Hepion Pharmaceuticals (HEPA) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36856
Entity Registrant Name	HEPION PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2783806
Entity Address, Address Line One	399 Thornall Street
Entity Address, Address Line Two	First Floor
Entity Address, City or Town	Edison
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08837
City Area Code	732
Local Phone Number	902-4000
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	HEPA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,225,245
Entity Central Index Key	0001583771
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 115,449,085	$ 40,726,838
Prepaid expenses	2,295,646	1,907,461
Total current assets	117,744,731	42,634,299
Property and equipment, net	172,402	108,440
Right-of-use assets	493,717	556,492
In-process research and development	3,190,000	3,190,000
Goodwill	1,870,924	1,870,924
Other assets	285,098	285,098
Total assets	123,756,872	48,645,253
Current liabilities:
Accounts payable	1,662,444	3,722,429
Accrued expenses	817,280	659,572
Operating lease liabilities, current	211,140	279,826
Current portion of long-term debt	176,585	0
Total current liabilities	2,867,449	4,661,827
Contingent consideration	2,600,000	2,570,000
Long-term debt	0	176,585
Deferred tax liability	409,022	409,022
Operating lease liabilities, non-current	300,383	295,755
Derivative financial instruments, at estimated fair value—warrants	5,462	11,673
Total liabilities	6,182,316	8,124,862
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock—$0.0001 par value per share; 120,000,000 shares authorized, 76,225,245 and 32,025,153 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively.	7,623	3,203
Additional paid in capital	226,022,287	142,910,523
Accumulated deficit	(110,162,769)	(104,105,463)
Total stockholders’ equity	117,574,556	40,520,391
Total liabilities and stockholders’ equity	123,756,872	48,645,253
Series A
Stockholders’ equity:
Convertible preferred stock	855,808	855,808
Series C
Stockholders’ equity:
Convertible preferred stock	$ 851,607	$ 856,320

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	76,225,245	32,025,153
Common stock, shares outstanding (in shares)	76,225,245	32,025,153
Series A
Convertible preferred stock, par value (in dollars per share)	$ 10	$ 10
Convertible preferred stock, shares issued (in shares)	85,581	85,581
Convertible preferred stock, shares outstanding (in shares)	85,581	85,581
Series C
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares issued (in shares)	1,807	1,817
Convertible preferred stock, shares outstanding (in shares)	1,807	1,817

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 0	$ 0
Costs and expenses:
Research and development	3,498,655	2,637,331
General and administrative	2,532,808	1,549,606
Total operating expenses	6,031,463	4,186,937
Loss from operations	(6,031,463)	(4,186,937)
Other income (expense):
Interest expense	(2,054)	0
Change in fair value of derivative instruments (warrants) and contingent consideration	(23,789)	(39,680)
Loss before income taxes	(6,057,306)	(4,226,617)
Income tax benefit (expense)	0	0
Net loss and comprehensive loss	(6,057,306)	(4,226,617)
Deemed dividend (see Note 5)	(5,287)	0
Net loss attributable to common shareholders	(6,062,593)	(4,226,617)
Net loss attributable to common shareholders	$ (6,062,593)	$ (4,226,617)
Weighted average common shares outstanding:
Basic (in shares)	52,160,742	4,345,699
Diluted (in shares)	52,160,742	4,345,699
Net loss per common share: (see Note 10)
Basic (in dollars per share)	$ (0.12)	$ (0.97)
Diluted (in dollars per share)	$ (0.12)	$ (0.97)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)	Total	Preferred StockSeries A	Preferred StockSeries C	Common Stock	Additional Paid in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		85,581	1,827	3,760,255
Beginning balance at Dec. 31, 2019	$ 15,616,697	$ 855,808	$ 861,033	$ 375	$ 97,651,006	$ (83,751,525)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,226,617)					(4,226,617)
Stock-based compensation expense	8,246				8,246
Issuance of common stock, net (in shares)				2,311,867
Issuance of common stock, net	6,788,465			$ 231	6,788,234
Warrant exercises (in shares)				2,000
Warrant exercises	12,000				12,000
Ending balance (in shares) at Mar. 31, 2020		85,581	1,827	6,074,122
Ending balance at Mar. 31, 2020	18,198,791	$ 855,808	$ 861,033	$ 606	104,459,486	(87,978,142)
Beginning balance (in shares) at Dec. 31, 2020		85,581	1,817	32,025,153
Beginning balance at Dec. 31, 2020	40,520,391	$ 855,808	$ 856,320	$ 3,203	142,910,523	(104,105,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,057,306)					(6,057,306)
Stock-based compensation expense	957,871				957,871
Conversion of preferred stock to common (in shares)			(10)	92
Conversion of preferred stock to common	0		$ (10,000)		10,000
Accretion of Series C preferred stock discount upon conversion	0		$ 5,287		(5,287)
Issuance of common stock, net (in shares)				44,200,000
Issuance of common stock, net	82,153,600			$ 4,420	82,149,180
Ending balance (in shares) at Mar. 31, 2021		85,581	1,807	76,225,245
Ending balance at Mar. 31, 2021	$ 117,574,556	$ 855,808	$ 851,607	$ 7,623	$ 226,022,287	$ (110,162,769)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (6,057,306)	$ (4,226,617)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	957,871	8,246
Depreciation and amortization	18,143	6,527
Change in fair value of derivative instrument-warrants	(6,211)	9,680
Change in fair value of contingent consideration	30,000	30,000
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	(1,902,277)	277,715
Prepaid expenses and other assets	(389,468)	(783,513)
Net cash used in operating activities	(7,349,248)	(4,677,962)
Cash flows from investing activities:
Purchase of property and equipment	(82,105)	0
Proceeds from disposal of property and equipment	0	2,194
Net cash (used in) provided by investing activities	(82,105)	2,194
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of issuance costs	82,153,600	6,788,465
Proceeds from the exercise of warrants	0	12,000
Net cash provided by financing activities	82,153,600	6,800,465
Net increase in cash	74,722,247	2,124,697
Cash at beginning of period	40,726,838	13,922,972
Cash at end of period	115,449,085	16,047,669
Supplementary disclosure of non-cash financing activities:
Conversion of Series C convertible preferred stock (part of Series C deemed dividend)	10,000	0
Accretion of Series C preferred stock discount upon conversion	5,287	0
Warrants issued to placement agent	$ 2,013,055	$ 0

