Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001595248 | |
Entity Registrant Name | Genprex, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38244 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 90-0772347 | |
Entity Address, Address Line One | 3300 Bee Cave Road, #650-227 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78746 | |
City Area Code | 512 | |
Local Phone Number | 537-7997 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GNPX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,098,698 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 8,217,115 | $ 6,737,629 |
Prepaid expenses and other | 1,010,761 | 794,138 |
Total current assets | 9,227,876 | 7,531,767 |
Property and equipment, net | 4,023 | 7,859 |
Other non-current assets: | ||
Security deposits | 10,000 | 10,000 |
Research and development supplies | 2,532,226 | 2,347,488 |
Intellectual property, net | 790,466 | 773,478 |
Total other assets | 3,332,692 | 3,130,966 |
Total assets | 12,564,591 | 10,670,592 |
Current liabilities: | ||
Accounts payables | 2,152,210 | 1,397,610 |
Other current liabilities | 1,655,701 | 1,856,598 |
Total current liabilities | 3,807,911 | 3,254,208 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock $0.001 par value: 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively | 0 | 0 |
Common stock $0.001 par value: 200,000,000 shares authorized; 1,922,586 and 1,485,902 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively | 1,923 | 1,486 |
Additional paid-in capital | 148,411,906 | 141,103,178 |
Accumulated deficit | (139,657,149) | (133,688,280) |
Total stockholders’ equity | 8,756,680 | 7,416,384 |
Total liabilities and stockholders’ equity | $ 12,564,591 | $ 10,670,592 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 1,922,586 | 1,485,902 |
Common stock, shares outstanding (in shares) | 1,922,586 | 1,485,902 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Depreciation | $ 2,670 | $ 4,016 |
Research and development | 3,274,380 | 5,310,148 |
General and administrative | 2,719,667 | 3,950,390 |
Total operating expenses | 5,996,717 | 9,264,554 |
Operating loss | (5,996,717) | (9,264,554) |
Interest income | 27,713 | 68,471 |
Realized gain (loss) | 135 | (6,691) |
Net loss | $ (5,968,869) | $ (9,202,774) |
Net loss per share—basic and diluted (in dollars per share) | $ (3.69) | $ (7.44) |
Weighted average number of common shares—basic and diluted (in shares) | 1,618,240 | 1,236,822 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at December 31, 2023 (in shares) at Dec. 31, 2022 | 1,202,677 | |||
Balance at December 31, 2023 at Dec. 31, 2022 | $ 1,203 | $ 125,101,356 | $ (102,827,819) | $ 22,274,740 |
Issuance of common stock, pre-funded warrants, and warrants for cash, net of issuance costs (in shares) | 96,581 | |||
Issuance of common stock, pre-funded warrants, and warrants for cash, net of issuance costs | $ 96 | 4,080,684 | 0 | 4,080,780 |
Issuance of common stock for services (in shares) | 125 | |||
Issuance of common stock for services | $ 0 | 21,885 | 0 | 21,885 |
Share-based compensation | 0 | 1,310,230 | 0 | 1,310,230 |
Net loss | $ 0 | 0 | (9,202,774) | (9,202,774) |
Balance at March 31, 2024 (in shares) at Mar. 31, 2023 | 1,299,383 | |||
Balance at March 31, 2024 at Mar. 31, 2023 | $ 1,299 | 130,514,155 | (112,030,593) | 18,484,861 |
Balance at December 31, 2023 (in shares) at Dec. 31, 2023 | 1,485,902 | |||
Balance at December 31, 2023 at Dec. 31, 2023 | $ 1,486 | 141,103,178 | (133,688,280) | 7,416,384 |
Issuance of common stock, pre-funded warrants, and warrants for cash, net of issuance costs (in shares) | 323,474 | |||
Issuance of common stock, pre-funded warrants, and warrants for cash, net of issuance costs | $ 323 | 6,792,876 | 0 | 6,793,199 |
Issuance of common stock for services (in shares) | 36,375 | |||
Issuance of common stock for services | $ 36 | 180,684 | 0 | $ 180,720 |
Company issued rounding of street name accounts for reverse stock split (in shares) | 64,690 | 64,690 | ||
Company issued rounding of street name accounts for reverse stock split | $ 65 | (65) | 0 | $ 0 |
RSUs conversion to common stock (in shares) | 12,145 | |||
RSUs conversion to common stock | $ 13 | (13) | 0 | 0 |
Share-based compensation | 0 | 335,246 | 0 | 335,246 |
Net loss | $ 0 | 0 | (5,968,869) | (5,968,869) |
Balance at March 31, 2024 (in shares) at Mar. 31, 2024 | 1,922,586 | |||
Balance at March 31, 2024 at Mar. 31, 2024 | $ 1,923 | $ 148,411,906 | $ (139,657,149) | $ 8,756,680 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (5,968,869) | $ (9,202,774) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2,670 | 4,016 |
Share-based compensation and issuance of stock for services | 515,966 | 1,332,115 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 34,852 |
Prepaid expenses and other | (216,623) | (1,375,118) |
Research and development supplies | (184,738) | 249,542 |
Accounts payable | 754,601 | 1,769,329 |
Other current liabilities | (200,898) | 255,601 |
