Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 08, 2019 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | EYENOVIA, INC. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Trading Symbol | EYEN | |
Entity Common Stock, Shares Outstanding | 17,100,726 | |
Entity Central Index Key | 0001682639 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 18,295,962 | $ 19,728,200 |
Prepaid expenses and other current assets | 396,977 | 132,756 |
Total Current Assets | 18,692,939 | 19,860,956 |
Property and equipment, net | 71,722 | 36,738 |
Security deposit | 117,800 | 117,800 |
Total Assets | 18,882,461 | 20,015,494 |
Current Liabilities: | ||
Accounts payable | 1,595,270 | 1,509,524 |
Accrued compensation | 591,494 | 912,104 |
Accrued expenses and other current liabilities | 246,374 | 677,213 |
Total Current Liabilities | 2,433,138 | 3,098,841 |
Deferred rent | 45,354 | 41,584 |
Total Liabilities | 2,478,492 | 3,140,425 |
Commitments and contingencies (Note 6) | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2019 and as of December 31, 2018 | 0 | 0 |
Common stock, $0.0001 par value, 90,000,000 shares authorized; 17,100,726 and 11,468,996 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 1,710 | 1,147 |
Additional paid-in capital | 68,831,827 | 53,388,216 |
Accumulated deficit | (52,429,568) | (36,514,294) |
Total Stockholders' Equity | 16,403,969 | 16,875,069 |
Total Liabilities and Stockholders' Equity | $ 18,882,461 | $ 20,015,494 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Condensed Balance Sheets | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 17,100,726 | 11,468,996 |
Common Stock, Shares, Outstanding | 17,100,726 | 11,468,996 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Expenses: | ||||
Research and development | $ 3,201,196 | $ 2,487,573 | $ 10,778,114 | $ 6,993,832 |
General and administrative | 1,489,739 | 1,832,794 | 5,241,608 | 4,079,249 |
Total Operating Expenses | 4,690,935 | 4,320,367 | 16,019,722 | 11,073,081 |
Loss From Operations | (4,690,935) | (4,320,367) | (16,019,722) | (11,073,081) |
Other Income (Expense): | ||||
Interest income (expense) | 41,557 | (964) | 104,448 | 3,080 |
Net Loss | $ (4,649,378) | $ (4,321,331) | $ (15,915,274) | $ (11,070,001) |
Net Loss Per Share | ||||
- Basic and Diluted | $ (0.29) | $ (0.43) | $ (1.19) | $ (1.20) |
Weighted Average Number of Common Shares Outstanding | ||||
- Basic and Diluted | 16,270,728 | 10,030,296 | 13,422,667 | 9,219,818 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Series A Convertible Preferred Stock [Member] | Series A-2 Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total | |
Balance at Dec. 31, 2017 | $ 293 | $ 79 | $ 92 | $ 257 | $ 24,351,138 | $ (19,261,186) | $ 5,090,673 | |
Balance (in shares) at Dec. 31, 2017 | 2,932,431 | 788,827 | 918,983 | 2,566,530 | ||||
Conversion of convertible preferred stock into common stock upon completion of initial public offering | $ (293) | $ (79) | $ (92) | $ 464 | 0 | 0 | 0 | |
Conversion of convertible preferred stock into common stock upon completion of initial public offering (in shares) | (2,932,431) | (788,827) | (918,983) | 4,640,241 | ||||
Issuance of common stock in initial public offering | [1] | $ 0 | $ 0 | $ 0 | $ 273 | 24,547,530 | 0 | 24,547,803 |
Issuance of common stock in initial public offering (in shares) | [1] | 0 | 0 | 0 | 2,730,000 | |||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | 650,576 | 0 | 650,576 | |
Net loss | 0 | 0 | 0 | 0 | 0 | (3,429,607) | (3,429,607) | |
Balance at Mar. 31, 2018 | $ 0 | $ 0 | $ 0 | $ 994 | 49,549,244 | (22,690,793) | 26,859,445 | |
Balance (in shares) at Mar. 31, 2018 | 0 | 0 | 0 | 9,936,771 | ||||
Balance at Dec. 31, 2017 | $ 293 | $ 79 | $ 92 | $ 257 | 24,351,138 | (19,261,186) | 5,090,673 | |
Balance (in shares) at Dec. 31, 2017 | 2,932,431 | 788,827 | 918,983 | 2,566,530 | ||||
Net loss | (11,070,001) | |||||||
Balance at Sep. 30, 2018 | $ 0 | $ 0 | $ 0 | $ 1,009 | 50,070,169 | (30,331,187) | 19,739,991 | |
Balance (in shares) at Sep. 30, 2018 | 0 | 0 | 0 | 10,088,996 | ||||
Balance at Mar. 31, 2018 | $ 0 | $ 0 | $ 0 | $ 994 | 49,549,244 | (22,690,793) | 26,859,445 | |
Balance (in shares) at Mar. 31, 2018 | 0 | 0 | 0 | 9,936,771 | ||||
Conversion of convertible preferred stock into common stock upon completion of initial public offering | $ 0 | $ 0 | $ 0 | $ 6 | (6) | 0 | 0 | |
Conversion of convertible preferred stock into common stock upon completion of initial public offering (in shares) | 0 | 0 | 0 | 61,875 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | 1,512 | 0 | 1,512 | |
Net loss | 0 | 0 | 0 | 0 | 0 | (3,319,063) | (3,319,063) | |
Balance at Jun. 30, 2018 | $ 0 | $ 0 | $ 0 | $ 1,000 | 49,550,750 | (26,009,856) | 23,541,894 | |
Balance (in shares) at Jun. 30, 2018 | 0 | 0 | 0 | 9,998,646 | ||||
Exercise of warrants on a cashless basis (in shares) | 0 | 0 | 0 | 61,385 | ||||
Exercise of warrants on a cashless basis | $ 0 | $ 0 | $ 0 | $ 6 | (6) | 0 | 0 | |
Exercise of stock options | $ 0 | $ 0 | $ 0 | $ 3 | 56,479 | 0 | 56,482 | |
Exercise of stock options (in shares) | 0 | 0 | 0 | 28,965 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | 462,946 | 0 | 462,946 | |
Net loss | 0 | 0 | 0 | 0 | 0 | (4,321,331) | (4,321,331) | |
Balance at Sep. 30, 2018 | $ 0 | $ 0 | $ 0 | $ 1,009 | 50,070,169 | (30,331,187) | 19,739,991 | |
Balance (in shares) at Sep. 30, 2018 | 0 | 0 | 0 | 10,088,996 | ||||
Balance at Dec. 31, 2018 | $ 1,147 | 53,388,216 | (36,514,294) | 16,875,069 | ||||
Balance (in shares) at Dec. 31, 2018 | 11,468,996 | |||||||
Exercise of stock options on a cashless basis | $ 24 | (24) | 0 | 0 | ||||
Exercise of stock options on a cashless basis (in shares) | 236,466 | |||||||
Exercise of stock options | $ 31 | 483,857 | 0 | 483,888 | ||||
Exercise of stock options (in shares) | 313,686 | |||||||
Stock-based compensation | $ 0 | 1,032,960 | 0 | 1,032,960 | ||||
Net loss | 0 | 0 | (5,932,384) | (5,932,384) | ||||
Balance at Mar. 31, 2019 | $ 1,202 | 54,905,009 | (42,446,678) | 12,459,533 | ||||
Balance (in shares) at Mar. 31, 2019 | 12,019,148 | |||||||
