Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 14, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001659617 | ||
Entity Registrant Name | Moleculin Biotech, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-37758 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-4671997 | ||
Entity Address, Address Line One | 5300 Memorial Drive, Suite 950 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77007 | ||
City Area Code | 713 | ||
Local Phone Number | 300-5160 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | MBRX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,000,000 | ||
Entity Common Stock, Shares Outstanding | 2,227,516 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Fort Lauderdale, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 23,550 | $ 43,145 |
Prepaid expenses and other current assets | 2,723 | 2,451 |
Total current assets | 26,273 | 45,596 |
Furniture and equipment, net of accumulated depreciation of $896 and $769, respectively | 272 | 275 |
Intangible assets | 11,148 | 11,148 |
Operating lease right-of-use asset | 524 | 403 |
Total Assets | 38,217 | 57,422 |
Current Liabilities: | ||
Accounts payable | 2,498 | 2,095 |
Accrued expenses and other current liabilities | 4,317 | 2,724 |
Total current liabilities | 6,815 | 4,819 |
Operating lease liability - long-term, net of current portion | 474 | 335 |
Warrant liability - long-term | 4,855 | 77 |
Total Liabilities | 12,144 | 5,231 |
Commitments and contingencies (Note 8) | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 5,000,000 authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized as of December 31, 2023 and December 31, 2022, 2,227,516 and 1,908,523 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 33 | 29 |
Additional paid-in capital | 157,653 | 153,985 |
Accumulated other comprehensive (loss) income | (9) | 12 |
Accumulated deficit | (131,604) | (101,835) |
Total stockholders' equity | 26,073 | 52,191 |
Total liabilities and stockholders' equity | $ 38,217 | $ 57,422 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated depreciation, furniture and equipment | $ 896 | $ 769 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 2,227,516 | 1,908,523 |
Common stock, shares outstanding (in shares) | 2,227,516 | 1,908,523 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 19,487,000 | 18,968,000 |
General and administrative | 10,017,000 | 11,542,000 |
Depreciation and amortization | 127,000 | 130,000 |
Total operating expenses | 29,631,000 | 30,640,000 |
Loss from operations | (29,631,000) | (30,640,000) |
Other income: | ||
(Loss) gain from change in fair value of warrant liability | (1,044,000) | 1,335,000 |
Transaction costs allocated to warrant liabilities | (510,000) | 0 |
Other income, net | 48,000 | 40,000 |
Interest income, net | 1,368,000 | 240,000 |
Net loss | $ (29,769,000) | $ (29,025,000) |
Net loss per common share - basic and diluted (in dollars per share) | $ (15.07) | $ (15.22) |
Weighted average common shares outstanding, basic and diluted (in shares) | 1,975,610 | 1,906,960 |
Comprehensive loss: | ||
Net loss | $ (29,769,000) | $ (29,025,000) |
Other comprehensive (loss) income: | ||
Foreign currency translation | (21,000) | (29,000) |
Comprehensive loss | $ (29,790,000) | $ (29,054,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (29,769) | $ (29,025) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 127 | 130 |
Stock-based compensation | 1,984 | 2,275 |
License rights expense settled in stock | 772 | 0 |
Change in fair value of warrant liability | 1,044 | (1,335) |
Operating lease, net | 119 | 92 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (272) | (857) |
Accounts payable | 403 | 731 |
Accrued expenses and other current liabilities | 1,491 | 350 |
Net cash used in operating activities | (24,101) | (27,639) |
Cash flows from investing activities: | ||
Purchase of fixed assets | (124) | (67) |
Net cash used in investing activities | (124) | (67) |
Cash flows from financing activities: | ||
Payment of tax liability for vested restricted stock units | (25) | (23) |
Proceeds from sale of common stock, pre-funded and common warrants, net of issuance costs | 4,166 | 0 |
Transaction costs allocated to warrant liabilities | 510 | 0 |
Net cash provided by (used in) financing activities | 4,651 | (23) |
Effect of exchange rate changes on cash and cash equivalents | (21) | (29) |
Net change in cash and cash equivalents | (19,595) | (27,758) |
Cash and cash equivalents, at beginning of year | 43,145 | 70,903 |
Cash and cash equivalents, at end of year | 23,550 | 43,145 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment in accounts payable and accrued liabilities | 26 | 0 |
Offering costs included in accounts payable and accrued liabilities | 115 | 0 |
Issuance of common stock to acquire license rights | $ 772 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 1,905,223 | ||||
Balance at Dec. 31, 2021 | $ 29 | $ 151,733 | $ (72,810) | $ 41 | $ 78,993 |
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) (in shares) | 3,300 | ||||
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) | $ 0 | (23) | 0 | 0 | (23) |
Stock based compensation | 0 | 2,275 | 2,275 | ||
Net loss | 0 | 0 | (29,025) | 0 | (29,025) |
Cumulative translation adjustment | $ 0 | 0 | 0 | (29) | (29) |
Balance (in shares) at Dec. 31, 2022 | 1,908,523 | ||||
Balance at Dec. 31, 2022 | $ 29 | 153,985 | (101,835) | 12 | 52,191 |
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) (in shares) | 8,996 | ||||
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) | $ 0 | (25) | 0 | 0 | (25) |
Stock based compensation | 0 | 1,984 | 0 | 0 | 1,984 |
Net loss | (29,769) | ||||
Cumulative translation adjustment | $ 0 | 0 | 0 | (21) | (21) |
Issued for cash - sale of common stock, pre-funded and common warrants, net of allocated issuance costs of $57 (in shares) | 240,151 | ||||
Issued for cash - sale of common stock, pre-funded and common warrants, net of allocated issuance costs of $57 | $ 3 | 728 | 0 | 0 | 731 |
Issuance of common stock with equity purchase agreement (in shares) | 15,038 | ||||
Issuance of common stock with equity purchase agreement | $ 0 | 210 | 0 | 0 | 210 |
Common stock issued for license rights (in shares) | 54,808 | ||||
Common stock issued for license rights | $ 1 | 771 | 0 | 0 | 772 |
Income (Loss) Attributable to Parent, before Tax | $ 0 | 0 | (29,769) | 0 | (29,769) |
Balance (in shares) at Dec. 31, 2023 | 2,227,516 | ||||
Balance at Dec. 31, 2023 | $ 33 | $ 157,653 | $ (131,604) | $ (9) | $ 26,073 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Issuance Costs | $ 57 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Our certificate of incorporation provides that the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors or officers to us or our stockholders, (iii) any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law, or our certificate of incorporation or the bylaws, and (iv) any action asserting a claim against us governed by the internal affairs doctrine. This provision would not This choice of forum provision may may one may During the three December 31, 2023, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. The terms “MBI” or “the Company”, “we”, “our” and “us” are used herein to refer to Moleculin Biotech, Inc. MBI is a clinical-stage pharmaceutical company, organized as a Delaware corporation in July 2015, three one 1 two not not third not I 2019, On May 5, 2023, 30 5550 2 not 5810 3 180 November 1, 2023, November 2, 2023, April 29, 2024, October 3, 2023, 1 1 one March 5, 2024, 1 11:59 March 21, 2024, March 22, 2024. If, at any time before April 29, 2024, 10 5810 3 not April 29, 2024, may no no |
Note 2 - Basis of Presentation,