Net cash used in operating activities | (5,297,891) | (6,932,437) |
Cash flows from investing activities: | ||
Disposals of property and equipment | 1,166 | 0 |
Additions to intellectual property | (16,988) | (19,627) |
Net cash used in investing activities | (15,822) | (19,627) |
Cash flows from financing activities: | ||
Net proceeds from issuances of common stock, pre-funded warrants, and warrants | 6,793,199 | 4,080,780 |
Net cash provided by financing activities | 6,793,199 | 4,080,780 |
Net increase (decrease) in cash and cash equivalents | 1,479,486 | (2,871,284) |
Cash and cash equivalents, beginning of period | 6,737,629 | 20,954,069 |
Cash and cash equivalents, end of period | $ 8,217,115 | $ 18,082,785 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Unless the context requires otherwise, references to “Genprex,” the “Company,” “we,” “us” or “our” in this Quarterly Report on Form 10 April 2008, 1 may 2 Oncology Platform Genprex’s lead oncology drug candidate, Reqorsa® ( quaratusugene ozeplasmid 001, Acclaim- 1 2a 1/2 1 1 osimertinib May 2023 1 1 1 1 2a no 1 2 “RP2D” 0.12 1 erlotinib 2a first January 2024. 2a 66 19 19 2a 2024, 2025. 1 Acclaim- 2 1 1/2 2 2 pembrolizumab 0.06 first 2 2 0.09 0.12 second 2024. 2a RP2D. 2 The expansion portion of both the Acclaim- 1 2 2 RP2D 2 Acclaim- 3 1 1/2 3 3 atezolizumab not January 2024, 1 3 first May 2024. 1 second 2024 2 3 second 2024. June 2023, 3 not August 2023, GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 The TUSC2 one 3 August 2022, three TUSC2 Diabetes Gene Therapy In diabetes, the Company has exclusively licensed from the University of Pittsburgh of the Commonwealth System of Higher Education (“University of Pittsburgh”) multiple technologies relating to the development of a gene therapy product for each of Type 1 2 1 2 Pdx1 002 1 2 002 1 may 002 2 003 not December 2023, first 2024 October 2023, one August 2022 002 2 July 2023. Pdx1 1 2 7 10 Capital Requirements, Liquidity and Going Concern Considerations The Company's unaudited condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has sustained substantial losses from operations since inception and has no The Company recognizes that it must obtain additional capital resources to successfully commercialize its product candidates. To date, Genprex has received funding in the form of equity and debt, and the Company plans to seek additional funding in the future. However, no not may not Genprex believes that its current cash and cash equivalents will be sufficient to fund expenditure requirements for its necessary operations and expected clinical trial activities into the third 2024. may no As a result of its recurring losses from operations and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern. The unaudited condensed financial statements do not GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Genprex’s unaudited condensed financial statements have been prepared in accordance with US GAAP and the requirements of the United States Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that is normally required by US GAAP can be condensed or omitted. Accordingly, they do not December 31, 2023 December 31, 2023 2023 10 April 1, 2024 ( 10 The accompanying condensed financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of Genprex’s condensed financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not may A summary of Genprex’s significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed financial statements follows. Reverse Stock Split On February 2, 2024, 1 not 4 Use of Estimates The preparation of Genprex’s unaudited condensed financial statements in conformity with US GAAP requires the Company 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 unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Genprex considers all highly liquid short-term investments with an initial maturity of three $250,000 March 31, 2024 December 31, 2023 Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock, which includes common stock equivalents consisting of (i) 3,643,636 unexercised options granted by the Company’s board of directors and unexercised warrants to purchase shares of common stock, and (ii) 33,361 unvested restricted stock units granted by the Company’s board of directors representing the right upon vesting to receive shares of common stock as of March 31, 2024 Fair Value of Financial Instruments The carrying amounts reported in the condensed balance sheets for cash, money-market savings account, accounts receivable, and accounts payable approximate fair value because of the immediate or short-term maturity of these condensed financial instruments. GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three five Research and Development Costs Research and development expenditures consist of costs incurred to conduct research, develop engineering materials for further study, and develop clinical strategies for current and future programs associated with the Company’s preclinical and Phase 1/2 Materials acquired to be used in