Balance at Dec. 31, 2018 | $ 1,147 | 53,388,216 | (36,514,294) | 16,875,069 | ||||
Balance (in shares) at Dec. 31, 2018 | 11,468,996 | |||||||
Net loss | (15,915,274) | |||||||
Balance at Sep. 30, 2019 | $ 1,710 | 68,831,827 | (52,429,568) | 16,403,969 | ||||
Balance (in shares) at Sep. 30, 2019 | 17,100,726 | |||||||
Balance at Mar. 31, 2019 | $ 1,202 | 54,905,009 | (42,446,678) | 12,459,533 | ||||
Balance (in shares) at Mar. 31, 2019 | 12,019,148 | |||||||
Exercise of stock options | $ 3 | 67,886 | 0 | 67,889 | ||||
Exercise of stock options (in shares) | 34,815 | |||||||
Stock-based compensation | $ 0 | 424,019 | 0 | 424,019 | ||||
Net loss | 0 | 0 | (5,333,512) | (5,333,512) | ||||
Balance at Jun. 30, 2019 | $ 1,205 | 55,396,914 | (47,780,190) | 7,617,929 | ||||
Balance (in shares) at Jun. 30, 2019 | 12,053,963 | |||||||
Issuance of common stock in initial public offering | [2] | $ 505 | 12,958,070 | 0 | 12,958,575 | |||
Issuance of common stock in initial public offering (in shares) | [2] | 5,046,763 | ||||||
Stock-based compensation | $ 0 | 476,843 | 0 | 476,843 | ||||
Net loss | 0 | 0 | (4,649,378) | (4,649,378) | ||||
Balance at Sep. 30, 2019 | $ 1,710 | $ 68,831,827 | $ (52,429,568) | $ 16,403,969 | ||||
Balance (in shares) at Sep. 30, 2019 | 17,100,726 | |||||||
[1] | Includes gross proceeds of $27,300,000, less total issuance costs of $2,752,197. | |||||||
[2] | Includes gross proceeds of $14,030,001, less total issuance costs of $1,071,931. |
Condensed Statement of Change_2
Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Statement of Changes in Stockholders' Equity | ||
Proceeds Of Stock Issued During Period Gross | $ 14,030,001 | $ 27,300,000 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,071,931 | $ 2,752,197 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Cash Flows From Operating Activities: | |||
Net loss | $ (15,915,274) | $ (11,070,001) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 8,494 | 16,808 | |
Stock-based compensation | 1,933,822 | 1,115,034 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (264,221) | (261,301) | |
Accounts payable | 85,746 | 593,846 | |
Accrued compensation | (320,610) | 0 | |
Accrued expenses and other current liabilities | (430,839) | 715,721 | |
Security deposit | 0 | (117,800) | |
Deferred rent | 3,770 | 2,332 | |
Net Cash Used In Operating Activities | (14,899,112) | (9,005,361) | |
Cash Flows From Investing Activities: | |||
Purchases of property and equipment | (43,478) | 0 | |
Net Cash Used In Investing Activities | (43,478) | 0 | |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 551,777 | 56,482 | |
Proceeds from sale of common stock in initial public offering | [1] | 0 | 25,089,000 |
Payment of initial public offering issuance costs | 0 | (345,497) | |
Proceeds from sale of common stock in public offering | [2] | 13,214,949 | 0 |
Payment of public offering issuance costs | (256,374) | 0 | |
Net Cash Provided By Financing Activities | 13,510,352 | 24,799,985 | |
Net (Decrease) Increase in Cash and Cash Equivalents | (1,432,238) | 15,794,624 | |
Cash and Cash Equivalents - Beginning of Period | 19,728,200 | 5,249,511 | |
Cash and Cash Equivalents - End of Period | 18,295,962 | 21,044,135 | |
Interest expense | 0 | 0 | |
Income taxes | 0 | 0 | |
Non-cash financing activities: | |||
Exercise of warrants on a cashless basis | 0 | 6 | |
Exercise of stock options on a cashless basis | 24 | 0 | |
Conversion of convertible preferred stock into common stock | 0 | 470 | |
Reversal of previously accrued initial public offering issuance costs | 0 | (133,000) | |
Reduction of additional paid-in capital for initial public offering issuance costs that were previously paid | $ 0 | $ (195,700) | |
[1] | Includes gross proceeds of $27,300,000, less issuance costs of $2,211,000 deducted directly from the offering proceeds. | ||
[2] | Includes gross proceeds of $14,030,001, less issuance costs of $815,052 deducted directly from the offering proceeds. |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Statements of Cash Flows | ||
Proceeds Of Stock Issued During Period Gross | $ 14,030,001 | $ 27,300,000 |
Payments of Debt Issuance Costs | $ 815,052 | $ 2,211,000 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Business Organization, Nature of Operations and Basis of Presentation | |
Business Organization, Nature of Operations and Basis of Presentation | Note 1 – Business Organization, Nature of Operations and Basis of Presentation Eyenovia. Inc. (“Eyenovia” or the “Company”) is a clinical stage ophthalmic biopharmaceutical company developing a pipeline of microdose therapeutics utilizing its patented piezo-print delivery technology, branded the Optejet TM . Eyenovia aims to achieve clinical microdosing of next-generation formulations of well-established ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system, which has the potential to replace conventional eye dropper delivery and improve safety, tolerability, patient compliance and topical delivery success for ophthalmic eye treatments. In the clinic, Optejet has demonstrated up to a 75% reduction in ocular drug and preservative exposure, with successful topical delivery that is consistent with the efficacy of traditional eyedrop administration. Using its proprietary delivery technology, Eyenovia is developing the next generation of smart ophthalmic therapies while targeting new indications for which there are currently no drug therapies approved by the U.S. Food and Drug Administration (the “FDA”). Eyenovia’s microdose therapeutics follow the FDA-designated pharmaceutical registration and regulatory process. Its products are not classified by the FDA as medical devices or drug-device combination products. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10‑Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP 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 condensed financial statements of the Company as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year ending December 31, 2019 or any other period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2018 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10‑K on March 27, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Since the date of the Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Liquidity and Financial Condition The Company has not yet generated revenues or achieved profitability and expects to continue to incur cash outflows from operations. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, it will eventually need to generate significant product revenues to achieve profitability. On October 29, 2019, the Company announced that it is advancing its MicroLine program for the improvement in near vision in patients with presbyopia towards Phase III development. As a result of prioritizing MicroLine, in tandem with its Mircropine (progressive myopia) and MicroStat (mydriasis) programs, the Company has deferred development activities for its MicroProst (glaucoma and ocular hypertension) and MicroTears (red eye and itch relief lubrication) programs. The Company believes the re-prioritization of its programs will yield overall cost savings of approximately $1.5 million to $1.9 million in 2020. The Company believes its current cash on hand, including the proceeds received from public offerings following its initial public offering, is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. Thereafter, the Company may need to raise further capital, through the sale of additional equity or debt securities, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits and U.S. treasury bills in a financial institution which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of September 30, 2019 and December 31, 2018, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $18,045,962 and $19,478,200, respectively. Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: September 30, 2019 2018 Options 2,237,438 2,225,118 Restricted Stock Units 60,355 20,165 Total potentially dilutive shares 2,297,793 2,245,283 Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2018. The new standard requires adoption on a retrospective basis unless it is impracticable to apply, in which case a company would be required to apply the amendments prospectively as of the earliest date practicable. This standard was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position, results of operations or cash flows. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718)” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity of financial reporting for non-employee share-based payments. Currently, the accounting requirements for non-employee and employee share-based payments are significantly different. ASU 2018-07 expands the scope of Topic 718, which currently only includes share-based payments to employees, to include share-based payments to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, “Equity — Equity-Based Payments to Nonemployees.” The amendments to ASU 2018 - 07 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a company’s adoption date of ASU No. 2014-09, (Topic 606), “Revenue from Contracts with Customers.” This standard was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2019 | |
Prepaid Expenses and Other Current Assets | |
Prepaid Expenses and Other Current Assets | Note 3 – Prepaid Expenses and Other Current Assets As of September 30, 2019 and December 31, 2018, prepaid expenses and other current assets consisted of the following: September 30, December 31, 2019 2018 (unaudited) Prepaid insurance expenses $ 152,940 $ 39,465 Payroll tax credit receivable 85,932 - Prepaid conference expenses 71,196 7,000 Prepaid research & development expenses 25,528 - Prepaid patent expenses 19,848 10,562 Prepaid advertising and marketing 16,400 - Prepaid rent and security deposit 16,213 75,729 Other 8,920 - Total prepaid expenses and other current assets $ 396,977 $ 132,756 |
Accrued Compensation
Accrued Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Compensation | |
Accrued Compensation | Note 4 – Accrued Compensation As of September 30, 2019 and December 31, 2018, accrued compensation consisted of the following: September 30, December 31, 2019 2018 (unaudited) Accrued bonus expenses $ 516,360 $ 694,490 Accrued payroll expenses 75,134 217,614 Total accrued compensation $ 591,494 $ 912,104 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | Note 5 – Accrued Expenses and Other Current Liabilities As of September 30, 2019 and December 31, 2018, accrued expenses and other current liabilities consisted of the following: September 30, December 31, 2019 2018 (unaudited) Accrued research and development expenses $ 150,139 $ 375,204 Credit card payable 45,594 9,466 Accrued franchise tax 34,246 - Accrued travel and entertainment expenses 10,728 - Accrued professional services 5,667 111,728 Accrued legal expenses - 168,650 Other - 12,165 Total accrued expenses and other current liabilities $ 246,374 $ 677,213 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Employment Agreements Effective February 15, 2019, the Company entered into at-will executive employment agreements with Tsontcho Ianchulev, its Chief Executive Officer and Chief Medical Officer, John Gandolfo, its Chief Financial Officer, Jennifer Clasby, its Vice President, Clinical Operations, Luke Clauson, its Vice President, Research and Development and Manufacturing, and Michael Rowe, now its Vice President, Commercial. Each of the employment agreements provides that if the executive’s employment is terminated by the Company without “Cause” or the executive suffers an “Involuntarily Termination” (each as defined in the employment agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to three months of his or her then-current base salary (currently estimated at approximately $419,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of three months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Each of the employment agreements also provides that if within 12 months following any “Corporate Transaction” (as defined in the employment agreements) of the Company, if the executive’s employment is terminated by the Company without Cause or the executive suffers an Involuntary Termination, provided that the executive has signed a full release of all claims, the executive will be entitled to receive, in lieu of what is described in the above paragraph: (i) severance pay equal to 12 months of his or her then-current base salary (currently estimated at approximately $1,677,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of 12 months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Litigations, Claims and Assessments 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions | |
Related Party Transactions | Note 7 – Related Party Transactions Consulting Agreements A company in which a member of the Company’s Board of Directors is part owner is a party to a consulting agreement with the Company dated July 6, 2017 that provides for the payment of $9,567 per month, and $250 per hour for any additional work, for advisory services performed by such director. The Company incurred expenses of $49,451 and $35,018 for the three months ended September 30, 2019 and 2018, respectively, and $151,853 and $127,478 for the nine months ended September 30, 2019 and 2018, respectively, related to the agreement which was included within general and administrative expenses on the condensed statements of operations. Lease Agreements The Company paid $3,000 and $4,000 per month as of July 2016 and January 2018, respectively, to a company controlled by a member of its Board of Directors for office space in New York, NY for its Chief Executive Officer. The Company left the space on August 31, 2018. During the three months ended September 30, 2019 and 2018, the Company recorded rent expense of $0 and $8,000, respectively, and $0 and $32,000 for the nine months ended September 30, 2019 and 2018, respectively, related to the office space which was included within general and administrative expenses on the condensed statements of operations. The Company’s Vice President of Research and Development and Manufacturing (“VP of R&D”) owns a company that entered into a lease agreement with the Company on September 15, 2016 to lease 953 square feet of space located in Reno, NV with respect to its research and development activities. The initial monthly base rent was $3,895 per month over the term of the lease and the security deposit was $3,895. On September 15, 2018, the Company amended the lease agreement to extend it until September 14, 2020 and increase the monthly base rent and security deposit to $4,012. The Company made $40,000 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense amounted to $12,036 and $11,747 for the three months ended September 30, 2019 and 2018, respectively, and $36,108 and $35,117, respectively, for the nine months ended September 30, 2019 and 2018, respectively. Research and Development Activities The VP of R&D is the sole owner and President of a company that performs contract engineering services for the Company. During the three and nine months ended September 30, 2019, the Company recognized research and development expense of $197,543 and $728,103, respectively, related to services provided by such vendor. During the three and nine months ended September 30, 2018 , the Company recognized research and development expense of $243,614 and $672,057, respectively, related to services provided by such vendor. The Company had a liability of $133,251 and $100,667 to the vendor as of September 30, 2019 and December 31, 2018, respectively. The Company recognized $46,010 and $140,110 of compensation expense related to the VP of R&D’s salary during the three and nine months ended September 30, 2019, respectively. The Company recognized $46,050 and $128,550 of compensation expense during the three and nine months ended September 30, 2018, respectively. License Agreement During 2015, the Company entered into a license agreement with Senju Pharmaceuticals Co., Ltd. (“Senju”) whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its microdose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the microdose product candidates. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of a microdose product candidate in Asia; or (ii) the expiration of the licensed patents. As of the date of this filing, there had been no commercial sales of a microdose product candidate in Asia, such that no royalties had been earned. Senju is owned by the family of a former member of the Company’s Board of Directors and, together, they beneficially own greater than 5% of the Company’s common stock. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity | |
Stockholders' Equity | Note 8 – Stockholders’ Equity Public Offering On July 15, 2019, the Company closed an underwritten public offering of 4,388,490 shares of its common stock at a public offering price of $2.78 per share. The Company granted the underwriters a 30-day over-allotment option to purchase up to an additional 658,273 shares of the Company’s common stock at the same price, which was exercised in full on July 16, 2019. Including the over-allotment shares, the Company issued a total of 5,046,763 shares in the underwritten public offering, and received gross proceeds of approximately $14.0 million and net proceeds of approximately $13.0 million, after deducting underwriting discounts, commissions and other offering expenses. Stock Options On January 2, 2019, stock options to purchase 180,000 and 133,686 shares of common stock with an exercise price of $1.24 and $1.95 per share, respectively, were exercised for aggregate proceeds of $483,888. On January 14, 2019, the Company granted ten-year stock options to purchase an aggregate of 11,000 shares of common stock to its employees under the Company’s 2018 Omnibus Stock Incentive Plan (the “2018 Plan”). The 11,000 shares vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company. The stock options have an exercise price of $2.74 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date value of $27,500, which the Company expects to recognize over the vesting period. On February 6, 2019, stock options to purchase an aggregate of 320,001 shares of common stock with an exercise price of $1.24 per share were exercised on a cashless basis, which resulted in the issuance of an