Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38325 | |
Entity Registrant Name | enVVeno Medical Corporation | |
Entity Central Index Key | 0001661053 | |
Entity Tax Identification Number | 33-0936180 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 70 Doppler | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92618 | |
City Area Code | (949) | |
Local Phone Number | 261-2900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,471,932 | |
Common stock 0.00001 par value [Member] | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | |
Trading Symbol | NVNO | |
Security Exchange Name | NASDAQ | |
Warrant to purchase common stock [Member] | ||
Title of 12(b) Security | Warrant to Purchase Commons Stock | |
Trading Symbol | NVNOW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 2,895 | $ 54,728 |
Short-term investments | 37,432 | |
Prepaid expenses and other current assets | 381 | 312 |
Total Current Assets | 40,708 | 55,040 |
Property and equipment, net | 566 | 618 |
Operating lease right-of-use assets, net | 1,750 | 1,987 |
Long-term investments | 2,398 | |
Security deposits and other assets | 34 | 54 |
Total Assets | 45,456 | 57,699 |
Current Liabilities: | ||
Accounts payable | 501 | 560 |
Accrued expenses and other current liabilities | 495 | 729 |
Current portion of operating lease liabilities | 308 | 291 |
Total Current Liabilities | 1,304 | 1,580 |
Long-term operating lease liabilities | 1,481 | 1,715 |
Total Liabilities | 2,785 | 3,295 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, par value $0.00001, 10,000 shares authorized: no shares issued or outstanding | ||
Common stock, par value $0.00001, 250,000 shares authorized, 9,472 and 9,470 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | ||
Additional paid-in capital | 143,011 | 136,255 |
Accumulated deficit | (100,340) | (81,851) |
Total Stockholders’ Equity | 42,671 | 54,404 |
Total Liabilities and Stockholders’ Equity | $ 45,456 | $ 57,699 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par or stated value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 250,000 | 250,000 |
Common stock, shares issued | 9,472 | 9,470 |
Common stock, shares outstanding | 9,472 | 9,470 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Expenses: | ||||
Selling, general and administrative expenses | $ 3,659 | $ 1,482 | $ 11,355 | $ 3,954 |
Research and development expenses | 2,492 | 1,225 | 7,117 | 3,946 |
Loss from Operations | (6,151) | (2,707) | (18,472) | (7,900) |
Other (Income) Expense: | ||||
Gain on extinguishment of note payable | (313) | (313) | ||
Interest income, net | (75) | (5) | (117) | (14) |
Unrealized loss from investments | 21 | 134 | ||
Other expense | (33) | |||
Total Other (Income) Expense | (54) | (318) | 17 | (360) |
Net Loss | $ (6,097) | $ (2,389) | $ (18,489) | $ (7,540) |
Net Loss Per Basic and Diluted Common Share: | $ (0.54) | $ (0.26) | $ (1.65) | $ (0.96) |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic and Diluted | 11,229 | 9,180 | 11,229 | 7,840 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 72,421 | $ (65,323) | $ 7,098 | |
Beginning balance, shares at Dec. 31, 2020 | 2,542 | |||
Shared-Based Compensation | 107 | 107 | ||
Net loss | (2,773) | (2,773) | ||
Common stock issued in public offering | 38,128 | 38,128 | ||
Common stock issued in public offering, shares | 5,914 | |||
Common stock issued for exercise of warrants | 240 | 240 | ||
Common stock issued for exercise of warrants, shares | 52 | |||
Fair Value of Warrants Issued | 212 | 212 | ||
Ending balance, value at Mar. 31, 2021 | 111,108 | (68,096) | 43,012 | |
Ending balance, shares at Mar. 31, 2021 | 8,508 | |||
Beginning balance, value at Dec. 31, 2020 | 72,421 | (65,323) | 7,098 | |
Beginning balance, shares at Dec. 31, 2020 | 2,542 | |||
Net loss | (7,540) | |||
Ending balance, value at Sep. 30, 2021 | 130,918 | (72,863) | 58,055 | |
Ending balance, shares at Sep. 30, 2021 | 9,466 | |||
Beginning balance, value at Mar. 31, 2021 | 111,108 | (68,096) | 43,012 | |
Beginning balance, shares at Mar. 31, 2021 | 8,508 | |||
Shared-Based Compensation | 203 | 203 | ||
Net loss | (2,378) | (2,378) | ||
Shares issued in satisfaction of trade payable | 37 | 37 | ||
Shares issued in satisfaction of trade payable, shares | 6 | |||
Ending balance, value at Jun. 30, 2021 | 111,348 | (70,474) | 40,874 | |
Ending balance, shares at Jun. 30, 2021 | 8,514 | |||
Shared-Based Compensation | 325 | 325 | ||
Net loss | (2,389) | (2,389) | ||
Common stock issued in at the market transactions | 971 | 971 | ||
Common stock issued in at the market transactions, shares | 171 | |||
Common stock issued in registered direct offering | 18,274 | 18,274 | ||
