Celcuity (CELC) 10-Q 14 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Celcuity Inc.
Entity Central Index Key	1,603,454
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CELC
Entity Common Stock, Shares Outstanding		10,106,859

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 2,572,658	$ 2,639,789
Investments	20,431,620	21,556,857
Restricted cash	50,000	50,000
Deposits	27,726	27,726
Prepaid assets	246,677	209,708
Total current assets	23,328,681	24,484,080
Property and equipment, net	443,578	280,056
Long term investments	6,954,523	7,205,374
Total Assets	30,726,782	31,969,510
Current Liabilities:
Accounts payable	130,044	71,913
Accrued expenses	652,990	506,140
Total current liabilities	783,034	578,053
Total Liabilities	783,034	578,053
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.001 par value: 5,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 0 shares issued and outstanding as of March 31, 2018 and December 31, 2017	0	0
Common stock, $0.001 par value: 45,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 10,106,859 and 10,087,516 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	10,107	10,087
Additional paid-in capital	33,908,815	33,388,597
Accumulated deficit	(3,975,174)	(2,007,227)
Total Stockholders' Equity	29,943,748	31,391,457
Total Liabilities and Stockholders' Equity	$ 30,726,782	$ 31,969,510

Condensed Balance Sheets _Paren

Condensed Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	45,000,000	45,000,000
Common Stock, Shares, Issued	10,106,859	10,087,516
Common Stock, Shares, Outstanding	10,106,859	10,087,516

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating expenses:
Research and development	$ 1,545,668	$ 908,767
General and administrative	530,640	85,144
Total operating expenses	2,076,308	993,911
Loss from operations	(2,076,308)	(993,911)
Interest income	108,361	6,561
Net loss before income taxes	(1,967,947)	(987,350)
Income tax benefits	0	0
Net loss	$ (1,967,947)	$ (987,350)
Net loss per share, basic and diluted	$ (0.19)	$ (0.15)
Weighted average common shares outstanding, basic and diluted	10,096,008	6,440,139

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (1,967,947)	$ (987,350)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation	39,738	19,726
Stock-based compensation	336,479	96,268
Non-cash interest income	(23,912)	0
Changes in operating assets and liabilities:
Prepaid assets and deposits	(36,969)	0
Accounts payable	58,131	(97,105)
Accrued expenses	146,850	21,321
Net cash used for operating activities	(1,447,630)	(947,140)
Cash flows from investing activities:
Purchases of investments	(735,000)	0
Proceeds from sale of investments	2,135,000	0
Purchases of property and equipment	(204,260)	(10,378)
Proceeds from sale of property and equipment	1,000	0
Net cash provided by (used for) investing activities	1,196,740	(10,378)
Cash flows from financing activities:
Proceeds from exercise of common stock warrants	183,759	0
Net cash provided by financing activities	183,759	0
Net change in cash, cash equivalents, and restricted cash	(67,131)	(957,518)
Cash, cash equivalents, and restricted cash:
Beginning of period	2,689,789	5,906,348
End of period	$ 2,622,658	$ 4,948,830

Condensed Statements of Cash F6

Condensed Statements of Cash Flows (Additional Information) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 2,572,658	$ 2,639,789	$ 4,898,830
Restricted cash	50,000		50,000
Total	$ 2,622,658	$ 2,689,789	$ 4,948,830	$ 5,906,348

