MetaVia (MTVA) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 11, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	NeuroBo Pharmaceuticals, Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,427,307
Entity Central Index Key	0001638287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 14,298	$ 13,908
Restricted cash		15
Prepaid expenses	908	153
Other assets	37	42
Total current assets	15,243	14,118
Right-of-use assets	105	116
Property and equipment, net	172	200
Other assets	32	34
Total assets	15,552	14,468
Current liabilities:
Accounts payable	1,683	638
Accrued liabilities	1,426	1,422
Lease liability, short-term	23	22
Total current liabilities	3,132	2,082
Lease and other long-term liabilities	82	94
Total liabilities	3,214	2,176
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding as of June 30, 2020 and December 31, 2019.
Common stock, $0.001 par value per share, 100,000,000 shares authorized; 16,427,307 and 15,592,718 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.	17	16
Additional paid–in capital	56,317	49,130
Accumulated other comprehensive (loss) income	(16)	12
Accumulated deficit	(43,980)	(36,866)
Total stockholders’ equity	12,338	12,292
Total liabilities and stockholders’ equity	$ 15,552	$ 14,468

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollar per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,427,307	15,592,718
Common stock, shares outstanding	16,427,307	15,592,718

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development	$ 674	$ 948	$ 2,826	$ 2,748
General and administrative	1,718	939	4,315	1,590
Total operating expenses	2,392	1,887	7,141	4,338
Loss from operations	(2,392)	(1,887)	(7,141)	(4,338)
Interest income (expense), net	8	(14)	28	(27)
Other expense, net			(1)
Loss before income taxes	(2,384)	(1,901)	(7,114)	(4,365)
Provision for income taxes	0	0	0	0
Net loss	(2,384)	(1,901)	(7,114)	(4,365)
Other comprehensive loss:
Foreign currency translation loss, net of tax	6	11	(28)	9
Total other comprehensive loss	6	11	(28)	9
Comprehensive loss	$ (2,378)	$ (1,890)	$ (7,142)	$ (4,356)
Loss per share:
Net loss per share, basic and diluted (Note 11)	$ (0.15)	$ (0.37)	$ (0.44)	$ (0.84)
Weighted average common shares outstanding:
Basic and diluted	16,303,681	5,166,812	15,987,240	5,166,812

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($)	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (loss) Income	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2018	$ 16,746,000		$ 2,266,000	$ 2,000	$ (15,554,000)	$ (13,286,000)
Balance at beginning of period (shares) at Dec. 31, 2018	4,801,020	5,166,812
Increase (Decrease) in Stockholders' Equity
Stock–based compensation			60,000			60,000
Foreign currency translation adjustment				(2,000)		(2,000)
Net loss					(2,464,000)	(2,464,000)
Balance at end of period at Mar. 31, 2019	$ 16,746,000		2,326,000		(18,018,000)	(15,692,000)
Balance at end of period (shares) at Mar. 31, 2019	4,801,020	5,166,812
Balance at beginning of period at Dec. 31, 2018	$ 16,746,000		2,266,000	2,000	(15,554,000)	(13,286,000)
Balance at beginning of period (shares) at Dec. 31, 2018	4,801,020	5,166,812
Increase (Decrease) in Stockholders' Equity
Net loss						(4,365,000)
Balance at end of period at Jun. 30, 2019	$ 40,921,000	$ 5,166,812	2,405,000	11,000	(19,919,000)	(17,503,000)
Balance at end of period (shares) at Jun. 30, 2019	8,264,613
Balance at beginning of period at Mar. 31, 2019	$ 16,746,000		2,326,000		(18,018,000)	(15,692,000)
Balance at beginning of period (shares) at Mar. 31, 2019	4,801,020	5,166,812
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in exchange for process research and development	$ 24,175,000
Issuance of common stock in exchange for process research and development (in shares)	3,463,593
Stock–based compensation			79,000			79,000
Foreign currency translation adjustment				11,000		11,000
Net loss					(1,901,000)	(1,901,000)
Balance at end of period at Jun. 30, 2019	$ 40,921,000	$ 5,166,812	2,405,000	11,000	(19,919,000)	(17,503,000)
Balance at end of period (shares) at Jun. 30, 2019	8,264,613
Balance at beginning of period at Dec. 31, 2019		$ 16,000	49,130,000	12,000	(36,866,000)	12,292,000
Balance at beginning of period (shares) at Dec. 31, 2019		15,592,718
Increase (Decrease) in Stockholders' Equity
Exercise of stock options			53,000			53,000
Exercise of stock options (in shares)		84,589
Stock–based compensation			159,000			159,000
Foreign currency translation adjustment				(34,000)		(34,000)
Net loss					(4,730,000)	(4,730,000)
Balance at end of period at Mar. 31, 2020		$ 16,000	49,342,000	(22,000)	(41,596,000)	7,740,000
Balance at end of period (shares) at Mar. 31, 2020		15,677,307
Balance at beginning of period at Dec. 31, 2019		$ 16,000	49,130,000	12,000	(36,866,000)	$ 12,292,000
Balance at beginning of period (shares) at Dec. 31, 2019		15,592,718
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)						84,589
Net loss						$ (7,114,000)
Balance at end of period at Jun. 30, 2020		$ 17,000	56,317,000	(16,000)	(43,980,000)	12,338,000
Balance at end of period (shares) at Jun. 30, 2020		16,427,307
Balance at beginning of period at Mar. 31, 2020		$ 16,000	49,342,000	(22,000)	(41,596,000)	7,740,000
Balance at beginning of period (shares) at Mar. 31, 2020		15,677,307
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with equity financing		$ 1,000	7,499,000			7,500,000
Issuance of common stock in connection with equity financing (in shares)		750,000
Transaction costs in connection with equity financing			(984,000)			(984,000)
Stock–based compensation			171,000			171,000
Issuance of broker warrants in connection with equity financing			289,000			289,000
Foreign currency translation adjustment				6,000		6,000
Net loss					(2,384,000)	(2,384,000)
Balance at end of period at Jun. 30, 2020		$ 17,000	$ 56,317,000	$ (16,000)	$ (43,980,000)	$ 12,338,000
Balance at end of period (shares) at Jun. 30, 2020		16,427,307

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Payments of Stock Issuance Costs	$ 65	$ 695	$ 65

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (1,901)	$ (7,114)	$ (4,365)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		330	139
Non cash interest related to convertible notes - related party			29
Depreciation	1	23	1
Lease liability principal payment		(10)
Non-cash lease expense		10
Change in assets and liabilities, net of the effects of the reverse asset acquisition:
Prepaid expenses and other assets		(751)	899
Accounts payable		1,045	599
Accrued and other liabilities		5	282
Net cash used in operating activities		(6,462)	(2,416)
Investing activities
Purchases of property and equipment		(2)	(25)
Net cash used in investing activities		(2)	(25)
Financing activities
Proceeds from issuance of common stock and redeemable convertible preferred stock		7,500	24,240
Exercise of stock options		53
Issuance costs	(65)	(695)	(65)
Net cash provided by financing activities		6,858	24,175
Net increase in cash and restricted cash		394	21,734
Net foreign exchange difference		(19)	9
Cash and restricted cash at beginning of period		13,923	2,845
Cash and restricted cash at end of period	$ 24,588	$ 14,298	$ 24,588
Supplemental non-cash financing transactions:
Placement warrants issued in connection with equity financing		289