aggregate of 236,466 shares of common stock. On February 13, 2019, the Board of Directors of the Company approved the acceleration and immediate vesting of 124,210 stock options originally granted to Dr. Ianchulev on July 24, 2018 in connection with his employment. In connection with the acceleration and immediate vesting, the Company recognized $609,322 of stock-based compensation expense during the six months ended June 30, 2019, which represents the remaining unamortized grant date fair value of the award. On May 14, 2019, stock options to purchase 34,815 shares of common stock with an exercise price of $1.95 per share were exercised for aggregate proceeds of $67,889. During the three months ended September 30, 2019, the Company granted ten-year stock options to purchase an aggregate of 681,572 shares of common stock to its employees, consultants and directors under the 2018 Plan, as amended. Of the 681,572 shares, (i) 636,287 vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company and (ii) 45,285 vest on the earlier of the one-year anniversary of the date of grant and the date of the 2020 annual stockholders meeting, subject to continued service to the Company. The stock options have an exercise price of $3.11 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date value of $1,909,700, which the Company expects to recognize over the vesting period. In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: September 30, September 30, 2019 2018 2019 2018 Expected term (years) 5.85 - 10.00 5.50 - 10.00 5.85 - 10.00 5.50 - 10.00 Risk free interest rate 1.42% - 1.55% 2.74% - 2.95% 1.42% - 2.53% 2.69% - 2.95% Expected volatility 134% 141% 134% - 139% 140 - 141% Expected dividends 0.00% 0.00% 0.00% The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company does not yet have a trading history to support its historical volatility calculations. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The weighted average estimated grant date fair value of the stock options granted for the three and nine months ended September 30, 2019 was approximately $3.11 and $3.10 per share, respectively. The weighted average estimated grant date fair value of the stock options granted for the three and nine months ended September 30, 2018 was approximately $5.66 and $6.39 per share, respectively. A summary of the option activity during the nine months ended September 30, 2019 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2019 2,220,868 $ 3.01 Granted 692,572 3.10 Exercised (668,502) 1.42 Forfeited (7,500) 4.73 Outstanding September 30, 2019 2,237,438 $ 3.51 8.4 $ 2,273,629 Exercisable September 30, 2019 1,040,178 $ 3.34 7.5 $ 1,407,386 The following table presents information related to stock options as of September 30, 2019: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 260,000 $ 1.95 700,281 438,363 $ 2.74 6,000 - $ 3.11 681,572 - $ 4.00 2,000 - $ 5.10 6,000 2,167 $ 5.19 16,500 5,500 $ 5.25 26,668 19,582 $ 6.20 311,499 210,690 $ 6.30 60,000 23,333 $ 166,918 80,542 Restricted Stock Units On August 16, 2019, the Company granted to members of its Board of Directors an aggregate of 40,190 restricted stock units (“RSUs”) under the 2018 Plan, as amended. The grants vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2020 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $125,000, which will be recognized over the vesting period. Stock-Based Compensation Expense The Company records stock-based compensation expense related to stock options and RSUs. During the three months ended September 30, 2019 and 2018, the Company recorded expense of $476,843 ($255,323 of which was included within research and development expenses and $221,520 was included within general and administrative expenses on the condensed statements of operations) and $462,945 ($240,432 of which was included within research and development expenses and $222,513 was included within general and administrative expenses on the condensed statements of operations which includes a credit associated with the mark-to-market of non-employee options), respectively. During the nine months ended September 30, 2019 and 2018, the Company recorded expense of $1,933,822 ($1,156,241 of which was included within research and development expenses and $777,581 was included within general and administrative expenses on the condensed statements of operations) and $1,115,034 ($556,721 of which was included within research and development expenses and $558,313 was included within general and administrative expenses on the condensed statements of operations), respectively. As of September 30, 2019, there was $3,827,342 of unrecognized stock-based compensation expense which will be recognized over a weighted average period of 2.1 years. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Employee Benefit Plans | |
Employee Benefit Plans | Note 9 – Employee Benefit Plans 401(k) Plan In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2019, the Company’s Board of Directors has approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. During the three and nine months ended September 30, 2019, the Company recorded expense of $26,989 and $43,032 associated with its matching contributions, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events | |
Subsequent Events | Note 10 – Subsequent Events On October 29, 2019, the Company announced that it is advancing its MicroLine program for the improvement in near vision in patients with presbyopia towards Phase III development. As a result of prioritizing MicroLine, in tandem with its MicroPine (progressive myopia) and MicroStat (mydriasis) programs, the Company has deferred development activities for its MicroProst (glaucoma and ocular hypertension) and MicroTears (red eye and itch relief lubrication) programs. The Company believes the re-prioritization of its programs will yield overall cost savings of approximately $1.5 million to $1.9 million in 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies | |
Liquidity and Financial Condition | Liquidity and Financial Condition The Company has not yet generated revenues or achieved profitability and expects to continue to incur cash outflows from operations. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, it will eventually need to generate significant product revenues to achieve profitability. On October 29, 2019, the Company announced that it is advancing its MicroLine program for the improvement in near vision in patients with presbyopia towards Phase III development. As a result of prioritizing MicroLine, in tandem with its Mircropine (progressive myopia) and MicroStat (mydriasis) programs, the Company has deferred development activities for its MicroProst (glaucoma and ocular hypertension) and MicroTears (red eye and itch relief lubrication) programs. The Company believes the re-prioritization of its programs will yield overall cost savings of approximately $1.5 million to $1.9 million in 2020. The Company believes its current cash on hand, including the proceeds received from public offerings following its initial public offering, is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. Thereafter, the Company may need to raise further capital, through the sale of additional equity or debt securities, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits and U.S. treasury bills in a financial institution which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of September 30, 2019 and December 31, 2018, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $18,045,962 and $19,478,200, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: September 30, 2019 2018 Options 2,237,438 2,225,118 Restricted Stock Units 60,355 20,165 Total potentially dilutive shares 2,297,793 2,245,283 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2018. The new standard requires adoption on a retrospective basis unless it is impracticable to apply, in which case a company would be required to apply the amendments prospectively as of the earliest date practicable. This standard was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position, results of operations or cash flows. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718)” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity of financial reporting for non-employee share-based payments. Currently, the accounting requirements for non-employee and employee share-based payments are significantly different. ASU 2018-07 expands the scope of Topic 718, which currently only includes share-based payments to employees, to include share-based payments to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, “Equity — Equity-Based Payments to Nonemployees.” The amendments to ASU 2018 - 07 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a company’s adoption date of ASU No. 2014-09, (Topic 606), “Revenue from Contracts with Customers.” This standard was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies | |
Schedule of anti-dilutive weighted average diluted common shares | The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: September 30, 2019 2018 Options 2,237,438 2,225,118 Restricted Stock Units 60,355 20,165 Total potentially dilutive shares 2,297,793 2,245,283 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Prepaid Expenses and Other Current Assets | |
Schedule of prepaid expenses and other current assets | As of September 30, 2019 and December 31, 2018, prepaid expenses and other current assets consisted of the following: September 30, December 31, 2019 2018 (unaudited) Prepaid insurance expenses $ 152,940 $ 39,465 Payroll tax credit receivable 85,932 - Prepaid conference expenses 71,196 7,000 Prepaid research & development expenses 25,528 - Prepaid patent expenses 19,848 10,562 Prepaid advertising and marketing 16,400 - Prepaid rent and security deposit 16,213 75,729 Other 8,920 - Total prepaid expenses and other current assets $ 396,977 $ 132,756 |
Accrued Compensation (Tables)
Accrued Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Compensation | |
Schedule of accrued compensation | As of September 30, 2019 and December 31, 2018, accrued compensation consisted of the following: September 30, December 31, 2019 2018 (unaudited) Accrued bonus expenses $ 516,360 $ 694,490 Accrued payroll expenses 75,134 217,614 Total accrued compensation $ 591,494 $ 912,104 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | As of September 30, 2019 and December 31, 2018, accrued expenses and other current liabilities consisted of the following: September 30, December 31, 2019 2018 (unaudited) Accrued research and development expenses $ 150,139 $ 375,204 Credit card payable 45,594 9,466 Accrued franchise tax 34,246 - Accrued travel and entertainment expenses 10,728 - Accrued professional services 5,667 111,728 Accrued legal expenses - 168,650 Other - 12,165 Total accrued expenses and other current liabilities $ 246,374 $ 677,213 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity | |
Schedule of Black-Scholes option pricing model to stock options granted | In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: September 30, September 30, 2019 2018 2019 2018 Expected term (years) 5.85 - 10.00 5.50 - 10.00 5.85 - 10.00 5.50 - 10.00 Risk free interest rate 1.42% - 1.55% 2.74% - 2.95% 1.42% - 2.53% 2.69% - 2.95% Expected volatility 134% 141% 134% - 139% 140 - 141% Expected dividends 0.00% 0.00% 0.00% |
Schedule of the stock option activity | A summary of the option activity during the nine months ended September 30, 2019 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2019 2,220,868 $ 3.01 Granted 692,572 3.10 Exercised (668,502) 1.42 Forfeited (7,500) 4.73 Outstanding September 30, 2019 2,237,438 $ 3.51 8.4 $ 2,273,629 Exercisable September 30, 2019 1,040,178 $ 3.34 7.5 $ 1,407,386 |
Schedule of information related to stock options | The following table presents information related to stock options as of September 30, 2019: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 260,000 $ 1.95 700,281 438,363 $ 2.74 6,000 - $ 3.11 681,572 - $ 4.00 2,000 - $ 5.10 6,000 2,167 $ 5.19 16,500 5,500 $ 5.25 26,668 19,582 $ 6.20 311,499 210,690 $ 6.30 60,000 23,333 $ 166,918 80,542 |
Business Organization, Nature_2
