of such Fundamental transaction. As a result of these terms, in accordance with the guidance contained in ASC Topic 815-40, the Company has determined that the warrants issued in connection with this financing transaction must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in the Company’s statement of operations. Upon the issuance of these warrants, the fair value of approximately $1.5 million was recorded as derivative financial instruments liability - warrants. The fair value of these liability classified warrants was estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2019 and December 31, 2018: March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 2.01 years 2.26 years Risk-free interest rate 2.21 % 2.48 % Expected volatility 73 % 74 % Dividend yield — — On April 25, 2017, the Company closed on a public offering of 1,500,000 shares of its common stock and warrants to purchase up to 750,000 shares of common stock, at a fixed combined price to the public of $8.00 under the Company’s prior shelf registration statement on Form S-3. The warrants are immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $10.00 per share. There is not, nor is there expected to be, any trading market for the warrants issued in the offering contemplated by the Underwriting Agreement. The gross proceeds to the Company were $12.0 million, before deducting the underwriting discount and other offering expenses payable by the Company of approximately $0.5 million. If the warrants were exercised in full, ContraVir would receive additional proceeds of approximately $7.5 million. If the Company consummates any merger, consolidation, sale or other reorganization event in which its common stock is converted into or exchanged for securities, cash or other property (“Fundamental transaction”), then the Company shall pay at the holder’s option, exercisable at any time commencing on the occurrence or the consummation of the Fundamental transaction and continuing for 90 days, an amount of cash equal to the value of the remaining unexercised portion of the warrant as determined in accordance with the Black-Scholes option pricing model on the date of such fundamental transaction. As a result of these terms, in accordance with the guidance contained in ASC Topic 815-40, the Company has determined that the warrants issued in connection with this financing transaction must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in the Company’s statement of operations. Upon the issuance of these warrants, the fair value of approximately $4.0 million was recorded as derivative financial instruments liability - warrants. The fair value of these liability classified warrants were estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2019 and December 31, 2018: March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 3.07 years 3.31 years Risk-free interest rate 2.21 % 2.46 % Expected volatility 69 % 74 % Dividend yield — — The warrants, issued in connection with the July 2018 Rights Offering are deemed to be derivative instruments since if the Company does not maintain an effective registration statement, the Company is obligated to deliver registered shares upon exercise and settlement of the warrant because there are further registration and prospectus delivery requirements that are outside of the control of the Company. Therefore, the fair value of the warrants was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The fair value of these liability classified warrants were estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2019 and December 31, 2018: March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 4.26 years years Risk-free interest rate 2.22 % 2.51 % Expected volatility 71 % 74 % Dividend yield — — The following table sets forth the components of changes in the Company's derivative financial instruments liability balance for the three months ended March 31, 2019: Number of Derivative Warrants Instrument Date Description Outstanding Liability December 31, 2018 Balance of derivative financial instruments liability 7,559,798 $ 404,337 Change in fair value of warrants for the three months ended March 31, 2019 — (195,917) March 31, 2019 Balance of derivative financial instruments liability 7,559,798 $ 208,420

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Fair Value Measurements	7. Fair Value Measurements The following table presents the Company’s liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of March 31, 2019 and December 31, 2018. Quoted Prices in Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Liabilities Inputs Inputs Fair value (Level 1) (Level 2) (Level 3) As of March 31, 2019 Convertible Debt $ 1,070,000 $ — $ — $ 1,070,000 Derivative liabilities related to warrants $ 208,420 $ — $ — $ 208,420 Contingent consideration $ 2,690,000 $ — $ — $ 2,690,000 As of December 31, 2018 Convertible Debt $ 1,440,000 $ — $ — $ 1,440,000 Derivative liabilities related to warrants $ 404,337 $ — $ — $ 404,337 Contingent consideration $ 2,590,000 $ — $ — $ 2,590,000 The unrealized gains or losses on the derivative liabilities are recorded as a change in fair value of derivative liabilities-warrants in the Company’s statements of operations. See Note 6 for a rollfoward of the derivative liability for the three months ended March 31, 2019. The financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, the Company reviews the assets and liabilities that are subject to ASC 815-40. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. A lattice-based model is used to estimate the fair value of the Secured Convertible Note. The lattice model utilizes a “decision tree” whereby future movement in the company’s common stock price is estimated based on a volatility factor. The Company classified the fair value of the Secured Convertible Note as a Level 3 measurement due to the lack of observable market data. The lattice model requires the development and use of assumptions including the Company’s stock price volatility returns, an appropriate risk- free interest rate, default intensity rate and expected recovery rate given default. The estimated fair value of the Secured Convertible Note as of March 31, 2019 was $1.1 million and was based on the following inputs: stock volatility of 90.0 percent, risk- free rate of 2.43 percent related to assumed term of 0.61 years, default Intensity of 23.7 percent and a recovery rate of 30.0 percent. The following table summarizes the changes in fair value of the convertible debt for which the Company has used Level 3 inputs to determine fair value. Fair Value of Convertible Debt Balance at December 31, 2018 $ 1,440,000 Change in fair value 59,641 Repayment of principal of debt financing (429,641) Balance at March 31, 2019 $ 1,070,000 Contingent consideration was recorded for the acquisition of Ciclofilin on June 10, 2016. The contingent consideration represented the acquisition date fair value of potential future payments, to be paid in cash and Company stock, upon the achievement of certain milestones and was estimated based on a probability-weighted discounted cash flow model utilizing a discount rate of 6.5% and a stock price of $0.28. The Company completed the first segment of its Phase 1 clinical activities for CRV431 in October 2018 wherein the Company reached a major clinical milestone of positive data from a Phase I trial of CRV431 in humans. This achievement triggered the first milestone payment, as stated in the Merger Agreement for the acquisition of Ciclofilin Pharmaceuticals, Inc. (Ciclofilin) and in the fourth quarter of 2018, the Company paid a related milestone payment of $1,000,000 and issued 100,737 shares of the Company’s common stock with a fair value of $55,398, representing 2.5% of the Company’s issued and outstanding common stock as of June, 2016, to the Ciclofilin shareholders. As of March 31, 2019, due to the uncertainty in the timing of the clinical development of the associated product candidate, the entire balance is classified as a non-current liability. The following table presents the change in fair value of the contingent consideration for the three months ended March 31, 2019. Acquisition­ related Contingent Consideration Liabilities Balance at December 31, 2018 $ 2,590,000 Change in fair value recorded in earnings 100,000 Balance at March 31, 2019 $ 2,690,000

