Celcuity (CELC) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Celcuity Inc.
Entity Central Index Key	0001603454
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	CELC
Entity Common Stock, Shares Outstanding		10,209,115
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 14,724,166	$ 15,944,609
Investments	8,699,944	8,952,907
Deposits	22,009	22,009
Deferred transaction costs	28,743	28,743
Prepaid assets	287,765	269,940
Total current assets	23,762,627	25,218,208
Property and equipment, net	862,185	813,613
Operating lease right-of-use assets	315,688	0
Total Assets	24,940,500	26,031,821
Current Liabilities:
Accounts payable	208,919	119,811
Finance lease liabilities	5,740	5,730
Operating lease liabilities	182,302	0
Accrued expenses	485,194	536,791
Total current liabilities	882,155	662,332
Finance lease liabilities	18,440	19,878
Operating lease liabilities	176,600	0
Total Liabilities	1,077,195	682,210
Stockholders' Equity:
Preferred stock, $0.001 par value: 2,500,000 shares authorized as of March 31, 2019 and December 31, 2018; 0 shares issued and outstanding as of March 31, 2019 and December 31, 2018	0	0
Common stock, $0.001 par value: 25,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 10,209,115 and 10,186,382 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	10,209	10,186
Additional paid-in capital	35,187,046	34,827,467
Accumulated deficit	(11,333,950)	(9,488,042)
Total Stockholders' Equity	23,863,305	25,349,611
Total Liabilities and Stockholders' Equity	$ 24,940,500	$ 26,031,821

Condensed Balance Sheets _Paren

Condensed Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	2,500,000	2,500,000
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	25,000,000	25,000,000
Common Stock, Shares, Issued	10,209,115	10,186,382
Common Stock, Shares, Outstanding	10,209,115	10,186,382

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Research and development	$ 1,590,958	$ 1,545,668
General and administrative	383,545	530,640
Total operating expenses	1,974,503	2,076,308
Loss from operations	(1,974,503)	(2,076,308)
Other income (expense)
Interest expense	(43)	0
Interest income	128,638	108,361
Other income, net	128,595	108,361
Net loss before income taxes	(1,845,908)	(1,967,947)
Income tax benefits	0	0
Net loss	$ (1,845,908)	$ (1,967,947)
Net loss per share, basic and diluted	$ (0.18)	$ (0.19)
Weighted average common shares outstanding, basic and diluted	10,198,461	10,096,008

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2017	$ 31,391,457	$ 10,087	$ 33,388,597	$ (2,007,227)
Beginning balance (in shares) at Dec. 31, 2017		10,087,516
Exercise of common stock warrants	183,759	$ 20	183,739	0
Exercise of common stock warrants (in shares)		19,343
Stock-based compensation	157,012		157,012	0
Non-employee stock-based compensation	179,467	$ 0	179,467	0
Net loss	(1,967,947)	0	0	(1,967,947)
Ending balance at Mar. 31, 2018	29,943,748	$ 10,107	33,908,815	(3,975,174)
Ending balance (in shares) at Mar. 31, 2018		10,106,859
Beginning balance at Dec. 31, 2018	25,349,611	$ 10,186	34,827,467	(9,488,042)
Beginning balance (in shares) at Dec. 31, 2018		10,186,382
Stock-based compensation	120,991	$ 0	120,991	0
Stock-based compensation (in shares)		0
Non-employee stock-based compensation	63,654	$ 0	63,654	0
Exercise of common stock options	174,957	$ 23	174,934	0
Exercise of common stock options (in shares)		22,733
Net loss	(1,845,908)	$ 0	0	(1,845,908)
Ending balance at Mar. 31, 2019	$ 23,863,305	$ 10,209	$ 35,187,046	$ (11,333,950)
Ending balance (in shares) at Mar. 31, 2019		10,209,115

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (1,845,908)	$ (1,967,947)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation	76,168	39,738
Stock-based compensation	184,645	336,479
Change in accrued interest income	7,963	(23,912)
Changes in operating assets and liabilities:
Prepaid assets and deposits	(17,825)	(36,969)
Accounts payable	13,309	58,131
Accrued expenses	12,278	146,850
Non-cash operating lease, net	(20,661)	0
Net cash used for operating activities	(1,590,031)	(1,447,630)
Cash flows from investing activities:
Purchases of investments	0	(735,000)
Proceeds from sale of investments	245,000	2,135,000
Purchases of property and equipment	(47,641)	(204,260)
Proceeds from sale of property and equipment	0	1,000
Net cash provided by investing activities	197,359	1,196,740
Cash flows from financing activities:
Proceeds from exercise of common stock warrants	0	183,759
Proceeds from exercise of employee stock options	174,957	0
Payments for shelf registration statement costs	(1,300)	0
Payments for capital leases	(1,428)	0
Net cash provided by financing activities	172,229	183,759
Net change in cash, cash equivalents, and restricted cash	(1,220,443)	(67,131)
Cash, cash equivalents, and restricted cash:
Beginning of period	15,944,609	2,689,789
End of period	$ 14,724,166	$ 2,622,658