clinical research, that have an alternative future use, are capitalized when the materials are acquired, and included in research and development supplies. These supplies are recognized as expense as they are consumed through use for testing or clinical activities, or have spoiled. The costs of materials that were acquired for a particular research and development activity and have no Research and development supplies purchased, valued at cost, and capitalized for future use were $2,532,226 and $2,347,488 at March 31, 2024 December 31, 2023 Intellectual Property Intellectual property consists of legal and related costs associated with patents, trademarks, and other proprietary technology and rights developed, acquired, or licensed by Genprex that it believes contribute to a probable economic benefit toward such patents and activities. Costs incurred in connection with obtaining intellectual property protection, such as patent applications and filing fees associated with patent protection, are capitalized. Intellectual property is stated at cost and is to be amortized on a straight-line basis over the estimated useful lives of the assets. Accounting for Stock-Based Compensation Genprex uses the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. The Company measures options granted at fair value determined as of the grant date and recognizes the expense over the periods in which the options vest or are expected to vest and related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period. Long-Lived Assets Genprex reviews long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not three March 31, 2024 2023, no Recent Accounting Developments Accounting pronouncements issued but not March 31, 2024 not In November 2023, 2023 07, 280 December 15, 2023, December 15, 2024, 2023 07 In December 2023, 2023 09, 740 December 15, 2024, 2023 09 GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 |
Note 3 - Intellectual Property
Note 3 - Intellectual Property | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 3 As of March 31, 2024 University of Pittsburgh On February 11, 2020, 1 2 first August 17, 2022, November 3, 2022, 1 7 On November 22, 2022, 1 On December 29, 2022, Pdx1 2 On July 14, 2023, 1 2 Pdx1 The University of Texas MD Anderson Cancer Center On May 4, 2020, GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 |
Note 4 - Equity
Note 4 - Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 4 Reverse Stock Split At Genprex’s special meeting of stockholders held on December 14, 2023, not 1 10 not 1 50, January 19, 2024, 1 February 2, 2024. not Registered Direct Offerings On March 1, 2023, 5 may On July 21, 2023, July 18, 2028. may On March 21, 2024, “March 2024 “March 2024 March 2024 March 2024 March 2024 March 2024 March 2024 five may March 2024 March 2023 July 2023, March 1, 2028 July 21, 2028 five At-The-Market Offering On December 13, 2023, “2023 may may 3 No. 333 271386 April 21, 2023, June 9, 2023. three January 1, 2024 10 2023 On November 18, 2022, “2022 3 No. 333 239134 three March 31, 2023 2022 December 12, 2023, 2022 December 13, 2023. Stock Issuances During the three March 31, 2024 2023 March 2024 During the three March 31, 2023 2022 March 2023 Preferred Stock Genprex is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share, none March 31, 2024 December 31, 2023 Common Stock Genprex is authorized to issue 200,000,000 shares of common stock with a par value of $0.001 per share, all of which are voting common stock. There were 1,922,586 and 1,485,902 shares of its common stock outstanding as of March 31, 2024 December 31, 2023 GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 Common Stock Purchase Warrants Common stock purchase warrant activity for the three March 31, 2024 2023, 2024 2023 Number of Weighted Average Number of Weighted Average Warrants Exercise Price Warrants Exercise Price Outstanding at January 1, 346,440 $ 57.79 53,695 $ 172.81 Warrants issued 3,011,751 2.26 95,989 44.17 Warrants cancelled or expired — — 960 250.00 Outstanding at March 31, 3,358,191 $ 5.93 148,724 $ 89.56 Exercisable at March 31, 3,352,774 $ 5.80 142,265 $ 59.79 During the three March 31, 2024 March 21, 2024, March 2023 July 2023, five March 2024 three March 31, 2024 2024 March 31, 2024 During the three March 31, 2023, March 2018. three March 31, 2023, As of March 31, 2024 12 five three March 31, 2024 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Expected term (in years): 2.5 2.5 - 3.0 Risk-free rate: 4.52% 4.99% - 5.06% Volatility: 87.49% 83.14% Dividend yield: 0% 0% GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 2018 The Company’s board of directors and stockholders have approved and adopted the Genprex 2018 “2018 April 3, 2018. 