Indefinite-lived Intangible Ass

Indefinite-lived Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2019
Indefinite-lived Intangible Assets and Goodwill
Indefinite-lived Intangible Assets and Goodwill	8. Indefinite-lived Intangible Assets and Goodwill IPR&D The Company’s IPR&D asset consisted of the following at: Indefinite-lived Intangible Asset IPR&D asset: CRV431 balance at December 31, 2018 $ 3,190,000 Change in fair value — CRV431 balance at March 31, 2019 $ 3,190,000 No impairment losses were recorded on IPR&D during the three months ended March 31, 2019. Goodwill The table below provides a roll-forward of the Company’s goodwill balance: Amount Goodwill balance at January 1, 2019 $ 1,870,924 Changes during the three months ended March 31, 2019 — Goodwill balance at March 31, 2019 $ 1,870,924 No impairment losses were recorded on goodwill during the three months ended March 31, 2019.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities
Accrued Liabilities	9. Accrued Liabilities The Company’s accrued expenses consist of the following: March 31, December 31, 2019 2018 Payroll and related costs $ 322,185 $ 280,235 Research and development 157,274 184,120 Legal fees 66,964 34,072 Professional fees 63,898 151,812 Other 46,745 11,182 Total accrued expenses $ 657,066 $ 661,421

Accounting for Share-Based Paym

Accounting for Share-Based Payments	3 Months Ended
	Mar. 31, 2019
Accounting for Share-Based Payments
Accounting for Share-Based Payments	10. Accounting for Share-Based Payments On June 3, 2013, ContraVir adopted the 2013 Equity Incentive Plan (the “Plan”). Stock options granted under the Plan typically will vest after three years of continuous service from the grant date and will have a contractual term of ten years. Stockholder and Board approval was obtained on December 2, 2014 to increase the number of authorized shares to 812,500 and on December 14, 2016 Stockholder and Board approval was obtained to increase the number of authorized shares to 962,500. Stockholder and Board approval was obtained on February 21, 2018 to increase the number of authorized shares to 1,337,500. As of March 31, 2019, the Company had 706,564 shares of common stock available for grant under the Plan. The Company classifies stock-based compensation expense in its condensed consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified.The following table presents the stock based compensation expense for the periods indicated: Three months ended Three months ended March 31, March 31, 2019 2018 General and administrative $ 10,365 $ Research and development 7,141 Total stock-based compensation expense $ 17,506 $ 217,387 A summary of stock option activity and of changes in stock options outstanding under the Plan for the three months ended March 31, 2019 is presented below: Weighted Weighted Average Average Remaining Exercise Contractual Number of Exercise Price Price Intrinsic Term Options Per Share Per Share Value (years) Balance outstanding, January 1, 2019 642,596 $0.88 - $30.64 $ 12.32 $ — 6.02 Cancelled (11,660) $4.64 - $28.80 $ 5.52 $ — — Balance outstanding, March 31, 2019 630,936 $0.88 - $30.64 $ 10.63 $ — 5.24 Vested awards and those expected to vest at March 31, 2019 730,979 $0.88 - $30.64 $ 12.28 $ — 6.06 Vested and exercisable at March 31, 2019 606,705 $0.88 - $30.64 $ 12.83 $ — 5.77 There were no options granted to employees during the three months ended March 31, 2019 and 2018. The total value of the shares vested during the three months ended March 31, 2019 was de minimis. Included within the above table are 0.2 million non-employee options outstanding as of March 31, 2019, of which approximately 18,000 are unvested as of March 31, 2019. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. As of March 31, 2019, the unrecognized compensation cost related to non-vested stock options outstanding, net of expected forfeitures, was approximately $0.1 million to be recognized over a weighted-average remaining vesting period of approximately 0.8 years. In December 2007, the SEC issued SAB No. 110, Share-Based Payment , (“SAB No. 110”). SAB No. 110 was effective January 1, 2008 and expresses the views of the Staff of the SEC with respect to extending the use of the simplified method, as discussed in SAB No. 107, in developing an estimate of the expected term of “plain vanilla” share options in accordance with ASC 718. The Company will use the simplified method until it has the historical data necessary to provide a reasonable estimate of expected life in accordance with SAB No. 107, as amended by SAB No. 110. For the expected term, the Company has “plain-vanilla” stock options, and therefore used a simple average of the vesting period and the contractual term for options granted as permitted by SAB No. 107. Forfeitures — ASC 718 allows for the election of forfeitures to be estimated at the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from those estimates. At April 1, 2016, the Company determined that it had sufficient history of issuing stock options and decreased its estimated forfeiture rate from 10%, which was based on the historical experience of its former parent, to 3%, which is the Company’s actual historical forfeiture rate. The forfeiture rate was 10% through the end of the 3 rd fiscal quarter ended March 31, 2016 and was the adjusted to 3% through the end of the fiscal year June 30, 2016 based on the aforementioned historical analysis. The forfeiture rate was 3% for the three months ended March 31, 2019 and the three months ended March 31, 2018. There were no forfeitures for the three months ended March 31, 2019. The Company will continue to analyze the forfeiture rate on at least an annual basis or when there are any identified triggers that would justify immediate review.

