Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Celcuity Inc. | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-38207 | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001603454 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,258,666 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 16,854,359 | $ 18,735,002 |
Deposits | 22,009 | 22,009 |
Deferred transaction costs | 34,870 | 28,743 |
Payroll tax receivable | 190,000 | 190,000 |
Prepaid assets | 337,251 | 274,600 |
Total current assets | 17,438,489 | 19,250,354 |
Property and equipment, net | 795,676 | 833,463 |
Operating lease right-of-use assets | 158,666 | 196,983 |
Total assets | 18,392,831 | 20,280,800 |
Current Liabilities: | ||
Accounts payable | 68,104 | 142,773 |
Finance lease liabilities | 5,780 | 5,769 |
Operating lease liabilities | 176,600 | 178,466 |
Accrued expenses | 614,462 | 584,319 |
Total current liabilities | 864,946 | 911,327 |
Finance lease liabilities | 12,660 | 14,109 |
Operating lease liabilities | 0 | 57,793 |
Total liabilities | 877,606 | 983,229 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.001 par value: 25,000,000 shares authorized; 10,253,988 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | 10,254 | 10,254 |
Additional paid-in capital | 36,599,372 | 36,134,723 |
Accumulated deficit | (19,094,401) | (16,847,406) |
Total stockholders' equity | 17,515,225 | 19,297,571 |
Total liabilities and stockholders' equity | $ 18,392,831 | $ 20,280,800 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
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 | 10,253,988 | 10,253,988 |
Common stock, shares outstanding | 10,253,988 | 10,253,988 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 1,847,414 | $ 1,590,958 |
General and administrative | 463,399 | 383,545 |
Total operating expenses | 2,310,813 | 1,974,503 |
Loss from operations | (2,310,813) | (1,974,503) |
Other income (expense) | ||
Interest expense | (33) | (43) |
Interest income | 63,851 | 128,638 |
Other income (expense), net | 63,818 | 128,595 |
Net loss before income taxes | (2,246,995) | (1,845,908) |
Income tax benefits | 0 | 0 |
Net loss | $ (2,246,995) | $ (1,845,908) |
Net loss per share, basic and diluted | $ (0.22) | $ (0.18) |
Weighted average common shares outstanding, basic and diluted | 10,253,988 | 10,198,461 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid In Capital | Retained Earnings | Total |
Beginning balance (in shares) at Dec. 31, 2018 | 10,186,382 | |||
Beginning balance at Dec. 31, 2018 | $ 10,186 | $ 34,827,467 | $ (9,488,042) | $ 25,349,611 |
Stock-based compensation | 184,645 | 184,645 | ||
Exercise of common stock options, net of shares withheld for exercise price (in shares) | 22,733 | |||
Exercise of common stock options, net of shares withheld for exercise price | $ 23 | 174,934 | 174,957 | |
Net loss | (1,845,908) | (1,845,908) | ||
Ending balance (in shares) at Mar. 31, 2019 | 10,209,115 | |||
Ending balance at Mar. 31, 2019 | $ 10,209 | 35,187,046 | (11,333,950) | 23,863,305 |
Beginning balance (in shares) at Dec. 31, 2019 | 10,253,988 | |||
Beginning balance at Dec. 31, 2019 | $ 10,254 | 36,134,723 | (16,847,406) | 19,297,571 |
Stock-based compensation | 464,649 | 464,649 | ||
Net loss | (2,246,995) | (2,246,995) | ||
Ending balance (in shares) at Mar. 31, 2020 | 10,253,988 | |||
Ending balance at Mar. 31, 2020 | $ 10,254 | $ 36,599,372 | $ (19,094,401) | $ 17,515,225 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (2,246,995) | $ (1,845,908) |
Adjustments to reconcile net loss to net cash used for operations: | ||
Depreciation | 94,792 | 76,168 |
Stock-based compensation | 464,649 | 184,645 |
Non-cash interest income, net of cash received | 0 | 7,963 |
Changes in operating assets and liabilities: | ||
Prepaid assets and deposits | (62,651) | (17,825) |
Accounts payable | (92,197) | 13,309 |
Accrued expenses | 30,143 | 12,278 |
Non-cash operating lease, net | (21,342) | (20,661) |
Net cash used for operating activities | (1,833,601) | (1,590,031) |
Cash flows from investing activities: | ||
Proceeds from sale of investments | 0 | 245,000 |
Purchases of property and equipment | (45,604) | (47,641) |
Net cash provided by (used for) investing activities | (45,604) | 197,359 |
Cash flows from financing activities: | ||
Proceeds from exercise of employee stock options | 0 | 174,957 |
Payments for secondary registration statement costs | 0 | (1,300) |
Payments for finance leases | (1,438) | (1,428) |
