Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Jun. 13, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Moleculin Biotech, Inc. | |
Entity Central Index Key | 1,659,617 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | MBRX | |
Entity Common Stock, Shares Outstanding | 11,228,403 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 259,663 | $ 28,091 |
Note receivable - Moleculin, LLC | 30,000 | 0 |
Total Assets | 289,663 | 28,091 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 363,003 | 322,790 |
Convertible notes payable | 615,000 | 450,000 |
Total Liabilities | $ 978,003 | $ 772,790 |
Commitments and contingencies | ||
Stockholders' Deficit: | ||
Common stock, $0.001 par value; 20,000,000 authorized, 6,789,833 and 6,661,000 shares issued and outstanding, respectively | $ 6,790 | $ 6,661 |
Subscription receivable | (3,000) | (3,000) |
Additional paid-in capital | 388,471 | 0 |
Accumulated deficit | (1,080,601) | (748,360) |
Total Stockholders' Deficit | (688,340) | (744,699) |
Total Liabilities and Stockholders' Deficit | $ 289,663 | $ 28,091 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 6,789,833 | 6,661,000 |
Common Stock, Shares, Outstanding | 6,789,833 | 6,661,000 |
Statement of Operations
Statement of Operations | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Revenue | $ 0 |
Operating expenses: | |
Research and development | 15,000 |
General and administrative | 305,571 |
Total operating expenses | 320,571 |
Loss from operations | (320,571) |
Other expense: | |
Interest expense | (11,670) |
Net loss | $ (332,241) |
Net loss per common share - basic and diluted (in dollars per share) | $ / shares | $ (0.05) |
Weighted average common shares outstanding - basic and diluted (in shares) | shares | 6,717,767 |
Statements of Cash Flows
Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Cash Flows From Operating Activities: | |
Net loss | $ (332,241) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Stock-based compensation | 2,101 |
Changes in operating assets and liabilities: | |
Accounts payable and accrued liabilities | 40,213 |
Net Cash Used In Operating Activities | (289,927) |
Cash Flows From Investing Activities: | |
Investment in note receivable - Moleculin, LLC | (30,000) |
Net Cash Used In Investing Activities | (30,000) |
Cash Flows From Financing Activities: | |
Proceeds from stock issuance | 386,499 |
Proceeds from convertible notes payable | 165,000 |
Net Cash Provided By Financing Activities | 551,499 |
Net change in cash and cash equivalents | 231,572 |
Cash and cash equivalents, at beginning of period | 28,091 |
Cash and cash equivalents, at end of period | 259,663 |
Supplemental disclosures of cash flow information: | |
Cash paid for interest | 0 |
Cash paid for income taxes | $ 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 - Description of Business and Summary of Significant Accounting Policies Nature of Business Our lead drug candidate is liposomal Annamycin, which we refer to as Annamycin, an anthracycline intended for the treatment of relapsed or refractory acute myeloid leukemia, or AML. In August 2015, the Company entered into a rights transfer agreement with AnnaMed, Inc. (“AnnaMed”), a company affiliated with certain members of the Company’s management and board of directors, pursuant to which, in exchange for 1,431,000 The Annamycin drug substance is no longer covered by any existing patent protection. We intend to submit patent applications for formulation, synthetic process and reconstitution related to our Annamycin drug product candidate, although there is no assurance that we will be successful in obtaining such patent protection. Independently from potential patent protection, we believe Annamycin will qualify for Orphan Drug status, which could entitle us to market exclusivity of up to 7 and 10 years from the date of approval of a New Drug Application (NDA) and Marketing Authorization (MA), in the US and the European Union (EU), respectively. However, there can be no assurance that such status will be granted. Separately, the FDA may also grant market exclusivity of up to five years for newly approved new chemical entities (of which Annamycin would be one), but there can be no assurance that such exclusivity will be granted or, if granted, for how long. We have two other drug development projects in progress, one involving a portfolio of small molecules, which we refer to as the WP1066 Portfolio, focused on the modulation of key oncogenic transcription factors involved in the progression of cancer, and the WP1122 Portfolio, a suite of molecules targeting the metabolic processes involved in cancer in general, and glioblastoma (the most common form of brain tumor) in particular. We have been granted