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2019
Loss per Share
Loss per Share	11. Loss per Share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share , (“ASC Topic 260”) for all periods presented. In accordance with ASC Topic 260, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. In addition, the net loss attributable to common stockholders’ is adjusted for the preferred stock deemed dividends related to the beneficial conversion feature on this instrument for the periods in which the preferred stock is outstanding. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Three months ended March 31, March 31, Basic net (loss) income per common share 2019 2018 Numerator: Net loss $ (1,983,711) $ (2,690,488) Preferred stock deemed dividend (24,321) — Net loss attributable to common shareholders (2,008,032) $ (2,690,488) Denominator: Weighted average common shares outstanding 17,508,583 10,124,112 Net loss per share of common stock—basic and diluted $ (0.11) $ (0.27) The following outstanding securities at March 31, 2019 and 2018 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive. Three months ended Three months ended March 31, March 31, 2019 2018 Common shares issuable upon conversion of Series A preferred stock 222,867 270,867 Common shares issuable upon conversion of Series C preferred stock 1,243,872 — Stock options 630,936 852,648 Warrants – liability classified 7,559,798 1,426,848 Warrants – equity classified 279,381 — Total 9,936,854 2,550,363 The liability classified warrants disclosed above have been excluded from the computation of diluted earnings per share because their exercise price exceeds the average market price of the Company’s common stock for the period they were outstanding.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies License Agreement with Chimerix, Inc. On December 17, 2014, the Company entered into an exclusive license agreement with Chimerix pursuant to which the Company has licensed TXL from Chimerix for further clinical development and commercialization. TXL is a highly potent analog of the antiviral drug tenofovir DF (Viread ® ) . Under the terms of the agreement, the Company licensed TXL from Chimerix in exchange for an upfront payment consisting of 120,000 shares of the Company’s Series B Convertible Preferred Stock. In addition, Chimerix is eligible to receive up to approximately $20.0 million in clinical, regulatory and initial commercial milestone payments in the United States and Europe, as well as royalties and additional milestone payments based on commercial sales in those territories. Either party may terminate the License Agreement upon the occurrence of a material breach by the other party (subject to standard cure periods), or upon certain events involving the bankruptcy or insolvency of the other party. The Company may also terminate the License Agreement without cause on a country by country basis upon sixty days’ prior written notice to Chimerix. On April 2, 2019, the Company delivered a notification to Chimerix of its intention to terminate the License Agreement by and between the Company and Chimerix, dated December 17, 2014. The termination of the License Agreement will be effective on June 1, 2019. Pursuant to the License Agreement, Chimerix granted ContraVir rights for the development and commercialization of TXL. Upon the effectiveness of the termination of the License Agreement, Chimerix will reacquire all worldwide rights to TXL. ContraVir made the decision to terminate the License Agreement following its decision to no longer pursue development of CMX157, and to focus its resources and development programs on further advancing CRV431. Contractual Obligations In August 2014, the Company entered into a lease for corporate office space in Edison, New Jersey. In December 2017, the Company entered an amendment to the lease for corporate office space in Edison, New Jersey expanding the office footprint and extending the lease for an approximate 5-year period. Rent expense for the three months ended March 31, 2019 was $87,552. In May 2018, the Company entered a lease for office equipment to be used at the Company’s corporate office space in Edison, New Jersey. This term of this lease is 3 years and the Company has incurred expenses of approximately $900 relating to this lease for the period ended March 31, 2019. The Company also leases office and research laboratory space in Edmonton, Canada that is currently on a month to month basis. Leases The Company accounts for leases in accordance with ASC Topic 842, Leases, (“ASC 842”). The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Prior to January 1, 2019, the Company recorded monthly rent expense on a straight-line basis, from the commencement of the lease to December 31, 2018. As of December 31, 2018, the balance of the Deferred rent liability was $9,235, representing the difference between cash rent paid and the straight-line rent expense. The following table summarizes annual rental payments for each of the following fiscal years as of December 31, 2018: 2019 $ 202,734 2020 194,529 2021 209,170 2022 and thereafter 266,290 Total $ 872,723 Beginning January 1, 2019, the Company accounts for leases according to the FASB issued ASU 2016-02. Operating leases where the Company is the lessee are included under the caption “Right of Use Assets” on the Company’s condensed consolidated balance sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate used to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. The Right-Of-Use (“ROU”) asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company adopted ASC 842 in the first quarter of 2019 using an alternative modified retrospective approach, in which prior periods will not be restated. As a result of the adoption, as of January 1, 2019, the Company recognized an operating lease liability of $773 thousand based on the present value of the minimum rental payments of the leases and a corresponding ROU asset of $764 thousand. As of March 31, 2019, the lease liabilities are $733 thousand, of which $190 thousand is current and $543 thousand are non-current. The ROU assets are $724 thousand. The discount rate used to account for the Company's operating leases under ASC 842 is the Company’s estimated incremental borrowing rate of 6.5%. Rent expense related to the Company's operating leases was approximately $61 thousand and $83 thousand for the three months ended March 31, 2019 and 2018, respectively. Cash paid for amounts included in the measurement of the lease liabilities was approximately $61 thousand. The weighted average remaining term of the Company’s noncancelable operating leases is 3.98 years. Future minimum rental payments under the Company's noncancelable operating leases at March 31, 2019 is as follows: 2019 $ 154,594 2020 197,828 2021 210,583 2022 212,388 2023 53,901 Total 829,294 Present Value Adjustment (95,920) Lease liability at March 31, 2019 $ 733,374 Employment Agreements The Company also has employment agreements with certain employees which require the funding of a specific level of payments, if certain events, such as a change in control, termination without cause or retirement, occur.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions
Related Party Transactions	13. Related Party Transactions One of the Company’s Directors, Timothy Block, is President of the Baruch S. Blumberg Institute (“Blumberg Institute”). On May 29, 2015, the Company entered into a Sponsored Research Agreement (“Agreement”) with Blumberg Institute, pursuant to which the Company is sponsoring research by investigators affiliated with the Blumberg Institute with respect to TXL. The Company incurred expenses related to the agreement of $0 and $25,000 for the three months ended March 31, 2019 and 2018, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	14. Income Taxes On December 22, 2017, new federal tax reform legislation was enacted in the United States, resulting in significant changes from previous tax law. The 2017 Tax Act reduces the federal corporate income tax rate to 21% from 35% effective January 1, 2018. The key impacts of the Tax Act on the Company’s condensed consolidated financial statements were the re-measurement of deferred tax balances to the new corporate tax rate. The re-measurement of the deferred tax balances to the new corporate rate was completed as of December 31, 2017 and resulted in an adjustment of approximately $900,000 recorded as a reduction in the deferred tax liability offset by a credit to Income Tax benefit at that time. The 2017 Tax Act also changed the Net Operating Loss carryforwards’ period to now have an indefinite life. In connection with the preparation of the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2018, the Company identified an error related to an additional reduction that should have been recorded to the valuation allowance in the approximate amount of $536,000 to reflect the adjustment allowed by the 2017 Tax Act to utilize indefinite deferred tax liabilities as a source of income against indefinite lived portions of the Company’s deferred tax assets in conjunction with the evaluation of the amount of valuation allowance needed. This error was determined to be immaterial and was corrected as an out of period adjustment previously recorded in the quarter ended March 31, 2018.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events
Subsequent Events	15. Subsequent Event On April 2, 2019, the Company delivered a notification to Chimerix of its intention to terminate the License Agreement by and between the Company and Chimerix, dated December 17, 2014. The termination of the License Agreement will be effective on June 1, 2019. Pursuant to the License Agreement, Chimerix granted ContraVir rights for the development and commercialization of TXL. Upon the effectiveness of the termination of the License Agreement, Chimerix will reacquire all worldwide rights to TXL. The Company made the decision to terminate the License Agreement following its decision to no longer pursue development of CMX157, and to focus its resources and development programs on further advancing CRV431. The Company will not be subject to any penalties or costs as a result of the termination of the License Agreement. On April 15 th , 2019 the Company received approximately $1.0 million from the sale of NOLS. On April 25, 2019 the Company announced the pricing of a public offering with total gross proceeds of approximately $2,140,000 before deducting placement agent fees and other offering expenses payable by the Company that closed on April 29, 2019. The securities offered by the Company consist of (i) Class A Units each consisting of one share of Common Stock and one Warrant to purchase one share of Common Stock at a combined price of $0.12 per Class A Unit, and (ii) Class B Units each consisting of one share of Series D Convertible Preferred Stock, with a stated value of $1,000 per share, and convertible into 8,333 shares of Common Stock per share of Series D Convertible Preferred Stock, and Warrants to purchase 8,333 shares of Common Stock, at a combined price of $1,000 per Class B Unit. The aggregate number of shares of Common Stock to be issued pursuant to the Class A Units and issuable upon conversion of all the Series D Convertible Preferred Stock is 17,833,334. The aggregate number of Warrants issued in the offering was 17,833,334. The Warrants have an exercise price of $0.12, are exercisable upon issuance and expire five years from the date of issuance. During April 2019, the Company issued 1,304,058 shares of the Company’s common stock with a redemption fair value of $200,000, for repayment of debt to ITR, resulting in a $0.9 million balance of remaining principal after the redemption. On May 6, 2019, the Company issued a press release announcing that the Nasdaq Hearings Panel has granted the Company’s request for continued listing on The Nasdaq Capital Market, subject to compliance with certain conditions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2018 included in the Company’s Form 10‑K filed with the SEC on March 14, 2019. Since the date of such consolidated financial statements, there have been no changes to the Company’s significant accounting policies.