Note 2 - Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Reverse Stock Split - March 22, 2024, one 11:59 March 21, 2024, March 22, 2024. fifteen one 10 may Basis of Presentation - Principles of consolidation 280, one Use of Estimates - may may may Going Concern and Liquidity December 31, 2023 it of million since inception and had not million a December 31, 2023 not one not one third no In March 2022, none 19. not not may $1.5 twelve December 31, 2023 2022 may may not not not December 31, 2023 Cash and Cash Equivalents - one may $250,000. three not not December 31, 2023 no Prepaid Expenses and Other Current Assets - December 31, 2023 2022 Prepaid sponsored research $ 1,515 $ 1,028 Prepaid insurance 564 600 Vendor prepayments and deposits 545 801 Non-trade receivables 95 2 Related-party receivables 4 20 Total prepaid expenses and other current assets $ 2,723 $ 2,451 Property and equipment - Years Leasehold improvements Shorter of estimated useful lives or the term of the lease Computer equipment 2 Software 3 Machinery and equipment 2 5 Furniture and office equipment 2 7 Intangible assets - No Operating Lease Right-of-Use Asset - may not 12 8 Sublicense Arrangement - not Fair Value of Financial instruments - The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into three 1 3 Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of its warrant liability discussed in Note 5. The following table provides the financial assets and liabilities reported at fair value and measured on a recurring basis at December 31, 2023 2022 Description Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Fair value of warrant liability: December 31, 2023 $ 4,855 $ — $ — $ 4,855 December 31, 2022 $ 77 $ — $ — $ 77 The following table provides a summary of changes in fair value associated with the Level 3 December 31, 2023 2022 Warrant Liability Long-Term December 31, 2021 $ 1,412 Change in fair value - net (1,335 ) December 31, 2022 $ 77 Issuances of warrants 3,734 Change in fair value - net 1,044 December 31, 2023 $ 4,855 The above table of Level 3 December 31, 2021 3 may not not Income Taxes - not not The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 10 not Translation of Foreign Currencies Stock-based Compensation - 718, 718 718 not Loss Per Common Share December 31, 2023 2022 ly 0.5 million and 0.4 million t Research and Development Costs - Subsequent Events - 9 Recent Accounting Pronouncements In December 2023, 2023 09, 740 2023 09 December 31, 2025. 2023 09 There are no not |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. In conjunction with its acquisition of Moleculin, LLC in 2016, WP1066 WP1066 not s $11.1 December 31, 2023 2022 |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 4. Accrued expenses and other current liabilities at December 31, 2023 2022 December 31, 2023 2022 Accrued research and development $ 2,845 $ 1,337 Accrued payroll and bonuses 765 748 Accrued legal, regulatory, professional and other 547 437 Operating lease liability - current 100 116 Accrued liabilities due to related party 60 86 Total accrued expenses and other current liabilities $ 4,317 $ 2,724 Additionally, accounts payable includ es $67,000 an December 31, 2023 2022 |
Note 5 - Warrants
Note 5 - Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 5. Upon its issuance of warrants to purchase shares of common stock, the Company evaluates the terms of the warrant issue to determine the appropriate accounting and classification of the warrant issue pursuant to FASB ASC Topic 480, 505, 815, 718, may Liability classified warrants are valued at fair value at the date of issue and at each reporting date pursuant to FASB ASC 820, 820 Equity classified warrants issued to non-employees in exchange for services are accounted for in accordance with ASC 718 2. At December 31, 2023 2022 Number of Shares Under Outstanding Warrants at December 31, 2023 Number of Shares Under Outstanding Warrants at December 31, 2022 Weighted Average Exercise Price at December 31, 2023 Remaining Contractual Life at December 31, 2023 (Years) Liability Classified Warrants (1) Issued February 2018 — 25,264 $ — — Issued June 2018 (2) — 8,256 — — Issued March 2019 17,568 17,568 99.00 0.2 Issued April 2019 58,334 58,334 157.50 0.3 Issued February 2020 67,667 67,667 94.50 1.6 Issued December 2023 939,312 — 9.60 5.0 1,082,881 177,089 $ 24.30 Equity Classified Warrants Issued April 2020 - Consulting 1,112 1,112 $ 102.60 1.3 Issued December 2020 - Consulting 556 556 70.80 2.0 Issued April 2021 - Consulting 4,767 4,767 54.45 2.3 Issued August 2021 - Consulting 16,667 16,667 46.20 7.6 Issued June 2022 - Consulting 3,334 3,334 22.35 8.5 Issued September 2022 - Consulting 16,667 16,667 18.60 8.7 Issued June 2023 - Consulting 10,000 — 9.00 9.5 Issued August 2023 - Consulting 6,667 — 9.30 4.6 Issued December 2023 - Pre-Funded Warrants 229,506 — 0.001 5.0 289,276 43,103 $ 6.00 Balance outstanding 1,372,157 220,192 $ 23.55 ( 1 may March 2019. ( 2 December 22, 2023, June 21, 2023. In March 2024, ten four Liability Classified Warrants The Company uses the Black-Scholes option pricing model (BSM) to determine the fair value of its warrants at the date of issue and outstanding at each reporting date. The risk-free interest rate assumption is based upon observed interest rates on zero The assumptions used in determining the fair value of the Company’s outstanding liability classified warrants are as follows: Year Ended December 31, 2023 2022 Risk-free interest rate 3.8% to 5.4% 4.2% to 4.8% Volatility 79.5% to 108.7% 63.1% to 76.3% Expected life (years) 0.3 to 5.0 0.1 to 2.6 Dividend yield —% —% A summary of the Company's liability classified warrant activity during the year ended December 31, 2023 Number of Shares Under Warrant Range of Warrant Exercise Price per Share Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2022 177,089 94.500 to252.0000 $ 142.35 1.7 Granted 939,312 9.600 to9.6060 $ 9.60 5.0 Expired (33,520 ) 208.800 to252.0000 $ 243.30 — Outstanding at December 31, 2023 1,082,881 9.600 to181.8080 $ — 5.1 Vested and Exercisable at December 31, 2023 143,568 94.500 to181.8080 $ 120.60 0.9 For a summary of the changes in fair value associated with the Company's warrant liability for the years ended December 31, 2023 2022 2. Equity Classified Warrants In December 2023, t t may five one one December 2023 first December 31, 2023 In August 2023, t five December 31, 2023 no In June 2023, ten four In September 2022, t ten September 2022 50% not first 50% 60 one In June 2022, ten four At December 31, 2023 of which 266,350 w t December 31, 2022 t The Company recorded stock compensation expense for the non-employee consulting agreements of $196,000 a December 31, 2023 2022 December 31, 2023 s $353,000 of u |
Note 6 - Equity
