Eyenovia (EYEN) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
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		19,776,019
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 13,656,091	$ 14,152,601
Prepaid expenses and other current assets	860,917	196,680
Total Current Assets	14,517,008	14,349,281
Property and equipment, net	273,739	230,538
Security deposit	117,800	117,800
Total Assets	14,908,547	14,697,619
Current Liabilities:
Accounts payable	1,252,758	1,541,358
Accrued compensation	348,009	916,873
Accrued expenses and other current liabilities	513,963	453,430
Short term note payable	423,165
Total Current Liabilities	2,537,895	2,911,661
Deferred rent	45,348	45,351
Total Liabilities	2,583,243	2,957,012
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 March 31, 2020 and as of December 31, 2019	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 19,776,019 and 17,100,726 shares issued and outstanding as of March 31, 2020 and and December 31, 2019, respectively	1,977	1,710
Additional paid-in capital	75,445,289	69,409,949
Accumulated deficit	(63,121,962)	(57,671,052)
Total Stockholders' Equity	12,325,304	11,740,607
Total Liabilities and Stockholders' Equity	$ 14,908,547	$ 14,697,619

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	19,776,019	17,100,726
Common Stock, Shares, Outstanding	19,776,019	17,100,726

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Expenses:
Research and development	$ 3,634,287	$ 4,008,896
General and administrative	1,836,782	1,942,763
Total Operating Expenses	5,471,069	5,951,659
Loss From Operations	(5,471,069)	(5,951,659)
Other Income:
Interest expense	(3,681)
Interest income	23,840	19,275
Net Loss	$ (5,450,910)	$ (5,932,384)
Net Loss Per Share
- Basic and Diluted	$ (0.31)	$ (0.50)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	17,308,804	11,919,973

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
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
Stock-based compensation		$ 0	1,032,960	0	1,032,960
Net loss		0	0	(5,932,384)	(5,932,384)
Exercise of stock options		$ 31	483,857	0	483,888
Exercise of stock options (in shares)		313,686
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, 2019		$ 1,710	69,409,949	(57,671,052)	11,740,607
Balance (in shares) at Dec. 31, 2019		17,100,726
Issuance of common stock and warrants in public offering	[1]	$ 267	5,451,475	0	5,451,742
Issuance of common stock and warrants in public offering (in shares)	[1]	2,675,293
Stock-based compensation		$ 0	583,865	0	583,865
Net loss		0	0	(5,450,910)	(5,450,910)
Balance at Mar. 31, 2020		$ 1,977	$ 75,445,289	$ (63,121,962)	$ 12,325,304
Balance (in shares) at Mar. 31, 2020		19,776,019
[1]	Includes gross proceeds of $5,984,931, less total issuance costs of $533,189.

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2020USD ($)
Condensed Statements of Changes in Stockholders' Equity
Proceeds Of Stock Issued During Period Gross	$ 5,984,931
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 533,189

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities
Net loss		$ (5,450,910)	$ (5,932,384)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		28,229	2,553
Stock-based compensation		583,865	1,032,960
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(189,021)	(427,573)
Accounts payable		(288,600)	551,519
Accrued compensation		(568,864)	(495,043)
Accrued expenses and other current liabilities		(32,623)	(630,388)
Deferred rent		(3)	1,616
Net Cash Used In Operating Activities		(5,917,927)	(5,896,740)
Cash Flows From Investing Activities
Purchases of property and equipment		(93,930)	0
Net Cash Used In Investing Activities		(93,930)	0
Cash Flows From Financing Activities
Proceeds from sale of units in private placement	[1]	5,569,136	0
Repayment of short-term note payable		(52,051)	0
Payment of private placement issuance costs		(1,738)	0
Proceeds from exercise of stock options		0	483,888
Net Cash Provided By Financing Activities		5,515,347	483,888
Net Decrease in Cash		(496,510)	(5,412,852)
Cash - Beginning of Period		14,152,601	19,728,200
Cash - End of Period		13,656,091	14,315,348
Supplemental Disclosure of Cash Flow Information:
Interest expense		1,699	0
Income taxes		0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrual of private placement offering costs		115,656	0
Purchase of insurance premium financed by short-term note payable		475,216	0
Exercise of warrants on a cashless basis		$ 0	$ 24
[1]	Includes gross proceeds of $5,984,931, less issuance costs of $415,795 deducted directly from the offering proceeds.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical)	3 Months Ended
	Mar. 31, 2020USD ($)
Condensed Statements of Cash Flows
Proceeds Of Stock Issued During Period Gross	$ 5,984,931
Payments of Debt Issuance Costs	$ 415,795