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Additional Information) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash and cash equivalents	$ 14,724,166	$ 2,572,658
Restricted cash	0	50,000
Total	14,724,166	2,622,658
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable	$ 101,154	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies 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, 2018 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, 2018 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Accounting Estimates M s. 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, 2019 and December 31, 2018, the Company had $14,556,544 and $15,822,846, respectively, in money market funds and U.S. Treasury Bills that are considered cash equivalents. In connection with the prior lease, the Company was required to maintain $50,000 of cash in a separate savings account to secure a standby letter of credit. The standby letter of credit expired in July 2018 and the cash was transferred to the Company’s operating account. 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, 2019 and December 31, 2018, the Company had $8,699,944 and $8,952,907, respectively, of investments. 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 useful lives of property and equipment are as follows for the major classes of assets: Asset Description Estimated Lives Furniture and Equipment 4-5 Leasehold Improvements 2-3 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. Deferred Transaction Costs Deferred transaction costs primarily consist of legal fees, SEC filing fees and other fees relating to the Company’s Registration Statement on Form S-3 filed with the SEC on September 21, 2018. The deferred transaction costs were capitalized as incurred and will be offset against the proceeds from future securities offered by the Company for a period up to three years. The deferred transaction costs will be reviewed periodically to assess the probability that future securities will be offered. In the event that no future offering will occur, any deferred transaction costs will be expensed. No costs were incurred for the three months ending March 31, 2019. Comprehensive Loss 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. 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 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 value 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, accounts payable, accrued expenses and other financial working capital items approximate fair value at March 31, 2019 and December 31, 2018 due to the short maturity nature of these items. 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. Stock-Based Compensation The Company’s stock-based compensation consists of stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s 2017 Employee Stock Purchase Plan. The Company recognizes compensation expense 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. Research and Development Research and development costs are expensed as incurred. Research and development costs amounted to $1,590,958 and $1,545,668 for the three months ended March 31, 2019 and 2018, respectively. Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes 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 service agreements with its third-party service providers. 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 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. Recently Adopted Accounting Pronouncements Effective January 1, 2019, we adopted the FASB Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest period presented. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option to not restate comparative periods in transition and elect to use the effective date of ASC 842, Leases, as the date of initial application of transition, which we elected. As a result of the adoption of ASC 842 on January 1, 2019, we recorded both operating lease right-of-use (ROU) assets of $356,539, lease liabilities of $404,931, and eliminated deferred rent of $63,875 and prepaid rent of $15,483. The adoption of ASC 842 had no impact on our Condensed Statement of Operations and Condensed Statement of Cash Flows for the three-month period ended March 31, 2019. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which allowed us to carry forward the historical lease classification. Additional information and disclosures required by this new standard are contained in Note 8. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which amended Statement of Cash Flows (Topic 230) of the Accounting Standards Codification (“ASC”). The new guidance requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard as of January 1, 2018 and applied it retrospectively. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of ASC 718, Compensation – Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees and to supersede the guidance in ASC 505-50. The new guidance is substantially the same as current guidance for employee awards. The Company adopted this standard as of April 1, 2018 using the modified retrospective approach. The remeasurement of open awards to nonemployees was based on the fair value of such awards as of the date of adoption and resulted in no material change to accumulated deficit or additional paid-in capital. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of operations is required to be filed. The Company has included its first presentation of changes in stockholders’ equity in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2019
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 share are the same. For the three months ended March 31, 2019 and 2018, potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding were options to purchase 388,965 and 507,103 shares of common stock, respectively, warrants to purchase 353,980 shares of common stock, and 2,571 and 5,250 shares of restricted common stock, respectively.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. Investments The following tables summarizes the Company’s held-to-maturity investment securities at amortized cost as of March 31, 2019 and December 31, 2018: March 31, 2019 Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments: Certificates of Deposit $ 4,178,733 $ - $ 17,981 $ 4,160,752 Governmental Agency Securities 3,014,355 - 11,962 3,002,393 U.S. Treasury Notes 1,506,856 - 566 1,506,290 Total $ 8,699,944 $ - $ 30,509 $ 8,669,435 December 31, 2018 Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments: Certificates of Deposit $ 4,415,548 $ - $ 33,526 $ 4,382,022 Governmental Agency Securities 3,038,217 - 24,444 3,013,773 U.S. Treasury Notes 1,499,142 - 2,130 1,497,012 Total $ 8,952,907 $ - $ 60,100 $ 8,892,807 The Company’s held-to-maturity investments of $8,699,944 will mature in 2019.