Note 6 - Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. Preferred Stock The Company's certificate of incorporation authorizes the Company to issue these shares in one December 31, 2023 Common Stock 2023 In December 2023, may five one one one fifteen March 22, 2024. Lincoln Park Equity Line During the year ended December 31, 2023 2021 t 2021 December 31, 2023 July 1, 2024. no December 2023 not June 26, 2024. 2015 In December 2015, 2015 April 2016, April 2018, June 2020, May 2022, May 2023. December 5, 2025. 2015 May 2023 2022, 2015 may March 2024, one fifteen March 22, 2024. Under the terms of the Company’s 2015 May 2023, t 2015 December 31, 2023 e 3,794 shares t re 2015 Stock-based compensation expense for the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 General and administrative $ 1,439 $ 1,467 Research and development 545 808 Total stock-based compensation $ 1,984 $ 2,275 Each of the Company’s stock-based compensation arrangements are discussed below. Stock Options Stock option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards generally have a 10 4 1 3 The fair value of each stock option is estimated on the date of grant using the BSM model that uses the assumptions noted below. The expected term of the stock option awards was computed using the plain vanilla method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin 107 not 2020, The fair value of the option grants has been estimated, with the following weighted-average assumptions: Year Ended December 31, 2023 2022 Risk-free interest rate 3.9% to 4.6% 1.6% to 3.3% Volatility 96.0% to 101.2% 107.0% to 113.2% Expected life (years) 5.5 to 6.3 5.3 to 6.3 Expected dividend yield —% —% Stock option activity for the year ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding, December 31, 2022 151,690 $ 66.60 $ 87.45 7.8 $ — Granted 101,400 $ 7.35 $ 9.00 Forfeited (3,610 ) $ 9.15 $ 11.10 Expired (56 ) $ 157.50 $ 224.10 Outstanding, December 31, 2023 249,424 $ 43.35 $ 56.70 7.9 $ 378,606 Exercisable, December 31, 2023 93,337 $ 88.65 $ 119.40 6.1 $ — Options granted during 2023 2022 of $0.7 million and $1.1 million, respectively, that was calculated using the Black-Scholes option-pricing model. At December 31, 2023 , total compensation cost not December 31, 2023 2022 Restricted Stock Restricted stock units are granted with a grant date fair value determined using the closing price of the Company's common stock on the grant date. Restricted stock units vest annually in four Restricted stock unit activity for the year ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (years) Unvested Shares, December 31, 2022 40,499 $ 33.60 3.1 Granted 65,292 $ 9.00 Vested (11,901 ) $ 41.55 Unvested Shares, December 31, 2023 93,890 $ 15.45 7.3 As of December 31, 2023 not $1.2 million and the weighted average period over which this amount is expected to be recognized is 2.7 years. In June 2023, ), which vest annually in four June 2022, ) at the date of grant, which vest annually in four In December 2023, (t ) first $150 December 31, 2023 none no |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The provision for income taxes consists of the following components (in thousands): Year Ended December 31, 2023 2022 Current expense (benefit): Federal $ — $ — State — — Foreign — — Current income tax benefit — — Deferred expense (benefit): Federal — — State — — Foreign — — Deferred income tax expense — — Total $ — $ — The following summarizes activity related to the Company’s valuation allowance (in thousands): Year Ended December 31, 2023 2022 Valuation allowance at beginning of period $ 25,696 $ 18,823 Change charged to expense (income) 6,612 6,873 Release of valuation allowance — — Valuation allowance at end of period $ 32,308 $ 25,696 A reconciliation of the income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands): Year Ended December 31, 2023 2022 Amount Percent Amount Percent Federal tax benefit at statutory rate $ 6,251 21.0 % $ 6,096 21.0 % State tax benefit net of federal 118 0.4 % 347 1.2 % Foreign rate differential 59 0.2 % 10 0.0 % Stock warrant costs (219 ) (0.8 )% 280 1.0 % Other permanent differences (73 ) (0.2 )% (145 ) (0.5 )% Permanent provision to return items 662 2.3 % 395 1.4 % Stock compensation change (82 ) (0.3 )% (49 ) (0.2 )% Uncertain tax provision (103 ) (0.4 )% (61 ) (0.2 )% Increase in valuation allowance (6,613 ) (22.2 )% (6,873 ) (23.7 )% Total tax (expense) benefit $ — — % $ — — % The principal components of the Company’s deferred tax assets and liabilities consist of the following (in thousands): Year Ended December 31, 2023 2022 Deferred tax assets: Start-up costs $ 9,621 $ 7,727 Federal net operating loss carryforwards 11,598 11,024 174 R&D Carryforward 6,636 3,572 State tax loss carryforwards 258 237 Foreign net operating loss carryforwards 377 161 Fixed Assets 9 — Tax credit carryforward 1,919 1,335 ROU Liability 123 96 Deferred compensation 1,879 1,630 Total deferred tax assets $ 32,420 $ 25,782 Less valuation allowance (32,308 ) (25,696 ) Net deferred tax assets $ 112 $ 86 Deferred tax liabilities: ROU Asset $ (112 ) $ (86 ) Total deferred tax liabilities $ (112 ) $ (86 ) Net deferred taxes $ — $ — The Company has incurred net operating losses since inception. As of December 31, 2023 $52 million. O s, $6.1 million will n 2035, no may may not not 2018 80% not 382 not The Company conducts business in various locations and, as a result, files income tax returns in the United States federal jurisdiction, in multiple state jurisdictions, and internationally as required. As of December 31, 2023 ly $2.7 million which expire commencing in 2036. Management has evaluated the positive and negative evidence for the realizability of its deferred tax assets. The Company has cumulative losses and there is no December 31, 2023 f $32.3 million an December 31, 2023 2022 December 31, 2023 The Company undertakes research and development (R&D) activities that qualify for certain tax credits for US and Australian income tax purposes. The Company has a full valuation allowance against its US federal R&D tax credits. For the 2023 may 1 2 December 31, 2023 2022 not not 2037 2041, not The Company has a liability for unrecognized tax benefits o f $0.3 million December 31, 2023 A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows (in thousands): Year Ended December 31, 2023 2022 Balance, beginning of year $ 236 $ 175 Additions for tax positions related to the current year 103 — Additions for tax positions related to prior years — 61 Reductions due to lapse of statutes of limitations — — Decreases related to settlements with tax authorities — — Balance, end of year $ 339 $ 236 The Company does not December 31, 2023 Starting in 2022, 174 2017 no 2023 2022 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. In addition to the commitments and contingencies described elsewhere in these notes, see below for a discussion of the Company's commitments and contingencies for the years ended December 31, 2023 December 31, 2022 Lease Obligations Payable In September 2023, August 31, 2029, In June 2022, September 30, 2027, no August 2019, 2022 may $49,000 a December 31, 2023 December 31, 2022 The following summarizes quantitative information about the Company's operating leases for the years ended December 31, 2023 December 31, 2022 Year Ended December 31, 2023 2022 Lease cost: Operating lease cost $ 137 $ 124 Variable lease cost 19 29 Total $ 156 $ 153 Other supplemental cash flow information for operating leases is as follows (in thousands): Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 134 $ 129 As of December 31, 2023 842 Maturity of lease liabilities As of December 31, 2023 2024 $ 146 2025 159 2026 164 2027 141 2028 61 2029 and thereafter 41 Total lease payments 712 Less: imputed interest (138 ) Present value of operating lease liabilities $ 574 As of December 31, 2023 s 4.6 years, and the weighted average discount rate is 9.6%. The interest not Licenses MD Anderson Under agreements associated with Annamycin, the WP1122 WP1066 Not re $258,000 and $ December 31, 2023 2022 Annamycin On June 29, 2017, December 17, 2021 December 2, 2021, 20 four 90 not not WP1122 The rights and obligations to an April 2012 2012 WP1122 WP1122. October 21, 2022, 2022 WP1122 December 3, 2021, 2021 WP1122 2012 May 2020 February 20, 2021. six two six August 3, 2021, WP1122 1a WP1122. February 2022. December 2021, WP1122 2012 15 may 2012 2 November 20, 2024. 2021 20 WP1066 The rights and obligations to a June 2010 2010 WP1066 February 3, 2022, 2022 WP1066 January 2024 no 2010 first first first 2010 15 HPI MBI entered into an outlicensing agreement with HPI, pursuant to which it granted certain intellectual property rights to HPI, including rights covering the potential drug candidate, WP1066 2019, two first May 2022, second sixty were $234,000 f December 31, 2023 2022 Sponsored Research Agreements with MD Anderson MBI has a Sponsored Laboratory Study Agreement with MD Anderson expiring December 31, 2025. October 2023, of $0.8 million to support the continuation of the project. In addition, the Company also has Sponsored Research Agreements with other universities, one one December 31, 2023 2022 Other Licenses WPD Pharmaceuticals Since February 2019, WP1122 WP1066 In March 2023, 1b/2 With the termination of the WPD Agreement, the Company now holds the worldwide rights to all of its licensed intellectual property, other than the rights related to non-human animals. Animal Life Sciences In February 2019, WP1122 WP1066 one Other Guarantees Bank Guarantee and Letter of Credit In December 2023, Employment Agreements $5.5 million December 31, 2023 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent events occurring after December 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Reverse Stock Split - March 22, 2024, one 11:59 March 21, 2024, March 22, 2024. fifteen one 10 may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation - |