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, the Optejet has demonstrated the ability to horizontally deliver opthalmic medication with a success rate significantly higher than that of traditional eye drops (~ 90% vs. ~ 50%). Using its proprietary delivery technology, Eyenovia is developing the next generation of smart ophthalmic therapies which target new indications or new combinations where there are currently no comparable 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 classified by the FDA as drugs, and not 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 March 31, 2020 and for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year ending December 31, 2020 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, 2019 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Liquidity and Going Concern As of March 31, 2020, the Company had cash of approximately $13.7 million and an accumulated deficit of approximately $63.1 million. For the three months ended March 31, 2020 and 2019, the Company incurred net losses of approximately $5.5 million and $5.9 million, respectively, and used cash in operations of approximately $5.9 million and $5.9 million, respectively. 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. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital, through the sale of additional equity or debt securities or otherwise, 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 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 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 March 31, 2020 and December 31, 2019, the Company had cash balances in excess of FDIC insurance limits of $13,406,091 and $13,902,601, 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. Convertible Instruments The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivative financial instruments to be separately accounted for in accordance with Topic 815 of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”). The accounting treatment of derivative financial instruments requires that the Company record embedded conversion options and any related freestanding instruments at their fair values as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. Embedded conversion options and any related freestanding instruments are recorded as a discount to the host instrument. If the instrument is determined to not be a derivative liability, the Company then evaluates for the existence of a beneficial conversion feature by comparing the commitment date fair value to the effective conversion price of the instrument. 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: March 31, 2020 2019 Options 2,262,438 1,598,181 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 5,666,947 1,618,346 Recently Adopted Accounting Pronouncements In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260) and Derivatives and Hedging (Topic 815)- Accounting for Certain Financial Instruments with Down Round Features” (“ASU 2017-11”). Equity-linked instruments, such as warrants and convertible instruments may contain down round features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Under ASU 2017-11, a down round feature will no longer require a freestanding equity-linked instrument (or embedded conversion option) to be classified as a liability that is remeasured at fair value through the income statement (i.e. marked-to-market). However, other features of the equity-linked instrument (or embedded conversion option) must still be evaluated to determine whether liability or equity classification is appropriate. Equity classified instruments are not marked-to-market. For earnings per share ("EPS") reporting, the ASU requires companies to recognize the effect of the down round feature only when it is triggered by treating it as a dividend and as a reduction of income available to common shareholders in basic EPS. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This standard was adopted on January 1, 2020 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 and Short Term Note Payable	3 Months Ended
	Mar. 31, 2020
Prepaid Expenses and Other Current Assets and Short Term Note Payable
Prepaid Expenses and Other Current Assets and Short Term Note Payable	Note 3 – Prepaid Expenses and Other Current Assets and Short Term Note Payable On February 24, 2020, the Company issued a note payable for the purchase of a directors and officers liability insurance policy. The note payable is payable in 9 monthly payments of $53,750 for an aggregate principal amount of $475,216. The note accrues interest at a rate of 4.29% per year and matures on November 24, 2020. As of March 31, 2020 and December 31, 2019, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2020 2019 (unaudited) Prepaid insurance expenses $ 581,765 $ 33,923 Payroll tax receivable 85,932 95,233 Prepaid research and development expenses 46,526 17,978 Prepaid Nasdaq annual fees 42,375 - Prepaid patent expenses 24,662 12,404 Prepaid conference expenses 25,000 10,600 Prepaid rent and security deposit 26,576 2,463 Other 28,081 24,079 Total prepaid expenses and other current assets $ 860,917 $ 196,680

Accrued Compensation

Accrued Compensation	3 Months Ended
	Mar. 31, 2020
Accrued Compensation
Accrued Compensation	Note 4 – Accrued Compensation As of March 31, 2020 and December 31, 2019, accrued compensation consisted of the following: March 31, December 31, 2020 2019 (unaudited) Accrued bonus expenses $ 190,160 $ 897,839 Accrued payroll expenses 157,849 19,034 Total accrued compensation $ 348,009 $ 916,873