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION Nature of Business Celcuity Inc., a Delaware corporation (the “Company”), is a cellular analysis company that is discovering new cancer sub-types and commercializing diagnostic tests designed to significantly improve the response rates of cancer patients treated with targeted therapies. The Company’s proprietary CELx diagnostic platform is currently the only commercially ready technology the Company is aware of that uses a patient’s living tumor cells to evaluate the functional status of the cell signaling pathways associated with cancer. The CELx platform identifies the abnormal signaling activity driving a patient’s cancer and quantifies how effectively a targeted therapy can treat it. This enables physicians to select the therapeutic that precisely matches and inhibits a patient’s cellular dysfunction, which significantly increases the likelihood of a positive clinical outcome. The Company was co-founded in 2012 by Brian Sullivan and Lance Laing and is based in Minnesota. The Company has not generated any revenues to date.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The Balance Sheet at December 31, 2017 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2017 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. On September 15, 2017, in relation to preparing for its initial public offering (“IPO”), Celcuity LLC filed a certificate of conversion, whereby Celcuity LLC effected a corporate conversion from a Minnesota limited liability company to a Delaware corporation and changed its name to Celcuity Inc. Pursuant to the corporate conversion, units of membership interest in the limited liability company were converted into shares of common stock of the corporation at a conversion ratio of 40 units for one share of common stock. As a result of the corporate conversion, accumulated deficit was reduced to zero on the date of the corporate conversion, and the corresponding amount was credited to additional paid-in capital. The corporate conversion was approved by members holding a majority of our outstanding units, and in connection with such conversion, the Company filed a certificate of incorporation and adopted bylaws. Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue up to 45,000,000 0.001 5,000,000 0.001 On September 22, 2017, the Company completed its IPO whereby it sold 2,760,000 9.50 23.3 1.8 1.1 10,082,050 881,911 Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and warrants issued to investors, a placement agent and an underwriter, and prepaid or accrued clinical trial costs. The Company maintains its accounts primarily at one financial institution. At times throughout the year, the Company’s cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. At March 31, 2018 and December 31, 2017, the Company had $ 2,546,546 2,612,104 50,000 Investments The Company maintains its investments in certificates of deposit, U.S. governmental agency securities and U.S. treasury notes and has classified them as held-to-maturity at the time of purchase. Held-to-maturity securities are those securities in which the Company has the ability and intent to hold until maturity. Held-to maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums and discounts. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security using a straight-line method. At March 31, 2018 and December 31, 2017, the Company had $ 27,386,143 28,762,231 Property and equipment are stated at cost. Depreciation is provided over estimated useful lives using the straight-line method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Estimated Asset Description Lives Furniture and Equipment 4 Leasehold Improvements 2-3 Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third party independent appraisals, as considered necessary. Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For all periods presented, there was no difference between net loss and comprehensive loss. The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition. The Company’s accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis adheres to the Financial Accounting Standards Board (“FASB”) fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ⋅ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. ⋅ Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ⋅ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying values of cash equivalents, restricted cash, accounts payable, accrued expenses and other financial working capital items approximate fair value at March 31, 2018 and December 31, 2017 due to the short maturity nature of these items. The Company accounts for income taxes using the asset and liability method, as required by the accounting standard for income taxes. Under this method, deferred tax assets and liabilities are recognized 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 net operating loss and tax credit carryforwards. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in results of operations in the period that includes the enactment date. The effects of any future changes in tax laws or rates have not been considered. The Company regularly reviews deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if the Company does not consider it to be more likely than not that the deferred tax assets will be realized. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management's judgment, the position is more-likely-than-not sustainable upon audit based on the position's technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary. The Company’s stock-based compensation consists of common stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s Employee Stock Purchase Plan. The Company recognizes compensation expense for employees based on an estimated grant date fair value using the Black-Scholes option-pricing method. The Company has elected to account for forfeitures as they occur. The fair value of options granted to nonemployees is determined using the fair value of the service provided or the fair value of the option granted, whichever is more reliable. The fair value is measured at the value of the Company’s common shares at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. Awards granted to nonemployees are remeasured to fair value at each period end date until vested and expensed on a straight-line basis over the vesting period. Research and development costs are expensed as incurred. Research and development costs amounted to $ 1,545,668 908,767 The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations. Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company, but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), In November 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-18, Restricted Cash Statement of Cash Flows (Topic 230)

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	3. NET LOSS PER COMMON SHARE Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, the common shares underlying the options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per common shares are the same. For the three months ended March 31, 2018 and 2017, 216,276 56,954 165,843 0 4,442 0

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. INVESTMENTS March 31, 2018 Amortized Gross Gross Estimated Fair Short-term investments: Certificates of Deposit $ 14,285,908 $ - $ 26,186 $ 14,259,722 Governmental Agency Securities 5,285,391 - 11,795 5,273,596 U.S. Treasury Notes 860,321 668 - 860,989 Total $ 20,431,620 $ 668 $ 37,981 $ 20,394,307 Amortized Gross Gross Estimated Fair Long-term investments: Certificates of Deposit $ 3,920,000 $ - $ 41,036 $ 3,878,964 Governmental Agency Securities 3,034,523 4,920 - 3,039,443 Total $ 6,954,523 $ 4,920 $ 41,036 $ 6,918,407 December 31, 2017 Amortized Gross Gross Estimated Fair Short-term investments: Certificates of Deposit $ 14,001,237 $ - $ 20,146 $ 13,981,091 Governmental Agency Securities 5,945,314 - 18,101 5,927,213 U.S. Treasury Notes 1,610,306 - 633 1,609,673 Total $ 21,556,857 $ - $ 38,880 $ 21,517,977 Amortized Gross Gross Estimated Fair Long-term investments: Certificates of Deposit $ 4,165,000 $ - $ 21,481 $ 4,143,519 Governmental Agency Securities 3,040,374 - 14,907 3,025,467 Total $ 7,205,374 $ - $ 36,388 $ 7,168,986 The Company’s held-to-maturity investments of $20,431,620 and $6,954,523 will mature in 2018 and 2019, respectively.