Consolidation, Policy [Policy Text Block] | Principles of consolidation 280, one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates - may may may |
Going Concern Policy [Policy Text Block] | Going Concern and Liquidity December 31, 2023 it of million since inception and had not million a December 31, 2023 not one not one third no In March 2022, none 19. not not may $1.5 twelve December 31, 2023 2022 may may not not not December 31, 2023 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents - one may $250,000. three not not December 31, 2023 no |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets - December 31, 2023 2022 Prepaid sponsored research $ 1,515 $ 1,028 Prepaid insurance 564 600 Vendor prepayments and deposits 545 801 Non-trade receivables 95 2 Related-party receivables 4 20 Total prepaid expenses and other current assets $ 2,723 $ 2,451 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment - Years Leasehold improvements Shorter of estimated useful lives or the term of the lease Computer equipment 2 Software 3 Machinery and equipment 2 5 Furniture and office equipment 2 7 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets - No |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Sublicense Arrangement - not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial instruments - The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into three 1 3 Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of its warrant liability discussed in Note 5. The following table provides the financial assets and liabilities reported at fair value and measured on a recurring basis at December 31, 2023 2022 Description Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Fair value of warrant liability: December 31, 2023 $ 4,855 $ — $ — $ 4,855 December 31, 2022 $ 77 $ — $ — $ 77 The following table provides a summary of changes in fair value associated with the Level 3 December 31, 2023 2022 Warrant Liability Long-Term December 31, 2021 $ 1,412 Change in fair value - net (1,335 ) December 31, 2022 $ 77 Issuances of warrants 3,734 Change in fair value - net 1,044 December 31, 2023 $ 4,855 The above table of Level 3 December 31, 2021 3 may not not |
Income Tax, Policy [Policy Text Block] | Income Taxes - not not The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 10 not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation - 718, 718 718 not |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Common Share December 31, 2023 2022 ly 0.5 million and 0.4 million t |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs - |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - 9 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2023, 2023 09, 740 2023 09 December 31, 2025. 2023 09 There are no not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2023 2022 Prepaid sponsored research $ 1,515 $ 1,028 Prepaid insurance 564 600 Vendor prepayments and deposits 545 801 Non-trade receivables 95 2 Related-party receivables 4 20 Total prepaid expenses and other current assets $ 2,723 $ 2,451 |
Schedule of Property, Plant and Equipment Useful Life [Table Text Block] | Years Leasehold improvements Shorter of estimated useful lives or the term of the lease Computer equipment 2 Software 3 Machinery and equipment 2 5 Furniture and office equipment 2 7 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Description Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Fair value of warrant liability: December 31, 2023 $ 4,855 $ — $ — $ 4,855 December 31, 2022 $ 77 $ — $ — $ 77 Warrant Liability Long-Term December 31, 2021 $ 1,412 Change in fair value - net (1,335 ) December 31, 2022 $ 77 Issuances of warrants 3,734 Change in fair value - net 1,044 December 31, 2023 $ 4,855 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Accrued research and development $ 2,845 $ 1,337 Accrued payroll and bonuses 765 748 Accrued legal, regulatory, professional and other 547 437 Operating lease liability - current 100 116 Accrued liabilities due to related party 60 86 Total accrued expenses and other current liabilities $ 4,317 $ 2,724 |
Note 5 - Warrants (Tables)
Note 5 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Shares Under Outstanding Warrants at December 31, 2023 Number of Shares Under Outstanding Warrants at December 31, 2022 Weighted Average Exercise Price at December 31, 2023 Remaining Contractual Life at December 31, 2023 (Years) Liability Classified Warrants (1) Issued February 2018 — 25,264 $ — — Issued June 2018 (2) — 8,256 — — Issued March 2019 17,568 17,568 99.00 0.2 Issued April 2019 58,334 58,334 157.50 0.3 Issued February 2020 67,667 67,667 94.50 1.6 Issued December 2023 939,312 — 9.60 5.0 1,082,881 177,089 $ 24.30 Equity Classified Warrants Issued April 2020 - Consulting 1,112 1,112 $ 102.60 1.3 Issued December 2020 - Consulting 556 556 70.80 2.0 Issued April 2021 - Consulting 4,767 4,767 54.45 2.3 Issued August 2021 - Consulting 16,667 16,667 46.20 7.6 Issued June 2022 - Consulting 3,334 3,334 22.35 8.5 Issued September 2022 - Consulting 16,667 16,667 18.60 8.7 Issued June 2023 - Consulting 10,000 — 9.00 9.5 Issued August 2023 - Consulting 6,667 — 9.30 4.6 Issued December 2023 - Pre-Funded Warrants 229,506 — 0.001 5.0 289,276 43,103 $ 6.00 Balance outstanding 1,372,157 220,192 $ 23.55 |
Schedule of Warrants or Rights, Assumptions Used [Table Text Block] | Year Ended December 31, 2023 2022 Risk-free interest rate 3.8% to 5.4% 4.2% to 4.8% Volatility 79.5% to 108.7% 63.1% to 76.3% Expected life (years) 0.3 to 5.0 0.1 to 2.6 Dividend yield —% —% |
Schedule of Warrant Activity [Table Text Block] | Number of Shares Under Warrant Range of Warrant Exercise Price per Share Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2022 177,089 94.500 to252.0000 $ 142.35 1.7 Granted 939,312 9.600 to9.6060 $ 9.60 5.0 Expired (33,520 ) 208.800 to252.0000 $ 243.30 — Outstanding at December 31, 2023 1,082,881 9.600 to181.8080 $ — 5.1 Vested and Exercisable at December 31, 2023 143,568 94.500 to181.8080 $ 120.60 0.9 |
Note 6 - Equity (Tables)
Note 6 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed, Amount [Table Text Block] | Year Ended December 31, 2023 2022 General and administrative $ 1,439 $ 1,467 Research and development 545 808 Total stock-based compensation $ 1,984 $ 2,275 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Risk-free interest rate 3.9% to 4.6% 1.6% to 3.3% Volatility 96.0% to 101.2% 107.0% to 113.2% Expected life (years) 5.5 to 6.3 5.3 to 6.3 Expected dividend yield —% —% |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding, December 31, 2022 151,690 $ 66.60 $ 87.45 7.8 $ — Granted 101,400 $ 7.35 $ 9.00 Forfeited (3,610 ) $ 9.15 $ 11.10 Expired (56 ) $ 157.50 $ 224.10 Outstanding, December 31, 2023 249,424 $ 43.35 $ 56.70 7.9 $ 378,606 Exercisable, December 31, 2023 93,337 $ 88.65 $ 119.40 6.1 $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (years) Unvested Shares, December 31, 2022 40,499 $ 33.60 3.1 Granted 65,292 $ 9.00 Vested (11,901 ) $ 41.55 Unvested Shares, December 31, 2023 93,890 $ 15.45 7.3 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 Current expense (benefit): Federal $ — $ — State — — Foreign — — Current income tax benefit — — Deferred expense (benefit): Federal — — State — — Foreign — — Deferred income tax expense — — Total $ — $ — |