Business Organization, Nature of Operations and Basis of Presentation - (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Business Organization, Nature of Operations and Basis of Presentation | |
Percentage reduction in preservative | 75.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,297,793 | 2,245,283 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 60,355 | 20,165 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,237,438 | 2,225,118 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Oct. 29, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash, Uninsured Amount | $ 18,045,962 | $ 19,478,200 | |
Subsequent Event [Member] | Maximum [Member] | |||
Re-Prioritization Of Overall Cost Savings | $ 1,900,000 | ||
Subsequent Event [Member] | Minimum [Member] | |||
Re-Prioritization Of Overall Cost Savings | $ 1,500,000 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets | ||
Prepaid insurance expenses | $ 152,940 | $ 39,465 |
Payroll tax credit receivable | 85,932 | 0 |
Prepaid conference expenses | 71,196 | 7,000 |
Prepaid research & development expenses | 25,528 | 0 |
Prepaid patent expenses | 19,848 | 10,562 |
Prepaid advertising and marketing | 16,400 | 0 |
Prepaid rent and security deposit | 16,213 | 75,729 |
Other | 8,920 | 0 |
Total prepaid expenses and other current assets | $ 396,977 | $ 132,756 |
Accrued Compensation (Details)
Accrued Compensation (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Compensation | ||
Accrued bonus expenses | $ 516,360 | $ 694,490 |
Accrued payroll expenses | 75,134 | 217,614 |
Total accrued compensation | $ 591,494 | $ 912,104 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses and Other Current Liabilities | ||
Accrued research and development expenses | $ 150,139 | $ 375,204 |
Credit card payable | 45,594 | 9,466 |
Accrued franchise tax | 34,246 | 0 |
Accrued travel and entertainment expenses | 10,728 | 0 |
Accrued professional services | 5,667 | 111,728 |
Accrued legal expenses | 0 | 168,650 |
Other | 0 | 12,165 |
Total accrued expenses and other current liabilities | $ 246,374 | $ 677,213 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments and Contingencies | |
Severance Costs | $ 419,000 |
Supplemental Unemployment Benefits, Salary Continuation | $ 1,677,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Jul. 06, 2017USD ($) | Jan. 31, 2018USD ($) | Sep. 15, 2016USD ($)ft² | Jul. 31, 2016USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2015 | Dec. 31, 2018USD ($) | Sep. 15, 2018USD ($) |
Operating Leases, Rent Expense | $ 0 | $ 8,000 | $ 0 | $ 32,000 | |||||||
Security Deposit | 117,800 | 117,800 | $ 117,800 | ||||||||
Payments for Rent | $ 4,000 | $ 3,000 | |||||||||
License Agreement | |||||||||||
Minority Interest Ownership Percentage In Company | 5.00% | ||||||||||
Vice President of Research and Development [Member] | |||||||||||
Cost Of Services Engineering Services | 197,543 | 243,614 | 728,103 | 672,057 | |||||||
Net Rentable Area | ft² | 953 | ||||||||||
Lease, Monthly Base Rent | $ 3,895 | ||||||||||
Operating Leases, Rent Expense | 12,036 | 11,747 | 36,108 | 35,117 | |||||||
Security Deposit | $ 3,895 | $ 4,012 | |||||||||
Officers' Compensation | 46,010 | 46,050 | 140,110 | 128,550 | |||||||
Leasehold Improvements, Gross | 40,000 | 40,000 | |||||||||
Senju Pharmaceutical Co [Member] | |||||||||||
Royalty Percentage | (5.00%) | ||||||||||
Research and Development Expense [Member] | Vice President of Research and Development [Member] | |||||||||||
Due to Related Parties | 133,251 | 133,251 | $ 100,667 | ||||||||
Cura Partners [Member] | Consulting Agreement [Member] | |||||||||||
Consulting Fee | $ 9,567 | ||||||||||
Consulting agreement payment, Per hour | $ 250 | ||||||||||
Cura Partners [Member] | General and Administrative Expense [Member] | Consulting Agreement [Member] | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 49,451 | $ 35,018 | $ 151,853 | $ 127,478 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Expected volatility | 134.00% | 141.00% | ||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Expected term (years) | 5 years 10 months 6 days | 5 years 6 months | 5 years 10 months 6 days | 5 years 6 months |
Risk free interest rate | 1.42% | 2.74% | 1.42% | 2.69% |
Expected volatility | 134.00% | 140.00% | ||
Maximum [Member] | ||||
Expected term (years) | 10 years | 10 years | 10 years | 10 years |
Risk free interest rate | 1.55% | 2.95% | 2.53% | 2.95% |
Expected volatility | 139.00% | 141.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of option activity (Details) - USD ($) | May 14, 2019 | Feb. 06, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Number of Options Exercised | Shares | (34,815) | (320,001) | ||||
Weighted Average Exercise Price, Granted | $ / Shares | $ 5.66 | |||||
Weighted Average Exercise Price, Exercised | $ 1.95 | $ 3.11 | $ 3.10 | $ 6.39 | ||
Weighted Average Exercise Price, Exercisable | $ / Shares | $ 1.24 | |||||
Stock Options [Member] | ||||||
Number of Options Outstanding | Shares | 2,220,868 | |||||
Number of Options Granted | Shares | 692,572 | |||||
Number of Options Exercised | Shares | (668,502) | |||||
Number of Options Forfeited | Shares | (7,500) | |||||
Number of Options Outstanding | Shares | 2,237,438 | 2,237,438 | ||||
Number of Options Exercisable | Shares | 1,040,178 | 1,040,178 | ||||
Weighted Average Exercise Price, Outstanding | $ / Shares | $ 3.01 | |||||
Weighted Average Exercise Price, Granted | $ / Shares | 3.10 | |||||
Weighted Average Exercise Price, Exercised | 1.42 | |||||
Weighted Average Exercise Price, Forfeited | $ / Shares | 4.73 | |||||
Weighted Average Exercise Price, Outstanding | $ / Shares | $ 3.51 | 3.51 | ||||
Weighted Average Exercise Price, Exercisable | $ / Shares | $ 3.34 | $ 3.34 | ||||
Weighted Average Remaining Life In Years, Outstanding | 8 years 4 months 24 days | |||||
Weighted Average Remaining Life In Years, Exercisable | 7 years 6 months | |||||
Aggregate Intrinsic Value, Outstanding | $ | $ 2,273,629 | $ 2,273,629 | ||||