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
The Company and Basis of Presentation
The Company and Basis of Presentation	1. The Company and Basis of Presentation NeuroBo Pharmaceuticals, Inc. (together with its subsidiaries, the "Company" or "NeuroBo"), formerly known as Gemphire Therapeutics Inc. (“Gemphire”), is a clinical-stage biotechnology company with three therapeutics programs designed to impact a range of indications in neurodegenerative and cardiometabolic disease: · NB-01 , which is primarily focused on the development of a treatment for painful diabetic neuropathy, but which the Company believes could also treat a range of neuropathic conditions, including chemotherapy-induced peripheral neuropathy and post-traumatic peripheral neuropathy; · NB-02 , which has the potential to treat the symptoms of cognitive impairment and modify the progression of neurodegenerative diseases associated with the malfunction of a protein called tau, and with amyloid beta plaque deposition; and · Gemcabene , which is focused on developing and commercializing therapies for the treatment of dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease, focused on orphan indications such as homozygous familial hypercholesterolemia, as well as nonalcoholic fatty liver disease/nonalcoholic steatohepatitis. The Company was originally incorporated as Gemphire Therapeutics Inc. In connection with the closing of the Merger (as defined below), the Company changed its name to NeuroBo Pharmaceuticals, Inc. The Company’s operations have consisted principally of performing research and development activities, clinical development and raising capital. The Company's activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved. COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a lasting national and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. To date, except for the adjustments to scientific activity described under “Current Scientific Activity” below, the Company has not experienced any significant changes in our business that would have a significant negative impact on our consolidated statements of operations or cash flows. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s service providers, suppliers, contract research organizations and the Company’s clinical trials, all of which are uncertain and cannot be predicted. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Current Scientific Activity In light of the present business environment, including the impact of the COVID-19 virus that emerged in December 2019 and became a global pandemic, the Company is currently conducting the scientific activities described below with a view toward conserving financial resources. For NB-01, the Company has determined that any attempt to conduct Phase 3 clinical trials, as previously announced, would be difficult if not impossible in the short or medium term. Accordingly, in the first quarter of 2020, the Company directed its contract research organization (“CRO”) partners and other vendors working on the Phase 3 clinical trials of NB-01 to cease all work and has terminated its existing contract arrangements with each of them. The Company is currently devoting scientific resources to evaluating the potential to bring the NB-01 asset to the market through a different regulatory pathway. Development of NB-01 as an orphan drug is among the alternatives that the Company is considering, and the Company may conduct feasibility studies to identify a rare disease relevant to NB-01. There is no assurance that the Company will be able to pursue any orphan drug indication for NB-01.The Company considered marketing NB-01 as a nutraceutical (non-pharmaceutical) product, but has determined not to pursue such pathway at this time. The Company is preparing an Investigational New Drug (“IND”) application to the U.S. Food and Drug Administration (“FDA”) for NB-02. The Company intends to postpone the first human clinical trials for NB-02 until global health and macroeconomic conditions improve, with a view toward commencing clinical trial activity in the first half of 2021, subject to improvement of the constraints imposed by the COVID-19 pandemic. The Company is also considering engaging with a strategic partner to assist with clinical trials for NB-02. In May 2020, the Company received written communication from the U.S. Food and Drug Administration (“FDA”) that the clinical development program for Gemcabene remains on a partial clinical hold. The Company is reviewing its options regarding Gemcabene. Merger On July 24, 2019, Gemphire Therapeutics Inc. (“Gemphire”), and NeuroBo Pharmaceuticals, Inc. (“Private NeuroBo”) entered into a definitive agreement, which was amended on October 29, 2019 (the “Merger Agreement”). The merger closed on December 30, 2019 (the “Effective Date”), whereby Private NeuroBo merged with a wholly-owned subsidiary of the Company in an all-stock transaction (the “Merger”). Upon completion of the Merger, the Company changed its name to NeuroBo Pharmaceuticals, Inc., Private NeuroBo changed its name to NeuroBo Therapeutics, Inc., and the Company changed its ticker symbol on the Nasdaq Capital Market from “GEMP” to "NRBO". Except as otherwise indicated, references herein to “NeuroBo,” “the Company,” the “combined company,” “we,” “us,” and “our,” refer to NeuroBo Pharmaceuticals, Inc. on a post-Merger basis. Pursuant to the terms of the Merger Agreement, each outstanding share of Private NeuroBo common stock outstanding immediately prior to the closing of the Merger was converted into 1.1431 shares of the Company’s common stock (the “Exchange Ratio”) . Immediately prior to the closing of the Merger, all shares of Private NeuroBo redeemable preferred stock then outstanding were exchanged into shares of common stock of Private NeuroBo. In addition, all outstanding options exercisable for common stock of Private NeuroBo converted into options exercisable for shares of the Company’s common stock upon the Merger. Such options and their related terms were adjusted by the Exchange Ratio. Immediately following the Merger, the stockholders of Private NeuroBo owned approximately 96.2% of the outstanding common stock of the Company. The transaction was accounted for as a reverse asset acquisition in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Under this method of accounting, Private NeuroBo was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the facts that, immediately following the Merger: (i) Private NeuroBo’s stockholders owned substantially all of the voting rights in the combined company, (ii) Private NeuroBo designated all, but one, of the members of the initial board of directors of the combined company, and (iii) Private NeuroBo’s senior management holds all key positions in the senior management of the combined company. As a result, as of the closing date of the Merger, the net assets of Gemphire were recorded at their acquisition-date relative fair values in the consolidated financial statements of the Company and the reported operating results prior to the Merger are those of Private NeuroBo. Basis of presentation and consolidation principles The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements may not include all disclosures required by GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2020 . The condensed consolidated balance sheet at December 31, 2019 was derived from the audited financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. On August 11, 2019, Private NeuroBo’s board of directors and stockholders approved an amendment to the restated certificate of incorporation to affect a ten thousand-for-one (10,000-for-1) stock split of Private NeuroBo's common stock and convertible preferred stock. The par value and the authorized shares of the common and convertible preferred stock and the exercise prices of options to purchase common stock were adjusted accordingly as a result of the stock split. All issued and outstanding common stock, options for common stock, convertible preferred stock and convertible notes, as well as the exercise price of each option for common stock and the conversion price for convertible preferred stock and convertible notes, have been retroactively adjusted to reflect this stock split for all periods presented. All of the share and per share amounts presented were adjusted, on a retroactive basis, to reflect the ten thousand-for-one (10,000-for-1) stock split and the effect of the exchange of the shares of Private NeuroBo into the shares of the Company at the Exchange Ratio, except for par value and share authorizations of Private NeuroBo for periods presented prior to the Merger. The condensed consolidated financial statements of the Company include a South Korean subsidiary, NeuroBo Co., LTD., which is fully owned by the Company. All significant intercompany accounts and transactions have been eliminated in the preparation of the financial statements. Reclassification of Prior Year Amounts Interest income reported during the comparable prior year periods was reclassified from the other (expense) income, net line item to the interest income (expense), net line item to conform to current year classifications. Going Concern From its inception through June 30, 2020, the Company has devoted substantially all of its efforts to drug discovery and development and conducting clinical trials. The Company has a limited operating history and the sales and income potential of the Company's business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company's cost structure. As of June 30, 2020, the Company had $14.3 million in cash. The Company has experienced net losses and negative cash flows from operating activities since its inception and had an accumulated deficit of $44.0 million as of June 30, 2020. To date, the Company has raised capital principally through the issuance of common stock, convertible notes and private placements of redeemable convertible preferred stock. The Company has raised a total of $16.8 million from the issuance by Private NeuroBo of Series A redeemable convertible preferred stock and $0.5 million from the issuance by Private NeuroBo of convertible notes through December 31, 2018, and $24.2 million from the issuance by Private NeuroBo of Series B redeemable convertible preferred stock in May and June 2019. On April 13, 2020, the Company entered into a Securities Purchase Agreement, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering”), 750,000 shares of common stock at an offering price of $10 per share. The Registered Offering resulted in gross proceeds of $7.5 million. The Company will need to continue to raise a substantial amount of funds until it is able to generate revenues to fund its development activities. The determination as to whether the Company can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company The Company believes that its existing cash will be sufficient to fund its operations into the second quarter of 2021 Current Scientific Activity ” . The Company plans to continue to fund its operations and capital funding needs through a combination of equity offerings, debt financings, or other sources, potentially including collaborations, licenses and other similar arrangements. There can be no assurance that the Company will be able to obtain any sources of financing on acceptable terms, or at all. To the extent that the Company can raise additional funds by issuing equity securities, the Company's stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company's ability to conduct its business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in Company's consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrant issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgements about the carrying Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company’s cash is principally held by one financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. As of June 30, 2020, the Company had deposits in excess of federally insured amounts by $13.7 million. Fair Value of Financial Instruments The Company’s financial instruments include principally cash, prepaid, other current assets, right of use assets, accounts payable, accrued liabilities, lease liabilities, convertible debt and preferred stock. The carrying amounts of prepaid expenses, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items. General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services. Research and Development Costs Research and development costs are charged to expense as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when payment is made, in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development . Income Taxes The Company utilizes the liability method of accounting for income taxes as required by ASC 740, Income Taxes . Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets. Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (“ASC 718”). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. The Company records forfeitures when they occur. Stock-based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 using a fair value approach. Convertible Notes The Company evaluates all conversion and redemption features contained in a debt instrument to determine if there are any embedded features that require bifurcation as a derivative or separation as a beneficial conversion feature. The host debt instrument is discounted for the value of any embedded feature that is accounted for as either a derivative or a beneficial conversion feature. The discount is amortized and recorded to interest expense over the term of the host debt instrument using the effective interest method. The Company’s convertible debt contained an embedded beneficial conversion feature that was separated and recorded as additional paid-in capital. Fair Value of common stock In the absence of a public trading market prior to the Merger, and as a development stage company with no significant revenues, the Company believed that it was appropriate to consider a range of factors to determine the fair value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants' (“AICPA”) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation (the "AICPA Practice Guide"). The valuations of Private NeuroBo common stock were prepared using a hybrid method, which used market approaches to estimate the enterprise value of Private NeuroBo. The hybrid method is a probability-weighted expected return method ("PWERM"), where the equity value in one or more of the scenarios is calculated using an option pricing method ("OPM"). The PWERM is a scenario-based methodology that estimates the fair value of common stock based upon an analysis of future values for Private NeuroBo, assuming various outcomes. The common stock value was based on the probability-weighted present Leases On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The Company assesses its contracts at inception to determine whether the contract contains a lease, including evaluation of whether the contract conveys the right to control an explicitly or implicitly identified asset for a period of time. The Company has recognized right-of-use assets and lease liabilities that represent the net present value of future operating lease payments utilizing a discount rate corresponding to the Company’s incremental borrowing rate and amortized over the remaining terms of the leases. For operating leases of a short-term nature, i.e., those with a term of less than twelve months, the Company recognizes lease payments as an expense on a straight-line basis over the remaining lease term. Property and Equipment Property and equipment is recorded at cost and reduced by accumulated depreciation. Depreciation expense is recognized over the estimated useful lives of the assets using the straight-line method. The estimated useful life for property and equipment ranges from three to five years. Tangible assets acquired for research and development activities and that have an alternative use are capitalized over the useful life of the acquired asset. Estimated useful lives are periodically reviewed, and when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts. Maintenance and repairs are charged directly to expense as incurred. Foreign Currency Translation The foreign subsidiary uses the local currency as the functional currency. The Company translates the assets and liabilities of its foreign operation into U.S. dollars based on the rates of exchange in effect as of the balance sheet date. Expenses are translated into U.S. dollars using average exchange rates for each period. The resulting adjustments from the translation process are included in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Certain transactions of the Company are settled in foreign currency and are thus translated to U.S. dollars at the rate of exchange in effect at the end of each month. Gains and losses resulting from the translation are included in other income or expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These costs are included in general and administrative expenses. Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income or loss. Comprehensive loss includes net loss as well as other changes in stockholders' equity (deficit) that result from transactions and economic events other than those with stockholders. Comprehensive loss currently consists of net loss and changes in foreign currency translation adjustments. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is principally the business of development and commercialization of therapeutics. Recent Accounting Pronouncements Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The new guidance modifies the disclosure requirements in Topic 820 as follows: · Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. · Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. · Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company adopted the new guidance on January 1, 2020. The guidance did not have a material impact on the consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740 ) which amends the existing guidance relating to the accounting for income taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The ASU is effective for fiscal years beginning after December 15, 2020. The Company does not expect that the adoption of this new guidance will have a material impact on the Company’s consolidated financial statements.