Summary of Valuation Allowance [Table Text Block] | Year Ended December 31, 2023 2022 Valuation allowance at beginning of period $ 25,696 $ 18,823 Change charged to expense (income) 6,612 6,873 Release of valuation allowance — — Valuation allowance at end of period $ 32,308 $ 25,696 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Amount Percent Amount Percent Federal tax benefit at statutory rate $ 6,251 21.0 % $ 6,096 21.0 % State tax benefit net of federal 118 0.4 % 347 1.2 % Foreign rate differential 59 0.2 % 10 0.0 % Stock warrant costs (219 ) (0.8 )% 280 1.0 % Other permanent differences (73 ) (0.2 )% (145 ) (0.5 )% Permanent provision to return items 662 2.3 % 395 1.4 % Stock compensation change (82 ) (0.3 )% (49 ) (0.2 )% Uncertain tax provision (103 ) (0.4 )% (61 ) (0.2 )% Increase in valuation allowance (6,613 ) (22.2 )% (6,873 ) (23.7 )% Total tax (expense) benefit $ — — % $ — — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2023 2022 Deferred tax assets: Start-up costs $ 9,621 $ 7,727 Federal net operating loss carryforwards 11,598 11,024 174 R&D Carryforward 6,636 3,572 State tax loss carryforwards 258 237 Foreign net operating loss carryforwards 377 161 Fixed Assets 9 — Tax credit carryforward 1,919 1,335 ROU Liability 123 96 Deferred compensation 1,879 1,630 Total deferred tax assets $ 32,420 $ 25,782 Less valuation allowance (32,308 ) (25,696 ) Net deferred tax assets $ 112 $ 86 Deferred tax liabilities: ROU Asset $ (112 ) $ (86 ) Total deferred tax liabilities $ (112 ) $ (86 ) Net deferred taxes $ — $ — |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2023 2022 Balance, beginning of year $ 236 $ 175 Additions for tax positions related to the current year 103 — Additions for tax positions related to prior years — 61 Reductions due to lapse of statutes of limitations — — Decreases related to settlements with tax authorities — — Balance, end of year $ 339 $ 236 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2023 2022 Lease cost: Operating lease cost $ 137 $ 124 Variable lease cost 19 29 Total $ 156 $ 153 Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 134 $ 129 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Maturity of lease liabilities As of December 31, 2023 2024 $ 146 2025 159 2026 164 2027 141 2028 61 2029 and thereafter 41 Total lease payments 712 Less: imputed interest (138 ) Present value of operating lease liabilities $ 574 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 6 Months Ended | |||||
Mar. 22, 2024 | Mar. 21, 2024 | Oct. 03, 2023 | May 05, 2023 $ / shares | Apr. 29, 2024 | Dec. 31, 2023 | |
Number of Core Drug Technologies | 3 | |||||
NASDAQ Compliance, Minimum Closing Bid Price Per Share (in dollars per share) | $ 1 | |||||
NASDAQ Compliance, Extension Period (Day) | 10 days | 180 days | ||||
Reverse Stock Split [Member] | Subsequent Event [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 | ||||
Reverse Stock Split [Member] | Minimum [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | |||||
Reverse Stock Split [Member] | Maximum [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||
Animal Life Sciences, Inc [Member] | ||||||
Equity Method Investment, Ownership Percentage | 10% |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | |||
Mar. 22, 2024 $ / shares | Mar. 21, 2024 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Number of Operating Segments | 1 | |||
Retained Earnings (Accumulated Deficit) | $ (131,604) | $ (101,835) | ||
Cash | $ 23,600 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0.5 | 0.4 | ||
AUSTRALIA | ||||
Cash | $ 300 | |||
General and Administrative Expense [Member] | ||||
Legal Fees | $ 1,500 | $ 2,400 | ||
Subsequent Event [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||
Reverse Stock Split [Member] | Subsequent Event [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation, Principles of Consolidation and Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid sponsored research | $ 1,515 | $ 1,028 |
Prepaid insurance | 564 | 600 |
Vendor prepayments and deposits | 545 | 801 |
Non-trade receivables | 95 | 2 |
Related-party receivables | 4 | 20 |
Total prepaid expenses and other current assets | $ 2,723 | $ 2,451 |
Note 2 - Basis of Presentatio_5
Note 2 - Basis of Presentation, Principles of Consolidation and Significant Accounting Policies - Schedule of Property Plant And Equipment Useful Lives (Details) | Dec. 31, 2023 |
Computer Equipment [Member] | |
Property and equipment (Year) | 2 years |
Software Equipment [Member] | |
Property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 2 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment (Year) | 2 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment (Year) | 7 years |
Note 2 - Basis of Presentatio_6
Note 2 - Basis of Presentation, Principles of Consolidation and Significant Accounting Policies - Schedule of Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant Liability Long Term [Member] | ||
Balance | $ 77 | $ 1,412 |
Change in fair value - net | 1,044 | (1,335) |
Issuances of warrants | 3,734 | |
Balance | 4,855 | 77 |
Fair Value, Recurring [Member] | ||
Fair value of warrant liability | 77 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of warrant liability | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of warrant liability | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of warrant liability | $ 77 | |
Fair Value, Recurring [Member] | Warrant Liability [Member] | ||
Fair value of warrant liability | 4,855 | |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of warrant liability | 0 | |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of warrant liability | 0 | |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of warrant liability | $ 4,855 |
Note 3 - Intangible Assets (Det
Note 3 - Intangible Assets (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross, Total | $ 11.1 | $ 11.1 |
Note 4 - Accrued Expenses and_3
Note 4 - Accrued Expenses and Other Current Liabilities (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable, Current | $ 2,498,000 | $ 2,095,000 |
Related Party [Member] | ||
Accounts Payable, Current | $ 67,000 | $ 64,000 |
Note 4 - Accrued Expenses and_4
Note 4 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued research and development | $ 2,845 | $ 1,337 |
Accrued payroll and bonuses | 765 | 748 |
Accrued legal, regulatory, professional and other | 547 | 437 |
Total accrued expenses and other current liabilities | 4,317 | 2,724 |
Related Party [Member] | ||
Total accrued expenses and other current liabilities | 60 | 86 |
Accrued Expense And Other Curent Liabilities [Member] | ||
Operating lease liability - current | $ 100 | $ 116 |
Note 5 - Warrants (Details Text
Note 5 - Warrants (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Warrant Liabilities, Transaction Costs | $ 510,000 | $ 0 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 1,372,157 | 1,372,157 | 220,192 | ||||||
Share-Based Payment Arrangement, Expense | $ 1,984,000 | $ 2,275,000 | |||||||
The 2023 Securities Purchase Agreement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 240,151 | ||||||||
Proceeds from Issuance or Sale of Equity | $ 4,500,000 | ||||||||