2018 422 1986, may may A total of 104,000 shares of common stock were initially available under the 2018 not 2009 “2009 No 2009 In addition, the number of shares of common stock reserved for issuance under the 2018 January 1 January 1, 2019, December 31 2018 On January 1, 2023 2024, 2018 March 31, 2024 2018 2018 The Company’s board of directors and stockholders approved and adopted the Genprex 2018 April 3, 2018. not may January 1 January 1, 2019, December 31 not shares reserved for issuance under the ESPP on January 1, 2024 . Stock Options As of March 31, 2024 2018 2021 2023. ten no three March 31, 2024 three March 31, 2024 2023, Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Expected term (in years): — 6.0 Risk-free rate: — 4.67% – 4.71% Volatility: — 83.14% Dividend yield: — 0% GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 During the three March 31, 2024 During the three March 31, 2023 The weighted average remaining contractual term for the outstanding options at March 31, 2024 December 31, 2023 Stock option activity for the three March 31, 2024 2023, 2024 2023 Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price Outstanding at January 1, 285,883 $ 121.11 284,377 $ 123.19 Options granted — — 2,063 57.23 Options expired or cancelled 438 32.40 — — Outstanding at March 31, 285,445 $ 121.25 286,440 $ 122.72 Exercisable at March 31, 251,136 $ 126.16 203,500 $ 129.51 Restricted Stock Units During the three March 31, 2024 three March 31, 2023 A summary of the RSU activity under the 2018 three March 31, 2024 2023, 2024 2023 Number of Weighted Average Number of Weighted Average Units Grant Date Fair Value Units Grant Date Fair Value Outstanding at January 1, 51,862 $ 59.48 — — Restricted stock units granted — — 47,834 66.00 Restricted stock units vested 12,145 66.00 — — Restricted stock units forfeited or cancelled 6,086 $ 66.00 — — Outstanding at March 31, 33,631 $ 55.95 47,834 $ 66.00 GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 Share-Based Compensation For the three March 31, 2024 March 31, 2024 not three March 31, 2024 For the three March 31, 2023 As of March 31, 2024 one not may |
Note 5 - 401(k) Savings Plan
Note 5 - 401(k) Savings Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Defined Contribution Plan [Text Block] | Note 5 401 In 2022, 401 “401 401 401 401 three March 31, 2024 2023, |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6 Introgen Research Institute Introgen Research Institute (“IRI”) is a Texas-based technology company formed by Rodney Varner, the Company’s former President, Chief Executive Officer and Chairman of the Board, who served in such capacity until his death on May 7, 2024, April 2009, August 2012, 2011 7 no March 31, 2024 December 31, 2023 GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 Commitments MD Anderson Cancer Center In July 2018, two May 2022 August 2022, three NPRL2 three March 31, 2024 2023, March 31, 2024 In 2011, 1994 On March 3, 2021, May 4, 2020, six one TUSC2 TUSC2 five six five three March 31, 2024 2023, March 31, 2024 National Institutes of Health Genprex has a royalty obligation to the National Institutes of Health (“NIH”) to be paid upon the Company’s receipt of FDA approval using NIH technology. The $240,000 contingent obligation, which increases annually by $20,000, and is $380,000 and $360,000 as of March 31, 2024 December 31, 2023, GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 University of Pittsburgh Pursuant to an exclusive license agreement dated February 11, 2020, August 17, 2022, November 3, 2022, first three first first 1 20 first three March 31, 2024 2023, March 31, 2024 Pursuant to an exclusive license agreement dated November 22, 2022, first three first first 1 20 first three March 31, 2024 2023, March 31, 2024 Pursuant to an exclusive license agreement dated December 29, 2022, first three first first 2 20 first three March 31, 2024 2023, March 31, 2024 Pursuant to an exclusive license agreement dated July 14, 2023, first second third fourth fourth first first 1 2 20 first three March 31, 2024 2023, March 31, 2024 Contract Development and Manufacturing Organization Genprex entered into a three July 2022, January 2023 March 2023, three March 31, 2024 2023, March 31, 2024 Contingencies From time to time, the Company may not GENPREX, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2024 |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8 Share Issuance On April 1, 2024, April 15, 2024, March 2024 Departure and Appointment of a Named Executive Officer On May 8, 2024, 2016, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Rule 10b5 1 Trading Arrangements and Non-Rule 10b5 1 Trading Arrangements During the fiscal quarter ended March 31, 2024, none 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 4 - Equity (Tables)
