Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 20,261,904 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,272 | $ 5,007 |
Prepaid expenses | 809 | 215 |
Total current assets | 10,081 | 5,222 |
Furniture and equipment, net of accumulated depreciation of $14 and $6, respectively | 20 | 23 |
Intangible assets | 11,148 | 11,148 |
Total assets | 21,249 | 16,393 |
Current liabilities: | ||
Accounts payable and accrued expenses | 645 | 1,069 |
Convertible notes payable | 0 | 276 |
Warranty liability - current portion | 1,185 | 0 |
Total current liabilities | 1,830 | 1,345 |
Warrant liability | 0 | 0 |
Long-term deferred compensation - related party | 150 | 88 |
Total liabilities | 1,980 | 1,433 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; 75,000,000 shares authorized, 20,164,854 issued outstanding at June 30, 2017 and 12,164,852 issued and outstanding at December 31, 2016 | 21 | 12 |
Additional paid-in capital | 27,711 | 19,623 |
Warrant receivable | (34) | 0 |
Accumulated deficit | (8,429) | (4,675) |
Total stockholders’ equity | 19,269 | 14,960 |
Total liabilities and stockholders’ equity | $ 21,249 | $ 16,393 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accumulated Depreciation, Furniture and equipment | $ 14 | $ 6 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 20,164,854 | 12,164,852 |
Common Stock, Shares, Outstanding | 20,164,854 | 12,164,852 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 515 | 105 | 1,199 | 120 |
General and administrative | 800 | 618 | 1,649 | 923 |
Depreciation | 5 | 1 | 8 | 1 |
Total operating expenses | 1,320 | 724 | 2,856 | 1,044 |
Loss from operations | (1,320) | (724) | (2,856) | (1,044) |
Other income (expense): | ||||
Loss from change in fair value of warrant liability | (3,342) | 0 | (2,283) | 0 |
Gain from settlement of liability | 0 | 0 | 149 | 0 |
Gain from expiration of warrants | 1,238 | 0 | 1,238 | 0 |
Other expense | 0 | 0 | (1) | 0 |
Interest expense | 0 | (15) | (1) | (27) |
Net loss | $ (3,424) | $ (739) | $ (3,754) | $ (1,071) |
Net loss per common share - basic and diluted | $ (0.19) | $ (0.08) | $ (0.23) | $ (0.14) |
Weighted average common shares outstanding - basic and diluted | 17,863,707 | 8,875,173 | 16,137,312 | 7,796,782 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (3,754) | $ (1,071) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 8 | 1 |
Stock-based compensation | 219 | 162 |
Deferred CEO compensation | 63 | 0 |
Change in fair value of warrant liability | 2,283 | 0 |
Gain in settlement of liability | (149) | 0 |
Gain from expiration of warrants | (1,238) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (595) | (315) |
Accounts payable and accrued expenses | (160) | (422) |
Net Cash Used in Operating Activities | (3,323) | (1,645) |
Cash Flows from Investing Activities: | ||
Purchase of fixed assets | (4) | 0 |
Net Cash Used in Investing Activities | (4) | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from notes payable | 0 | 165 |
Payments on note payable | 0 | (470) |
Proceeds from exercise of warrants | 3,132 | |
Proceeds from sale of common stock units, net of cash stock issuance costs | 4,460 | 9,167 |
Net Cash Provided by Financing Activities | 7,592 | 8,862 |
Net change in cash and cash equivalents | 4,265 | 7,217 |
Cash and cash equivalents, at beginning of period | 5,007 | 28 |
Cash and cash equivalents, at end of period | 9,272 | 7,245 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 48 |
Cash paid for income taxes | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Common stock issued for conversion of debt | 302 | 201 |
Common stock issued for services provided | 89 | 0 |
Assumption of accounts payable related to acquisition of Moleculin, LLC | 0 | 100 |
Common stock issued to acquire Moleculin, LLC | 0 | 9,774 |
Warrants exercised - not yet paid | $ 34 | $ 0 |
Statements of Stockholders_ Equ
Statements of Stockholders’ Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Warrant Receivable [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2016 | $ 14,960 | $ 12 | $ 19,623 | $ 0 | $ (4,675) |
Beginning Balance (in shares) at Dec. 31, 2016 | 12,164,852 | ||||
Issued for cash - sale of units at $1.35 per unit, net of stock issuance costs of $550 | 317 | $ 4 | 313 | 0 | 0 |
Issued for cash - sale of units at $1.35 per unit, net of stock issuance costs of $550 (in shares) | 3,710,000 | ||||
Warrants exercised | 7,135 | $ 3 | 7,166 | (34) | |
Warrants exercised (in shares) | 2,200,195 | ||||
Stock based compensation | 220 | 220 | 0 | 0 | |
Issued for convertible debt | 302 | $ 2 | 300 | 0 | 0 |
Issued for convertible debt (in shares) | 2,010,640 | ||||
Issued for settlement of service | 89 | $ 0 | 89 | 0 | 0 |
Issued for settlement of service (in shares) | 79,167 | ||||
Net loss | (3,754) | 0 | (3,754) | ||
Ending Balances at Jun. 30, 2017 | $ 19,269 | $ 21 | $ 27,711 | $ (34) | $ (8,429) |
Endind Balances (in shares) at Jun. 30, 2017 | 20,164,854 |
Statements of Stockholders_ Eq7
Statements of Stockholders’ Equity (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / shares | |
Shares Issued, Price Per Share | $ / shares | $ 1.35 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ | $ 550 |
Nature of Business and Liquidit
Nature of Business and Liquidity | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Liquidity [Text Block] | 1. Nature of Business and Liquidity The terms “MBI” or the “Company”, “we”, “our” and “us” are used herein to refer to Moleculin Biotech, Inc. MBI is a preclinical pharmaceutical company organized as a Delaware corporation in July 2015 to focus on the development of anti-cancer drug candidates, some of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center, which we refer to as MD Anderson. Our lead drug candidate is liposomal Annamycin, which we refer to as Annamycin, an anthracycline being studied 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 Because the prior developer of Annamycin allowed their IND to lapse, we are required to submit a new IND for continued clinical trials with Annamycin. We filed our IND application, with the clinical strategy of increasing the MTD mentioned above, for Annamycin on February 10, 2017. In subsequent discussions with us, the FDA requested certain revisions to the protocol, additional information, and additional data related to Chemistry, Manufacturing and Controls (“CMC”). We have the additional information, have made the requested revisions to the protocol, and we are working on developing the CMC data. In the interim, we