Balance Sheet Detail

Balance Sheet Detail	6 Months Ended
	Jun. 30, 2020
Balance Sheet Detail
Balance Sheet Detail	3. Balance Sheet Detail (in thousands) Property and Equipment Property and equipment consist of the following: As of June 30, December 31, 2020 2019 Research and development equipment $ 153 $ 158 Office equipment 59 59 Total property and equipment 212 217 Less accumulated depreciation (40) (17) Property and equipment, net $ 172 $ 200 Depreciation expense was $12 and less than $1 for the three months ended June 30, 2020 and 2019, respectively, and $23 and less than $1 for the six months ended June 30, 2020 and 2019, respectively. Accrued liabilities Accrued liabilities consist of the following as of: June 30, December 31, 2020 2019 External research and development expenses $ 1,197 $ 915 Professional services 167 158 Payroll related 27 160 Other 35 189 Total $ 1,426 $ 1,422 In the first quarter of 2020, the Company directed its contract research organization (“CRO”) partners and other vendors working on the Phase 3 clinical trials of NB-01 to cease all work and has terminated its existing contract arrangements with each of them. The Company incurred termination expenses of approximately $675 in connection with these terminations which are included in the external research and development expenses line item in the above table. One CRO invoiced termination charges that the Company disputes. In accordance with ASC 450, Contingencies , the Company has determined that it is reasonably possible that a loss has occurred with respect to these invoiced amounts and estimates the range of loss as $0 to $1,100. Since no amount in this range is a better estimate than any other amount within the range, the Company has not accrued any liability arising from potential losses relating to these disputed termination charges. During the three months ended March 31, 2020, the Company recorded adjustments to research and development expenses related to clinical trial expenses that were not correctly recorded in prior periods. The net adjustments resulted in an increase of $186 in the Company’s net loss for the three months ended March 31, 2020, which the Company considers immaterial to all periods.