Prepaid Assets

Prepaid Assets	3 Months Ended
	Mar. 31, 2019
Prepaid Expense, Current [Abstract]
Disclosure Of Prepaid Assets [Text Block]	5. Prepaid Assets Prepaid assets consisted of the following: March 31, 2019 December 31, 2018 Current: Directors & officers’ insurance $ 163,000 $ 224,125 Software License 64,270 - Other 60,495 45,815 Total $ 287,765 $ 269,940

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	6. Property and Equipment Property and equipment consisted of the following: March 31, 2019 December 31, 2018 Leasehold improvements $ 299,003 $ 297,094 Furniture and equipment 1,120,247 997,416 1,419,250 1,294,510 Less: Accumulated depreciation (557,065 ) (480,897 ) Total $ 862,185 $ 813,613 Depreciation expense was $76,168 and $39,738 for the three months ended March 31, 2019 and 2018, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued Expenses Accrued expenses consisted of the following: March 31, 2019 December 31, 2018 Accrued compensation $ 337,507 $ 391,629 Deferred rent - 63,875 Employee Stock Purchase Plan 52,313 28,940 Other 95,374 52,347 Total $ 485,194 $ 536,791

Commitments

Commitments	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	8. Commitments Operating and Finance Leases The Company leases its corporate space in Minneapolis, Minnesota. In September 2017, the Company entered into a non-cancelable operating lease agreement for building space. The new lease commenced, and the Company moved to the facility in May 2018, in conjunction with the termination of the existing lease. Rent expense is recorded on a straight-line basis over the lease term. The new lease agreement extends through April 2021 and provides for monthly rent, real estate taxes and operating expenses. The lease agreement includes the option to extend the term for two periods of one year each. The option to extend is at the Company’s discretion and because it has not been determined if the option to extend will be exercised, the extended lease terms are not included in the ROU assets and lease liabilities. We regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease term. In May 2018, the Company entered into a non-cancelable finance lease agreement for office equipment with a five-year term. The underlying assets are included in furniture and equipment. The lease contains a bargain purchase option at the end of the lease. When an implicit rate is not provided, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Supplemental balance sheet information related to leases is as follows: Operating Lease March 31, 2019 Right-of-use asset $ 315,688 March 31, 2019 Operating lease liability $ 358,902 Less: short term portion (182,302 ) Long term portion $ 176,600 Finance Lease March 31, 2019 Furniture and equipment $ 28,932 Less: Accumulated depreciation (4,822 ) Net book value of property and equipment under lease $ 24,110 March 31, 2019 Finance lease liability $ 24,179 Less: short term portion (5,740 ) Long term portion $ 18,440 Maturity analysis under lease agreements is as follows: Operating Leases Finance Leases 2019 $ 126,915 $ 5,441 2020 193,338 7,255 2021 64,940 7,255 2022 - 7,255 2023 - 3,022 Total minimum lease payments 385,193 30,228 Less: Present value discount (26,291 ) (358 ) Less amount representing services - (5,691 ) Present value of net minimum lease payments $ 358,902 $ 24,179 Weighted average Remaining Lease Term Discount Rate Operating lease 2.0 years 5.5 % Finance lease 4.1 years 1.0 % Lease costs for the period ended March 31, 2019: Three-month Period Operating lease cost $ 41,063 Finance lease cost: Amortization 1,446 Interest 43 Variable lease cost 23,935 Total lease cost $ 66,487 Supplemental cash flow information related to leases for the period ended March 31, 2019: Three-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 70,044 Operating cash outflow from finance leases 384 Financing cash outflow from finance leases 1,428 $ 71,856 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 payments of $50,000, $200,000 and $350,000 in 2019, 2018 and 2017, respectively. Additional payments will be due as certain milestones are met and clinical sites are added. The maximum amount of these additional payments is estimated to be approximately $2,690,000 over the course of the agreement. In October 2018, the Company entered into an agreement with a biopharmaceutical company and a cancer research center to conduct a clinical research study. The Company is obligated to make a payment of approximately $32,000 after execution of the agreement and future payments of approximately $150,000 will be required upon certain milestones being met.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	9. Stockholders’ Equity On September 15, 2017, in connection with 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 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 member units issued and outstanding as of September 15, 2017. After giving effect to the corporate conversion, the number of common shares outstanding as of such date is 6,440,139. 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 the outstanding units of Celcuity LLC, and in connection with such conversion, the Company filed a certificate of incorporation and adopted bylaws. The Company determined that the corporate conversion is equivalent to a change in the Company’s capital structure. On September 22, 2017, the Company completed its IPO whereby it sold 2,760,000 shares of common stock at a public offering price of $9.50 per share. The aggregate net proceeds received by the Company from the offering were approximately $23.3 million, net of underwriting commissions of approximately $1.8 million and offering expenses of approximately $1.1 million. Upon the closing of the IPO, 10,082,050 shares of common stock were outstanding, which included 881,911 shares of common stock issued as a result of the conversion of the Company’s convertible notes. Shares of the Company’s common stock began trading on September 20, 2017 on The Nasdaq Capital Market under the symbol “CELC”. 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. Pursuant to the Company’s amended certificate of incorporation, the Company is authorized to issue up to 25,000,000 shares of common stock, $0.001 par value per share and 2,500,000 shares of preferred stock, $0.001 par value per share. At March 31, 2019 and December 31, 2018, the Company had 10,209,115 and 10,186,382 shares of common stock outstanding, respectively. Warrants In connection with the 2016 private placement offering of units, the Company issued ten-year warrants to the placement agent of the private placement. The warrants allow the placement agent to purchase up to 55,249 shares of common stock at $7.56 per share. The warrants were immediately exercisable and expire on January 14, 2026 and May 2, 2026. These warrants are equity classified and the $330,607 fair value of warrants is reflected as additional paid-in capital. In connection with the private placement offering of convertible notes, the Company issued ten-year warrants to the placement agent to purchase 48,615 shares of common stock at $8.42 per share. The warrants were immediately exercisable and expire on April 28, 2027 and May 17, 2027. These warrants are equity classified and the $286,999 fair value of the warrants is reflected as additional paid-in capital. In addition, the Company granted the purchasers of the convertible notes the right to receive a seven-year warrant to purchase 131,675 shares of common stock at an exercise price equal to the conversion price of the convertible notes. With the completion of the IPO on September 22, 2017, these warrants were issued. These warrants were immediately exercisable and expire on September 22, 2024. These warrants are equity classified and the $776,717 fair value of the warrants is reflected as additional paid-in capital 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 shares of common stock at $10.45 per share. This warrant was immediately exercisable and expires on September 19, 2022. This warrant is equity classified and the $784,111 fair value of the warrant is reflected as additional paid-in capital. At March 31, 2019 and December 31, 2018, the Company had warrants to purchase 353,980 common shares outstanding, at a weighted average exercise price of $9.42. A total of 0 and 19,343 warrants were exercised in the three months ended March 31, 2019 and 2018, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