PREPAID ASSETS

PREPAID ASSETS	3 Months Ended
	Mar. 31, 2018
Prepaid Expense, Current [Abstract]
Disclosure Of Prepaid Assets [Text Block]	5. PREPAID ASSETS March 31, December 31, 2018 2017 Current: Directors & Officers insurance $ 105,417 $ 162,914 Prepaid rent 21,673 21,673 Other 119,587 25,121 Total $ 246,677 $ 209,708

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	6. PROPERTY AND EQUIPMENT March 31, December 31, 2018 2017 Leasehold improvements $ 47,307 $ 22,307 Furniture and equipment 693,869 517,868 741,176 540,175 Less: Accumulated depreciation (297,598) (260,119) Total $ 443,578 $ 280,056 Depreciation expense was $ 39,738 19,726

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. ACCRUED EXPENSES Accrued expenses consisted of the following: March 31, December 31, 2018 2017 Accrued bonuses $ 506,345 $ 389,802 Accrued payroll 3,208 61,829 Other 143,437 54,509 Total $ 652,990 $ 506,140

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	8. COMMITMENTS Lease Obligation Operating Lease 2018 $ 123,870 2019 188,850 2020 193,338 2021 64,940 Total $ 570,998 Rent expense for operating leases was $ 13,189 12,408 50,000 July 31, 2018 In September 2017, the Company entered into a non-cancelable operating lease agreement for building space to accommodate expansion in research and development and general corporate office needs. The new lease commences and the Company will be moving to the facility in May 2018, in conjunction with the termination of the existing lease. The new lease agreement extends through April 2021 and provides for monthly rent, real estate taxes and operating expenses. Clinical Research Study In May 2017, the Company entered into an agreement with a clinical research organization to conduct a clinical research study. The Company made a payment of $ 300,000 50,000 150,000 50,000 2,040,000

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	9. STOCKHOLDERS’ EQUITY On September 15, 2017, in connection with its IPO, Celcuity LLC filed a certificate of conversion, whereby Celcuity LLC effected a corporate conversion from a Minnesota limited liability company to a Delaware corporation and changed its name to Celcuity Inc. Pursuant to the conversion, units of membership interest in the limited liability company were converted into shares of common stock of the corporation at a conversion ratio of 40 units for one share of common stock. The Company had 257,604,208 6,440,139 45,000,000 0.001 5,000,000 0.001 On September 22, 2017, the Company completed its IPO whereby it sold 2,760,000 9.50 23.3 1.8 1.1 10,082,050 881,911 At March 31, 2018 and December 31, 2017, the Company had common stock shares outstanding of 10,106,859 10,087,516 On May 11, 2018, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to decrease the number of authorized shares of our common stock and preferred stock, $.001 par value per share, from 45,000,000 25,000,000 5,000,000 2,500,000 Warrants In connection with the 2016 private placement unit offering, the Company issued ten-year warrants to the placement agent of the private placement. The warrants allow the agent to purchase up to 55,249 7.56 330,607 In connection with the private offering of convertible notes (Note 11), the Company issued ten-year warrants to purchase 48,615 8.42 131,675 In connection with the IPO, the Company issued a five-year warrant to the underwriter. The warrant allows the underwriter to purchase up to 138,000 10.45 September 19, 2022 784,111 At March 31, 2018 and December 31, 2017, the Company had warrants to purchase 353,980 373,323 9.42 19,343 0