Aggregate Intrinsic Value, Exercisable | $ 1,407,386 | $ 1,407,386 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of information related to stock options (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Options Outstanding, Outstanding Number of Options | 2,237,438 |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years 6 months |
Options Exercisable, Exercisable Number of Options | 1,040,178 |
Exercise Price 1.24 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 1.24 |
Options Outstanding, Outstanding Number of Options | 260,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 5 years 6 months |
Options Exercisable, Exercisable Number of Options | 260,000 |
Exercise Price 1.95 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 1.95 |
Options Outstanding, Outstanding Number of Options | 700,281 |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 438,363 |
Exercise Price 2.74 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 2.74 |
Options Outstanding, Outstanding Number of Options | 6,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years |
Options Exercisable, Exercisable Number of Options | 0 |
Exercise Price 3.11 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 3.11 |
Options Outstanding, Outstanding Number of Options | 681,572 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years |
Options Exercisable, Exercisable Number of Options | 0 |
Exercise Price 4.00 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 4 |
Options Outstanding, Outstanding Number of Options | 2,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years |
Options Exercisable, Exercisable Number of Options | 0 |
Exercise Price 5.10 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 5.10 |
Options Outstanding, Outstanding Number of Options | 6,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 2,167 |
Exercise Price 5.19 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 5.19 |
Options Outstanding, Outstanding Number of Options | 16,500 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 5,500 |
Exercise Price 5.25 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 5.25 |
Options Outstanding, Outstanding Number of Options | 26,668 |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years |
Options Exercisable, Exercisable Number of Options | 19,582 |
Exercise Price 6.20 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 6.20 |
Options Outstanding, Outstanding Number of Options | 311,499 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 210,690 |
Exercise Price 6.30 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 6.30 |
Options Outstanding, Outstanding Number of Options | 60,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 23,333 |
Exercise Price 8.72 [Member] | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 8.72 |
Options Outstanding, Outstanding Number of Options | 166,918 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 6 months |
Options Exercisable, Exercisable Number of Options | 80,542 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Aug. 16, 2019 | Jul. 15, 2019 | May 14, 2019 | Feb. 13, 2019 | Feb. 06, 2019 | Jan. 14, 2019 | Jan. 02, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Stock Issued During Period, Shares, New Issues | 5,046,763 | 236,466 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,827,342 | $ 3,827,342 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |||||||||||||
Net Proceeds From Issuance Of Common Stock | $ 13,000,000 | |||||||||||||
Gross Proceeds Of Stock Value Issued During Period | $ 14,000,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.66 | |||||||||||||
Share-based Compensation | $ 476,843 | $ 462,945 | $ 1,933,822 | $ 1,115,034 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 609,322 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 34,815 | 320,001 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.95 | $ 3.11 | $ 3.10 | $ 6.39 | ||||||||||
Proceeds from Stock Options Exercised | $ 67,889 | $ 483,888 | $ 551,777 | $ 56,482 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1.24 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 124,210 | |||||||||||||
Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 180,000 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.24 | |||||||||||||
Research and Development Expense [Member] | ||||||||||||||
Share-based Compensation | $ 255,323 | 240,432 | 1,156,241 | 556,721 | ||||||||||
General and Administrative Expense [Member] | ||||||||||||||
Share-based Compensation | $ 221,520 | $ 222,513 | $ 777,581 | $ 558,313 | ||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 125,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,190 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 133,686 | 34,815 | 313,686 | 28,965 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.95 | |||||||||||||
IPO [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,388,490 | |||||||||||||
Shares Issued, Price Per Share | $ 2.78 | |||||||||||||
Over-Allotment Option [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 658,273 | |||||||||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.33% | 0.33% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 11,000 | 636,287 | ||||||||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 24 months | 24 months | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,285 | |||||||||||||
Employees Consultants and Directors Under the 2018 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 11,000 | 681,572 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.74 | |||||||||||||
Sharebased Compensation Arrangement by Sharebased Payment Award Options Grants in Period Grant Date Fair Value | $ 27,500 | $ 1,909,700 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 3.11 | |||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Apr. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | |
Employee Benefit Plans | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 4.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 26,989 | $ 43,032 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | Oct. 29, 2019USD ($) |
Minimum [Member] | |
Re-Prioritization Of Overall Cost Savings | $ 1.5 |
Maximum [Member] | |
Re-Prioritization Of Overall Cost Savings | $ 1.9 |