have withdrawn the IND application in order to resubmit it when the requested data are available. We believe that resubmission of the IND application will occur in time for the IND to go into effect by the end of September 2017, and we may begin clinical trials. This will mean the IRB (“Institutional Review Board”) approvals and site initiations of various clinical sites participating in our Phase I/II clinical trial of Annamycin should occur later in the second half of 2017. The Annamycin drug substance is no longer covered by any existing patent protection. On July 18, 2017, the Company announced that it had signed a new technology license agreement with MD Anderson Cancer Center based on new patent applications that the Company intends to file relating to Annamycin. These patent applications are related to the 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. On March 21, 2017, we received notice that FDA had granted us Orphan Drug designation for Annamycin for the treatment of AML, Orphan Drug status could entitle us to market exclusivity of up to 7 and 10 years from the date of approval of a New Drug Application (“NDA”) or Marketing Authorization Application (“MAA”), in the US and the European Union (“EU”), respectively. Separately, the FDA may also grant market exclusivity of up to 5 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. 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. In accordance with FASB ASC Topic 280, Segment Reporting, we view our operations and manage our business as principally one segment. As a result, the financial information disclosed herein represents all the material financial information related to our principal operating segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation Unaudited Interim Financial Information - Use of Estimates in Financial Statement Presentation - Going Concern - We have categorized our assets and liabilities that are valued at fair value on a recurring basis into three-level fair value hierarchy in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Unadjusted quoted prices in active markets of identical assets or liabilities. Level 2 Quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 Unobservable inputs for the asset or liability. The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of our warrant In thousands Description Liabilities Quoted Prices Markets for Significant Other Significant Other Fair value of warrant liability: 2017 $ 1,185 $ - $ - $ 1,185 In thousands Warrant Warrant Warrant Balance, March 31, 2017 $ 1,238 $ 1,846 $ 3,084 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 3,342 3,342 Expiration of warrants (1,238 ) (1,238 ) Transfer in and out (exercise of warrants) (4,003 ) (4,003 ) Balance, June 30, 2017 $ 1,185 $ $ 1,185 The following table provides a summary of changes in fair value associated with the Level 3 liabilities for the six months ended June 30, 2017: In thousands Warrant Warrant Warrant Balance, beginning of period December 31, 2016 $ $ $ Issuances of warrants 2,453 1,690 4,143 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 2,378 (59 ) 2,319 Transfers in and out (exercise of warrants) (4,253 ) 215 (4 ,038) Expiration of warrants (1,238 ) (1,238 ) Balance, end of period June 30, 2017 $ 1,185 $ $ 1,185 The above table of Level 3 liabilities begins with the initial valuation given the issuances occurred in the first quarter of 2017 and adjusts the balances for changes that occurred during the current quarter. The ending balance of the Level 3 financial instrument presented above represent our best estimates and may not be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Loss Per Common Share Reclassifications Research and Development Costs - Subsequent Events - Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB approved a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that this standard will have on its financial statements at the time the Company starts to generate revenue or enters into other contractual arrangements, which the Company does not expect in the near term. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter; early adoption is permitted. This disclosure is effective within these financial statements for the year ended December 31, 2016 and thereafter. Such disclosure did not impact the financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact that this standard will have on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact that this standard will have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). The new guidance changes the accounting and simplifies various aspects of the accounting for share-based payments to employees. The guidance allows for a policy election to account for forfeitures as they occur or based on an estimated number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The adoption of this standard on January 1, 2017, did not have a significant impact on the Company’s financial statements. In August 2016, the FASB issued ASU, Statement of Cash Flows (Topic 230). This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. Furthermore, in November 2016, the FASB issued additional guidance on this Topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with earlier application permitted for all entities. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 and are currently evaluating the impact the adoption of this new accounting standard will have on our financial statements. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805)," which provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this update (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments in this update also narrow the definition of the term "output" so that the term is consistent with how outputs are described in Topic 606. Public business entities are required to apply the amendments in this update to annual periods beginning after December 15, 2017, including interim periods within those periods. Early application is permitted. The Company will evaluate the effect of the update at the time of any future acquisition or disposal. In May 2017, the FASB issued ASU 2017-09 "CompensationStock Compensation (Topic 718)." This update clarifies the existing definition of the term "modification," which is currently defined as "a change in any of the terms or conditions of a share-based payment award." The update requires entities to account for modifications of share-based payment awards unless the (1) fair value, (2) vesting conditions and (3) classification as an equity instrument or a liability instrument of the modified award are the same as of the original award before modification. Public business entities are required to adopt the amendments in this update for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The Company will adopt the update when it becomes effective . The Company is in the process of determining the impact, if any, this adoption will have on its financial statements. The Company does not believe that any other recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements. |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Convertible Notes Payable Abstract [Abstract] | |