Cash	Cash As of March 31, 2019, and December 31, 2018, the amount of cash was approximately $1.7 million and $2.8 million, respectively, consisting primarily of checking accounts held at U.S. and Canadian commercial banks. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced losses related to these balances.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: · Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash and accounts payable, short-term debt, derivative instruments - warrants, convertible debt and contingent consideration. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature, except for derivative instruments - warrants, convertible debt, and contingent consideration, which were marked to market at the end of each reporting period. See Note 7 for additional information of the fair value of the derivative liabilities. The Company recorded contingent consideration in its 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 7 for additional information on the fair value of the contingent consideration and convertible debt.
Derivative financial instruments	Derivative financial instruments The Company has issued common stock warrants in connection with the execution of certain equity financings. The fair value of the warrants, which were deemed to be derivative instruments based on certain contingent put features, was recorded as a derivative liability under the provisions of ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently, the liability is adjusted to fair value as of the end of each reporting period and the changes in fair value of derivative liabilities are recorded in the statements of operations under the caption “Change in fair value of derivative financial instruments—warrants.” See Note 6 for additional information. The fair value of the warrants, issued in connection with the October 2015, April 2016 and April 2017 common stock offerings and deemed to be derivative instruments due to certain contingent put feature, was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The warrants, issued in connection with the July 2018 Rights Offering (See Note 6) are deemed to be derivative instruments since if the Company does not maintain an effective registration statement, the Company is obligated to deliver registered shares upon exercise and settlement of the warrant because there are further registration and prospectus delivery requirements that are outside of the control of the Company. Therefore, the fair value of the warrants was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The fair value of warrants was affected by changes in inputs to the Black-Scholes option pricing model including the Company’s stock price, expected stock price volatility, the contractual term, and the risk-free interest rate. This model uses Level 3 inputs, including stock price volatility, in the fair value hierarchy established by ASC 820 Fair Value Measurement. At March 31, 2019 and December 31, 2018, the fair value of such warrants was $0.2 million and $0.4 million, respectively, which are classified as a long-term derivative liability on the Company’s balance sheets.
Property, equipment and depreciation	Property, equipment and depreciation As of March 31, 2019, and December 31, 2018 the Company had $65,642 and $32,434, respectively, of property and equipment, consisting primarily of computer equipment, furniture and fixtures. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 2 to 5 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the three months ended March 31, 2019, and the three months ended March 31, 2018,was $4,641 and $4,864, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. The Company will periodically evaluate whether current events or circumstances indicate that the carrying value of its depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at March 31, 2019 and December 31, 2018.
Goodwill and In-Process Research & Development	Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in the Company’s fourth quarter, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Pursuant to ASU No. 2011-08, Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment , and ASU No. 2012-02, Intangibles — Goodwill and Other(Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not (that is, a likelihood of more than 50%) that the goodwill or the acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and determines that it is not more likely than not goodwill or acquired IPR&D is impaired, the Company is not required to take further action to test for impairment. The Company also has the option to bypass the qualitative assessment and perform only the quantitative impairment test, which the Company may choose to do in some periods but not in others. The Company’s CRV431 intangible asset and goodwill are assessed for impairment annually on December 31st of the Company’s fiscal year or more frequently if impairment indicators exist. If the Company performs a quantitative assessment of goodwill, it utilizes the two-step approach prescribed under ASC Topic 350. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. The Company tests for impairment at the entity level because it operates on the basis of a single reporting unit. If the carrying value exceeds fair value, the Company then performs Step 2 to measure the amount of impairment loss, if any. In Step 2, the Company estimates the fair value of its individual assets, including identifiable intangible assets, and liabilities to determine the implied fair value of goodwill. The Company then compares the carrying value of its goodwill to its implied fair value. The excess of the carrying value of goodwill over its implied fair value, if any, is recorded as an impairment charge. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. There was no impairment of goodwill for the three months ended March 31, 2019, or the three months ended March 31, 2018. IPR&D acquired in a business combination is capitalized as indefinite-lived assets on the Company’s condensed consolidated balance sheets at its acquisition-date fair value. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred.The projected discounted cash flow models used to estimate the fair values of the Company’s IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The use of different inputs and assumptions could increase or decrease our estimated discounted future cash flows, the resulting estimated fair values and the amounts of related impairments, if any. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing the Company's programs, the Company could incur significant charges in the period in which the impairment occurs. There was no impairment of IPR&D for the three months ended March 31, 2019 or the three months ended March 31, 2018.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is ''more-likely-than-not'' that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. In conjunction with the acquisition of Ciclofilin in June 2016, a deferred tax liability of $1.3 million was recorded reflecting the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset the deferred tax assets when analyzing the Company's valuation allowance as the acquired IPR&D is considered to have an indefinite life until the Company completes or abandons development of the related IPR&D. The re-measurement of the deferred tax balances to the new corporate rate was completed as of December 31, 2017 and resulted in an adjustment of approximately $900,000 recorded as a reduction in the deferred tax liability offset by a credit to Income Tax benefit at that time. The 2017 Tax Act also changed the Net Operating Loss carryforwards' period to now have an indefinite life. The Company performed an evaluation with regard to the impact of Deferred Tax Assets ("DTA") that were generated by Temporary Differences (such as Stock Compensation, Accrued Vacation, depreciation, etc.) which would reverse and turn into indefinite lived NOL carryforwards and whether the Deferred Tax Liability associated with In-Process R&D could be used to offset indefinite lived DTAs. In March 2018, the Company recorded an adjustment to the valuation allowance in the approximate amount of $536,000. This adjustment reflects the adjustment allowed by the Tax Cuts and Jobs Act of 2017 to utilize indefinite deferred tax liabilities as a source of income against indefinite lived portions of the Company's deferred tax assets in conjunction with the evaluation of the amount of valuation allowance needed.
Contingencies	Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies, (“ASC 450”), the Company records accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. The Company, in accordance with this guidance, does not recognize gain contingencies until realized.
Research and Development	Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development, (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. The Company does not currently have any commercial biopharmaceutical products, and does not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of the Company’s research and development costs may have future benefits, the Company’s policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Also as prescribed by ASC 730, non-refundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. As the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided, the deferred amounts would be recognized as an expense. At March 31, 2019 and December 31, 2018, the Company had prepaid research and development costs of $90,003 and $41,514, respectively.
Share-based payments	Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company has a limited trading history in its common stock and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company accounts for stock options issued to non-employees in accordance with ASC 718 based on the adoption of ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee share-based Payment Accounting (“ASU 2018-07”) and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at the adoption date using either the a) expected term, or b) the contractual term. The expense will be recognized in the same period and in the same manner as if the entity had paid cash for goods or services.
Foreign Exchange	Foreign Exchange The functional currency of ContraVir and ContraVir Research Inc. is the U.S. dollar. The functional currency of ContraVir Research Corp. is the Canadian dollar. The Company’s reporting currency is the U.S. dollar. The assets and liabilities of Ciclofilin are translated into U.S. dollars using period-end exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss, a separate component of shareholders’ equity. The amount of currency translation adjustment was immaterial at March 31, 2019 and December 31, 2018. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in other foreign exchange (gain) loss within the condensed consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial for the three months ended March 31, 2019 and 2018.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company, through its chief operating decision maker, views its operations and manages the business in one segment.
Net loss per share	Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholder by the weighted-average common shares outstanding during the period.