Warrants Issued in June 2018 and Expiring December 22, 2023 [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,892 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 181.8 | ||||||||
Warrants Issued in June 2018 and Expiring June 21, 2023 [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 365 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 208.8 | ||||||||
Warrants to Purchase Common Stock [Member] | Subsequent Event [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,334 | ||||||||
Class of Warrant or Right, Expiration Period (Year) | 10 years | ||||||||
Class of Warrant or Right, Vesting Period (Year) | 4 years | ||||||||
Pre-funded Warrants Member Issued In Connection With The 2023 Securities Purchase Agreement[Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 229,506 | 229,506 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 229,506 | 229,506 | 0 | ||||||
Unregistered Warrants Issued In Connection With The 2023 Securities Purchase Agreement [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 939,312 | 939,312 | |||||||
Common Warrants Issued In Connection With The 2023 Securities Purchase Agreement[Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.6 | $ 9.6 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||
Combined Warrants Issued In Connection With The 2023 Securities Purchase Agreement [Member] | Institutional Investor [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.6 | $ 9.6 | |||||||
Combined Warrants Issued In Connection With The 2023 Securities Purchase Agreement [Member] | Executive Officers, Employees, Advisors and the Board of Directors [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10.35 | $ 10.35 | |||||||
Equity Classified Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,667 | 10,000 | 16,667 | 3,334 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.3 | $ 9 | $ 18.6 | $ 22.35 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 10 years | 10 years | 10 years | |||||
Class of Warrant or Right, Outstanding (in shares) | 289,276 | 289,276 | 43,103 | ||||||
Class of Warrant or Right, Vested and Exercisable (in shares) | 266,350 | 266,350 | 26,724 | ||||||
Share-Based Payment Arrangement, Expense | $ 196,000 | $ 398,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 353,000 | $ 353,000 |
Note 5 - Warrants - Warrants Ou
Note 5 - Warrants - Warrants Outstanding (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | ||
Balance outstanding (in shares) | 1,372,157 | 220,192 | |||||
Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 23.55 | ||||||
Warrants Issued in February 2018 [Member] | |||||||
Balance outstanding (in shares) | [1] | 0 | 25,264 | ||||
Warrants Issued in February 2018 [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | [1] | $ 0 | |||||
Warrants Issued in June 2018 [Member] | |||||||
Balance outstanding (in shares) | [1],[2] | 0 | 8,256 | ||||
Warrants Issued in June 2018 [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | [1],[2] | $ 0 | |||||
Warrants Issued in March 2019 [Member] | |||||||
Balance outstanding (in shares) | [1] | 17,568 | 17,568 | ||||
Balance outstanding, remaining contractual life (Year) | [1] | 2 months 12 days | |||||
Warrants Issued in March 2019 [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | [1] | $ 99 | |||||
Warrants Issued in April 2019 [Member] | |||||||
Balance outstanding (in shares) | [1] | 58,334 | 58,334 | ||||
Balance outstanding, remaining contractual life (Year) | [1] | 3 months 18 days | |||||
Warrants Issued in April 2019 [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | [1] | $ 157.5 | |||||
Warrants Issued in February 2020 [Member] | |||||||
Balance outstanding (in shares) | [1] | 67,667 | 67,667 | ||||
Balance outstanding, remaining contractual life (Year) | [1] | 1 year 7 months 6 days | |||||
Warrants Issued in February 2020 [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | [1] | $ 94.5 | |||||
Warrants Issued in December 2023 [Member] | |||||||
Balance outstanding (in shares) | [1] | 939,312 | |||||
Balance outstanding, warrant exercise price (in dollars per share) | [1] | $ 9.6 | |||||
Balance outstanding, remaining contractual life (Year) | [1] | 5 years | |||||
Warrants Issued in December 2023 [Member] | Weighted Average [Member] | |||||||
Balance outstanding (in shares) | [1] | 0 | |||||
Liability Classified Warrants [Member] | |||||||
Balance outstanding (in shares) | 1,082,881 | 177,089 | |||||
Balance outstanding, remaining contractual life (Year) | 5 years 1 month 6 days | 1 year 8 months 12 days | |||||
Liability Classified Warrants [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 24.3 | $ 142.35 | |||||
Warrants Issued in April 2020 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 1,112 | 1,112 | |||||
Balance outstanding, remaining contractual life (Year) | 1 year 3 months 18 days | ||||||
Warrants Issued in April 2020 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 102.6 | ||||||
Warrants Issued in December 2020 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 556 | 556 | |||||
Balance outstanding, remaining contractual life (Year) | 2 years | ||||||
Warrants Issued in December 2020 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 70.8 | ||||||
Warrant Issued in April 2021 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 4,767 | 4,767 | |||||
Balance outstanding, remaining contractual life (Year) | 2 years 3 months 18 days | ||||||
Warrant Issued in April 2021 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 54.45 | ||||||
Warrant Issued in August 2021 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 16,667 | 16,667 | |||||
Balance outstanding, remaining contractual life (Year) | 7 years 7 months 6 days | ||||||
Warrant Issued in August 2021 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 46.2 | ||||||
Warrants Issued in June 2022 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 3,334 | 3,334 | |||||
Balance outstanding, remaining contractual life (Year) | 8 years 6 months | ||||||
Warrants Issued in June 2022 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 22.35 | ||||||
Warrant Issued in September 2022 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 16,667 | 16,667 | |||||
Balance outstanding, remaining contractual life (Year) | 8 years 8 months 12 days | ||||||
Warrant Issued in September 2022 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 18.6 | ||||||
Warrants Issued in June 2023 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 10,000 | 0 | |||||
Balance outstanding, remaining contractual life (Year) | 9 years 6 months | ||||||
Warrants Issued in June 2023 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 9 | ||||||
Warrants Issued in August 2023 for Consulting [Member] | |||||||
Balance outstanding (in shares) | 6,667 | 0 | |||||
Balance outstanding, remaining contractual life (Year) | 4 years 7 months 6 days | ||||||
Warrants Issued in August 2023 for Consulting [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 9.3 | ||||||
Pre-funded Warrants Member Issued In Connection With The 2023 Securities Purchase Agreement[Member] | |||||||
Balance outstanding (in shares) | 229,506 | 0 | |||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 0.001 | ||||||
Balance outstanding, remaining contractual life (Year) | 5 years | ||||||
Pre-funded Warrants Member Issued In Connection With The 2023 Securities Purchase Agreement[Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 0.001 | ||||||
Equity Classified Warrants [Member] | |||||||
Balance outstanding (in shares) | 289,276 | 43,103 | |||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 9.3 | $ 9 | $ 18.6 | $ 22.35 | |||
Equity Classified Warrants [Member] | Weighted Average [Member] | |||||||
Balance outstanding, warrant exercise price (in dollars per share) | $ 6 | ||||||