Convertible Notes Payable Disclosure [Text Block] | 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 bore interest at 8.0 Since the completion of the IPO occurred prior to June 30, 2016, these notes were to be automatically converted according to their terms into shares of the Company’s common stock at applicable conversion price upon the Company’s IPO to the extent and provided that no holder of these notes was permitted to convert such notes to the extent that the holder or any of its affiliates would beneficially own in excess of 4.99 The IPO was completed on May 31, 2016. On May 31, 2016, pursuant to the conversion feature of the foregoing notes and with restriction of the 4.99 1,166,503 0.18 0.02 2,920,738 4.99 0.3 0.03 On June 22, 2017, pursuant to the conversion feature of the foregoing notes and with restriction of the 4.99 804,098 0.1 |
Warrant Liability
Warrant Liability | 6 Months Ended |
Jun. 30, 2017 | |
Warrant Liability [Abstract] | |
Warrants Liability Disclosure [Text Block] | 4. Warrant Liability On February 9, 2017, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as representative of the several underwriters identified therein (collectively, the “Underwriters”), pursuant to which we sold in a registered public offering (the “Offering”), 3,710,000 1.35 1.50 0.50 0.50 1.50 1.35 Under the terms of the Underwriting Agreement, we granted the Underwriters a 45-day option to purchase an additional 556,500 556,500 278,250 1.349 001 278,100 4.5 The basis of value is fair value, which is defined pursuant to Accounting Standards Codification (“ASC”) 820 to be “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. The Company estimated the fair value of the Warrants under ASC 820 as of February 14, 2017 for financial reporting purposes. We used the Black-Scholes option pricing model (“BSM”) to determine the fair value of the Series A and Series B Warrants and a Monte Carlo simulation (“MCM”) with regard to the Series C Warrants in consideration of path dependent vesting terms of the contract. Both the BSM and MCM models are acceptable in accordance with GAAP. The BSM requires the use of a number of assumptions including volatility of the stock price, the weighted average risk-free interest rate, and the weighted average term of the Warrant. The MCM simulates the Company’s common stock price from the valuation date through the Series B Warrant and the unvested Series C Warrant expiration dates using Geometric Browman Motion on a risk-neutral basis thereby impacting the likelihood that the Series B Warrants would have been exercised and, subsequently, the Series C Warrants would then vest. As disclosed, all Series B and unvested Series C warrants expired on May 15, 2017. The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the term of the Warrants and is calculated by using the average daily historical stock prices through the day preceding the grant date. Estimated volatility is a measure of the amount by which our stock price is expected to fluctuate each year during the expected life of the Warrants. Where appropriate, we used the historical volatility of peer entities due to the lack of sufficient historical data of our stock price during 2016-2017. Six Months Ended June 30, Year Ended December 31, 2017 2016 Risk-free interest rate 0.54%-1.96% - Volatility 80.00%-160.11% - Expected life (years) 0.25-5.0 - Dividend yield 0.00% - Number of Range of Weighted Weighted Average Shares Under Warrant Price Average Remaining Description Warrant per Share Exercise Price Contractual Life Balance at January 1, 2017 Granted 8,235,923 $1.35-$1.50 $ 1.43 1.6 Exercised (2,200,195) - $ 1.46 - Expired (5,087,717) - $ 1.40 - Balance at June 30, 2017 948,011 - $ 1.46 4.63 Vested and Exercisable at June 30, 2017 948,011 $1.35-$1.50 $ 1.46 4.63 Warrant Activity During 2017: On February 14, 2017, 8,235,923 On March 24, 2017, 596,300 298,150 On March 31, 2017, the Warrants were revalued with a fair value determination of $ 3.08 1.06 On May 15, 2017, approximately 3.4 1.7 1.24 On June 28, 2017, 1,295,995 295,650 On June 30, 2017, 12,250 On June 30, 2017, the Warrants were revalued with a fair value determination of $ 1.2 3.34 Series B and Series C Warrants The Series B Warrants and the unvested Series C Warrants expired May 15, 2017. Therefore, the associated warranty liability of $ 1.24 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Equity On May 2, 2016, the Company amended and restated its certificate of incorporation to increase the number of shares authorized to 80,000,000 5,000,000 75,000,000 Preferred Stock We are authorized to issue up to 5,000,000 shares of preferred stock. Our certificate of incorporation authorizes the board to issue these shares in one or more series, to determine the designations and the powers, preferences and relative, participating, optional or other special rights and the qualifications, limitations and restrictions thereof, including the dividend rights, conversion or exchange rights, voting rights (including the number of votes per share), redemption rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series. As of June 30, 2017, there was no issued preferred stock. Common Stock On January 13, 2017, the Company agreed to issue 79,167 0.15 0.24 On February 14, 2017, the Company completed a public offering and sold 3,923,923 1.35 4.5 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 and the total number of underlying shares of the Company’s common stock available for grant to employees, directors and consultants under the plan is 2,500,000 Weighted Average Weighted Weighted Remaining Average Average Contractual Aggregate Number of Grant Date Exercise Term Intrinsic Shares Fair Value Price (in years) Value Outstanding, December 31, 2016 510,000 $ 3.40 $ 5.28 9.29 $ 48,500 Granted 20,000 $ 1.76 $ 2.31 Outstanding, June 30, 2017 530,000 $ 3.33 $ 5.17 8.57 $ 83,500 Exercisable, June 30, 2017 50,000 $ 0.14 $ 0.20 2.92 $ 83,500 In January 2017, the Company granted members of its science advisory board options in the aggregate to purchase 20,000 2.31 10 4 35,196 Variables used in the Black-Scholes option-pricing model include ranges of: (1) discount of 1.30 2.24 6 6.25 70.18 89.11 0 0.2 1.3 3.04 The fair value of each stock option is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the above paragraph. The expected term of the options was computed using the “plain vanilla” method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin 107 because we do not have sufficient data regarding employee exercise behavior to estimate the expected term. The volatility was determined by referring to the average historical volatility of a peer group of public companies because we do not have sufficient trading history to determine our historical volatility. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 6. Income Taxes Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We do not expect to pay any significant federal or state income tax for 2017 as a result of the losses recorded during the six months ended June 30, 2017 and the additional losses expected for the remainder of 2017 and net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of June 30, 2017, we maintained a full valuation allowance for all deferred tax assets. The Company recorded no income tax provision for the six months ended June 30, 2017 and 2016. The effective tax rate for the six months ended June 30, 2017 and 2016 was 0 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies MD Anderson IntertechBio Agreement In 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 fees in the amount of $ 10,000 20,000 40,000 60,000 80,000 100,000 200,000 400,000 600,000 In thousands Phase Amount Commencement of Phase II Study for a licensed product $ 200 Commencement of Phase III Study for a licensed product $ 250 Filing of a New Drug Application for a licensed product $ 400 Receipt of market approval for a licensed product $ 500 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 (which has occurred), (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. MD Anderson Patent & Technology License Agreement Upon the Company’s acquisition of Moleculin, LLC on May 2, 2016, we obtained a royalty-bearing, worldwide, exclusive license to intellectual property rights, including patent rights related to our WP1066 drug product candidate from MD Anderson through a Patent and Technology License Agreement Moleculin, LLC entered with MD Anderson on June 21, 2010, (the “Moleculin License Agreement”). Under the Moleculin License Agreement, Moleculin, LLC obtained the right to manufacture, have manufactured, use, import, offer to sell or sell products worldwide for any indication under the licensed intellectual property with the right to sublicense. In consideration, Moleculin, LLC agreed to make payments to MD Anderson including an up-front payment, milestone payments and minimum annual royalty payments for sales of products developed under the license agreement. Specifically, under the Moleculin License Agreement, Moleculin, LLC agreed to pay a nonrefundable upfront documentation fee and an annual maintenance fee in the amount of $ 20,000 10,000 100,000 Upon completion of our acquisition of Moleculin, LLC, we assumed the rights and obligations of Moleculin, LLC. However, the rights we have obtained pursuant to the assignment of the Moleculin License 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 us. On October 8, 2015, Moleculin, LLC entered into a letter agreement with MD Anderson for Moleculin, LLC’s past due fees to MD Anderson in the amount of $ 691,186 300,000 125,000 175,000 91,186 125,000 On October 19, 2015, the agreement was amended for the milestone payments. The amended milestone payments are as follows: (i) commencement of Phase III Study for first licensed drug/product within the United States, Europe, China or Japan - $150,000; (ii) submission of the first NDA within the United States - $500,000; and (iii) receipt of first marketing approval for sale of a license product in the United States - $600,000. On January 28, 2016, the Company and Moleculin, LLC entered into a letter agreement with MD Anderson where MD Anderson agreed to receive the remaining outstanding amount on or before the earlier of April 30, 2016 or four days after our IPO. This date was amended and per the amended agreement, the Company paid the outstanding Moleculin, LLC fees on May 31, 2016 in the amount of $ 306,186 On January 9, 2017, the Company amended it Sponsored Laboratory Study Agreement with MD Anderson whereby the Company would pay $ 302,500 202,500 100,000 Houston Pharmaceuticals, Inc. Our acquisition of Moleculin, LLC, occurring prior to our IPO offering, provided us with the rights of the license agreement that Moleculin, LLC had with MD Anderson covering the WP1066 Portfolio. We are obligated to make payments to HPI totaling $ 0.75 1.0 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 8. Subsequent Events On July 6, 2017, the Company received a letter from NASDAQ notifying us that we had regained compliance with NASDAQ Listing Rule 5550(a)(2) as a result of the closing bid price for the Company’s common stock being at $1.00 or more for a minimum of 10 consecutive business days. On May 18, 2017, the Company received a deficiency letter from NASDAQ notifying us that for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market. On July 18, 2017, the Company signed a new technology license agreement with MDA Cancer Center based on new patent applications it intends to file relating to its drug Annamycin for the treatment of relapsed or refractory AML. On July 24, 2017, the Company was notified by Ms. Jacqueline Northcut of her desire to resign from the Company’s Board of Directors, effective on such date. Ms. Northcut’s resignation was not a result of or caused by any disagreement with the Company. On that same date, the Company entered into a consulting agreement with Ms. Northcut pursuant to which Ms. Northcut agreed to provide consulting services to the Company regarding the clinical development of the Company’s drug portfolio. The consulting agreement provides for a term of one-year with base consulting fees of $13,750 payable per quarter. Pursuant to the consulting agreement, the Company issued Ms. Northcut a five-year option to purchase 15,000 shares of common stock at an exercise price equal to the closing price of the Company’s common