Merger

Merger	6 Months Ended
	Jun. 30, 2020
Merger
Merger	4. Merger The Merger, which closed on December 30, 2019, was accounted for as a reverse asset acquisition pursuant to Topic 805, Business Combinations , as substantially all of the fair value of the assets acquired were concentrated in a group of similar non-financial assets, and the acquired assets did not have outputs or employees. Contingent Value Rights Agreement On December 30, 2019, in connection with the Merger, the Company, Grand Rapids Holders’ Representative, LLC, as representative of the Company’s stockholders prior to the Merger, and Computershare Inc. and Computershare Trust Company, N.A. as the rights agent, entered into a Contingent Value Rights Agreement (the “CVR Agreement”). The Company’s stockholders of record as of immediately prior to the effective date of the Merger received one contingent value right (“CVR”) entitling such holders to receive, in the aggregate, 80% of the Gross Consideration less other Permitted Deductions (each as defined in the CVR Agreement) received during the 15-year period after the closing of the Merger (the “CVR Term”) from the grant, sale or transfer of rights to Gemcabene (other than a grant, sale or transfer of rights involving a sale or disposition of the post-Merger combined company) that is entered into during the 10-year period after the closing of the Merger or pursuant to the Beijing SL Agreement (as defined in Note 6 – License Agreement below), but not including the $2.5 million upfront gross payment pursuant to the Beijing SL Agreement. Under the CVR Agreement, the Company agreed to commit up to $1 million to support the further development of Gemcabene, to be funded following execution of the Beijing SL Agreement and the receipt by the Company of the $2.5 million upfront gross payment payable under the Beijing SL Agreement, which the Company received in October 2019. The CVRs are not transferable, except in certain limited circumstances, will not be certificated or evidenced by any instrument, will not accrue interest and will not be registered with the SEC or listed for trading on any exchange. The CVR Agreement will continue in effect until the later of the end of the CVR Term and the payment of all amounts payable thereunder. Through June 30, 2020, no milestones had been accrued as there were no potential milestones yet considered probable.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	5. Commitments and Contingencies (in thousands) Operating Leases Boston Leases In April 2018, the Company entered a non-cancelable operating lease for its headquarters in Boston, MA (the “Boston Lease”). The lease was subsequently amended, and the term was extended to August 2019 with an option to extend the term on a month-to-month basis. The Company exercised the option and extended the lease term on a month-to-month basis through January 15, 2020. The lease is subject to base lease payments and additional charges for common costs related to usage of shared space. Due to its short-term nature, the Company recognizes lease payments as an expense on a straight-line basis over the remaining lease term. In September 2019, the Company entered a non-cancelable operating lease, as amended, for its new corporate headquarters located in Boston, Massachusetts (“New Boston Lease”). The agreement, effective February 1, 2020, has a one-year term, and rental costs of $21 per month prior to the application of certain rent concessions granted by the landlord in the amount of $32. For the three and six months ended June 30, 2020, expense under the New Boston Lease and Boston Lease in the aggregate was $65 and $180, inclusive of a termination fee of $83, respectively. For the three and six months ended June 30, 2019, expense under the Boston Lease in the aggregate was $27 and $53, respectively. Future minimum lease payments at June 30, 2020 were as follows under the New Boston Lease (in thousands): December 31, 2020 (period from July 1 to December 31) $ 129 2021 21 Total minimum payments $ 150 Lease in Korea: In May 2019, the Company entered a non-cancelable operating lease for its new facility in Korea (the “Korea Lease”). The initial lease term is five years with an option to renew for an additional five-year term. The lease commenced on July 2, 2019 and expires on July 1, 2024. The operating lease is subject to a deposit, base rent payments and additional charges for utilities and other common costs. In the third quarter of 2019, the Company recognized a right-of-use asset of $126 as well as a lease liability of $20 in other current liabilities and $106 in other non-current liabilities in conjunction with the commencement of the Korea Lease. The Company’s lease liability represents the net present value of future lease payments utilizing a discount rate of 10%, which corresponds to the Company’s incremental borrowing rate. As of June 30, 2020, the weighted average remaining lease term was 4.00 years. For the three and six month periods ended June 30, 2020, the Company recorded non-cash expense of $8 and $16, respectively, related to the Korea Lease. During the six month period ended June 30, 2020, the Company made cash payments of $16 for amounts included in the measurement of lease liabilities. There was no expense or payment activity related to the Korea Lease during the three and six month periods ended June 30, 2019. The following table reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the consolidated balance sheet as of June 30, 2020 (in thousands): December 31, 2020 (period from July 1 to December 31) $ 16 2021 32 2022 32 2023 32 2024 16 Total lease payments 128 Less effect of discounting (23) Total 105 Short-term portion (23) Long-term portion $ 82 Xiehecheng Cultivation Service Agreement On September 1, 2018, the Company entered into a cultivation service agreement with Xiehecheng Chinese Herm Limited Corporation for the cultivation of two plants used to manufacture the Company's clinical assets. As of June 30, 2020, future minimum payments under the agreement, which is cancellable annually at the end of each research year, are as follows (in thousands): December 31, 2020 (period from July 1 to December 31) $ 66 2021 220 2022 220 $ 506 Pfizer License Agreement Upon the close of the Merger, the exclusive license agreement with Pfizer Inc. (“Pfizer”) for the clinical product candidate Gemcabene (the “Pfizer Agreement”) was assumed by the Company. Under the Pfizer Agreement, in exchange for this worldwide exclusive right and license to certain patent rights to make, use, sell, offer for sale and import the clinical product Gemcabene, the Company has agreed to certain milestone and royalty payments on future sales. The Company agreed to make milestone payments totaling up to $37 million upon the achievement of certain milestones, including the first new drug application (or its foreign equivalent) in any country, regulatory approval in each of the United States, Europe and Japan, the first anniversary of the first regulatory approval in any country, and upon achieving certain aggregate sales levels of Gemcabene. Future milestone payments under the Pfizer Agreement, if any, are not expected to begin for at least several years and extend over a number of subsequent years. The Company also agreed to pay Pfizer tiered royalties on a country‑by‑country basis based upon the annual amount of net sales, as specified in the Pfizer Agreement, until the later of: (a) five (5) years after the first commercial sale in such country; (b) the expiration of all regulatory or data exclusivity for Gemcabene in such country; and (c) the expiration or abandonment of the last valid claim of the licensed patents, including any patent term extensions or supplemental protection certificates in such country (collectively, the Royalty Term). Under the Pfizer Agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize Gemcabene. None of the future milestone or royalty payments were triggered through June 30, 2020. The Pfizer Agreement will expire upon expiration of the Royalty Term. On expiration (but not earlier termination), the Company will have a perpetual, exclusive, fully paid-up, royalty-free license under the licensed patent rights and related data to make, use, develop, commercialize, import and otherwise exploit the clinical product candidate Gemcabene. Either party may terminate the Pfizer Agreement for the other party’s material breach following a cure period or immediately upon certain insolvency events relating to the other party. Pfizer may immediately terminate the Pfizer Agreement in the event that (i) the Company or any of its affiliates or sublicenses contests or challenges, or supports or assists any third party to contest or challenge, Pfizer’s ownership of or rights in, or the validity, enforceability or scope of any of the patents licensed under the Pfizer Agreement or (ii) the Company or any of its affiliates or sublicensees fails to achieve the first commercial sale in at least one country by April 16, 2024. Furthermore, upon termination of the Pfizer Agreement by Pfizer for any of the foregoing reasons, the Company grants Pfizer a non-exclusive, fully paid-up, royalty free, worldwide, transferrable, perpetual and irrevocable license to use any intellectual property rights arising from the development or commercialization of Gemcabene by the Company and any trademarks identifying Gemcabene and agrees to transfer regulatory filings and approvals to Pfizer or permit Pfizer to cross-reference and rely on such regulatory filings and approvals for Gemcabene. The Company may terminate the Pfizer Agreement for convenience upon 90 days’ written notice and payment of an early termination fee of $3.0 million. As of June 30, 2020 and December 31, 2019, there was sufficient uncertainty with regard to both the outcome of the clinical trials and the ability to obtain sufficient funding to support any of the cash milestone payments under the license agreement, and as such, no liabilities were recorded related to the Pfizer Agreement. Contingencies From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations. Contract Research Agreements In the first quarter of 2020, the Company directed its CRO partners and other vendors working on the Phase 3 clinical trials of NB-01 to cease all work and has terminated its existing contract arrangements with each of them. The Company incurred termination expenses of approximately $675 in connection with these terminations. One CRO invoiced termination charges that the Company disputes. In accordance with ASC 450, Contingencies , the Company has determined that it is reasonably possible that a loss has occurred with respect these invoiced amounts and estimates the range of loss as $0 to $1,100. Since no amount in this range is a better estimate than any other amount within the range, the Company has not accrued any liability arising from potential losses relating to these disputed termination charges.