[1]If the Company subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of its common stock into a smaller number of shares, the warrant exercise price is proportionately reduced and the number of shares under outstanding warrants is proportionately increased. Additionally, if the Company combines (by combination, reverse stock split or otherwise) its outstanding shares of common stock into a smaller number of shares, the warrant exercise price is proportionately increased and the number of shares under outstanding warrants is proportionately decreased. Also, the Company may voluntarily reduce the warrant exercise price for its warrants issued in March 2019.[2]Taking into account the reverse stock splits we have completed, includes warrants to purchase 7,892 shares at an exercise price of $181.80, expiring December 22, 2023, and warrants to purchase 365 shares at an exercise price of $208.80, expiring June 21, 2023. |
Note 5 - Warrants - Assumptions
Note 5 - Warrants - Assumptions Used (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants, assumptions | 0.038 | 0.042 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, assumptions | 0.795 | 0.631 |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants, assumptions | 0.3 | 0.1 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants, assumptions | 0.054 | 0.048 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, assumptions | 1.087 | 0.763 |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants, assumptions | 5 | 2.6 |
Note 5 - Warrants - Warrant Act
Note 5 - Warrants - Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, number of shares under warrants (in shares) | 220,192 | |
Balance, number of shares under warrants (in shares) | 1,372,157 | 220,192 |
Weighted Average [Member] | ||
Balance, warrant exercise price (in dollars per share) | $ 23.55 | |
Liability Classified Warrants [Member] | ||
Balance, number of shares under warrants (in shares) | 177,089 | |
Balance, weighted average remaining contractual life (Year) | 5 years 1 month 6 days | 1 year 8 months 12 days |
Granted, number of shares under warrants (in shares) | 939,312 | |
Granted, weighted average remaining contractual life (Year) | 5 years | |
Expired, number of shares under warrants (in shares) | (33,520) | |
Balance, number of shares under warrants (in shares) | 1,082,881 | 177,089 |
Vested and Exercisable, number of shares under warrants (in shares) | 143,568 | |
Vested and Exercisable, weighted average remaining contractual life (Year) | 10 months 24 days | |
Liability Classified Warrants [Member] | Minimum [Member] | ||
Balance, warrant exercise price (in dollars per share) | $ 94.5 | |
Granted, warrant exercise price (in dollars per share) | 9.6 | |
Expired, warrant exercise price (in dollars per share) | 208.8 | |
Balance, warrant exercise price (in dollars per share) | 9.6 | $ 94.5 |
Vested and Exercisable, warrant exercise price (in dollars per share) | 94.5 | |
Liability Classified Warrants [Member] | Maximum [Member] | ||
Balance, warrant exercise price (in dollars per share) | 252 | |
Granted, warrant exercise price (in dollars per share) | 9.6 | |
Expired, warrant exercise price (in dollars per share) | 252 | |
Balance, warrant exercise price (in dollars per share) | 181.8 | 252 |
Vested and Exercisable, warrant exercise price (in dollars per share) | 181.8 | |
Liability Classified Warrants [Member] | Weighted Average [Member] | ||
Balance, warrant exercise price (in dollars per share) | 142.35 | |
Expired, warrant exercise price (in dollars per share) | 243.3 | |
Balance, warrant exercise price (in dollars per share) | 24.3 | $ 142.35 |
Vested and Exercisable, warrant exercise price (in dollars per share) | $ 120.6 |
Note 6 - Equity (Details Textua
Note 6 - Equity (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
May 31, 2023 shares | May 31, 2022 shares | Mar. 31, 2024 shares | Dec. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Grants in Period, Aggregate Fair Value | $ | $ 0.7 | $ 0.7 | $ 1.1 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1.3 | $ 1.3 | $ 1.5 | ||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | 0 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1.9 | $ 1.9 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1.2 | $ 1.2 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Number of Installment Periods | 4 | 4 | 4 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,156 | 65,292 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 22.35 | $ 9 | |||||
Employees [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Director [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Director [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Executive Officer [Member] | Performance-based Restricted Stock Units [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 73,334 | ||||||
The 2015 Stock Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 116,667 | 133,334 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 366,667 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,794 | 3,794 | |||||
The 2015 Stock Plan [Member] | Subsequent Event [Member] | Consultant [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,334 | ||||||
Pre-funded Warrants Member Issued In Connection With The 2023 Securities Purchase Agreement[Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 229,506 | 229,506 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Unregistered Warrants Issued In Connection With The 2023 Securities Purchase Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 939,312 | 939,312 | |||||
Common Warrants Issued In Connection With The 2023 Securities Purchase Agreement[Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 9.6 | $ 9.6 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||
The 2023 Securities Purchase Agreement [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 240,151 | ||||||
Proceeds from Issuance or Sale of Equity | $ | $ 4.5 | ||||||
The 2023 Securities Purchase Agreement [Member] | Institutional Investor [Member] | |||||||
Shares and Warrants Issued in Period, Purchase Price Per Share and Related Warrant (in dollars per share) | $ / shares | $ 9.6 | ||||||
The 2023 Securities Purchase Agreement [Member] | Executive Officers, Employees, Advisors and the Board of Directors [Member] | |||||||
Shares and Warrants Issued in Period, Purchase Price Per Share and Related Warrant (in dollars per share) | $ / shares | $ 10.35 | ||||||
Lincoln Park Transaction [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,038 | ||||||
Proceeds from Issuance of Common Stock | $ | $ 0.2 | ||||||
Purchase Agreement, Common Stock, Available Amount | $ | $ 19.8 | $ 19.8 |
Note 6 - Equity - Stock based C
Note 6 - Equity - Stock based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 1,984 | $ 2,275 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 1,439 | 1,467 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 545 | $ 808 |
Note 6 - Equity - Assumptions U
Note 6 - Equity - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum [Member] | ||
Risk-free interest rate | 3.90% | 1.60% |
Volatility | 96% | 107% |
Expected life (years) (Year) | 5 years 6 months | 5 years 3 months 18 days |
Maximum [Member] | ||
Risk-free interest rate | 4.60% | 3.30% |
Volatility | 101.20% | 113.20% |
Expected life (years) (Year) | 6 years 3 months 18 days | 6 years 3 months 18 days |
Note 6 - Equity - Stock Option
Note 6 - Equity - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding, number of shares (in shares) | 151,690 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 66.6 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 87.45 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 10 months 24 days | 7 years 9 months 18 days |
Outstanding, aggregate intrinsic value | $ 378,606 | $ 0 |