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. STOCK-BASED COMPENSATION 2012 Equity Incentive Plan The 2012 Equity Incentive Plan, as amended, was adopted by the Company’s board and approved by the members of the Company on August 10, 2012. The Company reserved a maximum of 625,000 2017 Stock Incentive Plan The 2017 Stock Incentive Plan, or the 2017 Plan, was adopted by the Company’s board on September 6, 2017 and became effective following the corporate conversion which took place on September 15, 2017. The Company reserved a maximum of 750,000 2018 2017 Risk-free interest rate 2.52 - 2.71% 2.02% Expected volatility 76.0% 75.0% Expected life (years) 6.25 to 10.00 6.25 to 10.00 Expected dividend yield 0% 0% The inputs for the Black-Scholes valuation model require management’s significant assumptions. Prior to the Company’s IPO, the common share price was determined by the Company’s board based on recent prices of common shares sold in private offerings prior to the IPO. Subsequent to the IPO, the common share price was determined by using the quoted price on the grant date. The risk-free interest rates were based on the rate for U.S. Treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life was based on the simplified method in accordance with the SEC Staff Accounting Bulletin Nos. 107 and 110. The expected volatility was estimated based on historical volatility information of peer companies that are publicly available. All assumptions used to calculate the grant date fair value of nonemployee options are generally consistent with the assumptions used for options granted to employees, except the expected life is equal to the contractual term. In the event the Company terminates any of its consulting agreements, the unvested options underlying the agreements would also be cancelled. Unvested nonemployee options are marked-to-market at each reporting period by using the price on the last trading date of the reporting period. 2018 2017 Shares Weighted Shares Weighted Options outstanding at beginning of year 501,603 $ 7.58 302,088 $ 5.91 Granted 5,500 17.38 3,750 7.60 Forfeited - - - - Balance at March 31 507,103 $ 7.69 305,838 $ 5.93 Options exercisable at March 31: 215,806 $ 5.87 77,634 $ 2.91 Weighted Average Grant Date Fair Value for Options Granted During the year: $ 12.08 $ 5.12 Options Outstanding Options Exercisable Options Weighted Weighted Aggregate Options Weighted Aggregate 507,103 8.33 $ 7.69 $ 4,488,707 215,806 $ 5.87 $ 2,290,360 The Company recognized stock based compensation expense for stock options of $ 266,096 96,268 A restricted stock award of 5,250 5,250 0 0 42,289 0 The total remaining shares available for grant under the 2017 plan is 682,520 2018 $ 504,997 2019 428,897 2020 314,726 2021 131,970 2022 1,819 Total estimated compensation cost to be recognized $ 1,382,409 2017 Employee Stock Purchase Plan The Company’s employee stock purchase plan, or ESPP, was adopted by the Company’s board on September 6, 2017, and approved by stockholders on May 10, 2018, which was the date of the annual stockholder meeting. The Company has reserved a total of 100,000 28,094 0 2018 2017 Stock-based compensation expense in operating expenses: Research and development $ 161,669 $ 96,268 General and administrative 174,810 - Total $ 336,479 $ 96,268

UNSECURED CONVERTIBLE PROMISSOR

UNSECURED CONVERTIBLE PROMISSORY NOTES	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	11. UNSECURED CONVERTIBLE PROMISSORY NOTES In April and May of 2017, the Company issued to certain accredited investors convertible notes in the original principal amount of $ 5,750,000 2,587,500 8,337,500 The Convertible Notes accrued interest at a rate of 1.25 December 31, 2018 881,911 9.50 In connection with the issuance of the Convertible Notes, the Company granted those investors the right to receive a seven-year warrant to purchase 131,675 8,337,500 7,560,783 776,717 776,717 Cedar Point Capital, LLC (“Cedar”) served as the Company’s placement agent in connection with the placement of the Convertible Notes and earned a commission of approximately 10 885,131 48,615 8.42 286,999 411,375