stock on the date of the agreement. In addition, the Company agreed to accelerate the vesting of the option previously issued to Ms. Northcut in September 2016. On July 24, 2017, the Company’s Board appointed John M. Climaco as an independent member of the Company’s Board of Directors. In addition, effective on such date, the Board awarded Mr. Climaco an initial option grant, per policy to new members, to purchase 20,000 15,000 450,000 500,000 675 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Unaudited Interim Financial Information - The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These interim unaudited financial statements should be read in conjunction with the audited financial statements of the Company as of December 31, 2016 and for the period from July 28, 2015 (inception) to December 31, 2015 and notes thereto contained in the Form 10-K filed with the SEC on April 3, 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Financial Statement Presentation - The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Going Concern, Policy [Policy Text Block] | Going Concern - 8.4 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments We have categorized our assets and liabilities that are valued at fair value on a recurring basis into three-level fair value hierarchy in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Unadjusted quoted prices in active markets of identical assets or liabilities. Level 2 Quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 Unobservable inputs for the asset or liability. The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of our warrant In thousands Description Liabilities Quoted Prices Markets for Significant Other Significant Other Fair value of warrant liability: 2017 $ 1,185 $ - $ - $ 1,185 In thousands Warrant Warrant Warrant Balance, March 31, 2017 $ 1,238 $ 1,846 $ 3,084 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 3,342 3,342 Expiration of warrants (1,238 ) (1,238 ) Transfer in and out (exercise of warrants) (4,003 ) (4,003 ) Balance, June 30, 2017 $ 1,185 $ $ 1,185 The following table provides a summary of changes in fair value associated with the Level 3 liabilities for the six months ended June 30, 2017: In thousands Warrant Warrant Warrant Balance, beginning of period December 31, 2016 $ $ $ Issuances of warrants 2,453 1,690 4,143 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 2,378 (59 ) 2,319 Transfers in and out (exercise of warrants) (4,253 ) 215 (4 ,038) Expiration of warrants (1,238 ) (1,238 ) Balance, end of period June 30, 2017 $ 1,185 $ $ 1,185 The above table of Level 3 liabilities begins with the initial valuation given the issuances occurred in the first quarter of 2017 and adjusts the balances for changes that occurred during the current quarter. The ending balance of the Level 3 financial instrument presented above represent our best estimates and may not be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Common Share - 530,000 948,011 |
Reclassification, Policy [Policy Text Block] | Reclassifications A reclassification was made to the December 31, 2016 financial statements to conform to the 2017 presentation. Such reclassification did not affect net loss as previously reported. Historically, accrued interest associated with “convertible notes payable’ was included in the line item “accounts payable and accrued expense”. Management believes that these costs are best shown included in the amounts shown for “convertible notes payable” and, as such, a reclassification was made to the balance sheet for the year ended December 31, 2016 by reducing “accounts payable and accrued expenses” and increasing “convertible notes payable” by $ 0.02 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs - Research and development costs are expensed as incurred. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - The Company’s management reviewed all material events through the date these financial statements were issued for subsequent events disclosure consideration and has noted events in Note 8 below. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB approved a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that this standard will have on its financial statements at the time the Company starts to generate revenue or enters into other contractual arrangements, which the Company does not expect in the near term. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter; early adoption is permitted. This disclosure is effective within these financial statements for the year ended December 31, 2016 and thereafter. Such disclosure did not impact the financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact that this standard will have on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact that this standard will have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). The new guidance changes the accounting and simplifies various aspects of the accounting for share-based payments to employees. The guidance allows for a policy election to account for forfeitures as they occur or based on an estimated number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The adoption of this standard on January 1, 2017, did not have a significant impact on the Company’s financial statements. In August 2016, the FASB issued ASU, Statement of Cash Flows (Topic 230). This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. Furthermore, in November 2016, the FASB issued additional guidance on this Topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with earlier application permitted for all entities. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 and are currently evaluating the impact the adoption of this new accounting standard will have on our financial statements. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805)," which provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this update (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments in this update also narrow the definition of the term "output" so that the term is consistent with how outputs are described in Topic 606. Public business entities are required to apply the amendments in this update to annual periods beginning after December 15, 2017, including interim periods within those periods. Early application is permitted. The Company will evaluate the effect of the update at the time of any future acquisition or disposal. In May 2017, the FASB issued ASU 2017-09 "CompensationStock Compensation (Topic 718)." This update clarifies the existing definition of the term "modification," which is currently defined as "a change in any of the terms or conditions of a share-based payment award." The update requires entities to account for modifications of share-based payment awards unless the (1) fair value, (2) vesting conditions and (3) classification as an equity instrument or a liability instrument of the modified award are the same as of the original award before modification. Public business entities are required to adopt the amendments in this update for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The Company will adopt the update when it becomes effective . The Company is in the process of determining the impact, if any, this adoption will have on its financial statements. The Company does not believe that any other recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table provides the financial assets and liabilities reported at fair value and measured on a recurring basis at June 30: In thousands Description Liabilities Quoted Prices Markets for Significant Other Significant Other Fair value of warrant liability: 2017 $ 1,185 $ - $ - $ 1,185 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a summary of changes in fair value associated with the Level 3 liabilities for the quarter ended June 30, 2017: In thousands Warrant Warrant Warrant Balance, March 31, 2017 $ 1,238 $ 1,846 $ 3,084 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 3,342 3,342 Expiration of warrants (1,238 ) (1,238 ) Transfer in and out (exercise of warrants) (4,003 ) (4,003 ) Balance, June 30, 2017 $ 1,185 $ $ 1,185 The following table provides a summary of changes in fair value associated with the Level 3 liabilities for the six months ended June 30, 2017: In thousands Warrant Warrant Warrant Balance, beginning of period December 31, 2016 $ $ $ Issuances of warrants 2,453 1,690 4,143 Reclass of liability from long-term to current 1,846 (1,846 ) Change in fair value 2,378 (59 ) 2,319 Transfers in and out (exercise of warrants) (4,253 ) 215 (4 ,038) Expiration of warrants (1,238 ) (1,238 ) Balance, end of period June 30, 2017 $ 1,185 $ $ 1,185 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Warrant Liability [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | The assumptions used in the BSM and MCM models for the Warrants are as follows: Six Months Ended June 30, Year Ended December 31, 2017 2016 Risk-free interest rate 0.54%-1.96% - Volatility 80.00%-160.11% - Expected life (years) 0.25-5.0 - Dividend yield 0.00% - |
Schedule of Warrant Activity [Table Text Block] | A summary of our Warrant activity and related information follows: Number of Range of Weighted Weighted Average Shares Under Warrant Price Average Remaining Description Warrant per Share Exercise Price Contractual Life Balance at January 1, 2017 Granted 8,235,923 $1.35-$1.50 $ 1.43 1.6 Exercised (2,200,195) - $ 1.46 - Expired (5,087,717) - $ 1.40 - Balance at June 30, 2017 948,011 - $ 1.46 4.63 Vested and Exercisable at June 30, 2017 948,011 $1.35-$1.50 $ 1.46 4.63 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of option activities for the six months ended June 30, 2017: Weighted Average Weighted Weighted Remaining Average Average Contractual Aggregate Number of Grant Date Exercise Term Intrinsic Shares Fair Value Price (in years) Value Outstanding, December 31, 2016 510,000 $ 3.40 $ 5.28 9.29 $ 48,500 Granted 20,000 $ 1.76 $ 2.31 Outstanding, June 30, 2017 530,000 $ 3.33 $ 5.17 8.57 $ 83,500 Exercisable, June 30, 2017 50,000 $ 0.14 $ 0.20 2.92 $ 83,500 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Patent And Technology License Agreement, Milestone Payments [Table Text Block] | Pursuant to an amendment on October 19, 2015, the Company will pay milestone payments as follows: In thousands Phase Amount Commencement of Phase II Study for a licensed product $ 200 Commencement of Phase III Study for a licensed product $ 250 Filing of a New Drug Application for a licensed product $ 400 Receipt of market approval for a licensed product $ 500 |
Nature of Business and Liquid21
Nature of Business and Liquidity (Details Textual) | 1 Months Ended |
Aug. 31, 2015shares | |
Common Stock [Member] | |
Conversion of Stock, Shares Converted | 1,431,000 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of warrant liability | $ 1,185 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of warrant liability | 0 |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of warrant liability | 0 |
Significant Other Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of warrant liability | $ 1,185 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Details 1) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Warrant Liability Current [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | $ 1,238 | $ 0 |
Issuances of warrants | 2,453 | |
Reclass of liability from long-term to current | 1,846 | 1,846 |
Change in fair value | 3,342 | 2,378 |
Transfer in and out (exercise of warrants) | (4,003) | (4,253) |
Expiration of warrants | (1,238) | (1,238) |
Balance, June 30, 2017 | 1,185 | 1,185 |
Warrant Liability Long-Term [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 1,846 | 0 |
Issuances of warrants | 1,690 | |
Reclass of liability from long-term to current | (1,846) | (1,846) |
Change in fair value | 0 | (59) |
Transfer in and out (exercise of warrants) | 0 | 215 |
Expiration of warrants | 0 | 0 |
Balance, June 30, 2017 | 0 | 0 |
Warrant Liabilty [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 3,084 | 0 |
Issuances of warrants | 4,143 | |
Reclass of liability from long-term to current | 0 | 0 |
Change in fair value | 3,342 | 2,319 |
Transfer in and out (exercise of warrants) | (4,003) | (4,038) |
Expiration of warrants | (1,238) | (1,238) |
Balance, June 30, 2017 | $ 1,185 | $ 1,185 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (8,429) | $ (4,675) |
Increase (Decrease) in Notes Payable, Current | $ 20 | |
Warrant [Member] | ||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 948,011 | |
Employee Stock Option [Member] | ||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 530,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jun. 22, 2017 | May 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Convertible Notes Payable, Current | $ 180 | $ 0 | $ 276 | ||
Debt Conversion, Converted Instrument, Amount | $ 100 | $ 302 | $ 201 | ||
Debt Conversion, Converted Instrument, Shares Issued | 804,098 | 1,166,503 | 2,920,738 | ||
Debt Conversion, Original Debt, Amount | $ 300 | ||||
Interest Payable, Current | $ 20 | $ 30 | |||