Net cash provided by (used for) financing activities | (1,438) | 172,229 |
Net change in cash, cash equivalents, and restricted cash | (1,880,643) | (1,220,443) |
Cash, cash equivalents, and restricted cash: | ||
Beginning of period | 18,735,002 | 15,944,609 |
End of period | $ 16,854,359 | $ 14,724,166 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 16,854,359 | |
Total | 16,854,359 | $ 14,724,166 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable | 14,101 | 101,154 |
Registration statement costs included in accounts payable | $ 6,127 | $ 0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Nature of Business Celcuity Inc., a Delaware corporation (the “Company”), is a clinical stage biotechnology company translating discoveries of new cancer sub-types into pioneering companion diagnostics and new therapeutic options for cancer patients. The Company’s proprietary CELsignia diagnostic platform analyzes living tumor cells to untangle the complexity of the cellular activity driving a patient’s cancer. This allows us to discover new cancer sub-types molecular diagnostics cannot detect. We are driven to improve outcomes for patients and to transform how pharmaceutical companies define the patient populations for their targeted therapies. The Company was co-founded in 2012 by Brian F. Sullivan and Dr. Lance G. 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, 2020 | |
Accounting Policies [Abstract] | |
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, 2019 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, 2019 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. 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 and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs. 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. 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 can be 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, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
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, 2020 and 2019, potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding were options to purchase 630,889 and 388,965 shares of common stock, respectively, warrants to purchase 353,585 and 353,980 shares of common stock, respectively, and 0 and 2,571 shares of restricted common stock, respectively. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 its then 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. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its 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 consisted of the following at March 31, 2020: Operating Lease Right-of-use assets $ 158,666 Operating lease liability $ 176,600 Less: short term portion (176,600 ) Long term portion $ - Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (10,608 ) Net book value of property and equipment under finance lease $ 18,324 Finance lease liability $ 18,440 Less: short term portion (5,780 ) Long term portion $ 12,660 Maturity analysis under lease agreements consisted of the following as of March 31, 2020: Operating Leases Finance Leases 2020 $ 129,881 $ 5,441 2021 64,940 7,255 2022 - 7,255 2023 - 3,023 Total minimum lease payments 194,821 22,974 Less: Present value discount (18,221 ) (208 ) Less amount representing services - (4,326 ) Present value of net minimum lease payments $ 176,600 $ 18,440 Weighted Average Remaining Lease Term Discount Rate Operating lease 1.1 years 5.5 % Finance lease 3.2 years 1.0 % Lease costs for the period ended March 31, 2020: Three-month Period Operating lease cost $ 41,063 Finance lease cost: Amortization 1,447 Interest 33 Variable lease cost 24,365 $ 66,908 Supplemental cash flow information related to leases for the period ended March 31, 2020: Three-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 94,589 Operating cash outflow from finance leases 33 Financing cash outflow from finance leases 1,438 $ 96,060 Clinical Research Studies 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 made payments of approximately $70,000 in 2019. Additional payments of approximately $112,000 will be due as certain milestones are met. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | The following table summarizes the activity for all stock options outstanding for the three months ended March 31: 2020 2019 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 585,215 $ 14.37 478,503 $ 9.73 Granted 57,500 10.17 250 22.22 Exercised - - (22,733 ) 7.69 Forfeited (11,826 ) 10.60 (67,055 ) 9.37 Balance at March 31 630,889 $ 14.06 388,965 $ 9.91 Options exercisable at March 31: 274,267 $ 9.65 253,719 $ 7.09 Weighted Average Grant Date Fair Value for options granted during the period: $ 6.59 $ 15.53 The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2020: 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 630,889 8.07 $ 14.06 $ 233,614 274,267 $ 9.65 $ 233,614 The Company recognized stock-based compensation expense for stock options of $450,664 and $162,829 for the three months ended March 31, 2020 and 2019, respectively. 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: 2020 2019 Risk-free interest rate 1.35% - 1.66 % 2.47 % Expected volatility 73.3 % 80.0 % Expected life (years) 5.5 to 6.1 6.05 Expected dividend yield 0 % 0 % The inputs for the Black-Scholes valuation model require management’s significant assumptions. Prior to the Company’s initial public offering, the price per share of common stock was determined by the Company’s board based on recent prices of common stock sold in private offerings. Subsequent to the initial public offering, the price per share of common stock is determined by using the closing market price on the Nasdaq Capital Market 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 in combination with the Company’s calculated volatility since being publicly traded. All assumptions used to calculate the grant date fair value of non-employee 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 non-employee options were marked-to-market through April 1, 2018, the date that the Company adopted ASU No. 2018-07, Improvements to Non-employee Share-Based Payment Accounting. No restricted stock awards were granted during the three months ended March 31, 2020 and 2019. The Company had 0 and 2,571 shares of restricted stock outstanding as of March 31, 2020 and 2019, respectively, and 0 shares of restricted stock vested during the three months ended March 31, 2020 and 2019. The Company recognized stock-based compensation expense for restricted stock of $0 and $12,786 for the three months ended March 31, 2020 and 2019, respectively. The Company initially reserved a maximum of 750,000 shares of common stock for issuance under the 2017 Stock Incentive Plan (the “2017 Plan”). The number of shares reserved for issuance was automatically increased by 102,540 shares on January 1, 2020 and will increase automatically on January 1 of each of 2021 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as of the immediately preceding December 31. However, the board may reduce the amount of the increase in any particular year. The total remaining shares available for grant under the Company’s 2017 Plan as of March 31, 2020 is 433,668. Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: 2020 $ 910,860 2021 1,008,493 2022 870,596 2023 530,290 2024 91,505 Total estimated compensation cost to be recognized $ 3,411,744 The Company recognized stock-based compensation expense related to its employee stock purchase plan of $13,985 and $9,030 for the three months ended March 31, 2020 and 2019, respectively. The Company initially reserved a total of 100,000 shares for issuance under the employee stock purchase plan. The number of shares reserved for issuance was automatically increased by 51,270 shares on January 1, 2020 and will increase automatically on each subsequent January 1 by the number of shares equal to 0.5% of the total outstanding number of shares of Company common stock as of the immediately preceding December 31. However, the board may reduce the amount of the increase in any particular year. The total remaining shares available for issuance under the employee stock purchase plan as of March 31, 2020 is 124,634. The Company recognized total stock-based compensation expense as follows for the three months ended March 31: Three Months Ended March 31, 2020 2019 Stock-based compensation expense in operating expenses: Research and development $ 293,116 $ 100,257 General and administrative 171,533 84,388 Total $ 464,649 $ 184,645 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
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, 2019 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, 2019 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. |
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 and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs. |
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. |