Business Overview

Business Overview	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview Hepion Pharmaceuticals, Inc. (we, our, or us) is a biopharmaceutical company headquartered in Edison, New Jersey, focused on the development of drug therapy for treatment of chronic liver diseases. This therapeutic approach targets fibrosis and hepatocellular carcinoma (“HCC”) associated with non-alcoholic steatohepatitis (“NASH”), viral hepatitis, and other liver diseases. Our cyclophilin inhibitor, CRV431, is being developed to offer benefits to address these multiple complex pathologies. CRV431 is a cyclophilin inhibitor that targets multiple pathologic pathways involved in the progression of liver disease. Preclinical studies with CRV431 in NASH models demonstrated consistent reductions in liver fibrosis and additional reductions in inflammation and cancerous tumors in some studies. CRV431 additionally showed in vitro antiviral activity towards hepatitis B, C, and D viruses which also trigger liver disease. Preclinical studies also have shown potentially therapeutic activities of CRV431 in experimental models of acute lung injury, platelet activation, and SARS-CoV-2 coronavirus replication. We are developing CRV431 as our lead molecule. CRV431 is a compound that binds and inhibits the function of a specific class of isomerase enzymes called cyclophilins that regulate protein folding. Many closely related isoforms of cyclophilins exist in humans. Cyclophilins A, B, and D are the best characterized cyclophilin isoforms. Inhibition of cyclophilins has been shown in the scientific literature to have therapeutic effects in a variety of experimental models, including liver disease models. In preclinical in vitro and/or in vivo experiments to date CRV431 decreased liver fibrosis, liver inflammation, liver tumors, and titers of HBV, HCV, HDV, and HIV-1. Importantly, reduction in liver fibrosis by CRV431 was observed in vivo in several experimental models and studies of NASH and liver fibrosis. Findings to date suggest that CRV431 might treat certain inciting agents of liver disease such as hepatitis viruses and also the ensuing disease processes resulting from those agents such as fibrosis. On May 10, 2018, we submitted an Investigational New Drug Application (“IND”) to the U.S. Food and Drug Administration (“FDA”) to support initiation of our CRV431 HBV clinical development program in the United States and received approval in June 2018. We completed the first segment of our Phase 1 clinical activities for CRV431 in October 2018 wherein we 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 we paid a related milestone payment of approximately $346,000 to Aurinia Pharmaceuticals, Inc. ("Aurinia") and $654,000 to the former Ciclofilin shareholders along with the issuance of 1,439 shares of our common stock with a fair value of $55,398, representing 2.5% of our issued and outstanding common stock as of June, 2016, to the former Ciclofilin shareholders. Our CEO is a former Ciclofilin shareholder and received approximately $274,000 and 603 shares of common stock and Petrus Wijngaard, a director of our company, received $2,805 and 6 shares of common stock. Additional milestone payments could potentially be payable to the former Ciclofilin shareholders pursuant to the Ciclofilin Merger Agreement as follows: (i) upon receipt of Phase II positive data from a proof of concept clinical trial of CRV431 in humans - 4,317 shares of common stock and $3,000,000, (ii) upon initiation of a Phase III trial of CRV431 - $5,000,000, and (iii) upon acceptance by the FDA of a new drug application for CRV431 – $8,000,000. In addition, on February 14, 2014, Ciclofilin had entered into a Purchase and Sale Agreement to acquire Aurinia’s entire interest in CRV431. This agreement contains future milestone payments payable by us based on clinical and marketing milestones of up to CAD $2.45 million. The milestone payments payable to the former Ciclofilin shareholders will be subject to offset by certain of the clinical and marketing milestone payments payable to Aurinia as follows: (a) the payments to the former Ciclofilin shareholders pursuant to (ii) above would be offset by payment to Aurinia of CAD $450,000, and (b) the payments to the former Ciclofilin shareholders pursuant to (iii) above would be subject to offset by payment to Aurinia of up to CAD $2,000,000. In addition to the above clinical and milestone payments, the Aurinia Agreement provides for the following additional contingent payment obligations: (x) a royalty of 2.5% on net sales of CRV431 which is uncapped, (y) a royalty of 5% on license revenue from CRV431 and (z) a payment equal to 30% of the proceeds from a Liquidity Event (as defined in the Purchase and Sale Agreement) with respect to Ciclofilin, of which approximately $150,000 plus interest will owed. The maximum obligation under both (y) and (z) is CAD $5,000,000. On June 17, 2019, we submitted an IND to the FDA to support initiation of our CRV431 NASH clinical development program in the United States and received approval in July 2019. We completed dosing of CRV431 in our multiple ascending dose (“MAD’) clinical trial in September 2020. On November 20, 2020, we submitted an IND to the FDA to support initiation of a CRV431 clinical development program in the United States for COVID-19. We received approval December 17, 2020, to conduct a COVID-19 clinical trial and are investigating potential sources of collaboration and/or funding for the trial.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation 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 our interim financial information. The consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements but does not include all disclosures required by U.S. 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, 2020 contained in our Annual Report on Form 10-K. Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, Contravir Research Inc. and Hepion Research Corp, which conduct their operations in Canada. All intercompany balances and transactions have been eliminated in consolidation. Liquidity As of March 31, 2021, we had $115.4 million in cash, an accumulated deficit of $110.2 million, and working capital of $114.9 million. For the three months ended March 31, 2021, cash used in operating activities was $7.3 million and we had a net loss of $6.1 million. We have not generated revenue to date and have incurred substantial losses and negative cash flows from operations since our inception. We have historically funded our operations through issuances of convertible debt, common stock and preferred stock. We expect to continue to incur losses for the next several years as we expand our research, development and clinical trials of CRV431. We are unable to predict the extent of any future losses or when we will become profitable, if at all. We currently anticipate that our cash and cash equivalents balances are sufficient to fund our anticipated operating cash requirements for more than one year from the date of issuance of these condensed consolidated financial statements. These condensed consolidated financial statements have been prepared under the assumption that we will continue as a going concern. We will be required to raise additional capital in future years to continue the development and commercialization of current product candidates and to continue to fund operations at the current cash expenditure levels. We cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct business. If we are unable to raise additional capital when required or on acceptable terms, we 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 we would otherwise seek to develop or commercialize on unfavorable terms. COVID-19 Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation and its impact on our financial condition, liquidity, operations, suppliers, industry, and workforce. While we have not experienced delays to date, we may experience delays in the conduct of clinical testing of our product candidate. We do not know whether planned clinical trials will begin on time, will need to be redesigned or will be completed on schedule, if at all. The COVID-19 pandemic may affect the operations of the FDA and other health authorities, which could result in delays of reviews and approvals, including with respect to our product candidate. The evolving COVID-19 pandemic is also likely to directly or indirectly impact the pace of enrollment in our CRV431 clinical trials for at least the next several months and possibly longer as patients may avoid or may not be able to travel to healthcare facilities and physicians' offices unless due to a health emergency. Clinical trials can be delayed for a variety of reasons, including delays in obtaining regulatory approval to commence a clinical trial, in securing clinical trial agreements with prospective sites with acceptable terms, in obtaining institutional review board approval to conduct a clinical trial at a prospective site, in recruiting patients to participate in a clinical trial, related to the COVID-19 pandemic, or in obtaining sufficient supplies of clinical trial materials. Any delays in completing our clinical trials will increase our costs, slow down our product development, timeliness and approval process and delay our ability to generate revenue. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change and we do not yet know the full extent of potential delays or impacts on our business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. Although we cannot estimate the length or gravity of the impact of the COVID-19 outbreak nor estimate the potential impact to our fiscal year 2021 financial statements at this time, if the pandemic continues, it could have a material adverse effect on our results of future operations, financial position, liquidity, and capital resources, and those of the third parties on which we rely in fiscal year 2021. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), as amended on June 5, 2020 by the Paycheck Protection Program (“PPP”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On April 13, 2020, we were granted a loan (the “Loan”) from JPMorgan Chase Bank, N.A. in the aggregate amount of $176,585, pursuant to the PPP under Division A, Title I of the CARES Act. The Loan also provides for customary events of default, including, among others, events of default relating to failure to make payments, bankruptcy, breaches of representations, and material adverse effects. Additionally, the Loan is subject to the terms and conditions applicable to loans administered by the SBA under the CARES Act. We may also be subject to CARES Act-specific lookbacks and audits that may be conducted by other federal agencies, including several oversight bodies created under the CARES Act. These bodies have the ability to coordinate investigations and audits and refer matters to the Department of Justice for civil or criminal enforcement and other actions. The Loan, which was in the form of a Note dated April 13, 2020 issued by us, matures on April 13, 2022 and bears interest at a rate of 0.98% per annum, payable monthly commencing on November 13, 2020. The Note may be prepaid by us at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, rent and utilities. We used the entire Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. We plan to repay the total amount of the loan in 2021, which is reflected in the consolidated balance sheet as current debt.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. Our significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. Since the date of such consolidated financial statements, there have been no changes to our significant accounting policies. Cash As of March 31, 2021 and December 31, 2020, cash was $115.4 million and $40.7 million, respectively, consisting 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. We have 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 our 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 us. Unobservable inputs are inputs that reflect our 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 we can 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 us 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, long-term debt, derivative instruments (warrants) 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) and contingent consideration, which were recorded at fair value at the end of each reporting period. See Note 5 for additional information of the fair value of the derivative liabilities. We recorded contingent consideration from the 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 6 for additional information on the fair value of the contingent consideration. Derivative Financial Instruments We 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 the 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 5 for additional information. The fair value of the warrants, issued in connection with the October 2015, April 2016, and April 2017 common stock offerings were deemed to be derivative instruments due to certain contingent put features, 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 5) are deemed to be derivative instruments since if we do not maintain an effective registration statement, we are obligated to deliver registered shares upon exercise and settlement of the warrant because there are further registration and prospectus delivery requirements that are outside our control. 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 our 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, 2021 and December 31, 2020, the fair value of all warrants was $5,462 and $11,673, respectively, which are classified as a long-term derivative liability on our condensed consolidated balance sheets. Property, equipment and depreciation As of March 31, 2021 and December 31, 2020, we had $0.2 million and $0.1 million, respectively, of property and equipment, consisting primarily of lab equipment, 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 3 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, 2021 and 2020 was $18,143 and $6,527, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. We will periodically evaluate whether current events or circumstances indicate that the carrying value of our depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at March 31, 2021 or December 31, 2020. 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 our fourth quarter, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-4, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. 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. We performed a qualitative assessment of goodwill and determined that it was not more likely than not that the fair value of our reporting was less than its carrying value. There was no impairment of goodwill for the three months ended March 31, 2021 and 2020. In-Process Research and Development ("IPR&D") acquired in a business combination is capitalized as indefinite-lived assets on our condensed consolidated balance sheets at the 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 our 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 the 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 our programs, we could incur significant charges in the period in which the impairment occurs. We performed a qualitative assessment of IPR&D and determined that it was not more likely than not that the asset was impaired. There was no impairment of IPR&D for the three months ended March 31, 2021 and 2020. Income Taxes We account for income taxes under the asset and liability method. We recognize 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 carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. We recognize 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. We reduce the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that we will not realize some or all of the deferred tax asset. We account 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. We continue to maintain a full valuation allowance for our U.S net deferred tax assets. The current period income tax expense is related to our foreign operations. Under the provisions of the Internal Revenue Code, our net operating loss ("NOL") and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in our ownership pursuant to Section 382. We have completed several financings since our inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code or could result in a change in control in the future. We plan to conduct an assessment in 2021 to determine whether there may have been a Section 382 or 383 ownership change. Contingencies In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our 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”), we record accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. In accordance with this guidance, we do 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. We do not currently have any commercial biopharmaceutical products and do not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated on the fact that we have 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, 2021 and December 31, 2020, we had prepaid research and development costs of $1.9 million and $1.8 million, respectively. Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee and non-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, we issue stock options with only service-based vesting conditions and record the expense for 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 estimated expected stock volatility is based on the historical volatility of our own traded stock price. The expected term of 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 we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future. Foreign Exchange The functional currency of Hepion Pharmaceuticals, Inc. and ContraVir Research Inc. is the U.S. dollar. The functional currency of Hepion Research Corp. is the Canadian dollar. Our reporting currency is the U.S. dollar. The assets and liabilities of Hepion Research Corp. 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, 2021 and December 31, 2020. 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 consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial at March 31, 2021 and December 31, 2020. 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. Our chief operating decision maker views our 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 attributable to common stockholders by the weighted-average common shares outstanding during the period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the liability and equity separation model for convertible instruments with a cash conversion feature. As a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Additionally, the embedded conversion feature will no longer be amortized into income as interest expense over the instrument’s life. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, the standard requires applying the if-converted method to calculate convertible instruments’ impact on diluted earnings per share (“EPS”). The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. It can be adopted on either a full retrospective or modified retrospective basis. We are currently evaluating the effect this ASU will have on our consolidated financial statements and related disclosures. We adopted this standard on January 1, 2021 and the impact that this guidance had on our condensed consolidated financial statements was immaterial.