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. Income Taxes The Company has not recorded an income tax benefit for the three months ended March 31, 2018 and 2017 due to net losses and recognition of a full valuation allowance.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The Balance Sheet at December 31, 2017 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2017 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. On September 15, 2017, in relation to preparing for its initial public offering (“IPO”), Celcuity LLC filed a certificate of conversion, whereby Celcuity LLC effected a corporate conversion from a Minnesota limited liability company to a Delaware corporation and changed its name to Celcuity Inc. Pursuant to the corporate conversion, units of membership interest in the limited liability company were converted into shares of common stock of the corporation at a conversion ratio of 40 units for one share of common stock. As a result of the corporate conversion, accumulated deficit was reduced to zero on the date of the corporate conversion, and the corresponding amount was credited to additional paid-in capital. The corporate conversion was approved by members holding a majority of our outstanding units, and in connection with such conversion, the Company filed a certificate of incorporation and adopted bylaws. Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue up to 45,000,000 0.001 5,000,000 0.001 On September 22, 2017, the Company completed its IPO whereby it sold 2,760,000 9.50 23.3 1.8 1.1 10,082,050 881,911
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and warrants issued to investors, a placement agent and an underwriter, and prepaid or accrued clinical trial costs.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents, and Restricted Cash The Company maintains its accounts primarily at one financial institution. At times throughout the year, the Company’s cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. At March 31, 2018 and December 31, 2017, the Company had $ 2,546,546 2,612,104 50,000
Investment, Policy [Policy Text Block]	Investments The Company maintains its investments in certificates of deposit, U.S. governmental agency securities and U.S. treasury notes and has classified them as held-to-maturity at the time of purchase. Held-to-maturity securities are those securities in which the Company has the ability and intent to hold until maturity. Held-to maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums and discounts. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security using a straight-line method. At March 31, 2018 and December 31, 2017, the Company had $ 27,386,143 28,762,231
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost. Depreciation is provided over estimated useful lives using the straight-line method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Estimated Asset Description Lives Furniture and Equipment 4 Leasehold Improvements 2-3
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third party independent appraisals, as considered necessary.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For all periods presented, there was no difference between net loss and comprehensive loss.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The Company’s accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis adheres to the Financial Accounting Standards Board (“FASB”) fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ⋅ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. ⋅ Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ⋅ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying values of cash equivalents, restricted cash, accounts payable, accrued expenses and other financial working capital items approximate fair value at March 31, 2018 and December 31, 2017 due to the short maturity nature of these items.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes using the asset and liability method, as required by the accounting standard for income taxes. Under this method, deferred tax assets and liabilities are recognized 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 net operating loss and tax credit carryforwards. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in results of operations in the period that includes the enactment date. The effects of any future changes in tax laws or rates have not been considered. The Company regularly reviews deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if the Company does not consider it to be more likely than not that the deferred tax assets will be realized. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management's judgment, the position is more-likely-than-not sustainable upon audit based on the position's technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	The Company’s stock-based compensation consists of common stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s Employee Stock Purchase Plan. The Company recognizes compensation expense for employees based on an estimated grant date fair value using the Black-Scholes option-pricing method. The Company has elected to account for forfeitures as they occur. The fair value of options granted to nonemployees is determined using the fair value of the service provided or the fair value of the option granted, whichever is more reliable. The fair value is measured at the value of the Company’s common shares at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. Awards granted to nonemployees are remeasured to fair value at each period end date until vested and expensed on a straight-line basis over the vesting period.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development costs are expensed as incurred. Research and development costs amounted to $ 1,545,668 908,767 The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations.
Application of New or Revised Accounting Standards [Policy Text Block]	Application of New or Revised Accounting Standards Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company, but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), In November 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-18, Restricted Cash Statement of Cash Flows (Topic 230)

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule Of Estimated Useful Lives Of Property Plant And Equipment [Table Text Block]	Estimated Asset Description Lives Furniture and Equipment 4 Leasehold Improvements 2-3

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity Securities [Table Text Block]	March 31, 2018 Amortized Gross Gross Estimated Fair Short-term investments: Certificates of Deposit $ 14,285,908 $ - $ 26,186 $ 14,259,722 Governmental Agency Securities 5,285,391 - 11,795 5,273,596 U.S. Treasury Notes 860,321 668 - 860,989 Total $ 20,431,620 $ 668 $ 37,981 $ 20,394,307 Amortized Gross Gross Estimated Fair Long-term investments: Certificates of Deposit $ 3,920,000 $ - $ 41,036 $ 3,878,964 Governmental Agency Securities 3,034,523 4,920 - 3,039,443 Total $ 6,954,523 $ 4,920 $ 41,036 $ 6,918,407 December 31, 2017 Amortized Gross Gross Estimated Fair Short-term investments: Certificates of Deposit $ 14,001,237 $ - $ 20,146 $ 13,981,091 Governmental Agency Securities 5,945,314 - 18,101 5,927,213 U.S. Treasury Notes 1,610,306 - 633 1,609,673 Total $ 21,556,857 $ - $ 38,880 $ 21,517,977 Amortized Gross Gross Estimated Fair Long-term investments: Certificates of Deposit $ 4,165,000 $ - $ 21,481 $ 4,143,519 Governmental Agency Securities 3,040,374 - 14,907 3,025,467 Total $ 7,205,374 $ - $ 36,388 $ 7,168,986

PREPAID ASSETS (Tables)

PREPAID ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
Prepaid Expense, Current [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Prepaid assets consisted of the following: March 31, December 31, 2018 2017 Current: Directors & Officers insurance $ 105,417 $ 162,914 Prepaid rent 21,673 21,673 Other 119,587 25,121 Total $ 246,677 $ 209,708