royalty-bearing, worldwide, exclusive licenses for the patent and technology rights related to our WP1066 Portfolio and WP1122 Portfolio drug technologies, as these patent rights are owned by MD Anderson. On August 11, 2015, the Company entered into a rights transfer agreement for WP1122 with IntertechBio Corporation (“IntertechBio”), a company affiliated with certain members of our management and board of directors, whereby IntertechBio agreed to assign its license or sublicense its license to certain metabolic inhibitor technology owned by MD Anderson. In consideration, the Company issued 630,000 The Company filed a registration statement on Form S-1 (which was declared effective on May 2, 2016) with respect to the Company’s initial public offering of shares of its common stock (“IPO”) to fund the development of its technologies. Immediately prior to the declaration of effectiveness of the registration statement on Form S-1, Moleculin, LLC was merged with and into MBI, which survived the merger. Moleculin, LLC was the holder of a license agreement with MD Anderson covering technology referred to as WP1066 Portfolio, which is focused on the modulation of key oncogenic transcription factors. Use of Estimates in Financial Statement Presentation - 1,080,601 688,340 Cash and Cash Equivalents - Beneficial Conversion Feature Income Taxes - Stock-based Compensation - Earnings (Loss) Per Common Share 3,749,557 Research and Development Costs - Subsequent Events - Recent Accounting Pronouncements - |
Note Receivable - Moleculin LLC
Note Receivable - Moleculin LLC | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 2 Note Receivable - Moleculin LLC On January 8, 2016, Moleculin, LLC issued a revolving line of credit promissory note to the Company where the Company agreed to loan up to $ 50,000 8 5 30,000 On April 5, 2016 the $ 50,000 60,000 27,822 57,822 57,822 |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2016 | |
Convertible Notes Payable Abstract [Abstract] | |
Convertible Notes Payable Disclosure [Text Block] | Note 3 Convertible Notes Payable On various dates from August 31, 2015 through January 19, 2016, each as amended on March 10, 2016, the Company entered into seven unsecured promissory notes with three separate third party investors. Each note bears interest at 8.0 The notes convert into shares upon the Company’s IPO, provided that no holder of these notes will be permitted to convert such notes to the extent that the holder or any of its affiliates would beneficially own in excess of 4.99% of our common stock after such conversion. Due to this 4.99% limitation, the remaining principal and accrued interest amounts of the effected note will remain outstanding and will be converted into shares of our common stock at such time as the 4.99% limitation continues to be met. Until such time as the note is converted into shares of common stock, the maturity date of the note will automatically be extended and we will not be required to repay the note or the accrued interest relating to the note in cash. The IPO was completed on May 31, 2016. Pursuant to the conversion feature of the foregoing notes and based on the principal only of the notes and without restriction of the 4.99 3,749,557 198,625 The convertible notes were analyzed for a beneficial conversion feature at which time it was concluded that a beneficial conversion feature did not exist. Issuance Date March 31, 2016 December 31, 2015 Conversion Rate Shares Convertible August 31, 2015 $ 125,000 $ 125,000 $ 0.1299 962,279 September 3, 2015 125,000 125,000 0.1299 962,279 October 4, 2015 147,000 147,000 0.20 735,000 October 4, 2015 3,000 3,000 0.20 15,000 October 28, 2015 50,000 50,000 0.20 250,000 January 14, 2016 82,500 - 0.20 412,500 January 19, 2016 82,500 - 0.20 412,500 Total $ 615,000 $ 450,000 3,749,557 The common shares relating to the above mentioned Convertible Notes Payable contain the following trading restrictions: (a) begin 90 days after the initial closing of our IPO and until the one-year anniversary of the initial closing of the IPO, (a) the holder of the note will be able to sell 1% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the holder of the note can sell up to 3% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (c) if the common stock price is over $10.00 per share for five consecutive trading days then the holder of the note can sell up to an additional 5% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 7% of the daily volume; and (d) if the common stock price is over $14.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock price falls back below $14.00 per share; and (b) thereafter, until the two-year anniversary of the initial closing of IPO, the holder of the note can sell on any trading day 10% of the daily volume; provided that if the common stock price is over $10.