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2020
License Agreement
License Agreement	6. License Agreement Beijing SL License and Collaboration Agreement Upon the close of the Merger, the License and Collaboration Agreement (the “Beijing SL Agreement”) with Beijing SL Pharmaceutical Co., Ltd. (“Beijing SL”) was assumed by the Company, pursuant to which the Company granted Beijing SL an exclusive royalty-bearing license to research, develop, manufacture and commercialize pharmaceutical products comprising, as an active ingredient, Gemcabene in mainland China, Hong Kong, Macau and Taiwan (each, a “region,” and collectively, the “Territory”). The terms of the agreement include payments based upon achievement of milestones and royalties on net product sales. Under the Beijing SL Agreement, the Company has variable consideration in the form of milestone payments. As of June 30, 2020, no revenue under the Beijing SL Agreement has been recognized. Under the terms of the Beijing SL Agreement, Beijing SL will be responsible, at its expense, for developing and commercializing products containing Gemcabene (each, a “Licensed Product”) in the Territory, with certain assistance from the Company. To the extent mutually agreed to in writing, the Company and Beijing SL will collaborate on the Phase 3 clinical trial for homozygous familial hypercholesterolemia or other clinical trials with the Company as the sponsor designed to enroll patients both inside and outside the Territory (a “Global Study”), but Beijing SL will be responsible, at its expense, for the conduct of any Global Study to the extent solely in the Territory, subject to the Company’s final decision making authority, and the Company will be responsible, at its expense, for the conduct of any Global Study to the extent solely outside of the Territory. Under a territory development plan, the parties shall develop Licensed Products with respect to the Territory. Beijing SL will be responsible for development activities, including non-clinical and clinical studies directed at obtaining regulatory approval of the Licensed Product in the Territory. Beijing SL has agreed to use commercially reasonable efforts to commercialize the Licensed Products for each indication that receives regulatory approval in the Territory and shall prepare and present a commercialization plan that shall be subject to approval by the joint steering committee. Pursuant to the Beijing SL Agreement, Beijing SL was to make a non-refundable upfront gross payment of $2.5 million to the Company within 45 days of the effective date of the Beijing SL Agreement; the upfront payment was received in October 2019 and such funds were fully expended prior to the close of Merger. Additionally, with respect to each Licensed Product, the Company is eligible to receive (i) payments for specified developmental and regulatory milestones (including submission of a new drug application to China’s National Medical Product Administration, dosing of the first patient in a phase 3 clinical trial in mainland China and regulatory approval for the first and each additional indication of a Licensed Product in the Territory) totaling up to $6 million in the aggregate and (ii) payments for specified global net sales milestones of up to $20 million in the aggregate multiplied by the ratio of the net sales of a Licensed Product sold by Beijing SL in the Territory divided by the global net sales of a Licensed Product, which net sales milestone payments are payable once, upon the first achievement of such milestone. Beijing SL is also obligated to pay the Company tiered royalties ranging from the mid-teens to twenty percent on the net sales of all Licensed Products in the Territory until the latest of (a) the date on which any applicable regulatory exclusivity with respect to such Licensed Product expires in such region, (b) the expiration or abandonment of the last valid patent claim or joint patent claim covering such Licensed Product in each region and (c) the fifth anniversary of the first commercial sale of such Licensed Product in such region (the “Royalty Term”). Future milestone payments under the Beijing SL Agreement, if any, are not expected to begin for at least one year and will extend over a number of subsequent years. The Company cannot determine the date on which Beijing SL’s potential royalty payment obligations to the Company would expire because Beijing SL has not yet developed any Licensed Products under the Beijing SL Agreement and therefore the Company cannot at this time identify the date of the first commercial sale or the periods of any regulatory exclusivity or patent claims with respect to any Licensed Product. On a Licensed Product-by-Licensed Product and region-by-region basis upon the expiration of the Royalty Term, the license granted to Beijing SL shall be deemed perpetual, fully paid-up and royalty free with respect to such Licensed Product in such region. Either party may terminate the Agreement (x) with written notice in the event of the other party’s material breach following a cure period or (y) if the other party becomes subject to certain insolvency proceedings. In addition, the Company may terminate the agreement in its entirety if Beijing SL or its affiliates or sublicensees commence a proceeding challenging the validity, enforceability or scope of any of the Company’s patents. To the extent rights granted to Beijing SL under the Beijing SL Agreement are controlled by the Company pursuant to the Pfizer Agreement, such rights are subject to the terms and conditions of such agreement with Pfizer, and Beijing SL has agreed to comply with such terms and conditions. The Beijing SL Agreement contemplates that Beijing SL and the Company shall, no later than twelve months prior to the anticipated date of the first commercial sale of a Licensed Product, if any, negotiate in good faith and execute a commercial supply agreement, pursuant to which Beijing SL shall purchase from the Company, and the Company shall use commercially reasonable efforts to supply, Gemcabene or Licensed Product for clinical or commercial purposes, as applicable, until manufacturing and regulatory transfers are complete. Each of the Company and Beijing SL has agreed to indemnify the other party against certain losses and expenses relating to the development or commercialization of a Licensed Product by the indemnifying party, the negligence or willful misconduct of the indemnifying party or its directors, officers, employees or agents or a breach of the indemnifying party’s representations, warranties or covenants.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt
Debt	7. Debt (in thousands, except share and per share data) In February 2018, the Company received a total of $500 from the issuance by Private NeuroBo of convertible promissory notes (the "Convertible Notes") with an original maturity date of December 31, 2022. On December 30, 2019, the Convertible Notes were converted into 1,565,300 shares of common stock. Prior to conversion, the lenders had the option to convert all of the then-unpaid note balance including principal and accrued but unpaid interest into common stock, at a conversion price of $0.40 per share after the earlier of (A) the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of common stock for the account of the Company in the United States of America or similar registration in the Republic of Korea, or (B) January 1, 2020. On October 23, 2019, the Convertible Notes were amended (the “Amended Convertible Notes”) to require mandatory conversion upon the completion of a reverse merger transaction based on the then-unpaid note balance including principal and accrued but unpaid interest into common stock, at a conversion price of $0.40 per share. The Convertible Notes and Amended Convertible Notes (herein collectively referred to as the “Notes”) accrued interest at a rate of 5.00% per annum. The Company recorded interest on principal of $7 and $13 for the three and six month periods ended June 30, 2019, respectively. The Notes were not outstanding during 2020. The fair value of the common stock, as determined using an option pricing model consistent with the AICPA Practice Guide, was in excess of the conversion price of the Convertible Notes. Accordingly, the Company initially recorded a $401 beneficial conversion feature upon issuance based on the intrinsic value of the conversion feature, which resulted in a debt discount with a corresponding amount to additional paid in capital. Debt discount related to the beneficial conversion feature was being amortized over the life of the Convertible Notes using the effective interest method as additional interest expense. The Company recorded interest expense of $8 and $16 for the three and six month periods ended June 30, 2019 , respectively, related to the debt discount.

Stockholders_ Equity Deficit

Stockholders’ Equity Deficit	6 Months Ended
	Jun. 30, 2020
Stockholders’ Equity
Stockholders’ Equity	8. Stockholders’ Equity (Deficit) Common Stock The voting, dividend, and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers, and preferences of the holders of the preferred stock when outstanding. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Dividend Rights Common stock holders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of June 30, 2020. Voting Rights The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock. Liquidation Rights In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to holders of the Company’s preferred stock. April 2020 Equity Financing On April 13, 2020, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor, pursuant to which the Company sold, in a registered direct offering (the “Registered Offering”), 750,000 shares (the “Shares”) of the Company’s common stock at an offering price of $10 per share. The Registered Offering resulted in gross proceeds of $7.5 million, before deducting the placement agent’s fees and related offering expenses. The Registered Offering closed on April 16, 2020. In connection with the Registered Offering, the placement agent received a cash commission equal to 7% of the gross proceeds from the sale of the Common Stock and warrants (the “Placement Agent’s Warrants”) to purchase up to 37,500 shares of Common Stock, which represented 5.0% of the Shares sold in the Registered Offering. The Placement Agent’s Warrants have an exercise price of $12.50 per share, which represented 125% of the per share offering price of the Shares and a termination date of April 16, 2025. The fair value of the Placement Agent’s Warrants was $289 and was based on the Black-Scholes pricing model. Input assumptions used were as follows: a risk-free interest rate of 0.4%; expected volatility of 78.0%; expected life of 5 years; and expected dividend yield of 0%. The underlying traded stock price was used in the analysis. The Placement Agent’s Warrants were classified in stockholders’ equity as the number of shares were fixed and determinable and given that the Placement Agent’s Warrants did not require cash settlement or have other provisions precluding equity treatment. During the three and six months ended June 30, 2020, issuance costs in connection with the Registered Offering were $1.0 million which included cash commissions equal to $0.5 million, legal and other fees of $0.2 million and Placement Agent’s Warrants with a value of $0.3 million. Warrants The following warrants were outstanding as of June 30, 2020 and December 31, 2019: Exercise Price Number Outstanding Expiration Date Number Exercisable $ July 2028 $ March 2022 Total outstanding December 31, 2019 $ April 2025 Total outstanding June 30, 2020