Note 4 - Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 2024 2023 Number of Weighted Average Number of Weighted Average Warrants Exercise Price Warrants Exercise Price Outstanding at January 1, 346,440 $ 57.79 53,695 $ 172.81 Warrants issued 3,011,751 2.26 95,989 44.17 Warrants cancelled or expired — — 960 250.00 Outstanding at March 31, 3,358,191 $ 5.93 148,724 $ 89.56 Exercisable at March 31, 3,352,774 $ 5.80 142,265 $ 59.79 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Expected term (in years): 2.5 2.5 - 3.0 Risk-free rate: 4.52% 4.99% - 5.06% Volatility: 87.49% 83.14% Dividend yield: 0% 0% Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Expected term (in years): — 6.0 Risk-free rate: — 4.67% – 4.71% Volatility: — 83.14% Dividend yield: — 0% |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2024 2023 Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price Outstanding at January 1, 285,883 $ 121.11 284,377 $ 123.19 Options granted — — 2,063 57.23 Options expired or cancelled 438 32.40 — — Outstanding at March 31, 285,445 $ 121.25 286,440 $ 122.72 Exercisable at March 31, 251,136 $ 126.16 203,500 $ 129.51 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2024 2023 Number of Weighted Average Number of Weighted Average Units Grant Date Fair Value Units Grant Date Fair Value Outstanding at January 1, 51,862 $ 59.48 — — Restricted stock units granted — — 47,834 66.00 Restricted stock units vested 12,145 66.00 — — Restricted stock units forfeited or cancelled 6,086 $ 66.00 — — Outstanding at March 31, 33,631 $ 55.95 47,834 $ 66.00 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |||
Feb. 02, 2024 | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Cash, Uninsured Amount | $ 7,967,044 | $ 6,490,117 | ||
Research and Development Assets, Current | 2,532,226 | $ 2,347,488 | ||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 3,643,636 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 33,361 | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 40 |
Note 3 - Intellectual Property
Note 3 - Intellectual Property (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Granted Patents | 21 |
Number of Pending Patent Applications | 24 |
Note 4 - Equity (Details Textua
Note 4 - Equity (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2024 USD ($) $ / shares shares | Mar. 21, 2024 USD ($) $ / shares shares | Feb. 02, 2024 | Jan. 01, 2024 shares | Dec. 31, 2023 USD ($) $ / shares shares | Jul. 21, 2023 USD ($) $ / shares shares | Mar. 01, 2023 USD ($) $ / shares shares | Jan. 01, 2023 shares | Nov. 18, 2022 USD ($) | Apr. 03, 2018 shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Jul. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,358,191 | 3,358,191 | 3,358,191 | ||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | 5 years | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.93 | $ 57.79 | $ 5.93 | $ 5.93 | $ 89.56 | $ 57.79 | $ 172.81 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 6,793,199 | $ 4,080,780 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 180,720 | $ 21,885 | |||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 64,690 | ||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Common Stock, Shares, Outstanding (in shares) | 1,922,586 | 1,485,902 | 1,922,586 | 1,922,586 | 1,485,902 | ||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 3,011,751 | 95,989 | |||||||||||||||
Class of Warrant or Right, Cancelled During Period (in shares) | 0 | 960 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 285,445 | 285,883 | 285,445 | 285,445 | 286,440 | 285,883 | 284,377 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 121.25 | $ 121.11 | $ 121.25 | $ 121.25 | $ 122.72 | $ 121.11 | $ 123.19 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period (in shares) | 438 | 0 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 32.4 | $ 0 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 2,063 | |||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0 | $ 57.23 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 10 months 17 days | 6 years 1 month 17 days | |||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 3,358,191 | 346,440 | 3,358,191 | 3,358,191 | 148,724 | 346,440 | 53,695 | ||||||||||
Common Stock [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 36,375 | 125 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 36 | $ 0 | |||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 64,690 | ||||||||||||||||
Shares, Issued (in shares) | 12,145 | 12,145 | 12,145 | ||||||||||||||
The 2018 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 86,418 | 74,294 | 60,132 | 104,000 | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Applied on Outstanding Shares of Common Stock For Automatically Increase on Each Year | 5% | ||||||||||||||||
The 2009 Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 65,719 | ||||||||||||||||
The 2018 Employee Stock Purchase Plan [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Applied on Outstanding Shares of Common Stock For Automatically Increase on Each Year | 2% | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,202 | ||||||||||||||||
Excluding the 2018 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 25,417 | 25,417 | 25,417 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 12,145 | 0 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 53,438 | ||||||||||||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 6,086 | ||||||||||||||||
Shares, Issued (in shares) | 47,834 | 47,834 | 47,834 | ||||||||||||||