IPO [Member] | |||||
Equity Method Investment, Ownership Percentage | 4.99% | 4.99% | 4.99% | 4.99% | |
Unsecured Promissory Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Warrant Liability (Details)
Warrant Liability (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Risk- free interest rate | 0.00% | |
Volatility | 0.00% | |
Expect life (years) | 0 years | |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk- free interest rate | 54.00% | |
Volatility | 80.00% | |
Expect life (years) | 3 months | |
Maximum [Member] | ||
Risk- free interest rate | 1.96% | |
Volatility | 160.11% | |
Expect life (years) | 5 years |
Warrant Liability (Details 1)
Warrant Liability (Details 1) - Warrant [Member] - $ / shares | 1 Months Ended | 6 Months Ended | |
Mar. 24, 2017 | Feb. 14, 2017 | Jun. 30, 2017 | |
Number of Shares Under Warrant, Balance at January 1, 2017 | 0 | ||
Number of Shares Under Warrant, Granted | 8,235,923 | 8,235,923 | |
Number of Shares Under Warrant, Exercised | (596,300) | (2,200,195) | |
Number of Shares Under Warrant, Expired | (5,087,717) | ||
Number of Shares Under Warrant, Balance at June 30, 2017 | 948,011 | ||
Number of Shares Under Warrant, Vested and Exercisable at June 30, 2017 | 948,011 | ||
Range of Warrant Price Per Share, Balance at January 1, 2017 | $ 0 | ||
Range of Warrant Price Per Share, Exercised | 0 | ||
Range of Warrant Price Per Share, Expired | 0 | ||
Range of Warrant Price Per Share, Balance at June 30, 2017 | 0 | ||
Weighted Average Exercise Price, Balance at January 1, 2017 | 0 | ||
Weighted Average Exercise Price, Granted | 1.43 | ||
Weighted Average Exercise Price, Exercised | 1.46 | ||
Weighted Average Exercise Price, Expired | 1.40 | ||
Weighted Average Exercise Price, Balance at June 30, 2017 | 1.46 | ||
Weighted Average Exercise Price, Vested and Exercisable at June 30, 2017 | $ 1.46 | ||
Weighted Average Remaining Contractual Life, Balance | 4 years 7 months 17 days | ||
Weighted Average Remaining Contractual Life, Granted | 1 year 7 months 6 days | ||
Weighted Average Remaining Contractual Life, Exercised | 0 years | ||
Weighted Average Remaining Contractual Life, Expired | 0 years | ||
Weighted Average Remaining Contractual Life, Vested and Exercisable at June 30, 2017 | 4 years 7 months 17 days | ||
Minimum [Member] | |||
Range of Warrant Price Per Share, Granted | $ 1.35 | ||
Range of Warrant Price Per Share, Vested and Exercisable at June 30, 2017 | 1.35 | ||
Maximum [Member] | |||
Range of Warrant Price Per Share, Granted | 1.50 | ||
Range of Warrant Price Per Share, Vested and Exercisable at June 30, 2017 | $ 1.50 |
Warrant Liability (Details Text
Warrant Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 15, 2017 | Feb. 09, 2017 | Jun. 30, 2017 | Jun. 28, 2017 | May 15, 2017 | Mar. 31, 2017 | Mar. 24, 2017 | Feb. 14, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Stock Issued During Period Shares for Cash Initial Public offering Net of Stock Issuance Costs | 3,710,000 | |||||||||||
Shares Issued, Price Per Share | $ 1.35 | $ 1.35 | $ 1.35 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |||||||||||
Fair Value Adjustment of Warrants | $ 1,240 | $ 1,060 | $ 3,342 | $ 0 | $ 2,283 | $ 0 | ||||||
Proceeds from Issuance Initial Public Offering | $ 1,240 | 4,460 | $ 9,167 | |||||||||
Minimum [Member] | ||||||||||||
Shares Issued, Price Per Share | $ 1.35 | |||||||||||
Maximum [Member] | ||||||||||||
Shares Issued, Price Per Share | $ 1.50 | |||||||||||
Series A Warrant [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 278,250 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period | 12,250 | 1,295,995 | ||||||||||
Series B Warrant [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 556,500 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.35 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 3,400,000 | |||||||||||
Series C Warrant [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 278,250 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period | 295,650 | |||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 1,200 | $ 3,080 | $ 1,200 | $ 1,200 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 1,700,000 | |||||||||||
Series A and Series C warrant [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.50 | |||||||||||
Warrant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,235,923 | 8,235,923 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period | 596,300 | 2,200,195 | ||||||||||
Common Stock [Member] | ||||||||||||
Stock Issued During Period Shares for Cash Initial Public offering Net of Stock Issuance Costs | 3,710,000 | |||||||||||
Stock Issued During Period, Shares, New Issues | 298,150 | |||||||||||
Underwriting Agreement [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 556,500 | |||||||||||
Class Of Warrant Or Rights Warrant Exercised | 278,100 | |||||||||||
Proceeds from Issuance Initial Public Offering | $ 4,500 | |||||||||||
Share Price | $ 1.349 |
Equity (Details)
Equity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding Balance | 510,000 | |
Number of Shares, Granted | 20,000 | |
Number of Shares, Outstanding Balance | 530,000 | 510,000 |
Number of Shares, Exercisable | 50,000 | |
Weighted Average Grant Date Fair Value, Outstanding Balance | $ 3.40 | |
Weighted Average Grant Date Fair Value, Granted | 1.76 | |
Weighted Average Grant Date Fair Value, Outstanding Balance | 3.33 | $ 3.40 |
Weighted Average Grant Date Fair Value, Exercisable | 0.14 | |
Weighted Average Exercise Price, Outstanding Balance | 5.28 | |
Weighted Average Exercise Price, Granted | 2.31 | |
Weighted Average Exercise Price, Outstanding Balance | 5.17 | $ 5.28 |
Weighted Average Exercise Price, Exercisable | $ 0.20 | |
Weighted Average Remaining Contractual Term (in years), Outstanding | 8 years 6 months 25 days | 9 years 3 months 14 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 2 years 11 months 1 day | |
Aggregate Intrinsic Value, Outstanding Balance | $ 83,500 | $ 48,500 |
Aggregate Intrinsic Value, Exercisable | $ 83,500 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | May 15, 2017 | Jan. 13, 2017 | Feb. 21, 2017 | Feb. 14, 2017 | Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Feb. 09, 2017 | Dec. 31, 2016 | May 02, 2016 | Apr. 22, 2016 |
Class of Stock [Line Items] | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,300,000 | ||||||||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | 75,000,000 | ||||||||
Share-based Compensation, Total | $ 219,000 | $ 162,000 | |||||||||