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock falls back below $10.00 per share. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 4 - Equity Common Stock In August 2015, the Company entered into an agreement to issue 4,600,000 4,600 3,000 During the three months ended March 31, 2016, the Company sold 128,833 386,499 These shares are subject to the following lock-up agreement, from and after the later of six months after issuance or 90 days from the effective date of our IPO registration statement until the one-year anniversary thereof, (a) the shareholder can sell up to 10% of the purchased shares per month, subject to a maximum sale on any trading day of 8% of the daily volume of the common stock; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the shareholder can sell up to 20% of the purchased shares per month, subject to a maximum sale on any trading day of 10% of the daily volume of the common stock; and (c) if the common stock price is over $12.00 per share then the shareholder is not restricted from making any sales until such time as the common stock price falls back below $12.00 per share. Adoption of 2015 Stock Plan On December 5, 2015, the Board of Directors of the Company approved the Company’s 2015 Stock Plan, which was amended on April 22, 2016. The expiration date of the plan is December 5, 2025 2,500,000 As of March 31, 2016, the Company has options to purchase 200,000 0.20 9.7 560,000 2,101 25,289 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 5 - Income Taxes As of March 31, 2016, the Company has an operating loss carry forward of approximately $ 1 2035 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 Commitments and contingencies MD Anderson IntertechBio Agreement On August 11, 2015, the Company acquired the rights and obligations under the Patent and Technology License Agreement entered into between IntertechBio and MD Anderson dated April 2, 2012. Pursuant to the agreement, IntertechBio obtained a royalty-bearing, worldwide, exclusive license to intellectual property including patent rights related to the Company’s drug product candidate, WP1122. Under the agreement, IntertechBio agreed to pay annual maintenance fee in the amount of $ 10,000 20,000 40,000 60,000 80,000 100,000 200,000 400,000 600,000 Phase Amount Commencement of Phase II Study for a licensed product $ 200,000 Commencement of Phase III Study for a licensed product $ 250,000 Filing of a New Drug Application for a licensed product $ 400,000 Receipt of market approval for a licensed product $ 500,000 MD Anderson has the right to terminate the agreement upon advanced notice in the event of a default by IntertechBio. The agreement will also be terminated immediately upon IntertechBio’s insolvency. Additionally, per the October 2015 amendment to the agreement, MD Anderson has the right to terminate the license agreement if (i) a preclinical toxicology program for a licensed product is not initiated within one year of the effective date of the amendment, (ii) an investigational new drug application is not filed with the Food and Drug Administration for a Phase I study for a licensed product within three years of the effective date of the amendment, or (iii) a Phase I study for a licensed product is not commenced within five years of the effective date of the amendment. The agreement will expire upon the expiration of the licensed intellectual property. The rights obtained by the Company pursuant to the agreement are made subject to the rights of the U.S. government to the extent that the technology covered by the licensed intellectual property was developed under a funding agreement between MD Anderson and the U.S. government. All out-of-pocket expenses incurred by MD Anderson in filing, prosecuting and maintaining the licensed patents have been and shall continue to be assumed by the Company. On October 8, 2015, IntertechBio Corporation entered into a letter agreement with MD Anderson where MD Anderson agreed to receive past due maintenance fees and patent expenses of $ 98,108 65,504 45,000 42,504 Bonwick Capital Partners LLC On January 22, 2016, as amended on February 15, 2016, the Company entered into a letter agreement with Bonwick Capital Partners LLC. (“Bonwick”) to engage Bonwick as an exclusive financial advisor of the Company. Pursuant to the agreement, the Company agreed to: a) pay success fees equal to 7 7 125 5 25,000 100,000 50,000 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 7 - Subsequent Events Issuance of Common Shares Subsequent to March 31, 2016 and through May 2, 2016, the Company sold 105,463 316,389 Acquisition of Moleculin, LLC Immediately before the effectiveness of the Company’s registration statement