Performance Shares [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expense, Future Milestone | $ | $ 300,000 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 | 0 | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 500,000 | $ 1,300,000 | |||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 3,000,000 | $ 3,000,000 | |||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 11 months 12 days | ||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 100,000 | 300,000 | |||||||||||||||
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 400,000 | $ 1,000,000 | |||||||||||||||
Scientific Advisory Board Chairman [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 125 | 125 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 1,170 | $ 7,950 | |||||||||||||||
Service Providers [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 36,250 | ||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 179,550 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 288.8 | $ 288.8 | $ 288.8 | ||||||||||||||
Warrants or Rights, Fair Value Per Share (in dollars per share) | $ / shares | 185 | 185 | $ 185 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 48 months | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | 392 | 392 | $ 392 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 317.2 | ||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 60.4 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | 4.09 | 4.09 | 4.09 | ||||||||||||||
Warrants or Rights, Fair Value Per Share (in dollars per share) | $ / shares | 1.21 | 1.21 | $ 1.21 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 12 months | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 18 | $ 18 | $ 18 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.62 | ||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 52 | ||||||||||||||||
Warrants Issued with Registered Direct Offering [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 185,644 | 95,239 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 35.4 | $ 44 | |||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 95,239 | ||||||||||||||||
Placement Agent Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 11,140 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.2688 | $ 50.5 | |||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 92,527 | ||||||||||||||||
Class of Warrant or Right, Cancelled During Period (in shares) | 960 | ||||||||||||||||
March 2024 Pre-Funded Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 1,377,112 | ||||||||||||||||
March 2024 Pre-Funded Warrants [Member] | Maximum [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,377,112 | ||||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 1,542,112 | ||||||||||||||||
March 2024 Common Warrants [Member] | |||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.09 | ||||||||||||||||
March 2024 Common Warrants [Member] | Maximum [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,542,112 | ||||||||||||||||
March 2024 Pre-Funded Warrant and Common Warrant [Member] | |||||||||||||||||
Class of Warrant or Right, Combined Purchase Price | $ | $ 4.2149 | ||||||||||||||||
Amended Registered Direct Offering [Member] | |||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.09 | $ 44 | $ 35.4 | ||||||||||||||
Class of Warrant or Right, Amendment Price Per Warrant (in dollars per share) | $ / shares | $ 0.125 | ||||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 194,248 | ||||||||||||||||
Amended Registered Direct Offering [Member] | Maximum [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 194,248 | 194,248 | |||||||||||||||
Vesting of Warrants For Service Provider [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 8,917 | $ 43,300 | |||||||||||||||
Vesting of Warrants For Service Provider [Member] | Forecast [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 9,122 | ||||||||||||||||
Warrants Issued for Services [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 750 | ||||||||||||||||
Warrants Issued for Services [Member] | Maximum [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 66 | ||||||||||||||||
Performance-based Warrant [Member] | |||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 1 | 1 | 1 | ||||||||||||||
Warrant, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 0.3 | $ 0.3 | $ 0.3 | ||||||||||||||
Registered Direct Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 165,000 | 95,239 | |||||||||||||||
Equity Offering, Combined Purchase Price (in dollars per share) | $ / shares | $ 4.215 | $ 42 | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 3,600,000 | $ 5.8 | |||||||||||||||
Payments of Stock Issuance Costs | $ | $ 400,000 | ||||||||||||||||
July 2023 Registered Direct Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 185,644 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 6,700,000 | ||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 800,000 | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 40.4 | ||||||||||||||||