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation
Stock-Based Compensation	9. Stock-based Compensation Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying statements of comprehensive loss (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ $ 16 $ 18 $ 55 General and administrative 63 312 84 Total stock-based compensation $ $ 79 $ 330 $ 139 Stock Options 2019 and 2018 Stock Plans In December 2018, Private NeuroBo adopted the NeuroBo Pharmaceuticals, Inc. 2018 Stock Plan (the "2018 Plan") and in December 2019 in connection with the Merger, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). 2018 Plan options to purchase Private NeuroBo common stock outstanding as of immediately prior to the Merger were assumed by the Company upon the Merger and became options to purchase the Company’s common stock, as adjusted by the Exchange Ratio. The 2018 Plan and 2019 Plan provide for the grant of stock options, restricted stock and other equity awards of the Company's common stock to employees, officers, consultants, and directors. Options expire within a period of not more than ten years from the date of grant. The following table summarizes the Company’s activity related to its stock options for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 Outstanding on January 1 633,277 — Granted 360,000 960,204 Exercised (84,589) — Forfeited/Cancelled — — Outstanding on June 30 908,688 960,204 During the six month periods ended June 30, 2020 and 2019, 360,000 and 960,204 stock options were granted, respectively, to employees, non-employee directors and non-employee The weighted average fair value per share of options granted during the six month periods ended June 30, 2020 and 2019, was $5.59 and $0.50, respectively. The Company measures the fair value of stock options with service‑based and performance‑based vesting criteria to employees, consultants and directors on the date of grant using the Black‑Scholes option pricing model. The Company does not have history to support a calculation of volatility and expected term. As such, the Company has used a weighted‑average volatility considering the volatilities of several guideline companies. For purposes of identifying similar entities, the Company considered characteristics such as industry, length of trading history, and stage of life cycle. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The average expected life of the options was determined based on the mid‑point between the vesting date and the end of the contractual term according to the “simplified method” as described in Staff Accounting Bulletin 110. The risk‑free interest rate is determined by reference to implied yields available from U.S. Treasury securities with a remaining term equal to the expected life assumed at the date of grant. The Company records forfeitures when they occur. The weighted‑average assumptions used in the Black‑Scholes option‑pricing model are as follows: Six Months Ended June 30, 2020 2019 Expected stock price volatility % % Expected life of options (years) Expected dividend yield % % Risk free interest rate % % Evergreen provision Under the 2019 Plan, the shares reserved automatically increase on January 1st of each year, for a period of not more than ten years commencing on January 1, 2020 and ending on (and including) January 1, 2029, to an amount equal to the lesser of 4% of the common shares outstanding as of January 1 st , or a lesser amount as determined by the Board. The aggregate maximum number of shares of common stock that may be issued pursuant to the 2019 Plan under the evergreen provision is 6,680,000 shares of common stock. On January 1, 2020, 623,708 shares were added to the 2019 Plan as a result of the evergreen provision. During the three month periods ended June 30, 2020 and 2019, 44,289 and 37,150 stock options vested, respectively, and 87,151 and 157,176 stock options vested during the six month periods ended June 30, 2020 and 2019, respectively. During the three and six month periods ended June 30, 2020 and 2019, no stock options were forfeited. As of June 30, 2020, 4,127,179 shares in the aggregate were available for future issuance under the 2019 Plan and 2018 Plan. Unrecognized stock‑based compensation cost for the stock options issued under the both the Company’s 2019 Plan and 2018 Plan was $1.7 million as of June 30, 2020. The unrecognized stock‑based expense is expected to be recognized over a weighted average period of 2.5 years.

Redeemable Preferred Stock

Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2020
Redeemable Preferred Stock.
Redeemable Preferred Stock	10 . Redeemable Preferred Stock (in thousands, except share and per share data) Upon close of the Merger on December 30, 2019, 8,264,613 shares of Private NeuroBo Series A and Series B redeemable preferred stock (as adjusted for the Exchange Ratio) were converted to Private NeuroBo common stock on a 1:1 basis. Previously in April 2018, Private NeuroBo sold and issued in a private placement 4,801,020 shares of Series A redeemable convertible preferred stock (as adjusted for the Exchange Ratio) at $3.50 per share, raising $16,800 in gross proceeds. Subsequently in May and June 2019, Private NeuroBo sold and issued 3,463,593 Series B redeemable convertible preferred stock (as adjusted for the Exchange Ratio) at $7.00 per share, raising $24,240 in gross proceeds. While outstanding, t he redeemable preferred stock was classified outside of stockholders' equity (deficit) because the shares contained certain redemption features that were not solely within the control of the Company. Private NeuroBo did not adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because the occurrence of any such change of control event was not deemed probable.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2020
Net Loss Per Common Share
Net Loss Per Common Share	11. Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities if their effect is antidilutive. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible notes payable, options outstanding under the Company's stock option plan and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been anti‑dilutive: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Redeemable preferred stock — 8,264,613 — 8,264,613 Convertible notes — 1,531,268 — 1,531,268 Stock options 908,688 960,204 908,688 960,204 Warrants 78,055 — 78,055 —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	12. Income Taxes The effective tax rate for the three and six month periods ended June 30, 2020 and 2019 was zero percent. As a result of the analysis of all available evidence as of June 30, 2020 and December 31, 2019, the Company recorded a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three and six month periods ended June 30, 2020 and 2019. If the Company’s assumptions change and the Company believes that it will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of future income tax expense. If the assumptions do not change, each period the Company could record an additional valuation allowance on any increases in the deferred tax assets. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment. The CARES Act is not expected to have a material impact on the Company’s consolidated financial statements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Related Party Transactions	13. Related Party Transactions (in thousands, except per share data) On September 28, 2018, Private NeuroBo entered into a five year manufacturing and supply agreement with Dong-A ST for manufacturing and supply of NB-01 drug substance and placebos for the purpose of research and development to be used in Phase 3 clinical trials (the “Manufacturing Agreement”). The Company recognized no product manufacturing related costs under the Manufacturing Agreement for the three month and six month periods ended June 30, 2020, and $309 and $314 during the three and six month periods ended June 30, 2019, respectively. The product manufacturing related costs, when incurred, are reflected as research and development expenses. The Manufacturing Agreement will automatically terminate in the event that the license agreement with Dong-A ST is terminated for any reason. In addition, each of Dong-A ST and Private NeuroBo may terminate the Manufacturing Agreement (1) upon the material breach by the other party, if the breach is not cured within a specified number of days after receiving notice from the terminating party, or if the breach cannot reasonably be cured within such period and the breaching party has not started to remedy the breach within such period and diligently endeavored to cure the breach within a reasonable time thereafter, or (2) in the event that (i) the other party is the subject of a petition for bankruptcy, reorganization, or arrangement and the same is not dismissed within thirty days thereof, (ii) a receiver or trustee is appointed for all or a substantial portion of the assets of the other party, or (iii) the other party makes an assignment for the benefit of its creditors. On June 7, 2020, the Company entered into a manufacturing and supply agreement (the “Manufacturing and Supply Agreement”) with Dong-A ST for the manufacturing and supply of NB-02 drug product and placebo for the purpose of research and development of NB-02, including but not limited to, the use in the first NB-02 human clinical trial to be conducted by the Company. Under the terms of the Manufacturing and Supply Agreement, upon receipt of a purchase order from the Company no later than 270 days prior to the requested delivery date, Dong-A ST has agreed to produce for the Company tablets of the NB-02 drug substance and placebos at a specified supply price. The Company is obligated to manufacture, or have manufactured, and supply to Dong-A the active pharmaceutical ingredients which are necessary to manufacture the NB-02 drug product. The Manufacturing and Supply Agreement has a five year term , subject to earlier termination under certain circumstances .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Use of Estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in Company's consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrant issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgements about the carrying
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company’s cash is principally held by one financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. As of June 30, 2020, the Company had deposits in excess of federally insured amounts by $13.7 million.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include principally cash, prepaid, other current assets, right of use assets, accounts payable, accrued liabilities, lease liabilities, convertible debt and preferred stock. The carrying amounts of prepaid expenses, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when payment is made, in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development .
Income Taxes	Income Taxes The Company utilizes the liability method of accounting for income taxes as required by ASC 740, Income Taxes . Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets.
Stock-Based Compensation	Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (“ASC 718”). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. The Company records forfeitures when they occur. Stock-based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 using a fair value approach.
Convertible Notes	Convertible Notes The Company evaluates all conversion and redemption features contained in a debt instrument to determine if there are any embedded features that require bifurcation as a derivative or separation as a beneficial conversion feature. The host debt instrument is discounted for the value of any embedded feature that is accounted for as either a derivative or a beneficial conversion feature. The discount is amortized and recorded to interest expense over the term of the host debt instrument using the effective interest method. The Company’s convertible debt contained an embedded beneficial conversion feature that was separated and recorded as additional paid-in capital.
Fair Value of Common Stock	Fair Value of common stock In the absence of a public trading market prior to the Merger, and as a development stage company with no significant revenues, the Company believed that it was appropriate to consider a range of factors to determine the fair value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants' (“AICPA”) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation (the "AICPA Practice Guide"). The valuations of Private NeuroBo common stock were prepared using a hybrid method, which used market approaches to estimate the enterprise value of Private NeuroBo. The hybrid method is a probability-weighted expected return method ("PWERM"), where the equity value in one or more of the scenarios is calculated using an option pricing method ("OPM"). The PWERM is a scenario-based methodology that estimates the fair value of common stock based upon an analysis of future values for Private NeuroBo, assuming various outcomes. The common stock value was based on the probability-weighted present
Leases	Leases On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The Company assesses its contracts at inception to determine whether the contract contains a lease, including evaluation of whether the contract conveys the right to control an explicitly or implicitly identified asset for a period of time. The Company has recognized right-of-use assets and lease liabilities that represent the net present value of future operating lease payments utilizing a discount rate corresponding to the Company’s incremental borrowing rate and amortized over the remaining terms of the leases. For operating leases of a short-term nature, i.e., those with a term of less than twelve months, the Company recognizes lease payments as an expense on a straight-line basis over the remaining lease term.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost and reduced by accumulated depreciation. Depreciation expense is recognized over the estimated useful lives of the assets using the straight-line method. The estimated useful life for property and equipment ranges from three to five years. Tangible assets acquired for research and development activities and that have an alternative use are capitalized over the useful life of the acquired asset. Estimated useful lives are periodically reviewed, and when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts. Maintenance and repairs are charged directly to expense as incurred.
Foreign Currency Translation	Foreign Currency Translation The foreign subsidiary uses the local currency as the functional currency. The Company translates the assets and liabilities of its foreign operation into U.S. dollars based on the rates of exchange in effect as of the balance sheet date. Expenses are translated into U.S. dollars using average exchange rates for each period. The resulting adjustments from the translation process are included in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Certain transactions of the Company are settled in foreign currency and are thus translated to U.S. dollars at the rate of exchange in effect at the end of each month. Gains and losses resulting from the translation are included in other income or expense in the accompanying condensed consolidated statements of operations and comprehensive loss.
Patent Costs	Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These costs are included in general and administrative expenses.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income or loss. Comprehensive loss includes net loss as well as other changes in stockholders' equity (deficit) that result from transactions and economic events other than those with stockholders. Comprehensive loss currently consists of net loss and changes in foreign currency translation adjustments.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is principally the business of development and commercialization of therapeutics.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The new guidance modifies the disclosure requirements in Topic 820 as follows: · Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. · Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. · Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company adopted the new guidance on January 1, 2020. The guidance did not have a material impact on the consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740 ) which amends the existing guidance relating to the accounting for income taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The ASU is effective for fiscal years beginning after December 15, 2020. The Company does not expect that the adoption of this new guidance will have a material impact on the Company’s consolidated financial statements.