on Form S-1 on May 2, 2016, Moleculin, LLC, a Texas limited liability company (“Moleculin”), was merged with and into the Company. As a result of the merger, the Company issued to the holders of Moleculin equity interests an aggregate of approximately 706,000 294,000 57,822 1,000,000 57,822 306,176 306,176 6 The following tables present the unaudited condensed pro forma balance sheet and results of operations that reflect the acquisition of Moleculin as if the acquisition had occurred as of March 31, 2016 for the balance sheet and January 1, 2016 for the results of operations, adjusted for items that are directly attributable to the acquisition with the exception of the amortization for intangible assets acquired. As of Current assets $ 204,737 Non-current assets 7,267,620 Total assets $ 7,472,357 Current liabilities $ 1,545,697 Total shareholders’ equity 5,926,660 Total liabilities and shareholders’ equity $ 7, 472,357 For the three months ended Total operating expenses $ 427,815 Net loss (446,406) Net loss per common share basic and diluted (0.06) Weighted average outstanding common shares basic and diluted 7,717,767 Initial Public Offering On May 31, 2016, the Company completed its IPO and sold 1,540,026 6.00 8,459,493 107,802 5 7.50 |
Description of Business and S13
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation - Unaudited Interim Financial Information |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Financial Statement Presentation - |
Going Concern, Policy [Policy Text Block] | Going Concern - 1,080,601 688,340 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents - |
Debt Instrument, Convertible, Beneficial Conversion Feature Policy [Policy Text Block] | Beneficial Conversion Feature |
Income Tax, Policy [Policy Text Block] | Income Taxes - |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation - |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Common Share 3,749,557 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs - |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements - |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Convertible Notes Payable Abstract [Abstract] | |
Convertible Debt [Table Text Block] | Issuance Date March 31, 2016 December 31, 2015 Conversion Rate Shares Convertible August 31, 2015 $ 125,000 $ 125,000 $ 0.1299 962,279 September 3, 2015 125,000 125,000 0.1299 962,279 October 4, 2015 147,000 147,000 0.20 735,000 October 4, 2015 3,000 3,000 0.20 15,000 October 28, 2015 50,000 50,000 0.20 250,000 January 14, 2016 82,500 - 0.20 412,500 January 19, 2016 82,500 - 0.20 412,500 Total $ 615,000 $ 450,000 3,749,557 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Patent And Technology License Agreement, Milestone Payments [Table Text Block] | On October 19, 2015, pursuant to an amendment, the Company will pay milestone payments as follows: Phase Amount Commencement of Phase II Study for a licensed product $ 200,000 Commencement of Phase III Study for a licensed product $ 250,000 Filing of a New Drug Application for a licensed product $ 400,000 Receipt of market approval for a licensed product $ 500,000 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | This information has been compiled from historical financial statements and is not necessarily indicative of the results that actually would have been achieved had the transaction already occurred or that may be achieved in the future. As of Current assets $ 204,737 Non-current assets 7,267,620 Total assets $ 7,472,357 Current liabilities $ 1,545,697 Total shareholders’ equity 5,926,660 Total liabilities and shareholders’ equity $ 7, 472,357 For the three months ended Total operating expenses $ 427,815 Net loss (446,406) Net loss per common share basic and diluted (0.06) Weighted average outstanding common shares basic and diluted 7,717,767 |
Description of Business and S17
Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Retained Earnings (Accumulated Deficit), Total | $ (1,080,601) | $ (748,360) | |
Working Capital Deficit | $ 688,340 | ||
Convertible Debt Securities [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,749,557 | ||
Use Rights [Member] | AnnaMed, Inc [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Stock Issued During Period, Shares, Purchase of Assets | 1,431,000 | ||
Use Rights [Member] | IntertechBio Corporation [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Stock Issued During Period, Shares, Purchase of Assets | 630,000 |
Note Receivable - Moleculin L18
Note Receivable - Moleculin LLC (Details Textual) - USD ($) | Apr. 05, 2016 | Jan. 08, 2016 | May 02, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Notes, Loans and Financing Receivable, Net, Current, Total | $ 30,000 | $ 0 | |||
Moleculin LLC [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||