The 2022 ATM Facility [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 158,474 | 1,342 | |||||||||||||||
Brokerage Commissions, Percentage of Gross Proceeds | 3% | 3% | |||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 881,946 | $ 78,355 | |||||||||||||||
The 2022 ATM Facility [Member] | Maximum [Member] | |||||||||||||||||
Common Stock, Shares Authorized, Value | $ | $ 50,000,000 | ||||||||||||||||
March 2024 Registered Direct Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 165,000 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 5,800,000 | ||||||||||||||||
March 2023 Registered Direct Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 95,239 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 3,600,000 | ||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 40 |
Note 4 - Equity - Common Stock
Note 4 - Equity - Common Stock Purchase Warrant Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, number of warrants (in shares) | 346,440 | 53,695 |
Outstanding, weighted average exercise price (in dollars per share) | $ 57.79 | $ 172.81 |
Warrants issued, number of warrants (in shares) | 3,011,751 | 95,989 |
Warrants issued, weighted average exercise price (in dollars per share) | $ 2.26 | $ 44.17 |
Warrants cancelled or expired, number of warrants (in shares) | 0 | 960 |
Warrants cancelled or expired, weighted average exercise price (in dollars per share) | $ 0 | $ 250 |
Outstanding, number of warrants (in shares) | 3,358,191 | 148,724 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.93 | $ 89.56 |
Exercisable, number of warrants (in shares) | 3,352,774 | 142,265 |
Exercisable, weighted average exercise price (in dollars per share) | $ 5.8 | $ 59.79 |
Note 4 - Equity - Assumptions (
Note 4 - Equity - Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Expected term (in years): (Year) | 2 years 6 months | |
Risk-free rate: | 4.52% | |
Volatility: | 87.49% | 83.14% |
Dividend yield: | 0% | 0% |
Minimum [Member] | ||
Expected term (in years): (Year) | 2 years 6 months | |
Risk-free rate: | 4.99% | |
Maximum [Member] | ||
Expected term (in years): (Year) | 3 years | |
Risk-free rate: | 5.06% | |
Share-Based Payment Arrangement, Option [Member] | ||
Expected term (in years): (Year) | 6 years | |
Volatility: | 83.14% | |
Dividend yield: | 0% | |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Risk-free rate: | 4.67% | |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Risk-free rate: | 4.71% |
Note 4 - Equity - Stock Option
Note 4 - Equity - Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, number of shares (in shares) | 285,883 | 284,377 |
Outstanding, weighted average exercise price (in dollars per share) | $ 121.11 | $ 123.19 |
Options granted, number of shares (in shares) | 0 | 2,063 |
Options granted, weighted average exercise price (in dollars per share) | $ 0 | $ 57.23 |
Options expired or cancelled, number of shares (in shares) | 438 | 0 |
Options expired or cancelled, weighted average exercise price (in dollars per share) | $ 32.4 | $ 0 |
Outstanding, number of shares (in shares) | 285,445 | 286,440 |
Outstanding, weighted average exercise price (in dollars per share) | $ 121.25 | $ 122.72 |
Exercisable, number of shares (in shares) | 251,136 | 203,500 |
Exercisable, weighted average exercise price (in dollars per share) | $ 126.16 | $ 129.51 |
Note 4 - Equity - Restricted St
Note 4 - Equity - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, shares (in shares) | 51,862 | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 59.48 | $ 0 |
Restricted stock units granted, shares (in shares) | 0 | 47,834 |
Restricted stock units granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 66 |
Restricted stock units vested, shares (in shares) | 12,145 | 0 |
Restricted stock units vested (in dollars per share) | $ 66 | $ 0 |
Restricted stock units forfeited or cancelled, shares (in shares) | 6,086 | 0 |
Restricted stock units forfeited or cancelled (in dollars per share) | $ 66 | $ 0 |
Outstanding, shares (in shares) | 33,631 | 47,834 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 55.95 | $ 66 |
Note 5 - 401(k) Savings Plan (D
Note 5 - 401(k) Savings Plan (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Contribution Plan, Cost | $ 37,390 | $ 63,048 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 31, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2009 | Jul. 14, 2023 | Dec. 29, 2022 | Nov. 22, 2022 | Mar. 03, 2021 | Feb. 11, 2020 | |
Costs and Expenses | $ 5,996,717 | $ 9,264,554 | ||||||||||
License Agreement Terms [Member] | ||||||||||||
Costs and Expenses | 0 | 0 | ||||||||||
Contract Payments Incurred and Paid | $ 320,000 | |||||||||||
License Agreement Milestone Payment | $ 6,150,000 | |||||||||||
National Institute of Health [Member] | ||||||||||||
Royalty on Sales, Percentage | 1% | |||||||||||
Royalty Term (Year) | 21 years | |||||||||||
Royalty Payment, Annual Minimum | $ 20,000 | |||||||||||
Payment for Contingent Consideration Liability, Operating Activities | $ 240,000 | |||||||||||