Stockholder's Equity and Deriva

Stockholder's Equity and Derivative Liability - Warrants (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of changes in derivative financial instruments liability balance	Number of Derivative Warrants Instrument Date Description Outstanding Liability December 31, 2018 Balance of derivative financial instruments liability 7,559,798 $ 404,337 Change in fair value of warrants for the three months ended March 31, 2019 — (195,917) March 31, 2019 Balance of derivative financial instruments liability 7,559,798 $ 208,420
October 13 2015
Schedule of assumptions used to measure the warrants to remeasure liability	March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 1.53 years 1.78 years Risk-free interest rate 2.34 % 2.48 % Expected volatility 73 % 74 % Dividend yield — —
April 4 2016
Schedule of assumptions used to measure the warrants to remeasure liability	March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 2.01 years 2.26 years Risk-free interest rate 2.21 % 2.48 % Expected volatility 73 % 74 % Dividend yield — —
April 25 2017
Schedule of assumptions used to measure the warrants to remeasure liability	March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 3.07 years 3.31 years Risk-free interest rate 2.21 % 2.46 % Expected volatility 69 % 74 % Dividend yield — —
July 3 2018
Schedule of assumptions used to measure the warrants to remeasure liability	March 31, December 31, 2019 2018 Price of ContraVir common stock $ 0.23 $ 0.28 Expected warrant term (years) 4.26 years years Risk-free interest rate 2.22 % 2.51 % Expected volatility 71 % 74 % Dividend yield — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Schedule of table represents the liabilities measured and recognized at fair value on a recurring basis	Quoted Prices in Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Liabilities Inputs Inputs Fair value (Level 1) (Level 2) (Level 3) As of March 31, 2019 Convertible Debt $ 1,070,000 $ — $ — $ 1,070,000 Derivative liabilities related to warrants $ 208,420 $ — $ — $ 208,420 Contingent consideration $ 2,690,000 $ — $ — $ 2,690,000 As of December 31, 2018 Convertible Debt $ 1,440,000 $ — $ — $ 1,440,000 Derivative liabilities related to warrants $ 404,337 $ — $ — $ 404,337 Contingent consideration $ 2,590,000 $ — $ — $ 2,590,000
Schedule of changes in fair value of level 3 convertible debt	Fair Value of Convertible Debt Balance at December 31, 2018 $ 1,440,000 Change in fair value 59,641 Repayment of principal of debt financing (429,641) Balance at March 31, 2019 $ 1,070,000
Schedule of changes in fair value of contingent consideration	The following table presents the change in fair value of the contingent consideration for the three months ended March 31, 2019. Acquisition­ related Contingent Consideration Liabilities Balance at December 31, 2018 $ 2,590,000 Change in fair value recorded in earnings 100,000 Balance at March 31, 2019 $ 2,690,000

Indefinite-lived Intangible A_2

Indefinite-lived Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2019
Indefinite-lived Intangible Assets and Goodwill
Schedule of IPR&D asset	Indefinite-lived Intangible Asset IPR&D asset: CRV431 balance at December 31, 2018 $ 3,190,000 Change in fair value — CRV431 balance at March 31, 2019 $ 3,190,000
Schedule of roll-forward of goodwill balance	Amount Goodwill balance at January 1, 2019 $ 1,870,924 Changes during the three months ended March 31, 2019 — Goodwill balance at March 31, 2019 $ 1,870,924

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities
Schedule of accrued liabilities	March 31, December 31, 2019 2018 Payroll and related costs $ 322,185 $ 280,235 Research and development 157,274 184,120 Legal fees 66,964 34,072 Professional fees 63,898 151,812 Other 46,745 11,182 Total accrued expenses $ 657,066 $ 661,421

Accounting for Share-Based Pa_2

Accounting for Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting for Share-Based Payments
Schedule of stock based compensation expense	Three months ended Three months ended March 31, March 31, 2019 2018 General and administrative $ 10,365 $ Research and development 7,141 Total stock-based compensation expense $ 17,506 $ 217,387
Summary of stock option activity and of changes in stock options outstanding under the Plan	Weighted Weighted Average Average Remaining Exercise Contractual Number of Exercise Price Price Intrinsic Term Options Per Share Per Share Value (years) Balance outstanding, January 1, 2019 642,596 $0.88 - $30.64 $ 12.32 $ — 6.02 Cancelled (11,660) $4.64 - $28.80 $ 5.52 $ — — Balance outstanding, March 31, 2019 630,936 $0.88 - $30.64 $ 10.63 $ — 5.24 Vested awards and those expected to vest at March 31, 2019 730,979 $0.88 - $30.64 $ 12.28 $ — 6.06 Vested and exercisable at March 31, 2019 606,705 $0.88 - $30.64 $ 12.83 $ — 5.77

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Loss per Share
Schedule of computation of basic and diluted net loss per share	Three months ended March 31, March 31, Basic net (loss) income per common share 2019 2018 Numerator: Net loss $ (1,983,711) $ (2,690,488) Preferred stock deemed dividend (24,321) — Net loss attributable to common shareholders (2,008,032) $ (2,690,488) Denominator: Weighted average common shares outstanding 17,508,583 10,124,112 Net loss per share of common stock—basic and diluted $ (0.11) $ (0.27)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding	Three months ended Three months ended March 31, March 31, 2019 2018 Common shares issuable upon conversion of Series A preferred stock 222,867 270,867 Common shares issuable upon conversion of Series C preferred stock 1,243,872 — Stock options 630,936 852,648 Warrants – liability classified 7,559,798 1,426,848 Warrants – equity classified 279,381 — Total 9,936,854 2,550,363

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies
Schedule of annual rental payments	2019 $ 202,734 2020 194,529 2021 209,170 2022 and thereafter 266,290 Total $ 872,723
Schedule of future minimum rental payments under the Company's noncancelable operating leases	2019 $ 154,594 2020 197,828 2021 210,583 2022 212,388 2023 53,901 Total 829,294 Present Value Adjustment (95,920) Lease liability at March 31, 2019 $ 733,374

Business Overview (Details)

Business Overview (Details) - USD ($)	May 10, 2018	Dec. 17, 2014	Mar. 31, 2019
Business Overview
Fair value of shares issued			$ 126,094
Merger Agreement | Ciclofilin
Business Overview
First milestone payment	$ 1,000,000
Number of shares issued	100,737
Common stock fair value	$ 55,398
Percentage of issued and outstanding	2.50%
License Agreement | Chimerix Inc
Business Overview
Potential milestone payment		$ 20,000,000
Agreement termination notice (in days)		60 days
License Agreement | Chimerix Inc | Series B convertible preferred stock
Business Overview
Upfront payment (in shares)		120,000
Fair value of shares issued			$ 1,200,000