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 can be 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, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of supplemental balance sheet information related to leases | Supplemental balance sheet information consisted of the following at March 31, 2020: Operating Lease Right-of-use assets $ 158,666 Operating lease liability $ 176,600 Less: short term portion (176,600 ) Long term portion $ - Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (10,608 ) Net book value of property and equipment under finance lease $ 18,324 Finance lease liability $ 18,440 Less: short term portion (5,780 ) Long term portion $ 12,660 |
Schedule of maturity analysis under lease agreements | Operating Leases Finance Leases 2020 $ 129,881 $ 5,441 2021 64,940 7,255 2022 - 7,255 2023 - 3,023 Total minimum lease payments 194,821 22,974 Less: Present value discount (18,221 ) (208 ) Less amount representing services - (4,326 ) Present value of net minimum lease payments $ 176,600 $ 18,440 |
Schedule of weighted average discount rate | Weighted Average Remaining Lease Term Discount Rate Operating lease 1.1 years 5.5 % Finance lease 3.2 years 1.0 % Lease costs for the period ended March 31, 2020: |
Schedule of lease costs for the period | Three-month Period Operating lease cost $ 41,063 Finance lease cost: Amortization 1,447 Interest 33 Variable lease cost 24,365 $ 66,908 |
Schedule of supplemental cash flow information related to leases | Three-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 94,589 Operating cash outflow from finance leases 33 Financing cash outflow from finance leases 1,438 $ 96,060 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of activity for all stock options outstanding | 2020 2019 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 585,215 $ 14.37 478,503 $ 9.73 Granted 57,500 10.17 250 22.22 Exercised - - (22,733 ) 7.69 Forfeited (11,826 ) 10.60 (67,055 ) 9.37 Balance at March 31 630,889 $ 14.06 388,965 $ 9.91 Options exercisable at March 31: 274,267 $ 9.65 253,719 $ 7.09 Weighted Average Grant Date Fair Value for options granted during the period: $ 6.59 $ 15.53 |
Schedule of stock options outstanding | 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 630,889 8.07 $ 14.06 $ 233,614 274,267 $ 9.65 $ 233,614 |
Schedule of fair value of equity-based awards | 2020 2019 Risk-free interest rate 1.35% - 1.66 % 2.47 % Expected volatility 73.3 % 80.0 % Expected life (years) 5.5 to 6.1 6.05 Expected dividend yield 0 % 0 % |
Schedule of unrecognized compensation cost | 2020 $ 910,860 2021 1,008,493 2022 870,596 2023 530,290 2024 91,505 Total estimated compensation cost to be recognized $ 3,411,744 |
Schedule of stock-based compensation expense | Three Months Ended March 31, 2020 2019 Stock-based compensation expense in operating expenses: Research and development $ 293,116 $ 100,257 General and administrative 171,533 84,388 Total $ 464,649 $ 184,645 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Operating lease, right-of-use asset | $ 158,666 | $ 196,983 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Stock Option | ||
Antidilutive securities excluded from computation of earnings per share | 630,889 | 388,965 |
Restricted Stock | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 2,571 |
Warrants to Purchase | ||
Antidilutive securities excluded from computation of earnings per share | 353,585 | 353,980 |
Commitments (Details)
Commitments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-use asset | $ 158,666 | $ 196,983 |
Operating lease liability | 176,600 | |
Less: short term portion | (176,600) | (178,466) |
Long term portion | 0 | 57,793 |
Furniture and equipment | 28,932 | |
Less: accumulated depreciation | (10,608) | |
Net book value of property and equipment under finance lease | 18,324 | |
Finance lease liability | 18,440 | |
Less: short term portion | (5,780) | (5,769) |
Long term portion | $ 12,660 | $ 14,109 |
Commitments (Details 1)
Commitments (Details 1) | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 129,881 |
2021 | 64,940 |
2022 | 0 |
2023 | 0 |
Total minimum lease payments | 194,821 |
Less: present value discount | (18,221) |
Less amount representing services | 0 |
Present value of net minimum lease payments | 176,600 |
2020 | 5,441 |
2021 | 7,255 |
2022 | 7,255 |
2023 | 3,023 |
Total minimum capital lease payments | 22,974 |
Less: present value discount | (208) |
Less amount representing services | (4,326) |