Common stock issued in registered direct offering, shares | 781 | |||
Ending balance, value at Sep. 30, 2021 | 130,918 | (72,863) | 58,055 | |
Ending balance, shares at Sep. 30, 2021 | 9,466 | |||
Beginning balance, value at Dec. 31, 2021 | 136,255 | (81,851) | 54,404 | |
Beginning balance, shares at Dec. 31, 2021 | 9,470 | |||
Shared-Based Compensation | 2,243 | 2,243 | ||
Shared-Based Compensation, shares | ||||
Net loss | (5,330) | (5,330) | ||
Ending balance, value at Mar. 31, 2022 | 138,498 | (87,181) | 51,317 | |
Ending balance, shares at Mar. 31, 2022 | 9,470 | |||
Beginning balance, value at Dec. 31, 2021 | 136,255 | (81,851) | 54,404 | |
Beginning balance, shares at Dec. 31, 2021 | 9,470 | |||
Net loss | (18,489) | |||
Ending balance, value at Sep. 30, 2022 | 143,011 | (100,340) | 42,671 | |
Ending balance, shares at Sep. 30, 2022 | 9,472 | |||
Beginning balance, value at Mar. 31, 2022 | 138,498 | (87,181) | 51,317 | |
Beginning balance, shares at Mar. 31, 2022 | 9,470 | |||
Shared-Based Compensation | 2,303 | 2,303 | ||
Net loss | (7,062) | (7,062) | ||
Ending balance, value at Jun. 30, 2022 | 140,801 | (94,243) | 46,558 | |
Ending balance, shares at Jun. 30, 2022 | 9,470 | |||
Shared-Based Compensation | 2,210 | 2,210 | ||
Shared-Based Compensation, shares | 2 | |||
Net loss | (6,097) | (6,097) | ||
Ending balance, value at Sep. 30, 2022 | $ 143,011 | $ (100,340) | $ 42,671 | |
Ending balance, shares at Sep. 30, 2022 | 9,472 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (18,489) | $ (7,540) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 6,756 | 656 |
Depreciation and amortization | 158 | 103 |
Amortization of right-of-use assets | 237 | 228 |
Gain on extinguishment of note payable | (313) | |
Unrealized loss from investments, net | 134 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (69) | (35) |
Security deposit and other assets | 20 | (25) |
Accounts payable | (59) | (998) |
Accrued expenses and other current liabilities | (234) | (587) |
Operating lease liabilities | (217) | (235) |
Total adjustments | 6,726 | (1,206) |
Net Cash Used in Operating Activities | (11,763) | (8,746) |
Cash Flows from Investing Activities | ||
Purchase of property and equipment | (106) | (303) |
Purchases of investments | (42,214) | |
Maturities of investments | 2,250 | |
Net Cash Used in Investing Activities | (40,070) | (303) |
Cash Flows from Financing Activities | ||
Proceeds from shares issued under ATM, net | 970 | |
Proceeds from registered direct offering, net | 18,273 | |
Proceeds from public offering, net | 38,128 | |
Proceeds from Warrant Exercises | 240 | |
Net Cash Provided by Financing Activities | 57,611 | |
Net (Decrease) Increase in Cash, Cash Equivalents | (51,833) | 48,562 |
Cash, cash equivalents - Beginning of period | 54,728 | 9,334 |
Cash, cash equivalents - End of period | 2,895 | 57,896 |
Cash Received During the Period For: | ||
Interest, net | 67 | 14 |
Non-Cash Financing Activities: | ||
Fair value of common stock issued in satisfaction of trade payable | 38 | |
Fair value of warrants issued in satisfaction of trade payables and accrued expenses | $ 130 | $ 212 |
Business Organization and Natur
Business Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization and Nature of Operations | Note 1 – Business Organization and Nature of Operations enVVeno Medical Corporation is a late clinical-stage med-tech company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of venous disease. The Company’s lead product, the VenoValve®, is a first-in-class surgical replacement venous valve being developed for the treatment of deep venous Chronic Venous Insufficiency (CVI). The Company is also developing a non-surgical, transcatheter based replacement venous valve for the treatment of deep venous CVI called enVVe™. CVI occurs when valves inside of the veins of the leg become damaged, resulting in the backwards flow of blood (reflux), blood pooling in the lower leg, increased pressure in the veins of the leg (venous hypertension) and in severe cases, venous ulcers that are difficult to heal and become chronic. Both the VenoValve and enVVe are designed to act as one-way valves, to help assist in propelling blood up the leg, and back to the heart and lungs. The VenoValve is currently being evaluated in the SAVVE U.S. pivotal study and the company is currently waiting for regulatory approval to begin the TAVVE first-in-human trial for enVVe. Our team of officers and directors has been affiliated with numerous medical devices that have received FDA approval or CE marking and that have been commercially successful. We develop and manufacture our products in a 14,507 |