Basis of Presentation and Goi_2

Basis of Presentation and Going Concern - Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Going Concern
Cash	$ 1,682,606		$ 2,832,429
Net cash used in operating activities	(2,058,427)	$ (3,592,253)
Net loss	(1,983,711)	$ (2,690,488)
Working capital	$ (1,500,000)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies
Cash	$ 1,682,606	$ 2,832,429

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Derivative financial instruments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative Financial Instruments
Derivative financial instruments, at estimated fair value-warrants	$ 208,420	$ 404,337
Level 3 | Warrants
Derivative Financial Instruments
Derivative financial instruments, at estimated fair value-warrants	$ 200,000	$ 400,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, equipment and depreciation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, equipment and depreciation
Property and equipment, net	$ 65,642		$ 32,434
Depreciation expense	$ 4,641	$ 4,864
Minimum
Property, equipment and depreciation
Estimated useful life	2 years
Maximum
Property, equipment and depreciation
Estimated useful life	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill and In-Process Research and Development (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Sep. 30, 2018segment	Dec. 31, 2018USD ($)
Goodwill
Number of reporting units | segment		1
Impairment on goodwill	$ 0		$ 0
IPR&D
Goodwill
Impairment of IP&D	$ 0		$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2016
Income Taxes
Deferred tax liability				$ 360,700	$ 360,700
Reduction in the deferred tax liability			$ 900,000
Deferred tax liability adjustment	$ (536,000)	$ (536,000)
Ciclofilin
Income Taxes
Deferred tax liability						$ 1,300,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Research and Development
Prepaid research and development costs	$ 90,003	$ 41,514	$ 41,514

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Number of operating segments	1

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
Recent Accounting Pronouncements
Operating lease liability	$ 733,374
Operating right of use assets	$ 724,139
ASU 2016-02
Recent Accounting Pronouncements
Operating lease liability		$ 773,000
Operating right of use assets		$ 764,000

Debt (Details)

Debt (Details) - Securities Purchase Agreement	Mar. 13, 2019USD ($)shares	May 09, 2018USD ($)trancheD$ / shares	Dec. 31, 2018USD ($)	Nov. 30, 2018USD ($)	Mar. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
IRT | Secured convertible promissory note
Debt
Aggregate principal amount		$ 3,325,000
Aggregate purchase price in cash		2,000,000
Original issue discount		300,000
Initial principal amount		2,225,000
Original issue discount of initial principal balance		200,000
Debt issuance costs		$ 25,000
Bearing interest rate (as percent)		10.00%
Maximum monthly redemption amount		$ 500,000
Stock price (in dollars per share) | $ / shares		$ 1.60
Redemption price (as percent)		80.00%
Number of consecutive trading days (in days) | D		20
Debt discount							$ 225,000
Cash redemption payments			$ 800,000	$ 800,000	$ 312,500
Sale of shares (in shares) | shares					831,841
Redemption fair value					$ 150,000
Payment on redemption interest					126,094	$ 131,058
Remaining principal amount			$ 1,600,000		$ 1,100,000	$ 1,600,000
IRT | Secured convertible promissory note | Maximum
Debt
Redemption price per share | $ / shares		$ 1.60
IRT | Secured convertible promissory note | Investor Notes
Debt
Aggregate principal amount		$ 1,000,000
Number of tranches | tranche		4
Periodic payment of debt		$ 250,000
Investor | Unsecured debenture
Debt
Aggregate principal amount	$ 1,250,000
Interest accrued	$ 0
Interest rate (as percent)	18.00%
Amortization of debt discount	$ 69,516
Private Placement | Investor
Debt
Sale of shares (in shares) | shares	3,320,000
Redemption fair value	$ 487,000

Stockholders' Equity and Deri_2

Stockholders' Equity and Derivative Liability - Warrants - Preferred stock, Common Stock and Warrant Offering (Details) - shares	3 Months Ended	12 Months Ended	26 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Preferred stock, Common Stock and Warrant Offering
Number of shares converted	46	8,852
Number of common shares issued upon conversion	29,676	5,710,963	3,000,000
Series A convertible preferred stock
Preferred stock, Common Stock and Warrant Offering
Number of shares converted			1,200,000

Stockholders' Equity and Deri_3

Stockholders' Equity and Derivative Liability - Warrants - Series C Preferred Stock Issuances and Beneficial Conversion Feature (Details) - USD ($)	Jul. 03, 2018	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Preferred stock, Common Stock and Warrant Offering
Sales of units (in units)	10,826
Sales price per unit	$ 1,000
Net proceeds from sale of stock	$ 9,900,000
Exercise price of warrants (in dollars per share)	$ 1.55
Redemption price per warrant	0.01
Required common stock price to redeem warrants	$ 6.20
Number of common shares converted to common stock		46	8,852
Number of common shares to be issued for each share converted (in shares)		29,676	5,710,963	3,000,000
Deemed dividend charged to additional paid in capital		$ 24,321	$ 4,700,000
Stock issuance costs			500,000
Over-Allotment Option
Preferred stock, Common Stock and Warrant Offering
Warrants offered placement fee	279,381
Price of ContraVir common stock	$ 1.71
Fair value of warrants	$ 200,000
Series C convertible preferred stock
Preferred stock, Common Stock and Warrant Offering
Sale of shares (in shares)	10,826
Beneficial conversion amount accreted back as preferred stock	$ 3,800,000		3,800,000
Deemed dividend charged to additional paid in capital			$ 3,800,000
Percentage of preferred stock convertible immediately			100.00%
Series C convertible preferred stock | Over-Allotment Option
Preferred stock, Common Stock and Warrant Offering
Fair value of warrants	$ 100,000
Warrants
Preferred stock, Common Stock and Warrant Offering
Number of common stock offered by company to sale	575
Warrants issued (in shares)	6,224,950
Warrants | Over-Allotment Option
Preferred stock, Common Stock and Warrant Offering
Fair value of warrants	$ 100,000