Stockholders' Equity and Deriva

Stockholders' Equity and Derivative Liability - Warrants	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Derivative Liability - Warrants [Abstract]
Stockholders' Equity and Derivative Liability - Warrants	Stockholders’ Equity and Derivative Liability — Warrants Series A Convertible Preferred Stock On October 14, 2014, our Board of Directors authorized the sale and issuance of up to 1,250,000 shares of Series A Convertible Preferred Stock (the “Series A”). All shares of the Series A were issued between October 2014 and February 2015. Each share of the Series A is convertible at the option of the holder into the number of shares of common stock determined by dividing the stated value of such share by the conversion price that is subject to adjustment. As of March 31, 2021, there were 85,581 shares outstanding. During the three months ended March 31, 2021, no shares of the Series A were converted. Series C Convertible Preferred Stock Issuance On July 3, 2018, we completed a rights offering pursuant to our effective registration statement on Form S-1. We offered for sale units in the rights offering and each unit sold in connection with the rights offering consisted of 1 share of our Series C Convertible Preferred Stock, or Series C, and common stock warrants (the “Rights Offering”). Upon completion of the offering, pursuant to the rights offering, we 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 88,928 common stock warrants. As of March 31, 2021, there were 1,807 shares outstanding. During the three months ended March 31, 2021, 10 shares of the Series C were converted into 92 shares of our common stock. Common Stock and Warrant Offering On October 7, 2015, we entered into an underwriting agreement related to the public offering and sale of 8,929 shares of common stock and warrants to purchase up to 5,357 shares of common stock, at a fixed combined price to the public of $1,680 under our prior shelf registration statement on Form S-3. The shares of common stock and warrants were issued separately on October 13, 2015. The warrants were immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $2,380.00 per share. These warrants expired in October 2020. On April 4, 2016, we closed a public offering of 8,803 shares of our common stock and warrants to purchase up to 4,401 shares of common stock, at a fixed combined price to the public of $795.20 under our prior shelf registration statement on Form S-3. The warrants were immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $952.00 per share. The gross proceeds to us were $7.0 million, before deducting the underwriting discount and other offering expenses payable by us of approximately $0.7 million. If the warrants were exercised in full, we would receive additional proceeds of approximately $4.2 million. If we consummate any merger, consolidation, sale or other reorganization event in which our common stock is converted into or exchanged for securities, cash or other property (“Fundamental Transaction”), then we 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, we have 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 our condensed consolidated 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. “Refer to Note 6”. The fair value of these liability classified warrants was estimated using the Black-Scholes option pricing model. Other than for the fair value of common stock, we developed our 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 our common stock, our stock price volatility (stock price volatility of comparable companies prior to 2020), the contractual term of the warrants, risk free interest rates and dividend yields. 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, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 0.01 years 0.25 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 123 % 124 % Dividend yield — — On April 25, 2017, we closed a public offering of 21,429 shares of our common stock and warrants to purchase up to 10,714 shares of common stock, at a fixed combined price to the public of $560.00 under our 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 $700.00 per share. The gross proceeds to us were $12.0 million, before deducting the underwriting discount and other offering expenses payable by us of approximately $0.5 million. If the warrants were exercised in full, we would receive additional proceeds of approximately $7.5 million. If we consummate any merger, consolidation, sale or other reorganization event in which our common stock is converted into or exchanged for securities, cash or other property (“Fundamental Transaction”), then we 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, we have 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 our condensed consolidated statement of operations and comprehensive loss. Upon the issuance of these warrants, the fair value of approximately $4.0 million was recorded as derivative financial instruments liability-warrants. “Refer to Note 6”. The fair value of these liability classified warrants were estimated using the Black-Scholes option pricing model. Other than for the fair value of common stock, we developed our 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 our common stock, our stock price volatility (stock price volatility of comparable companies prior to 2020), the contractual term of the warrants, risk free interest rates and dividend yields. 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, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 1.06 years 1.31 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 116 % 115 % Dividend yield — — The warrants, issued in connection with the July 2018 Rights Offering are deemed to be derivative instruments since if we do not maintain an effective registration statement, we are 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 our control. 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. Other than for the fair value of common stock, we developed our 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 our common stock, our stock price volatility (stock price volatility of comparable companies prior to 2020), the contractual term of the warrants, risk free interest rates and dividend yields. 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, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 2.25 years 2.50 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 117 % 118 % Dividend yield — — The following table sets forth the components of changes in our derivative financial instruments liability balance for the Three Months Ended March 31, 2021: Date Description Number of Warrants Outstanding Derivative Instrument Liability December 31, 2020 Balance of derivative financial instruments liability 102,642 $ 11,673 Change in fair value of warrants for the three months ended March 31, 2021 — (6,211) March 31, 2021 Balance of derivative financial instruments liability 102,642 $ 5,462 Common Stock Offering On February 16, 2021, we entered into an underwriting agreement ("Underwriting Agreement") with ThinkEquity, a division of Fordham Financial Management, Inc., as the representative (the Representative") of the underwriters ("collectively, the Underwriters") listed therein, with respect to an underwritten public offering ("Offering") of 44,200,000 shares of our common stock, par value $0.0001, at a public offering price of $2.00 per share, which resulted in net proceeds to us of approximately $82.1 million, after deducting underwriting discounts and commissions and offering expenses payable by us. We intend to use the net proceeds to fund our research and development activities and general corporate purposes, including working capital, operating expenses and capital expenditures. Upon closing of the Offering, we issued to the Representative as compensation warrants to purchase 1,150,000 shares of common stock, or the Representative’s Warrants. The Representative’s Warrants will be exercisable at $2.50 per share. The Representative’s Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one half year period commencing 180 days from February 19, 2020. We determined that the Representative Warrants should be recorded in the consolidated financial statements as equity classified.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy at March 31, 2021 and December 31, 2020. Fair Value Measurement at Reporting Date Using Description Fair value (Level 1) (Level 2) (Level 3) As of March 31, 2021: Contingent consideration $ 2,600,000 $ — $ — $ 2,600,000 Derivative liabilities related to warrants $ 5,462 $ — $ — $ 5,462 As of December 31, 2020: Contingent consideration $ 2,570,000 $ — $ — $ 2,570,000 Derivative liabilities related to warrants $ 11,673 $ — $ — $ 11,673 The unrealized gains or losses on the derivative liabilities are recorded as a change in fair value of derivative liabilities- warrants in our condensed consolidated statement of operations. See Note 5 for a rollforward of the derivative liability for the three months ended March 31, 2021. 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, we review 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. Contingent consideration was recorded for the acquisition of Ciclofilin Pharmaceuticals, Inc. (Ciclofilin) on June 10, 2016. The contingent consideration represented the acquisition date fair value of potential future payments, to be paid in cash and our 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 $19.60. At March 31, 2021 and December 31, 2020, the assumptions we used to calculate the fair value were as follows: Assumptions March 31, December 31, Discount rate 8.0% 8.0% Stock price $1.84 $2.19 Projected milestone achievement dates September 2021 — January 2025 June 2021 — January 2025 Probability of success of milestone achievements 13 % — 40% 13 % — 40% We completed the first segment of our Phase 1 clinical activities for CRV431 in October 2018 wherein we 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 and in the fourth quarter of 2019, we paid a related milestone payment of $1,000,000 and issued 1,439 shares of our common stock with a fair value of $55,398, representing 2.5% of our issued and outstanding common stock as of June 2016, to the Ciclofilin shareholders. As of March 31, 2021, 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, 2021. Acquisition- related Contingent Consideration Liabilities: Balance at December 31, 2020 $ 2,570,000 Change in fair value recorded in earnings 30,000 Balance at March 31, 2021 $ 2,600,000

Indefinite-lived Intangible Ass

Indefinite-lived Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived Intangible Assets and Goodwill	Indefinite-lived Intangible Assets and Goodwill IPR&D Our IPR&D asset consisted of the following at: Indefinite-lived CRV431 balance at December 31, 2020 $ 3,190,000 Change during the three months ended March 31, 2021 — CRV431 balance at March 31, 2021 $ 3,190,000 No impairment losses were recorded on IPR&D during the three months ended March 31, 2021 and 2020. Goodwill The table below provides a roll-forward of our goodwill balance: Amount Goodwill balance at December 31, 2020 $ 1,870,924 Change during the three months ended March 31, 2021 — Goodwill balance at March 31, 2021 $ 1,870,924 No impairment losses were recorded to goodwill during the three months ended March 31, 2021 and 2020.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued expenses consisted of the following: March 31, December 31, Payroll and related costs $ 306,487 $ 150,702 Research and development 420,817 438,856 Legal fees 52,875 — Accrued taxes — 37,160 Professional fees 15,900 — Other 21,201 32,854 Total accrued expenses $ 817,280 $ 659,572

Accounting for Share-Based Paym

Accounting for Share-Based Payments	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Accounting for Share-Based Payments	Accounting for Share-Based Payments On June 3, 2013, we 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. At our annual meeting of stockholders on July 30, 2020, we received shareholder approval to increase the number of shares issuable under the Plan to 2,500,000. As of March 31, 2021, we had 35,229 shares available for grant. We classify stock-based compensation expense in our condensed consolidated statement of operations in the same way the award recipient's payroll costs are classified or in which the award recipients' service payments are classified. We recorded stock-based compensation expense as follows: Three Months Ended 2021 2020 General and administrative $ 711,591 $ 5,910 Research and development 246,280 2,336 Total stock-based compensation expense $ 957,871 $ 8,246 A summary of stock option activity under the Plan is presented as follows: Number of Options Exercise Price Weighted Intrinsic Weighted Balance outstanding, December 31, 2020 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 990,930 9.40 years Granted — $ — - $ — $ — $ — Exercised — $ — - $ — $ — $ — Forfeited — $ — - $ — $ — $ — Cancelled — $ — - $ — $ — $ — Balance outstanding, March 31, 2021 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 199,725 9.15 years Vested awards and those expected to vest at March 31, 2021 2,398,882 $ 3.24 - $ 2,452.80 $ 4.21 $ 195,065 9.15 years Vested and exercisable at March 31, 2021 47,515 $ 3.24 - $ 2,452.80 $ 88.38 $ — 8.35 years There were no options granted to employees during the three months ended March 31, 2021 and 2020, respectively. The total fair value of the shares vested during the three months ended March 31, 2021 was de minimis. 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 our common stock for those stock options that had exercise prices lower than the fair value of our common stock. As of March 31, 2021, the unrecognized compensation cost related to non-vested stock options outstanding, net of expected forfeitures, was $5.2 million to be recognized over a weighted-average remaining vesting period of approximately 2.0 years. The following weighted-average assumptions are used in the Black-Scholes valuation model to estimate fair value of stock option awards when granted to employees. Risk-free interest rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of our stock options. Dividend yield — We have not paid any dividends on our common stock since inception and do not anticipate paying dividends on our common stock in the foreseeable future. Expected volatility —We base expected volatility on the trading price of our common stock. Expected term —The expected option term represents the period that stock-based awards are expected to be outstanding based on the simplified method provided in SAB No. 107, which SAB No. 107, options are considered to be “plain vanilla” if they have the following basic characteristics: (i) granted “at-the-money”; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable. 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. We will use the simplified method until we have 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, we have “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.