Contingent Payments Annual Increase | $ 20,000 | |||||||||||
Other Commitment | 380,000 | 360,000 | ||||||||||
Research Agreement [Member] | MD Anderson [Member] | ||||||||||||
Long Term Contract, Estimated Cost | $ 2,900,000 | $ 2,000,000 | 2,900,000 | |||||||||
Costs and Expenses | 0 | 0 | ||||||||||
Contract Payments Incurred and Paid | 960,000 | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | ||||||||||||
Licensing Fee, Amount | $ 25,000 | |||||||||||
Annual Maintenance Fee, First Three Years, Amount | 25,000 | |||||||||||
Annual Maintenance Fee, After Year Three, Amount | 40,000 | |||||||||||
Annual Royalty Payment Per Year, Minimum | $ 250,000 | |||||||||||
Share of Non-Royalty Sublicense Income, Percent | 20% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Dosing of First Human Patient in a Phase I Clinical Trial [Member] | ||||||||||||
Costs and Expenses | 25,000 | 25,000 | ||||||||||
Contract Payments Incurred and Paid | 150,000 | |||||||||||
Milestone Payment | $ 3,975,000 | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 Diabetes [Member] | ||||||||||||
Costs and Expenses | 0 | 0 | ||||||||||
Contract Payments Incurred and Paid | 50,000 | |||||||||||
Licensing Fee, Amount | $ 25,000 | $ 25,000 | ||||||||||
Annual Maintenance Fee, First Three Years, Amount | 25,000 | |||||||||||
Annual Maintenance Fee, After Year Three, Amount | 40,000 | |||||||||||
Annual Royalty Payment Per Year, Minimum | $ 250,000 | |||||||||||
Share of Non-Royalty Sublicense Income, Percent | 20% | |||||||||||
Milestone Payment | $ 3,975,000 | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 2 Diabetes [Member] | ||||||||||||
Costs and Expenses | 0 | 0 | ||||||||||
Contract Payments Incurred and Paid | 25,000 | |||||||||||
Licensing Fee, Amount | 25,000 | |||||||||||
Annual Maintenance Fee, First Three Years, Amount | 25,000 | |||||||||||
Annual Maintenance Fee, After Year Three, Amount | 40,000 | |||||||||||
Annual Royalty Payment Per Year, Minimum | $ 250,000 | |||||||||||
Share of Non-Royalty Sublicense Income, Percent | 20% | |||||||||||
Milestone Payment | $ 3,975,000 | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Represents Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 and 2 Diabetes [Member] | ||||||||||||
Costs and Expenses | 0 | 0 | ||||||||||
Contract Payments Incurred and Paid | $ 25,000 | |||||||||||
Annual Royalty Payment Per Year, Minimum | $ 250,000 | |||||||||||
Share of Non-Royalty Sublicense Income, Percent | 20% | |||||||||||
Milestone Payment | $ 4,225,000 | |||||||||||
Annual Maintenance Fee, First Year, Amount | 25,000 | |||||||||||
Annual Maintenance Fee, Second and Third Year, Amount | 50,000 | |||||||||||
Annual Maintenance Fee, Fourth Year, Amount | $ 100,000 | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Minimum [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 1.50% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Minimum [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 1.50% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Minimum [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 2 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 1.50% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Minimum [Member] | Represents Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 and 2 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 1.50% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Maximum [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 3% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Maximum [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 3% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Maximum [Member] | Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 2 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 3% | |||||||||||
License Agreement [Member] | University of Pittsburgh [Member] | Maximum [Member] | Represents Usage of a Glucagon Promoter and Gene Therapy Technologies to Potentially Treat Type 1 and 2 Diabetes [Member] | ||||||||||||
Royalty Percent, Licensed Technology Covered by Patent | 3% | |||||||||||
Development and Manufacturing of GMP Grade Materials [Member] | ||||||||||||
Costs and Expenses | 0 | 2.3 | ||||||||||
Contract Payments Incurred and Paid | $ 2,600,000 | |||||||||||
Development Services Agreement, Expected Total Project Cost | $ 4,500,000 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - shares | 3 Months Ended | |||
Apr. 15, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Common Stock [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 36,375 | 125 | ||
Subsequent Event [Member] | Common Stock [Member] | March 2024 Pre-Funded Warrants [Member] | ||||
Stock Issued During Period, Shares, Issued Due to Exercise of Warrants (in shares) | 171,112 | |||
Scientific Advisory Board Chairman [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 125 | 125 | ||
Scientific Advisory Board Chairman [Member] | Subsequent Event [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 5,000 |