Management_s Liquidity Plan
Management’s Liquidity Plan | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management’s Liquidity Plan | Note 2 – Management’s Liquidity Plan As of September 30, 2022, the Company had a cash balance of $ 2.9 39.8 39.4 ENVVENO MEDICAL CORPORATION NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed financial statements of the Company as of September 30, 2022 and December 31, 2021, and for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. These unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Form 10-K filed with the SEC on March 28, 2022. The condensed balance sheet as of December 31, 2021 has been derived from the Company’s audited financial statements. Investments We consider all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year are classified as long-term investments. Debt investments are classified as trading securities and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in unrealized gains (losses) from investments. Fair value is calculated based on publicly available market information. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. We recognize interest income based on the stated coupon rate of the investments purchased. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Investments | Note 4 – Investments The components of investments were as follows at September 30, 2022: Schedule of Investments (In thousands) Cash Equivalents Short-Term Investment Long Term Investment Fair Value Level 1 U.S. Government securities $ 2,126 $ 37,432 $ 2,398 Total debt investments $ 2,126 $ 37,432 $ 2,398 Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. There were no similar investments at December 31, 2021. ENVVENO MEDICAL CORPORATION NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 5 – Concentrations The Company maintains cash with major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250 2.6 54.5 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 6 – Accrued Expenses and Other Current Liabilities As of September 30, 2022, and December 31, 2021, accrued expenses and other current liabilities consist of the following: Schedule of Accrued Expenses and Other Current Liabilities September 30, December 31, (In thousands) 2022 2021 Accrued compensation costs $ 394 $ 525 Accrued professional fees 40 84 Accrued research and development - 60 Other accrued expenses 61 60 Accrued expenses $ 495 $ 729 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies Litigations Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Robert Rankin Complaints On July 9, 2020, the Company was served with a civil complaint filed in the Superior Court for the State of California, County of Orange by a former employee, Robert Rankin, who resigned his employment on or about March 30, 2020. The case is entitled Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No. 30-2020-01146555-CU-WR-CJC and was filed on May 27, 2020. On September 3, 2020 the Company and its Chief Executive Officer were served with a second complaint filed in the Superior Court for the State of California, County of Orange by Mr. Rankin. The case is entitled Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No. 30-2020-01157857 and was filed on August 31, 2020. The complaints assert several causes of action including a cause of action for failure to timely pay Mr. Rankin’s accrued and unused vacation and three months’ severance under his July 16, 2018 employment agreement, defamation, unlawful labor code violations, sex-based discrimination, and unfair competition, and seeks damages for lost wages, emotional and mental distress, consequential damages, punitive damages and attorney’s fees and costs. The Company has denied all claims in both matters (which have now been consolidated) and has filed a counterclaim asserting that Rankin has breached his employment agreement with the Company to the Company’s damage. The Company continues to believe it has meritorious defenses to both matters which are currently set for trial on June 12, 2023. As of the date of these financial statements, the amount of loss associated with these complaints, if any, cannot be reasonably estimated. ENVVENO MEDICAL CORPORATION NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 8 – Stockholders’ Equity Stock Options From time to time, the Company issues options for the purchase of its common stock to employees and others. During the nine-months ended September 30, 2022, the Company granted options to employees for the purchase off forty-three thousand 6.76 The Company recognized $ 6.6 0.7 As of September 30, 2022, there was $ 8.6 1.6 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 9 – Net Loss per Share The