Present value of net minimum lease payments | $ 18,440 |
Commitments (Details 2)
Commitments (Details 2) | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease, weighted average remaining lease term | 1 year 1 month 6 days |
Operating lease, weighted average discount rate, percent | 5.50% |
Finance lease, weighted average remaining lease term | 3 years 2 months 12 days |
Finance lease, weighted average discount rate, percent | 1.00% |
Commitments (Details 3)
Commitments (Details 3) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 41,063 |
Finance lease cost: | |
Amortization | 1,447 |
Interest | 33 |
Variable lease cost | 24,365 |
Total lease cost | $ 66,908 |
Commitments (Details 4)
Commitments (Details 4) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in operating and finance leases: | |
Operating cash outflow from operating leases | $ 94,589 |
Operating cash outflow from finance leases | 33 |
Financing cash outflow from finance leases | 1,438 |
Total cash paid for amounts included in operating and finance leases | $ 96,060 |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Payments to acquire in process research and development | $ 50,000 | $ 200,000 | $ 350,000 | |
Maximum amount of payments over the course of the agreement | $ 2,690,000 | |||
Payments to acquire in process research and development to a biopharmaceutical company | $ 70,000 | |||
Future payments required upon certain milestones being met | $ 112,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Employee Stock Option - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Shares, options outstanding, beginning | 585,215 | 478,503 |
Shares, granted | 57,500 | 250 |
Shares, exercised | 0 | (22,733) |
Shares, forfeited | (11,826) | (67,055) |
Shares, options outstanding, ending | 630,889 | 388,965 |
Shares, options exercisable | 274,267 | 253,719 |
Weighted average exercise price, options outstanding, beginning | $ 14.37 | $ 9.73 |
Weighted average exercise price, granted | 10.17 | 22.22 |
Weighted average exercise price, exercised | 0 | 7.69 |
Weighted average exercise price, forfeited | 10.60 | 9.37 |
Weighted average exercise price, options outstanding, ending | 14.06 | 9.91 |
Weighted average exercise price, options exercisable | 9.65 | 7.09 |
Weighted average grant date fair value for options granted during the period | $ 6.59 | $ 15.53 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) - Employee Stock Option - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Options outstanding | 630,889 | 585,215 | 388,965 | 478,503 |
Options outstanding, weighted average remaining contractual life | 8 years 25 days | |||
Options outstanding, weighted average exercise price | $ 14.06 | $ 14.37 | $ 9.91 | $ 9.73 |
Options outstanding, aggregate intrinsic value | $ 233,614 | |||
Options exercisable | 274,267 | 253,719 | ||
Options exercisable, weighted average exercise price | $ 9.65 | $ 7.09 | ||
Options exercisable, aggregate intrinsic value | $ 233,614 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Risk-free interest rate | 2.47% | |
Expected volatility | 73.30% | 80.00% |
Expected life (years) | 6 years 18 days | |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Risk-free interest rate | 1.35% | |
Expected life (years) | 5 years 6 months | |
Maximum | ||
Risk-free interest rate | 1.66% | |
Expected life (years) | 6 years 1 month 6 days |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details 3) | Mar. 31, 2020USD ($) |
Share-based Payment Arrangement [Abstract] | |
2020 | $ 910,860 |
2021 | 1,008,493 |
2022 | 870,596 |
2023 | 530,290 |
2024 | 91,505 |
Total estimated compensation cost to be recognized | $ 3,411,744 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details 4) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation expense | $ 464,649 | $ 184,645 |
Research And Development Expense | ||
Stock-based compensation expense | 293,116 | 100,257 |
General And Administrative Expense | ||
Stock-based compensation expense | $ 171,533 | $ 84,388 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted stock outstanding | 0 | 2,571 |
Restricted stock vested | 0 | 0 |
Share-based compensation | $ 464,649 | $ 184,645 |
Shares available for grant under the 2017 Plan | 433,668 | |
Restricted Stock | ||
Share-based compensation | $ 0 | 12,786 |
Employee Stock Option | ||
Share-based compensation | 13,985 | 9,030 |
2017 Stock Incentive Plan | ||
Share-based compensation | $ 450,664 | $ 162,829 |