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Loss per Share	Loss per Share 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 accretion of beneficial conversion feature and other discount 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 Basic and diluted net (loss) income per common share 2021 2020 Numerator: Net loss $ (6,057,306) $ (4,226,617) Preferred stock deemed dividend (5,287) — Net loss attributable to common stockholders $ (6,062,593) $ (4,226,617) Denominator: Weighted average common shares outstanding 52,160,742 4,345,699 Net loss per share of common stock—basic and diluted $ (0.12) $ (0.97) The following outstanding securities at March 31, 2021 and 2020 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive: Three Months Ended 2021 2020 Common shares issuable upon conversion of Series A preferred stock 3,184 3,184 Common shares issuable upon conversion of Series C preferred stock 16,654 16,839 Stock options 2,460,677 41,271 Warrants – liability classified 102,642 107,998 Warrants – equity classified 4,223,568 2,428,568 Total 6,806,725 2,597,860 The liability and equity classified warrants disclosed above have been excluded from the computation of basic and diluted earnings per share because the exercise price of the warrants exceeds the average market price of our common stock for the period they were outstanding.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations In August 2014, we entered into a lease for corporate office space in Edison, New Jersey. In December 2017, we 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. In May 2018, we entered into a 3-year lease for office equipment to be used at our corporate office space in Edison, New Jersey. In October 2019, we entered into a 3-year lease for office and research laboratory space in Edmonton, Canada. Prior to signing this lease, the space was previously on a month to month basis. Legal Proceedings We are involved in legal proceedings of various types. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Additionally, while any litigation contains an element of uncertainty, we have at this time no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on our condensed consolidated financial condition or results of operations. Leases We account for leases in accordance with ASC Topic 842, Leases , (“ASC 842”). We determine 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 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 and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases where we are the lessee are included under the caption “Right of Use Assets” on our 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 we determine (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. As of March 31, 2021, the ROU assets were $0.5 million, the current lease liabilities were $0.2 million, and the non-current lease liabilities were $0.3 million. The discount rate used to account for our operating leases under ASC 842 is our estimated incremental borrowing rate of 6.5%. Rent expense for the three months ended March 31, 2021 and 2020 was $0.1 million and $0.1 million, respectively. The weighted average remaining term of our noncancelable operating leases is 1.89 years. Future minimum rental payments under our noncancelable operating leases at March 31, 2021 is as follows: Remainder of 2021 $ 215,649 2022 271,885 2023 53,902 2024 — 2025 and thereafter — Total 541,436 Present value adjustment (29,913) Lease liability at March 31, 2021 $ 511,523 Employment Agreements We have 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 our interim financial information. The consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements but does not include all disclosures required by U.S. 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, 2020 contained in our Annual Report on Form 10-K.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, Contravir Research Inc. and Hepion Research Corp, which conduct their operations in Canada. All intercompany balances and transactions have been eliminated in consolidation.
COVID-19 Pandemic	COVID-19 Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation and its impact on our financial condition, liquidity, operations, suppliers, industry, and workforce. While we have not experienced delays to date, we may experience delays in the conduct of clinical testing of our product candidate. We do not know whether planned clinical trials will begin on time, will need to be redesigned or will be completed on schedule, if at all. The COVID-19 pandemic may affect the operations of the FDA and other health authorities, which could result in delays of reviews and approvals, including with respect to our product candidate. The evolving COVID-19 pandemic is also likely to directly or indirectly impact the pace of enrollment in our CRV431 clinical trials for at least the next several months and possibly longer as patients may avoid or may not be able to travel to healthcare facilities and physicians' offices unless due to a health emergency. Clinical trials can be delayed for a variety of reasons, including delays in obtaining regulatory approval to commence a clinical trial, in securing clinical trial agreements with prospective sites with acceptable terms, in obtaining institutional review board approval to conduct a clinical trial at a prospective site, in recruiting patients to participate in a clinical trial, related to the COVID-19 pandemic, or in obtaining sufficient supplies of clinical trial materials. Any delays in completing our clinical trials will increase our costs, slow down our product development, timeliness and approval process and delay our ability to generate revenue. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change and we do not yet know the full extent of potential delays or impacts on our business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. Although we cannot estimate the length or gravity of the impact of the COVID-19 outbreak nor estimate the potential impact to our fiscal year 2021 financial statements at this time, if the pandemic continues, it could have a material adverse effect on our results of future operations, financial position, liquidity, and capital resources, and those of the third parties on which we rely in fiscal year 2021. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), as amended on June 5, 2020 by the Paycheck Protection Program (“PPP”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On April 13, 2020, we were granted a loan (the “Loan”) from JPMorgan Chase Bank, N.A. in the aggregate amount of $176,585, pursuant to the PPP under Division A, Title I of the CARES Act. The Loan also provides for customary events of default, including, among others, events of default relating to failure to make payments, bankruptcy, breaches of representations, and material adverse effects. Additionally, the Loan is subject to the terms and conditions applicable to loans administered by the SBA under the CARES Act. We may also be subject to CARES Act-specific lookbacks and audits that may be conducted by other federal agencies, including several oversight bodies created under the CARES Act. These bodies have the ability to coordinate investigations and audits and refer matters to the Department of Justice for civil or criminal enforcement and other actions. The Loan, which was in the form of a Note dated April 13, 2020 issued by us, matures on April 13, 2022 and bears interest at a rate of 0.98% per annum, payable monthly commencing on November 13, 2020. The Note may be prepaid by us at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, rent and utilities. We used the entire Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. We plan to repay the total amount of the loan in 2021, which is reflected in the consolidated balance sheet as current debt.
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.
Cash	Cash As of March 31, 2021 and December 31, 2020, cash was $115.4 million and $40.7 million, respectively, consisting 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. We have 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 our 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 us. Unobservable inputs are inputs that reflect our 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 we can 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 us 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, long-term debt, derivative instruments (warrants) 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) and contingent consideration, which were recorded at fair value at the end of each reporting period. See Note 5 for additional information of the fair value of the derivative liabilities. We recorded contingent consideration from the 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 6 for additional information on the fair value of the contingent consideration.
Derivative Financial Instruments	Derivative Financial Instruments We 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 the 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 5 for additional information. The fair value of the warrants, issued in connection with the October 2015, April 2016, and April 2017 common stock offerings were deemed to be derivative instruments due to certain contingent put features, 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 5) are deemed to be derivative instruments since if we do not maintain an effective registration statement, we are obligated to deliver registered shares upon exercise and settlement of the warrant because there are further registration and prospectus delivery requirements that are outside our control. 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 our 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, 2021 and December 31, 2020, the fair value of all warrants was $5,462 and $11,673, respectively, which are classified as a long-term derivative liability on our condensed consolidated balance sheets.
Property, equipment and depreciation	Property, equipment and depreciation As of March 31, 2021 and December 31, 2020, we had $0.2 million and $0.1 million, respectively, of property and equipment, consisting primarily of lab equipment, 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 3 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, 2021 and 2020 was $18,143 and $6,527, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. We will periodically
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 our fourth quarter, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-4, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. 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. We performed a qualitative assessment of goodwill and determined that it was not more likely than not that the fair value of our reporting was less than its carrying value. There was no impairment of goodwill for the three months ended March 31, 2021 and 2020. In-Process Research and Development ("IPR&D") acquired in a business combination is capitalized as indefinite-lived assets on our condensed consolidated balance sheets at the 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 our 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 the 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 our programs, we could incur significant charges in the period in which the impairment occurs.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. We recognize 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 carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. We recognize 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. We reduce the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that we will not realize some or all of the deferred tax asset. We account 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. We continue to maintain a full valuation allowance for our U.S net deferred tax assets. The current period income tax expense is related to our foreign operations. Under the provisions of the Internal Revenue Code, our net operating loss ("NOL") and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in our ownership pursuant to Section 382. We have completed several financings since our inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code or could result in a change in control in the future. We plan to conduct an assessment in 2021 to determine whether there may have been a Section 382 or 383 ownership change.
Contingencies	Contingencies In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our 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”), we record accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. In accordance with this guidance, we do 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. We do not currently have any commercial biopharmaceutical products and do not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated on the fact that we have no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited.
Share-based payments	Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee and non-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, we issue stock options with only service-based vesting conditions and record the expense for 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 estimated expected stock volatility is based on the historical volatility of our own traded stock price. The expected term of stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options.
Foreign Exchange	Foreign Exchange The functional currency of Hepion Pharmaceuticals, Inc. and ContraVir Research Inc. is the U.S. dollar. The functional currency of Hepion Research Corp. is the Canadian dollar. Our reporting currency is the U.S. dollar. The assets and liabilities of Hepion Research Corp. 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, 2021 and December 31, 2020. 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 consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial at March 31, 2021 and December 31, 2020.
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. Our chief operating decision maker views our 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 attributable to common stockholders by the weighted-average common shares outstanding during the period.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the liability and equity separation model for convertible instruments with a cash conversion feature. As a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Additionally, the embedded conversion feature will no longer be amortized into income as interest expense over the instrument’s life. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, the standard requires applying the if-converted method to calculate convertible instruments’ impact on diluted earnings per share (“EPS”). The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. It can be adopted on either a full retrospective or modified retrospective basis. We are currently evaluating the effect this ASU will have on our consolidated financial statements and related disclosures. We adopted this standard on January 1, 2021 and the impact that this guidance had on our condensed consolidated financial statements was immaterial.