Line of Credit Facility, Interest Rate During Period | 8.00% | ||||
Line of Credit Facility, Late Charge Fee Percentage | 5.00% | ||||
Notes, Loans and Financing Receivable, Net, Current, Total | $ 30,000 | ||||
Moleculin LLC [Member] | Subsequent Event [Member] | |||||
Payments to Fund Notes Receivable to Related Parties | $ 27,822 | ||||
Financing Receivable, Net, Total | 57,822 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 57,822 | ||||
Moleculin LLC [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | ||||
Moleculin LLC [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Convertible Notes Payable, Current | $ 615,000 | $ 450,000 |
Debt Instrument, Convertible, Number of Common Shares | 3,749,557 | |
Investor A [Member] | Issue Date August 31 2015 [Member] | ||
Debt Instrument, Issuance Date | Aug. 31, 2015 | |
Convertible Notes Payable, Current | $ 125,000 | 125,000 |
Debt Instrument, Convertible, Conversion Price | $ 0.1299 | |
Debt Instrument, Convertible, Number of Common Shares | 962,279 | |
Investor A [Member] | Issue Date September 03 2015 [Member] | ||
Debt Instrument, Issuance Date | Sep. 3, 2015 | |
Convertible Notes Payable, Current | $ 125,000 | 125,000 |
Debt Instrument, Convertible, Conversion Price | $ 0.1299 | |
Debt Instrument, Convertible, Number of Common Shares | 962,279 | |
Investor B [Member] | Issue Date October 04 2015 One [Member] | ||
Debt Instrument, Issuance Date | Oct. 4, 2015 | |
Convertible Notes Payable, Current | $ 147,000 | 147,000 |
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |
Debt Instrument, Convertible, Number of Common Shares | 735,000 | |
Investor C [Member] | Issue Date October 04 2015 Two [Member] | ||
Debt Instrument, Issuance Date | Oct. 4, 2015 | |
Convertible Notes Payable, Current | $ 3,000 | 3,000 |
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |
Debt Instrument, Convertible, Number of Common Shares | 15,000 | |
Investor D [Member] | Issue Date October 28 2015 [Member] | ||
Debt Instrument, Issuance Date | Oct. 28, 2015 | |
Convertible Notes Payable, Current | $ 50,000 | 50,000 |
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |
Debt Instrument, Convertible, Number of Common Shares | 250,000 | |
Investor D [Member] | Issue Date January 19 2016 [Member] | ||
Debt Instrument, Issuance Date | Jan. 19, 2016 | |
Convertible Notes Payable, Current | $ 82,500 | 0 |
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |
Debt Instrument, Convertible, Number of Common Shares | 412,500 | |
Investor E [Member] | Issue Date January 14 2016 [Member] | ||
Debt Instrument, Issuance Date | Jan. 14, 2016 | |
Convertible Notes Payable, Current | $ 82,500 | $ 0 |
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |
Debt Instrument, Convertible, Number of Common Shares | 412,500 |
Convertible Notes Payable (De20
Convertible Notes Payable (Details Textual) - shares | 1 Months Ended | 3 Months Ended |
May 31, 2016 | Mar. 31, 2016 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Debt Instrument, Convertible, Number Of Common Shares | 3,749,557 | |
Debt Conversion, Converted Instrument, Common Stock Shares Issued Trading Restrictions Description | (a) begin 90 days after the initial closing of our IPO and until the one-year anniversary of the initial closing of the IPO, (a) the holder of the note will be able to sell 1% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the holder of the note can sell up to 3% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (c) if the common stock price is over $10.00 per share for five consecutive trading days then the holder of the note can sell up to an additional 5% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 7% of the daily volume; and (d) if the common stock price is over $14.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock price falls back below $14.00 per share; and (b) thereafter, until the two-year anniversary of the initial closing of IPO, the holder of the note can sell on any trading day 10% of the daily volume; provided that if the common stock price is over $10.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock falls back below $10.00 per share. | |
Subsequent Event [Member] | IPO [Member] | ||
Equity Method Investment, Ownership Percentage | 4.99% | |
Debt Instrument, Convertible, Number Of Common Shares | 3,749,557 | |
Debt Conversion, Converted Instrument, Additional Shares Issued | 198,625 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
May 02, 2016 | Apr. 22, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2015 | |
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 128,833 | ||||
Stock Issued During Period, Value, New Issues | $ 386,499 | ||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 3,000 | $ 3,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Dec. 5, 2025 | ||||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | |||