Shares Issued, Price Per Share | $ 1.35 | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 1,240,000 | $ 4,460,000 | $ 9,167,000 | ||||||||
Shares Authorized | 80,000,000 | ||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.31 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 14 days | ||||||||||
Estimated Forfeiture Rate Percentage | 0.00% | ||||||||||
Accounts Payable and Accrued Liabilities, Current, Total | $ 645,000 | $ 1,069,000 | |||||||||
Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ 1.50 | ||||||||||
Minimum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ 1.35 | ||||||||||
Former Science Advisory Board [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 79,167 | ||||||||||
Gain Loss on Noncash Settlement of Liability | $ 150,000 | ||||||||||
Accounts Payable and Accrued Liabilities, Current, Total | $ 240,000 | ||||||||||
IPO [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ 1.35 | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 4,500,000 | ||||||||||
Number Of Units issued | 3,923,923 | ||||||||||
2015 Stock Plan [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,500,000 | ||||||||||
Science Advisory Board [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation, Total | $ 200,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.31 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 35,196 | ||||||||||
Science Advisory Board [Member] | Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 2.24% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 89.11% | ||||||||||
Science Advisory Board [Member] | Minimum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 1.30% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 70.18% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% | 0.00% |
Commitments and Contingencies32
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Commencement Of Phase II Study For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | $ 200 |
Commencement Of Phase III Study For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | 250 |
Filing Of a New Drug Application For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | 400 |
Receipt Of Market Approval For a Licensed Product [Member] | |
Commitments and Contingencies [Line Items] | |
Milestone Payments Liabilities | $ 500 |
Commitments and Contingencies33
Commitments and Contingencies (Details Textual) - USD ($) | Jan. 09, 2017 | May 02, 2016 | Nov. 02, 2015 | Oct. 08, 2015 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2016 | Oct. 19, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Aug. 31, 2015 |
Loss Contingencies [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,000,000 | |||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 750,000 | |||||||||||||||
Milestone Payment Description | The amended milestone payments are as follows: (i) commencement of Phase III Study for first licensed drug/product within the United States, Europe, China or Japan - $150,000; (ii) submission of the first NDA within the United States - $500,000; and (iii) receipt of first marketing approval for sale of a license product in the United States- $600,000. | |||||||||||||||
Research and Development Expense, Total | $ 515,000 | $ 105,000 | $ 1,199,000 | $ 120,000 | ||||||||||||
Moleculin LLC [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for Other Fees | $ 306,186 | |||||||||||||||
MD Anderson [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Research and Development Expense, Total | $ 302,500 | $ 202,500 | ||||||||||||||
MD Anderson [Member] | Subsequent Event [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Research and Development Expense, Total | $ 100,000 | |||||||||||||||
Patent and Technology License Agreement [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Contractual Obligation, Total | $ 91,186 | $ 175,000 | $ 125,000 | |||||||||||||
Payments for Royalties | $ 125,000 | |||||||||||||||
License Agreement, Maintenance Fee | $ 20,000 | |||||||||||||||
License Agreement, Maintenance Fee Annual Increase | 10,000 | |||||||||||||||
Payments for Other Fees | $ 300,000 | |||||||||||||||
License Agreement, Maintenance Fee - Maximum Payable Per Year | $ 100,000 | |||||||||||||||
Patent and Technology License Agreement [Member] | Servicing Fee payable [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Contractual Obligation, Due First Anniversary April 2, 2013 | $ 10,000 | |||||||||||||||
Contractual Obligation, Due Second Anniversary | 20,000 | |||||||||||||||
Contractual Obligation, Due Third Anniversary | 40,000 | |||||||||||||||
Contractual Obligation, Due Fourth Anniversary | 60,000 | |||||||||||||||
Contractual Obligation, Due Fifth Anniversary | 80,000 | |||||||||||||||
Contractual Obligation, Due Sixth Anniversary | 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 | |||||||||||||||
Patent and Technology License Agreement [Member] | Letter Agreement [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for Other Fees | $ 691,186 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Jul. 06, 2017 | Aug. 14, 2017 | Jul. 24, 2017 | Jun. 30, 2017 |
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |||
Proceeds from Warrant Exercises | $ 3,132,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixation of Closing Bid Price Description | the Company received a letter from NASDAQ notifying us that we had regained compliance with NASDAQ Listing Rule 5550(a)(2) as a result of the closing bid price for the Companys common stock being at $1.00 or more for a minimum of 10 consecutive business days. On May 18, 2017, the Company received a deficiency letter from NASDAQ notifying us that for the last 30 consecutive business days, the bid price for the Companys common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market. | |||
Subsequent Event [Member] | Independent Director One [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |||
Subsequent Event [Member] | Independent Directors [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | |||
Subsequent Event [Member] | Ms. Jacqueline Northcut [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | |||
Accrued Professional Fees, Current | $ 13,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||
Subsequent Event [Member] | Series A Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Class of Warrant or Right, Exercised | 450,000 | |||
Proceeds from Warrant Exercises | $ 675,000 | |||
Subsequent Event [Member] | Series A, Series C, and Broker warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Class of Warrant or Right, Outstanding | 500,000 |