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2018 2017 Leasehold improvements $ 47,307 $ 22,307 Furniture and equipment 693,869 517,868 741,176 540,175 Less: Accumulated depreciation (297,598) (260,119) Total $ 443,578 $ 280,056

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses consisted of the following: March 31, December 31, 2018 2017 Accrued bonuses $ 506,345 $ 389,802 Accrued payroll 3,208 61,829 Other 143,437 54,509 Total $ 652,990 $ 506,140

COMMITMENTS (Tables)

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The Company leases its corporate space in Minneapolis, Minnesota. Operating Lease 2018 $ 123,870 2019 188,850 2020 193,338 2021 64,940 Total $ 570,998

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions at March 31: 2018 2017 Risk-free interest rate 2.52 - 2.71% 2.02% Expected volatility 76.0% 75.0% Expected life (years) 6.25 to 10.00 6.25 to 10.00 Expected dividend yield 0% 0%
Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes the activity for all stock options outstanding for the three months ended March 31 under the Plan: 2018 2017 Shares Weighted Shares Weighted Options outstanding at beginning of year 501,603 $ 7.58 302,088 $ 5.91 Granted 5,500 17.38 3,750 7.60 Forfeited - - - - Balance at March 31 507,103 $ 7.69 305,838 $ 5.93 Options exercisable at March 31: 215,806 $ 5.87 77,634 $ 2.91 Weighted Average Grant Date Fair Value for Options Granted During the year: $ 12.08 $ 5.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2018 under the Plan: Options Outstanding Options Exercisable Options Weighted Weighted Aggregate Options Weighted Aggregate 507,103 8.33 $ 7.69 $ 4,488,707 215,806 $ 5.87 $ 2,290,360
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: 2018 $ 504,997 2019 428,897 2020 314,726 2021 131,970 2022 1,819 Total estimated compensation cost to be recognized $ 1,382,409
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The Company recognized total stock-based compensation, as follows for the three months ended March 31: 2018 2017 Stock-based compensation expense in operating expenses: Research and development $ 161,669 $ 96,268 General and administrative 174,810 - Total $ 336,479 $ 96,268

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2018
Furniture and Equipment [Member]
Property, Plant and Equipment, Estimated Useful Lives	4 years
Minimum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	2 years
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	3 years

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 22, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Research and Development Expense		$ 1,545,668	$ 908,767
Common Stock, Shares Authorized		45,000,000		45,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized		5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Common Stock, Shares, Outstanding		10,106,859		10,087,516
Stockholders' Equity Note, Stock Split		at a conversion ratio of 40 Units for one share of Common Stock.
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment		$ 27,386,143		$ 28,762,231
Restricted Cash		50,000	$ 50,000
Convertible Notes Payable [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	881,911
IPO [Member]
Stock Issued During Period, Shares, New Issues	2,760,000
Shares Issued, Price Per Share	$ 9.50
Initial Public Offering Costs	$ 1,100,000
Common Stock, Shares, Outstanding	10,082,050
Commission Of Underwriter	$ 1,800,000
Proceeds From Issuance Initial Public Offering Including Ipo Expense	$ 23,300,000
Money Market and US Treasury Securities [Member]
Money Market and U.S. Treasury Bills		$ 2,546,546		$ 2,612,104

NET LOSS PER COMMON SHARE (Deta

NET LOSS PER COMMON SHARE (Details Textual) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	216,276	56,954
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	165,843	0
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,442	0

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Amortized Cost, as Adjusted	$ 27,386,143	$ 28,762,231
Short Term Investments [Member]
Amortized Cost, as Adjusted	20,431,620	21,556,857
Gross Unrealized Holding Gains	668	0
Gross Unrealized Holding Losses	37,981	38,880
Estimated Fair Value	20,394,307	21,517,977
Short Term Investments [Member] | Certificates of Deposit
Amortized Cost, as Adjusted	14,285,908	14,001,237
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	26,186	20,146
Estimated Fair Value	14,259,722	13,981,091
Short Term Investments [Member] | Governmental Agency Securities
Amortized Cost, as Adjusted	5,285,391	5,945,314
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	11,795	18,101
Estimated Fair Value	5,273,596	5,927,213
Short Term Investments [Member] | U.S. Treasury Notes
Amortized Cost, as Adjusted	860,321	1,610,306
Gross Unrealized Holding Gains	668	0
Gross Unrealized Holding Losses	0	633
Estimated Fair Value	860,989	1,609,673
Long Term Investments [Member]
Amortized Cost, as Adjusted	6,954,523	7,205,374
Gross Unrealized Holding Gains	4,920	0
Gross Unrealized Holding Losses	41,036	36,388
Estimated Fair Value	6,918,407	7,168,986
Long Term Investments [Member] | Certificates of Deposit
Amortized Cost, as Adjusted	3,920,000	4,165,000
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	41,036	21,481
Estimated Fair Value	3,878,964	4,143,519
Long Term Investments [Member] | Governmental Agency Securities
Amortized Cost, as Adjusted	3,034,523	3,040,374
Gross Unrealized Holding Gains	4,920	0
Gross Unrealized Holding Losses	0	14,907
Estimated Fair Value	$ 3,039,443	$ 3,025,467