Share-based Compensation, Total | $ 2,101 | ||||
Common Stock Lock-Up and Leak-Out Agreements Description | These shares are subject to the following lock-up agreement, from and after the later of six months after issuance or 90 days from the effective date of our IPO registration statement until the one-year anniversary thereof, (a) the shareholder can sell up to 10% of the purchased shares per month, subject to a maximum sale on any trading day of 8% of the daily volume of the common stock; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the shareholder can sell up to 20% of the purchased shares per month, subject to a maximum sale on any trading day of 10% of the daily volume of the common stock; and (c) if the common stock price is over $12.00 per share then the shareholder is not restricted from making any sales until such time as the common stock price falls back below $12.00 per share. | ||||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 105,463 | ||||
Stock Issued During Period, Value, New Issues | $ 316,389 | ||||
Common Stock Lock-Up and Leak-Out Agreements Description | These shares are subject to the following lock-up agreement, from and after the initial closing of the IPO until the one-year anniversary thereof, (a) the shareholder can sell up to 10% of the purchased shares per month, subject to a maximum sale on any trading day of 8% of the daily volume of the common stock; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the shareholder can sell up to 20% of the purchased shares per month, subject to a maximum sale on any trading day of 10% of the daily volume of the common stock; and (c) if the common stock price is over $12.00 per share then the shareholder is not restricted from making any sales until such time as the common stock price falls back below $12.00 per share. | ||||
2015 Stock Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 200,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.20 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 8 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 560,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 25,289 | ||||
2015 Stock Plan [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,500,000 | ||||
Director And Officers [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 3,000 | ||||
Common Stock, Shares Authorized | 4,600,000 | ||||
Common Stock, Value, Subscriptions | $ 4,600 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 1 |
Operating Loss Carryforwards Expiration Period | 2,035 |
Commitments and contingencies23
Commitments and contingencies (Details) | Mar. 31, 2016USD ($) |
Commencement Of Phase II Study For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | $ 200,000 |
Commencement Of Phase III Study For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | 250,000 |
Filing Of a New Drug Application For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | 400,000 |
Receipt Of Market Approval For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | $ 500,000 |
Commitments and contingencies24
Commitments and contingencies (Details Textual) - USD ($) | 1 Months Ended | |||
Feb. 29, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Aug. 31, 2015 | |
Patent Law Firm [Member] | Minimum Fee and patent Expenses [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contractual Obligation, Total | $ 42,504 | $ 65,504 | ||
Bonwick Capital Partners LLC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Letter Agreements Terms | The Company agreed to: a) pay success fees equal to 7% of the gross proceeds from any form of financing; b) issue warrants to purchase 7% of the Company’s equity securities sold with a cashless exercise provision, exercisable at 125% of the price per share of the Company’s common stock paid by investors in the transaction. The warrants should have a term of 5 years. In addition, the Company agreed to reimburse Bonwickfor all of its out-of-pocket expenses incurred in connection with the offering, not to exceed $25,000, and fees and expenses of their counsel not to exceed $100,000. | |||
Success Fee Percentage | 7.00% | |||
Class of Warrant or Right, Percentage of Securities Called by Warrants or Rights | 7.00% | |||
Class of Warrant or Right, Exercise Price Percentage Threshold | 125.00% | |||
Class of Warrant or Right, Exercise Price of Warrants Expiration Term | 5 years | |||
Payments for Underwriting Expense | $ 50,000 | |||
Bonwick Capital Partners LLC [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reimbursement Payable, Offering Costs | 25,000 | |||
Reimbursement Payable, Fees and Expenses of Counsel | $ 100,000 | |||