Granted, number of shares (in shares) | 101,400 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 7.35 | |
Granted, weighted average exercise price (in dollars per share) | $ 9 | |
Forfeited, number of shares (in shares) | (3,610) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 9.15 | |
Forfeited, weighted average exercise price (in dollars per share) | $ 11.1 | |
Expired, number of shares (in shares) | (56) | |
Expired, weighted average grant date fair value (in dollars per share) | $ 157.5 | |
Expired, weighted average exercise price (in dollars per share) | $ 224.1 | |
Outstanding, number of shares (in shares) | 249,424 | 151,690 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 43.35 | $ 66.6 |
Outstanding, weighted average exercise price (in dollars per share) | $ 56.7 | $ 87.45 |
Exercisable, number of shares (in shares) | 93,337 | |
Exercisable, weighted average grant date fair value (in dollars per share) | $ 88.65 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 119.4 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 1 month 6 days | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 6 - Equity - Restricted St
Note 6 - Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested Shares, number of shares (in shares) | 40,499 | ||
Unvested Shares, weighted average grant date fair value (in dollars per share) | $ 33.6 | ||
Unvested Shares, weighted average remaining contractual term (Year) | 7 years 3 months 18 days | 3 years 1 month 6 days | |
Granted, number of shares (in shares) | 30,156 | 65,292 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 22.35 | $ 9 | |
Vested, number of shares (in shares) | (11,901) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 41.55 | ||
Unvested Shares, number of shares (in shares) | 93,890 | 40,499 | |
Unvested Shares, weighted average grant date fair value (in dollars per share) | $ 15.45 | $ 33.6 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Valuation Allowance | $ 32,308 | $ 25,696 | $ 18,823 |
Unrecognized Tax Benefits | 339 | $ 236 | $ 175 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | 52,000 | ||
Operating Loss Carryforwards, Subject To Expiration | 6,100 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 2,700 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Current income tax benefit | 0 | 0 |
Federal | 0 | 0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Deferred income tax expense | 0 | 0 |
Total | $ 0 | $ 0 |
Note 7 - Income Taxes - Summary
Note 7 - Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation allowance at beginning of period | $ 25,696 | $ 18,823 |
Change charged to expense (income) | 6,612 | 6,873 |
Release of valuation allowance | 0 | 0 |
Valuation allowance at end of period | $ 32,308 | $ 25,696 |
Note 7 - Income Taxes - Sched_2
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal tax benefit at statutory rate | $ 6,251 | $ 6,096 |
Federal tax benefit at statutory rate, percentage | 21% | 21% |
State tax benefit net of federal | $ 118 | $ 347 |
State tax benefit net of federal, percentage | 0.40% | 1.20% |
Foreign rate differential | $ 59 | $ 10 |
Foreign rate differential, percentage | 0.20% | 0% |
Stock warrant costs | $ (219) | $ 280 |
Stock warrant costs, percentage | (0.80%) | 1% |
Other permanent differences | $ (73) | $ (145) |
Other permanent differences, percentage | (0.20%) | (0.50%) |
Permanent provision to return items | $ 662 | $ 395 |
Permanent provision to return items, percentage | 2.30% | 1.40% |
Stock compensation change | $ (82) | $ (49) |
Stock compensation change, percentage | (0.30%) | (0.20%) |
Uncertain tax provision | $ (103) | $ (61) |
Uncertain tax provision, percentage | (0.40%) | (0.20%) |
Increase in valuation allowance | $ (6,613) | $ (6,873) |
Increase in valuation allowance, percentage | (22.20%) | (23.70%) |
Total tax (expense) benefit | $ 0 | $ 0 |
Total tax (expense) benefit, percentage | 0% | 0% |
Note 7 - Income Taxes - Sched_3
Note 7 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Start-up costs | $ 9,621 | $ 7,727 | |
Federal net operating loss carryforwards | 11,598 | 11,024 | |
174 R&D Carryforward | 6,636 | 3,572 | |
State tax loss carryforwards | 258 | 237 | |
Foreign net operating loss carryforwards | 377 | 161 | |
Fixed Assets | (9) | 0 | |
Tax credit carryforward | 1,919 | 1,335 | |
ROU Liability | 123 | 96 | |
Deferred compensation | 1,879 | 1,630 | |
Total deferred tax assets | 32,420 | 25,782 | |
Less valuation allowance | (32,308) | (25,696) | $ (18,823) |
Net deferred tax assets | 112 | 86 | |
ROU Asset | (112) | (86) | |
Total deferred tax liabilities | (112) | (86) | |
Net deferred taxes | $ 0 | $ 0 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of year | $ 236 | $ 175 |
Additions for tax positions related to the current year | 103 | 0 |
Additions for tax positions related to prior years | 0 | 61 |
Reductions due to lapse of statutes of limitations | 0 | 0 |
Decreases related to settlements with tax authorities | 0 | 0 |
Balance, end of year | $ 339 | $ 236 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 30, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Monthly Rent Payment | $ 4,700 | ||||||
Operating Lease, Rent Expense, Annual Increase In Rent, Percent | 2% | ||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 7 months 6 days | ||||||
Operating Lease, Weighted Average Discount Rate, Percent | 9.60% | ||||||
Research and Development Expense | $ 19,487,000 | $ 18,968,000 | |||||
Stock Issued During Period, Value, New Issues | 210,000 | ||||||
Employee Agreements, Termination Benefits Provided To Key Employees, Aggregate Amount | 5,500,000 | ||||||
The 2023 Bank Guarantee [Member] | Line of Credit [Member] | Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | ||||||
Long-Term Line of Credit | 0 | ||||||
Houston Pharmaceuticals, Inc [Member] | |||||||
Costs and Expenses, Related Party | 234,000 | 234,000 | |||||
Houston Pharmaceuticals, Inc [Member] | Consulting Agreement on Licensed Molecules [Member] | |||||||
Other Commitment | $ 43,500 | ||||||
Houston Pharmaceuticals, Inc [Member] | Agreement Providing Access to Laboratory Equipment [Member] | |||||||
Other Commitment | $ 15,000 | ||||||
Other Commitments, Cancellation Period (Year) | 60 years | ||||||
Olympia Drive W Bellfort LLC [Member] | |||||||
Operating Lease, Rent Expense, Annual Increase In Rent, Percent | 3% | ||||||
Houston Pharmaceuticals, Inc [Member] | |||||||
Percentage of Rent Payable By Co-Lessee | 50% | ||||||
Percentage Of Sub-lease Income Allocable To Co-lessee | 50% | ||||||
Sublease Income | 49,000 | 45,000 | |||||
MD Anderson [Member] | |||||||
License Agreements Expense | 258,000 | 264,000 | |||||
Payments For Research And Development Agreement | $ 800,000 | ||||||
Research and Development Expense | 775,000 | $ 1,133,000 | |||||
MD Anderson [Member] | Maximum [Member] | |||||||
License Agreement Annual License Fee | 100,000 | ||||||
MD Anderson [Member] | Maximum [Member] | Submission Of N D A And Receipt Of First Marketing Approval For Sale Of A Licensed Product [Member] | |||||||
Milestone Payment Liabilities | $ 600,000 | ||||||
WPD Pharmaceuticals [Member] | License Termination [Member] | |||||||
Payments for Termination of Commitment | $ 700,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 800,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 137 | $ 124 |
Variable lease cost | 19 | 29 |
Total | 156 | 153 |
Operating cash flows from operating leases | $ 134 | $ 129 |
Note 8 - Commitments and Cont_5
Note 8 - Commitments and Contingencies - Future Minimum Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 146 |
2025 | 159 |
2026 | 164 |
2027 | 141 |
2028 | 61 |
2029 and thereafter | 41 |
Total lease payments | 712 |
Less: imputed interest | (138) |
Present value of operating lease liabilities | $ 574 |