Stockholder_s Equity and Deriva

Stockholder’s Equity and Derivative Liability - Warrants (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Derivative Liability - Warrants [Abstract]
Schedule of Assumptions Used to Measure the Warrants to Remeasure Liability	The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 0.01 years 0.25 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 123 % 124 % Dividend yield — — The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 1.06 years 1.31 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 116 % 115 % Dividend yield — — The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 2.25 years 2.50 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 117 % 118 % Dividend yield — — At March 31, 2021 and December 31, 2020, the assumptions we used to calculate the fair value were as follows: Assumptions March 31, December 31, Discount rate 8.0% 8.0% Stock price $1.84 $2.19 Projected milestone achievement dates September 2021 — January 2025 June 2021 — January 2025 Probability of success of milestone achievements 13 % — 40% 13 % — 40%
Schedule of Changes in Derivative Financial Instruments Liability	The following table sets forth the components of changes in our derivative financial instruments liability balance for the Three Months Ended March 31, 2021: Date Description Number of Warrants Outstanding Derivative Instrument Liability December 31, 2020 Balance of derivative financial instruments liability 102,642 $ 11,673 Change in fair value of warrants for the three months ended March 31, 2021 — (6,211) March 31, 2021 Balance of derivative financial instruments liability 102,642 $ 5,462

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Liabilities Measured and Recognized at Fair Value on a Recurring Basis	The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy at March 31, 2021 and December 31, 2020. Fair Value Measurement at Reporting Date Using Description Fair value (Level 1) (Level 2) (Level 3) As of March 31, 2021: Contingent consideration $ 2,600,000 $ — $ — $ 2,600,000 Derivative liabilities related to warrants $ 5,462 $ — $ — $ 5,462 As of December 31, 2020: Contingent consideration $ 2,570,000 $ — $ — $ 2,570,000 Derivative liabilities related to warrants $ 11,673 $ — $ — $ 11,673
Schedule of Assumptions Used to Calculate Fair Value	The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 0.01 years 0.25 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 123 % 124 % Dividend yield — — The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 1.06 years 1.31 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 116 % 115 % Dividend yield — — The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of March 31, 2021 and December 31, 2020: March 31, December 31, Price of Hepion common stock $ 1.84 $ 2.19 Expected warrant term (years) 2.25 years 2.50 years Risk-free interest rate 0.64 % 0.27 % Expected volatility 117 % 118 % Dividend yield — — At March 31, 2021 and December 31, 2020, the assumptions we used to calculate the fair value were as follows: Assumptions March 31, December 31, Discount rate 8.0% 8.0% Stock price $1.84 $2.19 Projected milestone achievement dates September 2021 — January 2025 June 2021 — January 2025 Probability of success of milestone achievements 13 % — 40% 13 % — 40%
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, 2021. Acquisition- related Contingent Consideration Liabilities: Balance at December 31, 2020 $ 2,570,000 Change in fair value recorded in earnings 30,000 Balance at March 31, 2021 $ 2,600,000

Indefinite-lived Intangible A_2

Indefinite-lived Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Our IPR&D asset consisted of the following at: Indefinite-lived CRV431 balance at December 31, 2020 $ 3,190,000 Change during the three months ended March 31, 2021 — CRV431 balance at March 31, 2021 $ 3,190,000
Schedule of Goodwill	The table below provides a roll-forward of our goodwill balance: Amount Goodwill balance at December 31, 2020 $ 1,870,924 Change during the three months ended March 31, 2021 — Goodwill balance at March 31, 2021 $ 1,870,924

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: March 31, December 31, Payroll and related costs $ 306,487 $ 150,702 Research and development 420,817 438,856 Legal fees 52,875 — Accrued taxes — 37,160 Professional fees 15,900 — Other 21,201 32,854 Total accrued expenses $ 817,280 $ 659,572

Accounting for Share-Based Pa_2

Accounting for Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	We recorded stock-based compensation expense as follows: Three Months Ended 2021 2020 General and administrative $ 711,591 $ 5,910 Research and development 246,280 2,336 Total stock-based compensation expense $ 957,871 $ 8,246
Schedule of Stock Option Activity	A summary of stock option activity under the Plan is presented as follows: Number of Options Exercise Price Weighted Intrinsic Weighted Balance outstanding, December 31, 2020 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 990,930 9.40 years Granted — $ — - $ — $ — $ — Exercised — $ — - $ — $ — $ — Forfeited — $ — - $ — $ — $ — Cancelled — $ — - $ — $ — $ — Balance outstanding, March 31, 2021 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 199,725 9.15 years Vested awards and those expected to vest at March 31, 2021 2,398,882 $ 3.24 - $ 2,452.80 $ 4.21 $ 195,065 9.15 years Vested and exercisable at March 31, 2021 47,515 $ 3.24 - $ 2,452.80 $ 88.38 $ — 8.35 years

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Three Months Ended Basic and diluted net (loss) income per common share 2021 2020 Numerator: Net loss $ (6,057,306) $ (4,226,617) Preferred stock deemed dividend (5,287) — Net loss attributable to common stockholders $ (6,062,593) $ (4,226,617) Denominator: Weighted average common shares outstanding 52,160,742 4,345,699 Net loss per share of common stock—basic and diluted $ (0.12) $ (0.97)
Schedule of Outstanding Securities Excluded from the Computation of Basic and Diluted Weighted Shares Outstanding	The following outstanding securities at March 31, 2021 and 2020 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive: Three Months Ended 2021 2020 Common shares issuable upon conversion of Series A preferred stock 3,184 3,184 Common shares issuable upon conversion of Series C preferred stock 16,654 16,839 Stock options 2,460,677 41,271 Warrants – liability classified 102,642 107,998 Warrants – equity classified 4,223,568 2,428,568 Total 6,806,725 2,597,860