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 shares of common stock for issuance under the 2012 Equity Incentive Plan. The 2012 Equity Incentive Plan provides for share options, restricted share awards, performance share awards or share bonuses. The exercise price of each share option granted under the 2012 Equity Incentive Plan is not less than 100% of the fair market value of one share on the date of grant. The maximum permitted term of options granted under the 2012 Equity Incentive Plan is ten years. The Company’s board administered the 2012 Equity Incentive Plan and determined the provisions of incentive awards, including eligible recipients, number of shares subject to an incentive award, exercise price, vesting schedule, duration of an incentive award and other restrictions an incentive award may be subject to. The 2012 Equity Incentive Plan was frozen on September 6, 2017 and any new awards will be issued under the terms of the 2017 Stock Incentive Plan. 2017 Stock Incentive Plan The 2017 Stock Incentive Plan (the “2017 Plan") was adopted by the Company’s board on September 6, 2017, became effective following the corporate conversion on September 15, 2017, and was approved by stockholders at the Company’s annual stockholder meeting on May 10, 2018. The Company reserved a maximum of 750,000 shares of common stock for issuance under the 2017 Plan. The number of shares reserved for issuance under the 2017 Plan will increase automatically on January 1, 2019 and each subsequent anniversary through January 1, 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31. However, the Company’s board may reduce the amount of the increase in any particular year. The Company’s board decided that no increase would occur on January 1, 2019. The maximum permitted term of options granted under the 2017 Plan is ten years. The 2017 Plan provides for stock options, restricted stock awards, stock appreciation rights, restricted stock units, performance awards and stock bonuses. The exercise price of each share option granted under the 2017 Plan is not less than 100% of the fair market value of one share of common stock on the date of grant. The 2017 Plan is generally administered by the compensation committee of the Company’s board, which has the authority to interpret the 2017 Plan, grant awards and make all other determinations necessary for the administration of the 2017 Plan. The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the three months ended March 31: 2019 2018 Risk-free interest rate 2.47% 2.52% - 2.71% Expected volatility 80.0% 76.0% Expected life (years) 6.05 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 price per share of common stock was determined by the Company’s board based on recent prices of shares of common stock sold in private offerings. Subsequent to the IPO, the price per share of common stock is determined by using the quoted price on the grant date. The risk-free interest rates are 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 is based on the simplified method in accordance with the SEC Staff Accounting Bulletin Nos. 107 and 110. The expected volatility is 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. In the event the Company terminates any of its consulting agreements, the unvested options issued in connection with the agreements would also be cancelled. Unvested nonemployee options were marked-to-market as of April 1, 2018, the date that the Company adopted ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. The following table summarizes the activity for all stock options outstanding for during the three months ended March 31: 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 478,503 $ 9.73 501,603 $ 7.58 Granted 250 22.22 5,500 17.38 Exercised (22,733 ) 7.69 - - Forfeited (67,055 ) 9.37 - - Balance at March 31 388,965 $ 9.91 507,103 $ 7.69 Options exercisable at March 31: 253,719 $ 7.09 215,806 $ 5.87 Weighted Average Grant Date Fair Value for Options Granted During the period: $ 15.53 $ 12.08 The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2019: Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 388,965 7.67 $ 9.91 $ 4,806,959 253,719 $ 7.09 $ 3,761,146 The Company recognized stock-based compensation expense for stock options of $162,829 and $266,096 for the three months ended March 31, 2019 and 2018, respectively. A restricted stock award of 2,571 shares was granted to a member of the Company’s board in 2018. The Company had 2,571 and 5,250 shares of restricted stock outstanding as of March 31, 2019 and 2018, respectively, and 0 shares of restricted stock vested during the three months ended March 31, 2019 or 2018. The Company recognized stock-based compensation expense for restricted stock of $12,786 and $42,289 for the three months ended March 31, 2019 and 2018, respectively. The total remaining shares available for grant under the 2017 Plan is 626,837. Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: 2019 $ 356,162 2020 351,781 2021 270,032 2022 102,378 Total estimated compensation cost to be recognized $ 1,080,353 2017 Employee Stock Purchase Plan The Company’s 2017 Employee Stock Purchase Plan (the “ESPP") was adopted by the Company’s board on September 6, 2017 and approved by stockholders at the Company’s annual stockholder meeting on May 10, 2018. The Company has reserved a total of 100,000 shares for issuance under the ESPP. The number of shares authorized and reserved for issuance under the ESPP will be automatically increased on the first day of each of the Company’s fiscal years beginning in 2019 by the number of shares equal to 0.5% of the total outstanding number of shares of common stock. However, the Company’s board may reduce the amount of the increase in any particular year. The Company’s board decided that no increase would occur on January 1, 2019. The ESPP provides participating employees with an opportunity to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees unless they are employed for less than 20 hours per week or own 5% or more of the total combined voting power or value of the Company’s common stock. The ESPP is administered using overlapping 24 month offering periods, referred to as an Offering Period. Each Offering Period has four six-month purchase periods. A new Offering Period and purchase period begin every six months on May 1 and November 1 of each year. Participating employees may purchase common stock, on a voluntary after tax-basis, at a price equal to 85% of the fair market value of a share of common stock on either the offering date or the purchase date, whichever is lower. If the purchase date has a lower price, the employee will automatically be placed in the Offering Period beginning immediately after the purchase date. The Company recognized stock-based compensation expense related to the ESPP of $9,030 and $28,094 for the three months ended March 31, 2019 and 2018, respectively. The Company recognized total stock-based compensation expense as follows for the three months ended March 31: Three Months Ended March 31, 2019 2018 Stock-based compensation expense in operating expenses: Research and development $ 100,257 $ 161,670 General and administrative 84,388 174,810 Total $ 184,645 $ 336,479