following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of September 30, 2022 and 2021: Schedule of Dilutive Net Loss Per Common Share 2022 2021 September 30, (In thousands) 2022 2021 Shares of common stock issuable upon exercise of warrants 4,570 4,554 Shares of common stock issuable upon exercise of options 3,438 485 Potentially dilutive common stock equivalents excluded from diluted net loss per share 8,008 5,039 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed financial statements of the Company as of September 30, 2022 and December 31, 2021, and for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. These unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Form 10-K filed with the SEC on March 28, 2022. The condensed balance sheet as of December 31, 2021 has been derived from the Company’s audited financial statements. |
Investments | Investments We consider all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year are classified as long-term investments. Debt investments are classified as trading securities and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in unrealized gains (losses) from investments. Fair value is calculated based on publicly available market information. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. We recognize interest income based on the stated coupon rate of the investments purchased. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Investments | The components of investments were as follows at September 30, 2022: Schedule of Investments (In thousands) Cash Equivalents Short-Term Investment Long Term Investment Fair Value Level 1 U.S. Government securities $ 2,126 $ 37,432 $ 2,398 Total debt investments $ 2,126 $ 37,432 $ 2,398 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | As of September 30, 2022, and December 31, 2021, accrued expenses and other current liabilities consist of the following: Schedule of Accrued Expenses and Other Current Liabilities September 30, December 31, (In thousands) 2022 2021 Accrued compensation costs $ 394 $ 525 Accrued professional fees 40 84 Accrued research and development - 60 Other accrued expenses 61 60 Accrued expenses $ 495 $ 729 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Net Loss Per Common Share | The following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of September 30, 2022 and 2021: Schedule of Dilutive Net Loss Per Common Share 2022 2021 September 30, (In thousands) 2022 2021 Shares of common stock issuable upon exercise of warrants 4,570 4,554 Shares of common stock issuable upon exercise of options 3,438 485 Potentially dilutive common stock equivalents excluded from diluted net loss per share 8,008 5,039 |
Business Organization and Nat_2
Business Organization and Nature of Operations (Details Narrative) | Sep. 30, 2022 ft² |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Area of land | 14,507 |
Management_s Liquidity Plan (De
Management’s Liquidity Plan (Details Narrative) $ in Millions | Sep. 30, 2022 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash | $ 2.9 |
Investments | 39.8 |
Working capital | $ 39.4 |
Schedule of Investments (Detail
Schedule of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investment | $ 37,432 | |
Long term investment | 2,398 | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 2,126 | |
Short-term investment | 37,432 | |
Long term investment | 2,398 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 2,126 | |
Short-term investment | 37,432 | |
Long term investment | $ 2,398 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Risks and Uncertainties [Abstract] | ||
FDIC amount | $ 250 | |
Uninsured amount | $ 2,600 | $ 54,500 |
Schedule of Accrued Expenses an
Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued compensation costs | $ 394 | $ 525 |
Accrued professional fees | 40 | 84 |
Accrued research and development | 60 | |
Other accrued expenses | 61 | 60 |
Accrued expenses | $ 495 | $ 729 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | $ 6,756 | $ 656 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | 6,600 | $ 700 |
Unrecognized stock-based compensation expense | $ 8,600 | |
Weighted average remaining vesting period | 1 year 7 months 6 days | |
Share-Based Payment Arrangement, Option [Member] | Employees [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options granted | 43,000 | |
Weighted average exercise price | $ 6.76 |
Schedule of Dilutive Net Loss P
Schedule of Dilutive Net Loss Per Common Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 8,008 | 5,039 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 4,570 | 4,554 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 3,438 | 485 |