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 27,386,143	$ 28,762,231
Current Investments [Member]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	20,431,620	21,556,857
Long Term Investments [Member]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 6,954,523	$ 7,205,374

PREPAID ASSETS (Details)

PREPAID ASSETS (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current:
Directors & Officers insurance	$ 105,417	$ 162,914
Prepaid rent	21,673	21,673
Other	119,587	25,121
Total	$ 246,677	$ 209,708

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment, Gross	$ 741,176	$ 540,175
Less: Accumulated depreciation	(297,598)	(260,119)
Total	443,578	280,056
Leasehold improvements [Member]
Property, Plant and Equipment, Gross	47,307	22,307
Furniture and equipment [Member]
Property, Plant and Equipment, Gross	$ 693,869	$ 517,868

PROPERTY AND EQUIPMENT (Detai34

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation	$ 39,738	$ 19,726

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accrued bonuses	$ 506,345	$ 389,802
Accrued payroll	3,208	61,829
Other	143,437	54,509
Total	$ 652,990	$ 506,140

COMMITMENTS (Details)

COMMITMENTS (Details)	Mar. 31, 2018USD ($)
2,018	$ 123,870
2,019	188,850
2,020	193,338
2,021	64,940
Total	$ 570,998

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Jan. 31, 2018	Nov. 30, 2017	Jun. 30, 2017	Mar. 31, 2018	Mar. 31, 2017
Operating Leases, Rent Expense				$ 13,189	$ 12,408
Payments to Acquire in Process Research and Development	$ 50,000	$ 50,000	$ 300,000
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year				150,000
Contractual Obligation, Due in Third Year				50,000
Contractual Obligation				2,040,000
Standby Letters of Credit [Member]
Long-term Line of Credit				$ 50,000
Line of Credit Facility, Expiration Date				Jul. 31, 2018

STOCKHOLDERS_ EQUITY (Details T

STOCKHOLDERS’ EQUITY (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 22, 2017	Mar. 31, 2018	Mar. 31, 2017	May 11, 2018	Dec. 31, 2017	Sep. 15, 2017	May 31, 2017	Dec. 31, 2016
Stockholders' Equity Note, Stock Split		at a conversion ratio of 40 Units for one share of Common Stock.
Common Stock, Shares, Outstanding		10,106,859			10,087,516
Common Stock, Shares Authorized		45,000,000			45,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001			$ 0.001
Preferred Stock, Shares Authorized		5,000,000			5,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001			$ 0.001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		353,980			373,323
Weighted Average Exercise Price		$ 9.42
Subsequent Event [Member]
Common Stock, Shares Authorized				25,000,000
Common Stock, Par or Stated Value Per Share				$ 0.001
Preferred Stock, Shares Authorized				2,500,000
Preferred Stock, Par or Stated Value Per Share				$ 0.001
Convertible Notes Payable [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	881,911
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	131,675						131,675
Member Units [Member]
Common Unit, Issued						257,604,208
Common Unit, Outstanding						257,604,208
Common Stock, Shares, Outstanding						6,440,139
Common Stock [Member]
Common Unit, Outstanding					10,087,516
Common Stock, Shares, Outstanding		10,106,859
Warrant [Member]
Stock Issued During Period, Shares, Upon Exercise Of warrants		19,343	0
Cedar Point Capital, LLC [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							48,615
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 8.42
IPO [Member]
Common Stock, Shares, Outstanding	10,082,050
Stock Issued During Period, Shares, New Issues	2,760,000
Shares Issued, Price Per Share	$ 9.50
Proceeds From Issuance Initial Public Offering Including Ipo Expense	$ 23,300,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	138,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 10.45
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 784,111
Warrants Expiration Date	Sep. 19, 2022
Initial Public Offering Costs	$ 1,100,000
Commission Of Underwriter	$ 1,800,000
Private Placement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights								55,249
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 7.56
Warrants Not Settleable in Cash, Fair Value Disclosure								$ 330,607