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments Under the Company's Noncancelable Operating Leases	Future minimum rental payments under our noncancelable operating leases at March 31, 2021 is as follows: Remainder of 2021 $ 215,649 2022 271,885 2023 53,902 2024 — 2025 and thereafter — Total 541,436 Present value adjustment (29,913) Lease liability at March 31, 2021 $ 511,523

Business Overview (Details)

Business Overview (Details)	Feb. 14, 2014USD ($)	Oct. 31, 2018USD ($)shares	Dec. 31, 2019USD ($)shares	Feb. 14, 2014CAD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold milestone payment payable				$ 2,450,000
Merger Agreement, Upon Receipt of Phase II Positive Data
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares to be issued (in shares) | shares		4,317
Additional milestone payments payable		$ 3,000,000
Merger Agreement, Upon Initiation of Phase III Trial
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable		5,000,000
Merger Agreement, Upon Acceptance By FDA of New Drug
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable		8,000,000
CEO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment		$ 274,000
Number of shares issued (in shares) | shares		603
Petrus Wijngaard, Director of Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment		$ 2,805
Number of shares issued (in shares) | shares		6
Ciclofilin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment		$ 654,000	$ 1,000,000
Number of shares issued (in shares) | shares		1,439	1,439
Issuance of common stock in conjunction with milestone payment		$ 55,398	$ 55,398
Percentage of issued and outstanding common stock		2.50%	2.50%
Percentage of proceeds from liquidity event	30.00%
Aurinia
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment		$ 346,000
Threshold milestone payment payable				450,000
Offset payment, amount				2,000,000
Percentage of royalty on net sales	2.50%
Royalty percentage	5.00%
Amount payable from the proceeds of liquidity event	$ 150,000
Threshold amount payable				$ 5,000,000

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 13, 2020
Subsidiary, Sale of Stock [Line Items]
Cash	$ 115,449,085		$ 40,726,838
Accumulated deficit	110,162,769		$ 104,105,463
Working capital	114,900,000
Net cash used in operating activities	7,349,248	$ 4,677,962
Net loss	$ 6,057,306	$ 4,226,617
PPP Loan
Subsidiary, Sale of Stock [Line Items]
Principal amount				$ 176,585
Interest rate (as percent)				0.98%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 115,449,085	$ 40,726,838

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Derivative financial instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Fair value of issued warrants	$ 5,462	$ 11,673
(Level 3) | Warrants
Derivative Financial Instruments
Fair value of issued warrants	$ 5,462	$ 11,673

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Equipment and Depreciation (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 172,402		$ 108,440
Depreciation and amortization	18,143	$ 6,527
Carrying value adjustments	$ 0		$ 0
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill and In-Process Research and Development (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Impairment of goodwill	$ 0	$ 0
Impairment of IPR&D	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Prepaid research and development costs	$ 1.9	$ 1.8

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Accounting Policies [Abstract]
Number of operating segments	1

Stockholders' Equity and Deri_2

Stockholders' Equity and Derivative Liability - Warrants - Series A Convertible Preferred Stock (Details) - Series A - shares	Mar. 31, 2021	Dec. 31, 2020	Oct. 14, 2014
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			1,250,000
Convertible preferred stock, shares outstanding (in shares)	85,581	85,581
Stock issued as a result of conversion (in shares)	0

Stockholders' Equity and Deri_3

Stockholders' Equity and Derivative Liability - Warrants - Series C Preferred Stock Issuances (Details) - $ / shares	Jul. 03, 2018	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred shares converted into common stock (in shares)		92
Series C
Class of Stock [Line Items]
Convertible preferred stock, shares issued (in shares)		1,807	1,817
Issuance of common stock, net (in shares)	10,826
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000	$ 1,000
Stock issued as a result of conversion (in shares)		10
Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	88,928
Preferred Stock | Series C
Class of Stock [Line Items]
Convertible preferred stock, shares issued (in shares)	1

Stockholders' Equity and Deri_4

Stockholders' Equity and Derivative Liability - Warrants - Common Stock and Warrant Offering (Details) - USD ($)	Apr. 25, 2017	Apr. 04, 2016	Oct. 13, 2015	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Common Stock and Warrant Offering
Fair value of issued warrants					$ 5,462	$ 11,673
Warrants
Common Stock and Warrant Offering
Warrants issued (in shares)				0
(Level 3) | Warrants
Common Stock and Warrant Offering
Fair value of issued warrants					$ 5,462	$ 11,673
October 13, 2015 Warrants
Common Stock and Warrant Offering
Issuance of common stock, net (in shares)			8,929
Fixed combined price (in dollars per share)			$ 1,680
October 13, 2015 Warrants | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares)			5,357
Exercise period for warrants			5 years
Exercise price per share (in dollars per share)			$ 2,380
April 4, 2016 Warrants
Common Stock and Warrant Offering
Issuance of common stock, net (in shares)		8,803
Fixed combined price (in dollars per share)		$ 795.20
Proceeds from issuance of stock		$ 7,000,000
Offering costs		700,000
Additional proceeds if warrants exercised in full		$ 4,200,000
April 4, 2016 Warrants | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares)		4,401
Exercise period for warrants		5 years
Exercise price per share (in dollars per share)		$ 952
Fundamental transaction period		90 days
April 4, 2016 Warrants | (Level 3) | Warrants
Common Stock and Warrant Offering
Fair value of issued warrants		$ 1,500,000
April 25, 2017 Warrants
Common Stock and Warrant Offering
Issuance of common stock, net (in shares)	21,429
Fixed combined price (in dollars per share)	$ 560
Proceeds from issuance of stock	$ 12,000,000
Offering costs	500,000
Additional proceeds if warrants exercised in full	$ 7,500,000
April 25, 2017 Warrants | Warrants
Common Stock and Warrant Offering
Warrants issued (in shares)	10,714
Exercise period for warrants	5 years
Exercise price per share (in dollars per share)	$ 700
Fundamental transaction period	90 days
April 25, 2017 Warrants | (Level 3) | Warrants
Common Stock and Warrant Offering
Fair value of issued warrants	$ 4,000,000

Stockholders' Equity and Deri_5

Stockholders' Equity and Derivative Liability - Warrants - Schedule of Assumptions Used to Remeasure Warrant Liability (Details)	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares
April 4, 2016 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in dollars per share)	$ 1.84	$ 2.19
April 4, 2016 Warrants | Expected warrant term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected warrant term (years)	3 days	3 months
April 4, 2016 Warrants | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0064	0.0027
April 4, 2016 Warrants | Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.23	1.24
April 4, 2016 Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
April 25, 2017 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in dollars per share)	$ 1.84	$ 2.19
April 25, 2017 Warrants | Expected warrant term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected warrant term (years)	1 year 21 days	1 year 3 months 21 days
April 25, 2017 Warrants | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0064	0.0027
April 25, 2017 Warrants | Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.16	1.15
April 25, 2017 Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
July 3, 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in dollars per share)	$ 1.84	$ 2.19
July 3, 2018 Warrants | Expected warrant term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected warrant term (years)	2 years 3 months	2 years 6 months
July 3, 2018 Warrants | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0064	0.0027
July 3, 2018 Warrants | Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.17	1.18
July 3, 2018 Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0

Stockholders' Equity and Deri_6

Stockholders' Equity and Derivative Liability - Warrants - Components of Changes (Details) - Warrants - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Warrants Outstanding
Balance at the beginning of the period (in shares)	102,642
Change in fair value of warrants (in shares)		0
Balance at end of period (in shares)	102,642
(Level 3)
Derivative Instrument Liability
Balance at the beginning of the period	$ 11,673
Change in fair value of warrants	(6,211)
Balance at end of period	$ 5,462