Stockholders' Equity and Deri_4

Stockholders' Equity and Derivative Liability - Warrants - Common Stock and Warrant Offering (Details)	Jul. 03, 2018USD ($)$ / sharesshares	Apr. 25, 2017USD ($)$ / sharesshares	Apr. 04, 2016USD ($)$ / sharesshares	Oct. 13, 2015USD ($)$ / shares$ / itemshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018shares	Sep. 30, 2018$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017$ / shares
Common Stock and Warrant Offering
Exercise price of warrants (in dollars per share) | $ / shares	$ 1.55
Derivative financial instruments liability - warrants					$ 208,420			$ 404,337
Warrants
Common Stock and Warrant Offering
Warrants issued (in shares) | shares	6,224,950
Level 3 | Warrants
Common Stock and Warrant Offering
Derivative financial instruments liability - warrants					$ 200,000			$ 400,000
Over-Allotment Option
Common Stock and Warrant Offering
Price of ContraVir common stock | $ / shares	$ 1.71
October 13 2015
Common Stock and Warrant Offering
Sale of shares (in shares) | shares				625,000
Fixed combined price (in dollars per share) | $ / shares				$ 24
Gross proceeds				$ 15,000,000
Underwriting discount and other offering expenses payable				1,500,000
Additional proceeds if warrants exercised in full				$ 12,800,000
Price of ContraVir common stock | $ / shares					$ 0.23			$ 0.28
Expected warrant term (years)					1 year 6 months 11 days			1 year 9 months 11 days
Risk-free interest rate (as a percent)					2.34%			2.48%
Expected volatility (as a percent)					73.00%			74.00%
October 13 2015 | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares) | shares				375,000
Exercise period for warrants				5 years
Exercise price of warrants (in dollars per share) | $ / shares				$ 34
October 13 2015 | Level 3 | Warrants
Common Stock and Warrant Offering
Derivative financial instruments liability - warrants				$ 4,400,000
October 13 2015 | Over-Allotment Option
Common Stock and Warrant Offering
Underwriter option period				45 days
Authorized for sale (in shares) | shares				93,750
Purchase price (in dollars per unit) | $ / item				24
Underwriting discount and other offering expenses payable	$ 900,000
October 13 2015 | Over-Allotment Option | Warrants
Common Stock and Warrant Offering
Number of warrants offered for sale | shares				56,250
April 4 2016
Common Stock and Warrant Offering
Sale of shares (in shares) | shares			616,197
Fixed combined price (in dollars per share) | $ / shares			$ 11.36
Gross proceeds			$ 7,000,000
Underwriting discount and other offering expenses payable			700,000
Additional proceeds if warrants exercised in full			4,200,000
Derivative financial instruments liability - warrants			$ 1,500,000
Price of ContraVir common stock | $ / shares							$ 0.23		$ 0.28
Expected warrant term (years)							2 years 4 days		2 years 3 months 4 days
Risk-free interest rate (as a percent)							2.21%		2.48%
Expected volatility (as a percent)							73.00%		74.00%
April 4 2016 | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares) | shares			308,098
Exercise period for warrants			5 years
Exercise price of warrants (in dollars per share) | $ / shares			$ 13.60
April 25 2017
Common Stock and Warrant Offering
Sale of shares (in shares) | shares		1,500,000
Fixed combined price (in dollars per share) | $ / shares		$ 8
Gross proceeds		$ 12,000,000
Underwriting discount and other offering expenses payable		500,000
Additional proceeds if warrants exercised in full		$ 7,500,000
Price of ContraVir common stock | $ / shares					$ 0.23			$ 0.28
Expected warrant term (years)					3 years 26 days			3 years 3 months 22 days
Risk-free interest rate (as a percent)					2.21%			2.46%
Expected volatility (as a percent)					69.00%			74.00%
April 25 2017 | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares) | shares		750,000
Exercise period for warrants		5 years
Exercise price of warrants (in dollars per share) | $ / shares		$ 10
April 25 2017 | Level 3 | Warrants
Common Stock and Warrant Offering
Derivative financial instruments liability - warrants		$ 4,000,000
July 3 2018
Common Stock and Warrant Offering
Price of ContraVir common stock | $ / shares					$ 0.23			$ 0.28
Expected warrant term (years)					4 years 3 months 4 days			4 years 6 months
Risk-free interest rate (as a percent)					2.22%			2.51%
Expected volatility (as a percent)					71.00%			74.00%
Common Stock
Common Stock and Warrant Offering
Sale of shares (in shares) | shares					831,841	826,405

Stockholders' Equity and Deri_5

Stockholders' Equity and Derivative Liability - Warrants - Components of changes (Details) - Warrants	3 Months Ended
	Mar. 31, 2019USD ($)shares
Number of Warrants Outstanding
Balance at the beginning of the period (in shares) | shares	7,559,798
Balance at end of period (in shares) | shares	7,559,798
Level 3
Derivative Instrument Liability
Balance at the beginning of the period	$ 404,337
Change in fair value of warrants	(195,917)
Balance at end of period	$ 208,420

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 10, 2016	Mar. 31, 2019	Dec. 31, 2018
Fair value measurements
Contingent consideration		$ 2,690,000	$ 2,590,000
Discount rate (as a percent)	6.50%
Stock price	$ 0.28
Change in fair value of contingent consideration
Repayment of debt financing		$ (303,547)
Ciclofilin
Change in fair value of contingent consideration
Settlement of first milestone in cash			$ 1,000,000
Settlement of first milestone in shares of common stock			100,737
Settlement of first milestone in fair value of common stock			$ 55,398
Settlement of first milestone in percentage of issued and outstanding common stock			2.50%
Convertible debt
Fair value measurements
Stock volatility (in percent)		90.00%
Risk-free rate (in percent)		2.43%
Assumed term (in years)		7 months 10 days
Default Intensity (in percent)		23.70%
Recovery rate (in percent)		30.00%
Level 3 | Contingent Consideration
Change in fair value of contingent consideration
Balance at beginning of the period		$ 2,590,000
Change in fair value		100,000
Balance at end of the period		2,690,000	$ 2,590,000
Level 3 | Convertible debt
Change in fair value of contingent consideration
Balance at beginning of the period		1,440,000
Change in fair value		59,641
Repayment of debt financing		(429,641)
Balance at end of the period		1,070,000	1,440,000
Recurring basis
Fair value measurements
Convertible debt		1,070,000	1,440,000
Derivative liabilities related to Warrants		208,420	404,337
Contingent consideration		2,690,000	2,590,000
Recurring basis | Level 3
Fair value measurements
Convertible debt		1,070,000	1,440,000
Derivative liabilities related to Warrants		208,420	404,337
Contingent consideration		$ 2,690,000	$ 2,590,000

Indefinite-lived Intangible A_3

Indefinite-lived Intangible Assets and Goodwill - IPR&D (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets
In-process research and development, beginning balance	$ 3,190,000
In-process research and development, ending balance	3,190,000	$ 3,190,000
IPR&D
Indefinite-lived Intangible Assets
In-process research and development, beginning balance	3,190,000
In-process research and development, ending balance	3,190,000	3,190,000
Impairment losses on IPR&D	$ 0	$ 0

Indefinite-lived Intangible A_4

Indefinite-lived Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Roll-forward of goodwill balance
Beginning balance	$ 1,870,924
Ending balance	1,870,924	$ 1,870,924
Impairment on goodwill	$ 0	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accrued Liabilities
Payroll and related costs	$ 322,185	$ 280,235
Research and development	157,274	184,120
Legal fees	66,964	34,072
Professional fees	63,898	151,812
Other	46,745	11,182
Total accrued expenses	$ 657,066	$ 661,421

Accounting for Share-Based Pa_3

Accounting for Share-Based Payments - Equity Incentive Plan (Details) - USD ($)	Jun. 03, 2013	Mar. 31, 2019	Mar. 31, 2018	Feb. 21, 2018	Dec. 14, 2016	Dec. 02, 2014
Stock based compensation expense
Stock-based compensation expense		$ 17,506	$ 217,387
Equity Incentive Plan
Accounting for Shared-Based Payments
Vesting period (in years)	3 years
Contractual term	10 years
Authorized shares (in shares)				1,337,500		812,500
Available shares (in shares)		706,564			962,500
Stock based compensation expense
Stock-based compensation expense		$ 17,506	217,387
General and administrative | Equity Incentive Plan
Stock based compensation expense
Stock-based compensation expense		10,365	187,656
Research and development | Equity Incentive Plan
Stock based compensation expense
Stock-based compensation expense		$ 7,141	$ 29,731