Balance Sheet Detail (Tables)

Balance Sheet Detail (Tables)	6 Months Ended
	Jun. 30, 2020
Balance Sheet Detail
Schedule of property and equipment	As of June 30, December 31, 2020 2019 Research and development equipment $ 153 $ 158 Office equipment 59 59 Total property and equipment 212 217 Less accumulated depreciation (40) (17) Property and equipment, net $ 172 $ 200
Schedule of accrued liabilities	June 30, December 31, 2020 2019 External research and development expenses $ 1,197 $ 915 Professional services 167 158 Payroll related 27 160 Other 35 189 Total $ 1,426 $ 1,422

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of future minimum payments of other commitments	As of June 30, 2020, future minimum payments under the agreement, which is cancellable annually at the end of each research year, are as follows (in thousands): December 31, 2020 (period from July 1 to December 31) $ 66 2021 220 2022 220 $ 506
Head Quarters in Boston Lease
Schedule that reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the unaudited consolidated balance sheet	Future minimum lease payments at June 30, 2020 were as follows under the New Boston Lease (in thousands): December 31, 2020 (period from July 1 to December 31) $ 129 2021 21 Total minimum payments $ 150 The following table reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the consolidated balance sheet as of June 30, 2020 (in thousands): December 31, 2020 (period from July 1 to December 31) $ 16 2021 32 2022 32 2023 32 2024 16 Total lease payments 128 Less effect of discounting (23) Total 105 Short-term portion (23) Long-term portion $ 82

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders’ Equity
Schedule of Gemphire warrants assumed in the Merger	Exercise Price Number Outstanding Expiration Date Number Exercisable $ July 2028 $ March 2022 Total outstanding December 31, 2019 $ April 2025 Total outstanding June 30, 2020

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation
Schedule of share-based compensation expense	Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying statements of comprehensive loss (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ $ 16 $ 18 $ 55 General and administrative 63 312 84 Total stock-based compensation $ $ 79 $ 330 $ 139
Schedule of stock option plan activity	Six Months Ended June 30, 2020 2019 Outstanding on January 1 633,277 — Granted 360,000 960,204 Exercised (84,589) — Forfeited/Cancelled — — Outstanding on June 30 908,688 960,204
Schedule of weighted-average assumptions, option-pricing model	Six Months Ended June 30, 2020 2019 Expected stock price volatility % % Expected life of options (years) Expected dividend yield % % Risk free interest rate % %

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Net Loss Per Common Share
Schedule of potential common shares not considered in computation of diluted net loss per share	Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Redeemable preferred stock — 8,264,613 — 8,264,613 Convertible notes — 1,531,268 — 1,531,268 Stock options 908,688 960,204 908,688 960,204 Warrants 78,055 — 78,055 —

The Company and Basis of Pres_2

The Company and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	Apr. 13, 2020USD ($)$ / sharesshares	Aug. 11, 2019	Jul. 24, 2019	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Sale of Stock
Cash						$ 14,298	$ 13,908
Accumulated deficit						$ (43,980)	$ (36,866)
Reverse stock split, ratio		0.0001
Series A Redeemable Convertible Preferred Stock
Sale of Stock
Net proceeds					$ 16,800
Registered Offering
Sale of Stock
Issuance of common stock in connection with equity financing (in shares) | shares	750,000
Offering shares (Per share) | $ / shares	$ 10
Gross proceeds	$ 7,500
Convertible notes
Sale of Stock
Net proceeds					$ 500
Series B Redeemable Convertible Preferred Stock
Sale of Stock
Net proceeds				$ 24,200
Merger Agreement with NeuroBo
Sale of Stock
Reverse stock split, ratio			1.1431
Percentage of interest held by our exiting shareholders			96.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Concentration of Credit Risk
Deposits in excess of federally insured amounts	$ 13,700		$ 13,700
Income Taxes
Provision (benefit) for income taxes	$ 0	$ 0	$ 0	$ 0
Segment Information
Number of operating segment | segment			1
Minimum
Estimated useful life			3 years
Maximum
Estimated useful life			5 years

Balance Sheet Detail (Details)

Balance Sheet Detail (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Balance Sheet Detail
Total property and equipment	$ 212		$ 212		$ 217
Less accumulated depreciation	(40)		(40)		(17)
Property and equipment, net	172		172		200
Depreciation	12	$ 1	23	$ 1
Research and development equipment
Balance Sheet Detail
Total property and equipment	153		153		158
Office equipment
Balance Sheet Detail
Total property and equipment	$ 59		$ 59		$ 59

Balance Sheet Detail - Accrued

Balance Sheet Detail - Accrued Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
External research and development expenses	$ 1,197	$ 915
Professional services	167	158
Payroll related	27	160
Other	35	189
Total	1,426	$ 1,422
Amount of termination expenses	675
Amount of research and development expenses related to clinical trial expenses	186
Minimum
Amount of loss on contract	0
Maximum
Amount of loss on contract	$ 1,100

Merger - Contingent Value Right

Merger - Contingent Value Rights Agreement (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jul. 23, 2019
Merger Agreement
Percentage of gross consideration	80.00%
Contingent value rights term	15 years
Contingent value rights term incase of other than grant, sale or transfer	10 years
Commitment to support develop gemcabene	$ 1
License Agreement with Beijing SL
Merger Agreement
Upfront payment to be received		$ 2.5

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases - (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2019	May 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Commitments and Contingencies
Right-of-use assets			$ 105		$ 105		$ 116
Operating lease, liability current			23		23		$ 22
Operating lease, liability noncurrent			$ 82		82
Non-cash expense related to Korea lease					10
Operating lease cash payments					$ 10
Korea
Commitments and Contingencies
Term of contract		5 years
Lease expense				$ 0		$ 0
Option to renew		true
Renewal term		5 years
Right-of-use assets	$ 126
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherCurrentLiabilitiesMember
Operating lease, liability current	$ 20
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherNoncurrentLiabilitiesMember
Operating lease, liability noncurrent	$ 106
Operating lease discount rate			10.00%		10.00%
Weighted average remaining lease term			4 years		4 years
Non-cash expense related to Korea lease			$ 8		$ 16
Operating lease cash payments				0	16	0
Head Quarters in Boston Lease
Commitments and Contingencies
Term of contract	1 year
Monthly rental cost	$ 21
Rent concessions granted by the landlord	$ 32
Lease expense			65	27	$ 180	$ 53
Termination fee			$ 83	$ 83