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	11. Income Taxes The Company has not recorded an income tax benefit for the three months ended March 31, 2019 or 2018 due to net losses and recognition of a full valuation allowance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 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, 2018 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates M s.
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, 2019 and December 31, 2018, the Company had $14,556,544 and $15,822,846, respectively, in money market funds and U.S. Treasury Bills that are considered cash equivalents. In connection with the prior lease, the Company was required to maintain $50,000 of cash in a separate savings account to secure a standby letter of credit. The standby letter of credit expired in July 2018 and the cash was transferred to the Company’s operating account.
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, 2019 and December 31, 2018, the Company had $8,699,944 and $8,952,907, respectively, of investments.
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 useful lives of property and equipment are as follows for the major classes of assets: Asset Description Estimated Lives Furniture and Equipment 4-5 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.
Deferred Charges, Policy [Policy Text Block]	Deferred Transaction Costs Deferred transaction costs primarily consist of legal fees, SEC filing fees and other fees relating to the Company’s Registration Statement on Form S-3 filed with the SEC on September 21, 2018. The deferred transaction costs were capitalized as incurred and will be offset against the proceeds from future securities offered by the Company for a period up to three years. The deferred transaction costs will be reviewed periodically to assess the probability that future securities will be offered. In the event that no future offering will occur, any deferred transaction costs will be expensed. No costs were incurred for the three months ending March 31, 2019.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Loss 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 value 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, accounts payable, accrued expenses and other financial working capital items approximate fair value at March 31, 2019 and December 31, 2018 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]	Stock-Based Compensation The Company’s stock-based compensation consists of stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s 2017 Employee Stock Purchase Plan. The Company recognizes compensation expense 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.
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 $1,590,958 and $1,545,668 for the three months ended March 31, 2019 and 2018, respectively. Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes 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 service agreements with its third-party service providers. 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 Adopted Accounting Pronouncements Effective January 1, 2019, we adopted the FASB Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest period presented. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option to not restate comparative periods in transition and elect to use the effective date of ASC 842, Leases, as the date of initial application of transition, which we elected. As a result of the adoption of ASC 842 on January 1, 2019, we recorded both operating lease right-of-use (ROU) assets of $356,539, lease liabilities of $404,931, and eliminated deferred rent of $63,875 and prepaid rent of $15,483. The adoption of ASC 842 had no impact on our Condensed Statement of Operations and Condensed Statement of Cash Flows for the three-month period ended March 31, 2019. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which allowed us to carry forward the historical lease classification. Additional information and disclosures required by this new standard are contained in Note 8. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which amended Statement of Cash Flows (Topic 230) of the Accounting Standards Codification (“ASC”). The new guidance requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard as of January 1, 2018 and applied it retrospectively. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of ASC 718, Compensation – Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees and to supersede the guidance in ASC 505-50. The new guidance is substantially the same as current guidance for employee awards. The Company adopted this standard as of April 1, 2018 using the modified retrospective approach. The remeasurement of open awards to nonemployees was based on the fair value of such awards as of the date of adoption and resulted in no material change to accumulated deficit or additional paid-in capital. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of operations is required to be filed. The Company has included its first presentation of changes in stockholders’ equity in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule Of Estimated Useful Lives Of Property Plant And Equipment [Table Text Block]	Estimated useful lives of property and equipment are as follows for the major classes of assets: Asset Description Estimated Lives Furniture and Equipment 4-5 Leasehold Improvements 2-3