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of March 31, 2020 and December 31, 2019, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2020 2019 (unaudited) Accrued research and development expenses $ 204,134 $ 208,175 Accrued private placement offering costs 115,656 — Accrued professional services 72,466 97,396 Credit card payable 35,025 56,979 Leasehold improvements 20,000 42,500 Accrued legal expenses 42,328 — Accrued franchise tax 8,195 40,995 Accrued travel and entertainment expenses 3,492 7,385 Other 12,667 — Total accrued expenses and other current liabilities $ 513,963 $ 453,430

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 6 – Commitments and Contingencies 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	3 Months Ended
	Mar. 31, 2020
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 $28,701 and $48,201 for the three months ended March 31, 2020 and 2019, respectively, related to the agreement, which was included within general and administrative expenses on the condensed statements of operations. Lease Agreements 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 $60,157 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense amounted to $12,036 for the three months ended March 31, 2020 and 2019. 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 months ended March 31, 2020 and 2019, the Company recognized research and development expense of $243,771 and $320,140, respectively, related to services provided by such vendor. The Company had a liability of $110,965 and $89,052 to the vendor as of March 31, 2020 and December 31, 2019, respectively. The Company recognized $51,337 of compensation expense related to the VP of R&D’s salary during the three months ended March 31, 2020 and $48,050 of compensation expense during the three months ended March 31, 2019. License Agreement During 2015, the Company entered into an Exclusive 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. The Exclusive License Agreement was amended on April 8, 2020. See Note 10 – Subsequent Events for details of the amendment.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	Note 8 – Stockholders’ Equity Securities Purchase Agreement On March 24, 2020, the Company closed on a private placement of approximately $6.0 million of Units. Each Unit consists of (i) one share of the Company’s common stock, (ii) a one-year warrant to purchase 0.5 of a share of common stock (“Class A Warrant”), and (iii) a five-year warrant to purchase 0.75 of a share of common stock (“Class B Warrant”) (collectively, the Class A Warrants and Class B Warrants, the “Warrants”). The Units were sold to the public at a price of $2.21425 per Unit and to certain directors and executive officers at a price of $2.42625 per Unit. The Company generated approximately $5.45 million of net proceeds in the offering after deducting placement agent fees and offering expenses of $0.53 million. In the offering, the Company issued an aggregate of 2,675,293 shares of common stock, Class A Warrants to purchase up to 1,337,659 shares of common stock, and Class B Warrants to purchase up to 2,006,495 shares of common stock. The exercise price of the Class A Warrants issued to the public is $2.058 per share and the exercise price of the Class A Warrants issued to the directors and officers is $2.27 per share. These warrants, taken together, had an intrinsic value of $293,131 as of March 31, 2020. The exercise price of the Class B Warrants issued to the public is $2.4696 per share and the exercise price of the Class B Warrants issued to the directors and officers is $2.724 per share. These warrants, taken together, had no intrinsic value at March 31, 2020. In connection with the offering, on March 23, 2020, the Company also entered into a Registration Rights Agreement with the investors. Pursuant to the Registration Rights Agreement, the Company agreed to file with the SEC, no later than 30 days following the date on which the Company files its Form 10-K for the year ended December 31, 2019 with the SEC, a registration statement on Form S-3 covering the shares of common stock issued in the offering and the shares of common stock underlying the Warrants. The Company timely filed the registration statement on Form S-3, which was declared effective by the SEC on May 13, 2020. Stock Options On January 31, 2020, the Company granted ten-year stock options to purchase 25,000 shares of common stock to its employees under the 2018 Plan, as amended. The 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. The stock options have an exercise price of $4.68 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date fair value of $103,400, 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: For the Three Months Ended March 31, 2020 2019 Expected term (years) 5.85 5.85 Risk free interest rate 1.32% 2.53% Expected volatility 101% 139% Expected dividends 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 months ended March 31, 2020 and 2019 was approximately $4.13 and $2.50 per share, respectively. A summary of the option activity during the three months ended March 31, 2020 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2020 2,237,438 $ 3.51 Granted 25,000 4.68 Exercised — — Forfeited — — Outstanding March 31, 2020 2,262,438 $ 3.52 7.9 $ 520,698 Exercisable March 31, 2020 1,288,545 $ 3.36 7.1 $ 489,678 The following table presents information related to stock options as of March 31, 2020: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 5.0 260,000 $ 1.95 700,281 7.3 611,651 $ 2.74 6,000 8.8 2,333 $ 3.11 681,572 - - $ 4.00 2,000 8.6 889 $ 4.68 25,000 - - $ 5.10 6,000 8.4 3,167 $ 5.19 16,500 8.4 8,250 $ 5.25 26,668 6.5 22,915 $ 6.20 311,499 8.3 238,185 $ 6.30 60,000 8.3 33,333 $ 8.72 166,918 8.0 107,821 7.1 Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options and restricted stock units of $583,865 ($307,409 of which was included within research and development expenses and $276,456 was included within general and administrative expenses on the condensed statements of operations) and $1,032,960 ($694,084 of which was included within research and development expenses and $338,876 was included within general and administrative expenses on the condensed statements of operations) during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $2,768,757 of unrecognized stock-based compensation expense which the Company expects to recognize over a weighted average period of 1.8 years.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019, the Company recorded expense of $57,971 and $0 associated with its matching contributions, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	Note 10 – Subsequent Events License Agreement On April 8, 2020, Eyenovia entered into an amendment (the “License Amendment”) to the Exclusive License Agreement, dated March 18, 2015, by and between the Company and Senju. Pursuant to the License Amendment, the Company can license to any third party the right to research, develop, commercialize, manufacture or use certain products (the “Licensed Products”) previously licensed to Senju in China (including Hong Kong, Macao, and Taiwan) and South Korea (the “Territory”) if such a license is executed by the Company by April 8, 2021. The Licensed Products include those using piezo-print technology in a microdose dispenser with (i) atropine sulfate as its sole active ingredient to treat myopia in humans and (ii) pilocarpine as its sole active ingredient to treat presbyopia in humans. Pursuant to the License Amendment, the Company must pay Senju (a) close to a mid-double digit percentage of revenue on any lump-sum payments the Company receives from the third party, revenue (net of costs) obtained by the Company from contract research and/or development of the Licensed Product in the Territory, and revenue (net of costs) obtained by the Company from contract manufacture for the device of the Licensed Product in the Territory, the aggregate of which must be at least a high seven figure dollar amount minimum payment to Senju; and (b) a lower-double digit percentage of any sales royalty revenue the Company receives from the third party. Unless a third-party license is executed by the Company prior to April 8, 2021 (in which case, subject to early termination as provided below, the License Amendment shall remain in effect for the duration of such license), the License Amendment terminates on April 8, 2021, but may be terminated earlier by Senju upon the Company’s material breach of the License Amendment, subject to a 60-day cure period. Paycheck Protection Program Loan On May 8, 2020, the Company received cash proceeds of $463,353 pursuant to a loan provided in connection with the Paycheck Protection Program under the CARES act (the “PPP Loan”). The PPP Loan matures on May 3, 2022, and bears interest at a fixed rate of 1.00% per annum. Monthly amortized principal and interest payments are deferred for 6 months after the date of the agreement. The Paycheck Protection Program provides that the use of PPP Loan proceeds shall be limited to certain qualifying expenses and may be partially or wholly forgiven in accordance with the requirements set forth in the CARES Act. The Company currently intends to use the PPP Loan for permitted uses, although no assurance can be given that the Company will obtain forgiveness of all or any portion of amounts due under the PPP Note