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Risk-free interest rate		2.02%
Expected volatility	76.00%	75.00%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk-free interest rate	2.52%
Expected life (years)	6 years 3 months	6 years 3 months
Maximum [Member]
Risk-free interest rate	2.71%
Expected life (years)	10 years	10 years

STOCK-BASED COMPENSATION (Det40

STOCK-BASED COMPENSATION (Details 1) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Shares, Options outstanding at beginning of year	501,603	302,088
Shares, Granted	5,500	3,750
Shares, Forfeited	0	0
Shares, Balance at March 31	507,103	305,838
Shares, Options exercisable at Shares, March 31	215,806	77,634
Weighted Average Exercise Price, Options outstanding at beginning of year	$ 7.58	$ 5.91
Weighted Average Exercise Price, Granted	17.38	7.6
Weighted Average Exercise Price, Forfeited	0	0
Weighted Average Exercise Price, Balance at March 31	7.69	5.93
Weighted Average Exercise Price, Options exercisable at March 31:	5.87	2.91
Weighted Average Grant Date Fair Value for Options Granted During the year:	$ 12.08	$ 5.12

STOCK-BASED COMPENSATION (Det41

STOCK-BASED COMPENSATION (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Options Outstanding	507,103	501,603	305,838	302,088
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 3 months 29 days
Options Outstanding, Weighted Average Exercise Price	$ 7.69	$ 7.58	$ 5.93	$ 5.91
Options Outstanding, Aggregate Intrinsic Value	$ 4,488,707
Options Exercisable	215,806		77,634
Options Exercisable, Weighted Average Exercise Price	$ 5.87		$ 2.91
Options Exercisable, Aggregate Intrinsic Value	$ 2,290,360

STOCK-BASED COMPENSATION (Det42

STOCK-BASED COMPENSATION (Details 3)	Mar. 31, 2018USD ($)
2,018	$ 504,997
2,019	428,897
2,020	314,726
2,021	131,970
2,022	1,819
Total estimated compensation cost to be recognized	$ 1,382,409

STOCK-BASED COMPENSATION (Det43

STOCK-BASED COMPENSATION (Details 4) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	$ 336,479	$ 96,268
Research and development [Member]
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	161,669	96,268
General and administrative [Member]
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	$ 174,810	$ 0

STOCK-BASED COMPENSATION (Det44

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Sep. 15, 2017	Nov. 12, 2012
Share-based Compensation	$ 336,479	$ 96,268
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	5,250
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	5,250		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Employee Stock Option [Member]
Share-based Compensation	$ 266,096	96,268
Allocated Share-based Compensation Expense	28,094	0
Restricted Stock [Member]
Share-based Compensation	$ 42,289	$ 0
2012 Equity Incentive Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance					625,000
2017 Stock Incentive Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance				750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	682,520
2017 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance				100,000

UNSECURED CONVERTIBLE PROMISS45

UNSECURED CONVERTIBLE PROMISSORY NOTES (Details Textual) - USD ($)	1 Months Ended	2 Months Ended
	Sep. 22, 2017	May 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Apr. 30, 2017
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			353,980	373,323
Proceeds From Issuance Of Convertible Debt Gross		$ 8,337,500
IPO [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	138,000
Amortization of Debt Issuance Costs and Discounts	$ 411,375
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 10.45
Note Warrant [Member]
Proceeds From Issuance Of Convertible Debt Gross		$ 776,717
Cedar Point Capital, LLC [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		48,615
Class of Warrant or Right,Term		10 years
Adjustments to Additional Paid in Capital, Warrant Issued		$ 286,999
Debt Insrtument, Commission Percentage		10.00%
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 8.42
Convertible Notes Payable [Member]
Debt Instrument, Face Amount		$ 8,337,500
Debt Instrument, Interest Rate, Stated Percentage		1.25%
Debt Instrument, Maturity Date		Dec. 31, 2018
Debt Instrument, Convertible, Conversion Price		$ 9.50
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	131,675	131,675
Class of Warrant or Right,Term	7 years
Adjustments to Additional Paid in Capital, Warrant Issued		$ 776,717
Debt Issuance Costs, Current, Net		$ 885,131
Debt Conversion, Converted Instrument, Shares Issued		881,911
Proceeds From Issuance Of Convertible Debt Gross		$ 7,560,783
Convertible Notes Payable [Member] | Investor [Member]
Debt Instrument, Face Amount		$ 2,587,500			$ 5,750,000