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity Securities [Table Text Block]	The following tables summarizes the Company’s held-to-maturity investment securities at amortized cost as of March 31, 2019 and December 31, 2018: March 31, 2019 Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments: Certificates of Deposit $ 4,178,733 $ - $ 17,981 $ 4,160,752 Governmental Agency Securities 3,014,355 - 11,962 3,002,393 U.S. Treasury Notes 1,506,856 - 566 1,506,290 Total $ 8,699,944 $ - $ 30,509 $ 8,669,435 December 31, 2018 Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments: Certificates of Deposit $ 4,415,548 $ - $ 33,526 $ 4,382,022 Governmental Agency Securities 3,038,217 - 24,444 3,013,773 U.S. Treasury Notes 1,499,142 - 2,130 1,497,012 Total $ 8,952,907 $ - $ 60,100 $ 8,892,807

Prepaid Assets (Tables)

Prepaid Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Prepaid Expense, Current [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Prepaid assets consisted of the following: March 31, 2019 December 31, 2018 Current: Directors & officers’ insurance $ 163,000 $ 224,125 Software License 64,270 - Other 60,495 45,815 Total $ 287,765 $ 269,940

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consisted of the following: March 31, 2019 December 31, 2018 Leasehold improvements $ 299,003 $ 297,094 Furniture and equipment 1,120,247 997,416 1,419,250 1,294,510 Less: Accumulated depreciation (557,065 ) (480,897 ) Total $ 862,185 $ 813,613

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses consisted of the following: March 31, 2019 December 31, 2018 Accrued compensation $ 337,507 $ 391,629 Deferred rent - 63,875 Employee Stock Purchase Plan 52,313 28,940 Other 95,374 52,347 Total $ 485,194 $ 536,791

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block]	Supplemental balance sheet information related to leases is as follows: Operating Lease March 31, 2019 Right-of-use asset $ 315,688 March 31, 2019 Operating lease liability $ 358,902 Less: short term portion (182,302 ) Long term portion $ 176,600 Finance Lease March 31, 2019 Furniture and equipment $ 28,932 Less: Accumulated depreciation (4,822 ) Net book value of property and equipment under lease $ 24,110 March 31, 2019 Finance lease liability $ 24,179 Less: short term portion (5,740 ) Long term portion $ 18,440
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Maturity analysis under lease agreements is as follows: Operating Leases Finance Leases 2019 $ 126,915 $ 5,441 2020 193,338 7,255 2021 64,940 7,255 2022 - 7,255 2023 - 3,022 Total minimum lease payments 385,193 30,228 Less: Present value discount (26,291 ) (358 ) Less amount representing services - (5,691 ) Present value of net minimum lease payments $ 358,902 $ 24,179
Schedule of Weighted Average Discount Rate and Remaining Lease Term [Table Text Block]	Weighted average Remaining Lease Term Discount Rate Operating lease 2.0 years 5.5 % Finance lease 4.1 years 1.0 %
Lease Costs For The Period [Table Text Block]	Lease costs for the period ended March 31, 2019: Three-month Period Operating lease cost $ 41,063 Finance lease cost: Amortization 1,446 Interest 43 Variable lease cost 23,935 Total lease cost $ 66,487
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block]	Supplemental cash flow information related to leases for the period ended March 31, 2019: Three-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 70,044 Operating cash outflow from finance leases 384 Financing cash outflow from finance leases 1,428 $ 71,856