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Liquidity and Going Concern	Liquidity and Going Concern As of March 31, 2020, the Company had cash of approximately $13.7 million and an accumulated deficit of approximately $63.1 million. For the three months ended March 31, 2020 and 2019, the Company incurred net losses of approximately $5.5 million and $5.9 million, respectively, and used cash in operations of approximately $5.9 million and $5.9 million, respectively. 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. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital, through the sale of additional equity or debt securities or otherwise, 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	Cash 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 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 March 31, 2020 and December 31, 2019, the Company had cash balances in excess of FDIC insurance limits of $13,406,091 and $13,902,601, 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.
Convertible Instruments	Convertible Instruments The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivative financial instruments to be separately accounted for in accordance with Topic 815 of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”). The accounting treatment of derivative financial instruments requires that the Company record embedded conversion options and any related freestanding instruments at their fair values as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. Embedded conversion options and any related freestanding instruments are recorded as a discount to the host instrument. If the instrument is determined to not be a derivative liability, the Company then evaluates for the existence of a beneficial conversion feature by comparing the commitment date fair value to the effective conversion price of the instrument.
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: March 31, 2020 2019 Options 2,262,438 1,598,181 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 5,666,947 1,618,346
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260) and Derivatives and Hedging (Topic 815)- Accounting for Certain Financial Instruments with Down Round Features” (“ASU 2017-11”). Equity-linked instruments, such as warrants and convertible instruments may contain down round features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Under ASU 2017-11, a down round feature will no longer require a freestanding equity-linked instrument (or embedded conversion option) to be classified as a liability that is remeasured at fair value through the income statement (i.e. marked-to-market). However, other features of the equity-linked instrument (or embedded conversion option) must still be evaluated to determine whether liability or equity classification is appropriate. Equity classified instruments are not marked-to-market. For earnings per share ("EPS") reporting, the ASU requires companies to recognize the effect of the down round feature only when it is triggered by treating it as a dividend and as a reduction of income available to common shareholders in basic EPS. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This standard was adopted on January 1, 2020 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)	3 Months Ended
	Mar. 31, 2020
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: March 31, 2020 2019 Options 2,262,438 1,598,181 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 5,666,947 1,618,346

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets and Short Term Note Payable (Tables)	3 Months Ended
	Mar. 31, 2020
Prepaid Expenses and Other Current Assets and Short Term Note Payable
Schedule of prepaid expenses and other current assets	As of March 31, 2020 and December 31, 2019, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2020 2019 (unaudited) Prepaid insurance expenses $ 581,765 $ 33,923 Payroll tax receivable 85,932 95,233 Prepaid research and development expenses 46,526 17,978 Prepaid Nasdaq annual fees 42,375 - Prepaid patent expenses 24,662 12,404 Prepaid conference expenses 25,000 10,600 Prepaid rent and security deposit 26,576 2,463 Other 28,081 24,079 Total prepaid expenses and other current assets $ 860,917 $ 196,680

Accrued Compensation (Tables)

Accrued Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Compensation
Schedule of accrued compensation	As of March 31, 2020 and December 31, 2019, accrued compensation consisted of the following: March 31, December 31, 2020 2019 (unaudited) Accrued bonus expenses $ 190,160 $ 897,839 Accrued payroll expenses 157,849 19,034 Total accrued compensation $ 348,009 $ 916,873

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	As of March 31, 2020 and December 31, 2019, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2020 2019 (unaudited) Accrued research and development expenses $ 204,134 $ 208,175 Accrued private placement offering costs 115,656 — Accrued professional services 72,466 97,396 Credit card payable 35,025 56,979 Leasehold improvements 20,000 42,500 Accrued legal expenses 42,328 — Accrued franchise tax 8,195 40,995 Accrued travel and entertainment expenses 3,492 7,385 Other 12,667 — Total accrued expenses and other current liabilities $ 513,963 $ 453,430

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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: For the Three Months Ended March 31, 2020 2019 Expected term (years) 5.85 5.85 Risk free interest rate 1.32% 2.53% Expected volatility 101% 139% Expected dividends 0.00% 0.00%
Schedule of the stock option activity	A summary of the option activity during the three months ended March 31, 2020 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2020 2,237,438 $ 3.51 Granted 25,000 4.68 Exercised — — Forfeited — — Outstanding March 31, 2020 2,262,438 $ 3.52 7.9 $ 520,698 Exercisable March 31, 2020 1,288,545 $ 3.36 7.1 $ 489,678
Schedule of information related to stock options	The following table presents information related to stock options as of March 31, 2020: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 5.0 260,000 $ 1.95 700,281 7.3 611,651 $ 2.74 6,000 8.8 2,333 $ 3.11 681,572 - - $ 4.00 2,000 8.6 889 $ 4.68 25,000 - - $ 5.10 6,000 8.4 3,167 $ 5.19 16,500 8.4 8,250 $ 5.25 26,668 6.5 22,915 $ 6.20 311,499 8.3 238,185 $ 6.30 60,000 8.3 33,333 $ 8.72 166,918 8.0 107,821 7.1