MD Anderson [Member] | Minimum Fee and patent Expenses [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contractual Obligation, Total | $ 45,000 | $ 98,108 | ||
Patent and Technology License Agreement [Member] | Servicing Fee payable [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contractual Obligation, Due in Next Fiscal Year | $ 10,000 | |||
Contractual Obligation, Due in Second Year | 20,000 | |||
Contractual Obligation, Due in Third Year | 40,000 | |||
Contractual Obligation, Due in Fourth Year | 60,000 | |||
Contractual Obligation, Due in Fifth Year | 80,000 | |||
Contractual Obligation, Due after Fifth Year | 100,000 | |||
Patent and Technology License Agreement [Member] | Minimum Annual Royalty [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contractual Obligation, Due in Next Fiscal Year, After Product Approval | 200,000 | |||
Contractual Obligation, Due in Second Year, After Product Approval | 400,000 | |||
Contractual Obligation, Due in Third Year, After Product Approval | $ 600,000 |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 31, 2016USD ($) |
Subsequent Event [Line Items] | |
Current assets | $ 204,737 |
Non-current assets | 7,267,620 |
Total assets | 7,472,357 |
Current liabilities | 1,545,697 |
Total shareholders' equity | 5,926,660 |
Total liabilities and shareholders' equity | $ 7,472,357 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Business Acquisition Pro Forma Information [Line Items] | |
Total operating expenses | $ 427,815 |
Net loss | $ (446,406) |
Net loss per common share - basic and diluted (in dollars per share) | $ / shares | $ (0.06) |
Weighted average outstanding common shares - basic and diluted (in shares) | shares | 7,717,767 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 31, 2016 | May 02, 2016 | Mar. 31, 2016 | |
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 128,833 | ||
Stock Issued During Period, Value, New Issues | $ 386,499 | ||
Proceeds from Issuance of Common Stock | $ 386,499 | ||
Common Stock Lock-Up and Leak-Out Agreements Description | These shares are subject to the following lock-up agreement, from and after the later of six months after issuance or 90 days from the effective date of our IPO registration statement until the one-year anniversary thereof, (a) the shareholder can sell up to 10% of the purchased shares per month, subject to a maximum sale on any trading day of 8% of the daily volume of the common stock; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the shareholder can sell up to 20% of the purchased shares per month, subject to a maximum sale on any trading day of 10% of the daily volume of the common stock; and (c) if the common stock price is over $12.00 per share then the shareholder is not restricted from making any sales until such time as the common stock price falls back below $12.00 per share. | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 105,463 | ||
Stock Issued During Period, Value, New Issues | $ 316,389 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 107,802 | ||
Class Of Warrant Or Right Exercisable Period | 5 years | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.50 | ||
Common Stock Lock-Up and Leak-Out Agreements Description | These shares are subject to the following lock-up agreement, from and after the initial closing of the IPO until the one-year anniversary thereof, (a) the shareholder can sell up to 10% of the purchased shares per month, subject to a maximum sale on any trading day of 8% of the daily volume of the common stock; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the shareholder can sell up to 20% of the purchased shares per month, subject to a maximum sale on any trading day of 10% of the daily volume of the common stock; and (c) if the common stock price is over $12.00 per share then the shareholder is not restricted from making any sales until such time as the common stock price falls back below $12.00 per share. | ||
Subsequent Event [Member] | IPO [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,540,026 | ||
Shares Issued, Price Per Share | $ 6 | ||
Proceeds from Issuance of Common Stock | $ 8,459,493 | ||
Subsequent Event [Member] | Moleculin LLC [Member] | |||
Subsequent Event [Line Items] | |||
Debt Conversion, Converted Instrument, Shares Issued | 294,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 57,822 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 306,176 | ||
Other Payments to Acquire Businesses | $ 306,176 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 6,000,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,000,000 | ||
Payments to Acquire Businesses, Gross | $ 57,822 | ||
Subsequent Event [Member] | Moleculin LLC [Member] | Investor [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 706,000 |