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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 for the three months ended March 31: 2019 2018 Risk-free interest rate 2.47% 2.52% - 2.71% Expected volatility 80.0% 76.0% Expected life (years) 6.05 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 during the three months ended March 31: 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 478,503 $ 9.73 501,603 $ 7.58 Granted 250 22.22 5,500 17.38 Exercised (22,733 ) 7.69 - - Forfeited (67,055 ) 9.37 - - Balance at March 31 388,965 $ 9.91 507,103 $ 7.69 Options exercisable at March 31: 253,719 $ 7.09 215,806 $ 5.87 Weighted Average Grant Date Fair Value for Options Granted During the period: $ 15.53 $ 12.08
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, 2019: Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 388,965 7.67 $ 9.91 $ 4,806,959 253,719 $ 7.09 $ 3,761,146
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: 2019 $ 356,162 2020 351,781 2021 270,032 2022 102,378 Total estimated compensation cost to be recognized $ 1,080,353
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The Company recognized total stock-based compensation expense as follows for the three months ended March 31: Three Months Ended March 31, 2019 2018 Stock-based compensation expense in operating expenses: Research and development $ 100,257 $ 161,670 General and administrative 84,388 174,810 Total $ 184,645 $ 336,479

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2019
Minimum [Member] | 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] | Furniture and Equipment [Member]
Property, Plant and Equipment, Estimated Useful Lives	5 years
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	3 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Research and Development Expense	$ 1,590,958	$ 1,545,668
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	8,699,944			$ 8,952,907
Restricted Cash	0	$ 50,000		50,000
Deferred Costs, Current	28,743			28,743
Operating Lease, Right-of-Use Asset	315,688		$ 356,539	0
Operating Lease, Liability	358,902		404,931
Deferred Rent Credit, Current	0		63,875	63,875
Prepaid Rent			$ 15,483
Money Market and US Treasury Securities [Member]
Money Market and U.S. Treasury Bills	$ 14,556,544			$ 15,822,846

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	353,980
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	388,965	507,103
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,571	5,250

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost, as Adjusted	$ 8,699,944	$ 8,952,907
Short Term Investments [Member]
Amortized Cost, as Adjusted	8,699,944	8,952,907
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	30,509	60,100
Estimated Fair Value	8,669,435	8,892,807
Short Term Investments [Member] | Certificates of Deposit
Amortized Cost, as Adjusted	4,178,733	4,415,548
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	17,981	33,526
Estimated Fair Value	4,160,752	4,382,022
Short Term Investments [Member] | Governmental Agency Securities
Amortized Cost, as Adjusted	3,014,355	3,038,217
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	11,962	24,444
Estimated Fair Value	3,002,393	3,013,773
Short Term Investments [Member] | U.S. Treasury Notes
Amortized Cost, as Adjusted	1,506,856	1,499,142
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	566	2,130
Estimated Fair Value	$ 1,506,290	$ 1,497,012

Investments (Details Textual)

Investments (Details Textual) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 8,699,944	$ 8,952,907
2019 Maturity Investments [Member]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 8,699,944

Prepaid Assets (Details)

Prepaid Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current:
Directors & officers' insurance	$ 163,000	$ 224,125
Software License	64,270	0
Other	60,495	45,815
Total	$ 287,765	$ 269,940

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment, Gross	$ 1,419,250	$ 1,294,510
Less: Accumulated depreciation	(557,065)	(480,897)
Total	862,185	813,613
Leasehold improvements [Member]
Property, Plant and Equipment, Gross	299,003	297,094
Furniture and equipment [Member]
Property, Plant and Equipment, Gross	$ 1,120,247	$ 997,416

Property and Equipment (Detai_2

Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 76,168	$ 39,738

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accrued compensation	$ 337,507		$ 391,629
Deferred rent	0	$ 63,875	63,875
Employee Stock Purchase Plan	52,313		28,940
Other	95,374		52,347
Total	$ 485,194		$ 536,791

Commitments (Details)

Commitments (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Right-of-use asset	$ 315,688	$ 356,539	$ 0
Operating lease liability	358,902	$ 404,931
Less: short term portion	(182,302)		0
Long term portion	176,600		0
Furniture and equipment	28,932
Less: Accumulated depreciation	(4,822)
Net book value of property and equipment under finance lease	24,110
Finance lease liability	24,179
Less: short term portion	(5,740)		(5,730)
Long term portion	$ 18,440		$ 19,878

Commitments (Details 1)