Accounting for Share-Based Pa_4

Accounting for Share-Based Payments - Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Number of Options
Granted (in shares)	0	0
Stock options
Number of Options
Balance outstanding at the beginning of the period (in shares)	642,596
Cancelled (in shares)	(11,660)
Balance outstanding at the end of the period (in shares)	630,936		642,596
Vested awards and those expected to vest at the end of the period (in shares)	730,979
Vested and exercisable at the end of the period (in shares)	606,705
Weighted Average Exercise Price Per Share
Balance outstanding (in dollars per share)	$ 10.63		$ 12.32
Cancelled (in dollars per share)	5.52
Vested awards and those expected to vest at the end of the period (in dollars per share)	12.28
Vested and exercisable at the end of the period (in dollars per share)	$ 12.83
Weighted Average Remaining Contractual Term (in years)
Balance outstanding term (in years)	5 years 2 months 27 days		6 years 7 days
Vested awards and those expected to vest at the end of the period (in years)	6 years 22 days
Vested and exercisable at the end of the period (in years)	5 years 9 months 7 days
Unrecognized compensation cost related to non-vested stock options outstanding
Unrecognized compensation cost related to non-vested stock (in dollars)	$ 0.1
Weighted average remaining vesting period over which unrecognized compensation is expected to be recognized	9 months 18 days
Stock options | Exercise price range $0.88-$30.64
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 0.88		$ 0.88
Exercise price, high end of the range (in dollars per share)	30.64		$ 30.64
Stock options | Exercise price range $4.64-$28.80
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	4.64
Exercise price, high end of the range (in dollars per share)	$ 28.80
Non-employee stock options
Number of Options
Balance outstanding at the end of the period (in shares)	200,000
Share-based payments
Unvested options (in shares)	18,000

Accounting for Share-Based Pa_5

Accounting for Share-Based Payments - Assumptions (Details) - shares	Apr. 01, 2016	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2016	Jun. 30, 2016
Weighted-average assumptions to determine fair value of stock option awards
Estimated future unvested option forfeitures (as a percent)	10.00%
Actual forfeiture rate (as a percent)	3.00%	3.00%	3.00%	10.00%	3.00%
Forfeited (in shares)		0

Loss per Share (Details)

Loss per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss	$ (1,983,711)	$ (2,690,488)
Preferred stock deemed dividend	(24,321)
Net loss attributable to common shareholders	$ (2,008,032)	$ (2,690,488)
Denominator:
Weighted average common shares outstanding (in shares)	17,508,583	10,124,112
Net loss per share of common stock-basic and diluted (in dollars per share)	$ (0.11)	$ (0.27)
Effect of dilutive securities
Weighted average shares used to compute diluted net loss per share	17,508,853	10,124,112
Net loss per share of common stock-diluted	$ (0.11)	$ (0.27)
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	9,936,854	2,550,363
Series A convertible preferred stock
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	222,867	270,867
Series C convertible preferred stock
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	1,243,872
Stock options
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	630,936	852,648
Warrants - liability classified
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	7,559,798	1,426,848
Warrants
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	279,381

Commitments and Contingencies -

Commitments and Contingencies - License Agreement with Chimerix, Inc. (Details) - License Agreement - Chimerix Inc $ in Millions	Dec. 17, 2014USD ($)shares
Agreement
Potential milestone payment | $	$ 20
Agreement termination notice (in days)	60 days
Series B convertible preferred stock
Agreement
Upfront payment (in shares) | shares	120,000

Commitments and Contingencies_2

Commitments and Contingencies - Contractual Obligations (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Contractual Obligations
Rent expense		$ 61,000	$ 83,000
Deferred rent liability				$ 9,235
Annual rental payments
2019				202,734
2020				194,529
2021				209,170
2022 and thereafter				266,290
Total				$ 872,723
Corporate office space
Contractual Obligations
Renewal term (in years)	5 years
Rent expense		87,552
Office equipment
Contractual Obligations
Rent expense		$ 900,000
Term (in years)		3 years

Commitments and Contingencies_3

Commitments and Contingencies - Leases (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 733,374
Present value of the minimum rental payments	95,920
Right of Use Assets	724,139
Lease liabilities, current	190,042
Lease liabilities, non-current	$ 543,332
Estimated incremental borrowing rate (as a percent)	6.50%
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease liability		$ 773,000
Right of Use Assets		764,000
ASU 2016-02 | Restatement Adjustment
Lessee, Lease, Description [Line Items]
Operating lease liability		773,000
Right of Use Assets		$ 764,000

Commitments and Contingencies_4

Commitments and Contingencies - Future minimum rental payments under the Company's noncancelable operating leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases
Rent expense	$ 61,000	$ 83,000
Cash paid for amounts included in the measurement of the lease liabilities	$ 61,000
Weighted average remaining term (in years)	3 years 11 months 23 days
Future minimum rental payments
2019	$ 154,594
2020	197,828
2021	210,583
2022	212,388
2023	53,901
Total	829,294
Present Value Adjustment	(95,920)
Lease liability	$ 733,374

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Director | Baruch S. Blumberg Institute
Related Party Transactions
Expenses for services	$ 0	$ 25,000

Income Taxes - (Details)

Income Taxes - (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Income Taxes
U.S. statutory income tax rate (as a percent)	21.00%		35.00%
Reduction in the deferred tax liability			$ 900,000
Deferred tax liability adjustment		$ 536,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 25, 2019	Apr. 15, 2019	Apr. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jul. 03, 2018
Subsequent Events
Gross proceeds					$ 1,635,139
Common stock, shares outstanding				20,790,029		16,608,512
Exercise price of warrants (in dollars per share)							$ 1.55
Proceeds from state NOLs		$ 1,000,000
Redemption fair value				$ 150,000	$ 1,821,658
Subsequent Events
Subsequent Events
Gross proceeds	$ 2,140,000
Aggregate number of Warrants issued in the offering	$ 17,833,334
Exercise price of warrants (in dollars per share)	$ 0.12
Warrants expiry term (in years)	5 years
Issuance of common stock, net (in shares)			1,304,058
Redemption fair value			$ 200,000
Subsequent Events | IRT
Subsequent Events
Remaining principal amount			$ 900,000
Subsequent Events | Series D Preferred Stock
Subsequent Events
Number of shares issued upon conversion of warrants	8,333
Subsequent Events | Class A Unit
Subsequent Events
Common stock, shares outstanding	1
Warrants to purchase common stock outstanding	1
Share Price	$ 0.12
Number of shares issued upon conversion of warrants	1
Subsequent Events | Class B Unit
Subsequent Events
Share Price	$ 1,000
Subsequent Events | Class B Unit | Series D Preferred Stock
Subsequent Events
Common stock, shares outstanding	1
Share Price	$ 1,000
Subsequent Events | Warrants
Subsequent Events
Number of shares issued upon conversion of warrants	8,333
Aggregate number of Warrants issued in the offering	$ 17,833,334