Stockholders' Equity and Deri_7

Stockholders' Equity and Derivative Liability - Warrants - Common Stock Offering (Details) - USD ($)	Feb. 16, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Proceeds from public offering, net of underwriting discounts, commissions and offering expenses		$ 82,153,600	$ 6,788,465
Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued (in shares)			0
February 16, 2021 Warrants | Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued (in shares)	1,150,000
Exercise price per share (in dollars per share)	$ 2.50
Exercise period for warrants	4 years 6 months
Exercise commencement period for warrants	180 days
Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net (in shares)	44,200,000
Common stock, par value (in dollars per share)	$ 0.0001
Stock price (in dollars per share)	$ 2
Proceeds from public offering, net of underwriting discounts, commissions and offering expenses	$ 82,100,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 2,600,000	$ 2,570,000
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	2,600,000	2,570,000
Derivative liabilities related to warrants	5,462	11,673
Recurring basis | (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Derivative liabilities related to warrants	0	0
Recurring basis | (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Derivative liabilities related to warrants	0	0
Recurring basis | (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	2,600,000	2,570,000
Derivative liabilities related to warrants	$ 5,462	$ 11,673

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	1 Months Ended	3 Months Ended
	Oct. 31, 2018USD ($)shares	Dec. 31, 2019USD ($)shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Jun. 10, 2016shares
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, fair value measurement input			0.080	0.080	0.065
Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, fair value measurement input			1.84	2.19	19.60
Ciclofilin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment of contingent consideration milestone	$ 654,000	$ 1,000,000
Number of shares issued (in shares) | shares	1,439	1,439
Issuance of common stock in conjunction with milestone payment	$ 55,398	$ 55,398
Percentage of issued and outstanding common stock	2.50%	2.50%

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions Used to Calculate Fair Value (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Jun. 10, 2016shares
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Probability of success of milestone achievements	13.00%	13.00%
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Probability of success of milestone achievements	40.00%	40.00%
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, fair value measurement input	0.080	0.080	0.065
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, fair value measurement input	1.84	2.19	19.60

Fair Value Measurements - Activ

Fair Value Measurements - Activity for Fair Value of Contingent Consideration (Details) - Acquisition- related Contingent Consideration - (Level 3) - Recurring basis	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	$ 2,570,000
Change in fair value recorded in earnings	30,000
Balance at end of the period	$ 2,600,000

Indefinite-lived Intangible A_3

Indefinite-lived Intangible Assets and Goodwill - IPR&D (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Indefinite-lived Intangible Assets [Roll Forward]
In-process research and development, beginning balance	$ 3,190,000
Change during period	0
In-process research and development, ending balance	3,190,000
Impairment of IPR&D	$ 0	$ 0

Indefinite-lived Intangible A_4

Indefinite-lived Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 1,870,924
Change during period	0
Ending balance	1,870,924
Impairment of goodwill	$ 0	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll and related costs	$ 306,487	$ 150,702
Research and development	420,817	438,856
Legal fees	52,875	0
Accrued taxes	0	37,160
Professional fees	15,900	0
Other	21,201	32,854
Accrued expenses	$ 817,280	$ 659,572

Accounting for Share-Based Pa_3

Accounting for Share-Based Payments - Additional Information (Details) - USD ($) $ in Millions	Jun. 03, 2013	Mar. 31, 2021	Jul. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Contractual term (in years)	10 years
Authorized shares (in shares)			2,500,000
Shares available for grant (in shares)		35,229
Unrecognized compensation cost related to non-vested stock		$ 5.2
Weighted average remaining vesting period over which unrecognized compensation is expected to be recognized (in years)		2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0

Accounting for Share-Based Pa_4

Accounting for Share-Based Payments - Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 957,871	$ 8,246
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	711,591	5,910
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 246,280	$ 2,336

Accounting for Share-Based Pa_5

Accounting for Share-Based Payments - Stock Option Activity (Details) - Stock options - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Number of Options
Balance outstanding at the beginning of the period (in shares)	2,460,677
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Cancelled (in shares)	0
Balance outstanding at the end of the period (in shares)	2,460,677	2,460,677
Vested awards and those expected to vest at the end of the period (in shares)	2,398,882
Vested and exercisable at the end of the period (in shares)	47,515
Weighted Average Exercise Price Per Share
Balance outstanding (in dollars per share)	$ 4.17	$ 4.17
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Cancelled (in dollars per share)	0
Vested awards and those expected to vest at the end of the period (in dollars per share)	4.21
Vested and exercisable at the end of the period (in dollars per share)	$ 88.38
Intrinsic Value
Balance outstanding at the beginning of the period	$ 990,930
Granted	0
Exercised	0
Forfeited	0
Cancelled	0
Balance outstanding at the end of the period	199,725	$ 990,930
Vested awards and those expected to vest at the end of the period	195,065
Vested and exercisable at the end of the period	$ 0
Weighted Average Remaining Contractual Team
Balance outstanding term (in years)	9 years 1 month 24 days	9 years 4 months 24 days
Vested awards and those expected to vest at the end of the period (in years)	9 years 1 month 24 days
Vested and exercisable at the end of the period (in years)	8 years 4 months 6 days
Exercise price range one
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 1.63	$ 1.63
Exercise price, high end of the range (in dollars per share)	2,452.80	$ 2,452.80
Exercise price range two
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	0
Exercise price, high end of the range (in dollars per share)	0
Exercise price range three
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	3.24
Exercise price, high end of the range (in dollars per share)	$ 2,452.80

Loss per Share - Computation of

Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (6,057,306)	$ (4,226,617)
Preferred stock deemed dividend	(5,287)	0
Net loss attributable to common shareholders	(6,062,593)	(4,226,617)
Net loss attributable to common shareholders	$ (6,062,593)	$ (4,226,617)
Denominator:
Weighted average common shares outstanding (in shares)	52,160,742	4,345,699
Weighted average common shares outstanding (in shares)	52,160,742	4,345,699
Net loss per share of common stock—basic (in dollars per share)	$ (0.12)	$ (0.97)
Net loss per share of common stock—diluted (in dollars per share)	$ (0.12)	$ (0.97)

Loss per Share - Schedule of Ou

Loss per Share - Schedule of Outstanding Securities Excluded from Computation of Basic and Diluted Weighted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,806,725	2,597,860
Common shares issuable upon conversion of Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	3,184	3,184
Common shares issuable upon conversion of Series C preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	16,654	16,839
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	2,460,677	41,271
Warrants – liability classified
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	102,642	107,998
Warrants – equity classified
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	4,223,568	2,428,568

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Oct. 31, 2019	May 31, 2018	Dec. 21, 2017
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	$ 493,717		$ 556,492
Current lease liabilities	211,140		279,826
Non-current lease liabilities	$ 300,383		$ 295,755
Estimated incremental borrowing rate (as a percent)	6.50%
Rent expense	$ 100,000	$ 100,000
Weighted average remaining term of noncancelable leases (in years)	1 year 10 months 20 days
Corporate Office Space
Lessee, Lease, Description [Line Items]
Renewal term (in years)						5 years
Office Equipment
Lessee, Lease, Description [Line Items]
Term (in years)					3 years
Office and Research Laboratory
Lessee, Lease, Description [Line Items]
Term (in years)				3 years

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Rental Payments Under the Company's Noncancelable Operating Leases (Details)	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2021	$ 215,649
2022	271,885
2023	53,902
2024	0
2025 and thereafter	0
Total	541,436
Present value adjustment	(29,913)
Lease liability at end of period	$ 511,523