Commitments (Details 1) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
2019	$ 126,915
2020	193,338
2021	64,940
2022	0
2023	0
Total minimum lease payments	385,193
Less: Present value discount	(26,291)
Less amount representing services	0
Present value of net minimum lease payments	358,902	$ 404,931
2019	5,441
2020	7,255
2021	7,255
2022	7,255
2023	3,022
Total minimum capital lease payments	30,228
Less: Present value discount	(358)
Less amount representing services	(5,691)
Present value of net minimum lease payments	$ 24,179

Commitments (Details 2)

Commitments (Details 2)	Mar. 31, 2019
Operating Lease, Weighted Average Remaining Lease Term	2 years
Finance Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	5.50%
Finance Lease, Weighted Average Discount Rate, Percent	1.00%

Commitments (Details 3)

Commitments (Details 3)	3 Months Ended
	Mar. 31, 2019USD ($)
Operating lease cost	$ 41,063
Finance lease cost:
Amortization	1,446
Interest	43
Variable lease cost	23,935
Total lease cost	66,487
Cash paid for amounts included in operating and finance leases:
Operating cash outflow from operating leases	70,044
Operating cash outflow from finance leases	384
Financing cash outflow from finance leases	1,428
Total cash paid for amounts included in operating and finance leases	$ 71,856

Commitments (Details Textual)

Commitments (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Payments to Acquire in Process Research and Development	$ 50,000	$ 200,000	$ 350,000
Contractual Obligation	2,690,000
Contractual Obligation Due For Future Payment	32,000
Contractual Obligation Future Obligation Milestones	$ 150,000

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 22, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 15, 2017	Dec. 31, 2016
Common Stock, Shares, Outstanding		10,209,115		10,186,382
Common Stock, Shares Authorized		25,000,000		25,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized		2,500,000		2,500,000
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		353,980
Weighted Average Exercise Price		$ 9.42
Convertible Notes Payable [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	881,911
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 776,717
Member Units [Member]
Common Unit, Outstanding					257,604,208
Common Stock, Shares, Outstanding					6,440,139
Common Stock [Member]
Common Unit, Outstanding				10,186,382
Common Stock, Shares, Outstanding		10,209,115
Stock Issued During Period, Shares, Upon Exercise Of warrants			19,343
Warrant [Member]
Stock Issued During Period, Shares, Upon Exercise Of warrants		0	19,343
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
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 286,999
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, 2019	Mar. 31, 2018
Risk-free interest rate	2.47%
Expected volatility	80.00%	76.00%
Expected life (years)	6 years 18 days
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk-free interest rate		2.52%
Expected life (years)		6 years 3 months
Maximum [Member]
Risk-free interest rate		2.71%
Expected life (years)		10 years

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details 1) - Stock Option [Member] - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shares, Options outstanding at beginning of year	478,503	501,603
Shares, Granted	250	5,500
Shares, Exercised	(22,733)	0
Shares, Forfeited	(67,055)	0
Shares, Balance at March 31	388,965	507,103
Shares, Options exercisable at Shares, March 31	253,719	215,806
Weighted Average Exercise Price, Options outstanding at beginning of year	$ 9.73	$ 7.58
Weighted Average Exercise Price, Granted	22.22	17.38
Weighted Average Exercise Price, Exercised	7.69	0
Weighted Average Exercise Price, Forfeited	9.37	0
Weighted Average Exercise Price, Balance at December 31	9.91	7.69
Weighted Average Exercise Price, Options exercisable at December 31:	7.09	5.87
Weighted Average Grant Date Fair Value for Options Granted During the period:	$ 15.53	$ 12.08

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details 2) - Stock Option [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Options Outstanding	388,965	478,503	507,103	501,603
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 8 months 1 day
Options Outstanding, Weighted Average Exercise Price	$ 9.91	$ 9.73	$ 7.69	$ 7.58
Options Outstanding, Aggregate Intrinsic Value	$ 4,806,959
Options Exercisable	253,719		215,806
Options Exercisable, Weighted Average Exercise Price	$ 7.09		$ 5.87
Options Exercisable, Aggregate Intrinsic Value	$ 3,761,146

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details 3)	Mar. 31, 2019USD ($)
2019	$ 356,162
2020	351,781
2021	270,032
2022	102,378
Total estimated compensation cost to be recognized	$ 1,080,353

Stock-Based Compensation (Det_5

Stock-Based Compensation (Details 4) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	$ 184,645	$ 336,479
Research and development [Member]
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	100,257	161,670
General and administrative [Member]
Stock-based compensation expense in operating expenses:
Total Stock-based Compensation Expense	$ 84,388	$ 174,810

Stock-Based Compensation (Det_6

Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 15, 2017	Nov. 12, 2012
Share-based Compensation	$ 184,645	$ 336,479
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted			2,571
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	2,571	5,250
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	$ 162,829	$ 266,096
Allocated Share-based Compensation Expense	9,030	28,094
Restricted Stock [Member]
Share-based Compensation	$ 12,786	$ 42,289
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
2017 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance				100,000