Commitments and Contingencies_2

Commitments and Contingencies - Operating Lease - Lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Maturity of the lease liability was as follows (in thousands):
2020	$ 16
2021	32
2022	32
2023	32
2024	16
Total lease payments	128
Less effect of discounting	(23)
Total	105
Short-term portion	(23)	$ (22)
Long-term portion	82
Head Quarters in Boston Lease
Maturity of the lease liability was as follows (in thousands):
2020	129
2021	21
Total lease payments	$ 150

Commitments and Contingencies_3

Commitments and Contingencies - Xiehecheng Cultivation Service Agreement (Details) - Xiehecheng Chinese Herm Limited Corporation - Cultivation Service Agreement $ in Thousands	Jun. 30, 2020USD ($)
Other Commitments [Line Items]
2020	$ 66
2021	220
2022	220
Other Commitment, Total	$ 506

Commitments and Contingencies_4

Commitments and Contingencies - Pfizer License Agreement (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Commitments and Contingencies
Milestones or royalty payments triggered		$ 0
Termination fee			$ 675
Minimum
Commitments and Contingencies
Amount of estimated loss		0
Maximum
Commitments and Contingencies
Amount of estimated loss		1,100
License Agreement
Commitments and Contingencies
Termination fee		$ 3,000
Pfizer, Inc. | License Agreement
Commitments and Contingencies
Number of years after the first commercial sale	P5Y
Notice period	90 days
Pfizer, Inc. | License Agreement | Milestone Payments | Maximum
Commitments and Contingencies
Potential payments upon achievement of certain milestones	37,000

License Agreement - Beijing (De

License Agreement - Beijing (Details) - USD ($) $ in Thousands	Jul. 23, 2019	Jun. 30, 2020
License Agreements
Minimum expected period to begin future installment payment	1 year
Maximum
License Agreements
Clinical supply agreement execution period from effective date	12 months
License Agreement with Beijing SL
License Agreements
Revenue recognized from the agreement		$ 0
Upfront payment to be received	$ 2,500
Period from effective date within which upfront gross payment to be paid	45 days
Developmental and regulatory milestone payment eligible to be received	$ 6,000
Global net sales milestone payment to be received	$ 20,000
License Agreement with Beijing SL | Maximum
License Agreements
Percentage of royalty on net sales	20.00%

Debt (Details)

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 30, 2019	Oct. 22, 2019	Feb. 28, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Oct. 23, 2019
Debt
Conversion price							$ 0.40
Convertible notes
Debt
Proceeds from debt issued			$ 500
Shares issued on debt conversion	1,565,300
Conversion price							$ 0.40
Convertible interest rate (as a percentage)						5.00%
Interest on principal				$ 7	$ 13
Debt beneficial conversion feature		$ 401
Amortization of debt discount				$ 8	$ 16

Stockholders_ Equity (Deficit_2

Stockholders’ Equity (Deficit) (Details) $ / shares in Units, $ in Thousands	Apr. 13, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Vote / shares$ / shares	Jun. 30, 2019USD ($)	Dec. 31, 2019$ / shares
Voting Rights
Warrants exercise price | $ / shares		$ 302,020		$ 302,020		$ 312,019
Risk free interest rate				1.71%	2.75%
Expected stock price volatility				77.50%	75.00%
Expected life of options (years)				5 years 9 months 18 days	10 years
Expected dividend yield				0.00%	0.00%
Issuance costs			$ 65	$ 695	$ 65
Registered Offering
Voting Rights
Shares issued (in shares) | shares	750,000
Offering shares (Per share) | $ / shares	$ 10
Gross proceeds	$ 7,500
Cash commission (Percent)	7.00%
Warrants to purchase shares of common stock | shares	37,500
Warrants to purchase shares of common stock, Percentage | shares	5
Warrants exercise price | $ / shares	$ 12.50
Warrant exercise price, percentage	125.00%
Fair market value of warrant		$ 289		$ 289
Risk free interest rate				0.40%
Expected stock price volatility				78.00%
Expected life of options (years)				5 years
Expected dividend yield				0.00%
Issuance costs		1,000		$ 1,000
Cash commissions		500		500
Legal and other fees		200		200
Placement agents warrants		300		$ 300
Common Stock
Common Stock
Common stock, vote per share | Vote / shares				1
Dividends Rights
No dividends declared		$ 0		$ 0
Voting Rights
Common stock, vote per share | Vote / shares				1
Shares issued (in shares) | shares		750,000

Stockholders_ Equity (Deficit_3

Stockholders’ Equity (Deficit) - Warrants (Details) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Warrants
Exercise price	$ 302,020	$ 312,019
Number Outstanding	78,055	40,555
Number Exercisable	78,055	40,555
$186.75
Warrants
Exercise price	$ 186.75
Number Outstanding	1,440
Number Exercisable	1,440
$260.00
Warrants
Exercise price	$ 260
Number Outstanding	39,115
Number Exercisable	39,115
$12.50
Warrants
Exercise price	$ 12.50
Number Outstanding	37,500
Number Exercisable	37,500

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation
Share-based compensation	$ 171	$ 79	$ 330	$ 139
Research and development
Stock-Based Compensation
Share-based compensation	4	16	18	55
General and administrative
Stock-Based Compensation
Share-based compensation	$ 167	$ 63	$ 312	$ 84

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock Options, Additional Disclosures
Granted (in shares)	360,000	960,204
Stock options outstanding	908,688	960,204	633,277
Stock options
Stock Options, Additional Disclosures
Granted (in shares)	360,000	960,204
Stock options outstanding	908,688		633,277
Weighted average fair value per share of options granted	$ 5.59	$ 0.50
Stock options | Maximum
Stock Options, Additional Disclosures
Expiration period	10 years

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock opption plan activity (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock option plan activity
Outstanding, Number, Beginning Balance (in shares)	633,277
Granted (in shares)	360,000	960,204
Exercised (in shares)	(84,589)
Outstanding, Number, Ending Balance (in shares)	908,688	960,204

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation
Expected stock price volatility	77.50%	75.00%
Expected life of options (years)	5 years 9 months 18 days	10 years
Expected dividend yield	0.00%	0.00%
Risk free interest rate	1.71%	2.75%

Stock-Based Compensation - Ever

Stock-Based Compensation - Evergreen provision (Details) - USD ($) $ in Millions	Jan. 01, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock options
Number of Options
Forfeited, nonvested			0		0
2019 Plan
Number of Options
Period of automatic increase in shares reserved						10 years
Percentage of the common shares outstanding (as a percent)						4.00%
Number of shares added (In shares)	623,708
Available for future issuance		4,127,179				4,127,179
2019 Plan | Stock options
Number of Options
Vested		44,289		37,150		87,151	157,176
Stock Plan 2018 And 2019 Plans
Unrecognized share-based compensation
Unrecognized share-based compensation cost		$ 1.7				$ 1.7
Unrecognized share-based compensation - Weighted average period						2 years 6 months
Maximum | 2019 Plan
Number of Options
Aggregate maximum number of shares of common stock that may be issued		6,680,000				6,680,000

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details) - USD ($)	Dec. 30, 2019	Apr. 30, 2018	Jun. 30, 2019
Series A and Series B Redeemable Convertible Preferred Stock
Redeemable Preferred Stock
Number of stock converted	8,264,613
Conversion ratio	1
Series A Redeemable Convertible Preferred Stock
Redeemable Preferred Stock
Shares issued (in shares)		$ 4,801,020
Shares price (in dollars per share)		$ 3.50
Gross proceeds		$ 16,800,000
Series B Redeemable Convertible Preferred Stock
Redeemable Preferred Stock
Shares issued (in shares)			$ 3,463,593
Shares price (in dollars per share)			$ 7
Gross proceeds			$ 24,240,000

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Redeemable preferred stock
Potential common shares
Potential common shares		8,264,613		8,264,613
Convertible notes
Potential common shares
Potential common shares		1,531,268		1,531,268
Stock options
Potential common shares
Potential common shares	908,688	960,204	908,688	960,204
Warrants
Potential common shares
Potential common shares	78,055		78,055

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Effective tax rate		0.00%		0.00%
Income tax benefit (expense)	$ 0		$ 0		$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Dong-A ST - Manufacturing Agreement - USD ($) $ in Thousands	Sep. 28, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions
Term of agreement	5 years
Related Party Costs		$ 0	$ 309	$ 0	$ 314
Period for dismission of allegations.				30 days