Business Organization, Nature_2

Business Organization, Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2020
Business Organization, Nature of Operations and Basis of Presentation
Percentage Of Success Rate Of Optejet	90
Percentage of Successful Rate of Traditional Eye Drops	50.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,666,947	1,618,346
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	60,355	20,165
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,344,154	0
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,262,438	1,598,181

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Summary of Significant Accounting Policies
Cash	$ 13,656,091		$ 14,152,601
Accumulated deficit	(63,121,962)		(57,671,052)
Net loss	(5,450,910)	$ (5,932,384)
Cash used in operations	(5,917,927)	$ (5,896,740)
Cash, Uninsured Amount	$ 13,406,091		$ 13,902,601

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets and Short Term Note Payable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets and Short Term Note Payable
Prepaid insurance expenses	$ 581,765	$ 33,923
Payroll tax receivable	85,932	95,233
Prepaid research and development expenses	46,526	17,978
Prepaid Nasdaq annual fees	42,375	0
Prepaid patent expenses	24,662	12,404
Prepaid conference expenses	25,000	10,600
Prepaid rent and security deposit	26,576	2,463
Other	28,081	24,079
Total prepaid expenses and other current assets	$ 860,917	$ 196,680

Prepaid Expenses and Other Cu_4

Prepaid Expenses and Other Current Assets and Short Term Note Payable - Additional Information (Details)	Feb. 24, 2020USD ($)
Prepaid Expenses and Other Current Assets and Short Term Note Payable
Number of monthly payments	9 months
Monthly payments	$ 53,750
Aggregate principal amount	$ 475,216
Interest rate (as a percent)	4.29%

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accrued Compensation
Accrued bonus expenses	$ 190,160	$ 897,839
Accrued payroll expenses	157,849	19,034
Total accrued compensation	$ 348,009	$ 916,873

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Accrued research and development expenses	$ 204,134	$ 208,175
Accrued private placement offering costs	115,656	0
Accrued professional services	72,466	97,396
Credit card payable	35,025	56,979
Leasehold improvements	20,000	42,500
Accrued franchise tax	8,195	40,995
Accrued travel and entertainment expenses	3,492	7,385
Accrued legal expenses	42,328	0
Other	12,667	0
Total accrued expenses and other current liabilities	$ 513,963	$ 453,430

Related Party Transactions (Det

Related Party Transactions (Details)	Jul. 06, 2017USD ($)	Sep. 15, 2016USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2015	Dec. 31, 2019USD ($)
Security Deposit			$ 117,800			$ 117,800
License Agreement
Minority Interest Ownership Percentage In Company					5.00%
Vice President of Research and Development [Member]
Cost Of Services Engineering Services			243,771	$ 320,140
Net Rentable Area | ft²		953
Lease, Monthly Base Rent		$ 3,895
Operating Leases, Rent Expense			12,036	12,036
Security Deposit		$ 3,895	4,012
Officers' Compensation			51,337	48,050
Leasehold Improvements, Gross			60,157
Senju Pharmaceutical Co [Member]
Royalty Percentage					5.00%
Research and Development Expense [Member] | Vice President of Research and Development [Member]
Due to Related Parties			110,965	89,052
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			$ 28,701	$ 48,201

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018
Expected term (years)	5 years 10 months 6 days		5 years 10 months 6 days
Risk free interest rate	1.32%		2.53%
Expected volatility	101.00%		139.00%	139.00%
Expected dividends	0.00%		0.00%
Minimum [Member]
Expected term (years)		5 years 10 months 6 days		5 years 10 months 6 days
Risk free interest rate		1.32%		2.53%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted Average Exercise Price, Exercised	$ 4.13	$ 2.50
Stock Options [Member]
Number of Options Outstanding | Shares	2,237,438
Number of Options Granted | Shares	25,000
Number of Options Forfeited | Shares	0
Number of Options Outstanding | Shares	2,262,438
Number of Options Exercisable | Shares	1,288,545
Weighted Average Exercise Price, Outstanding | $ / Shares	$ 3.51
Weighted Average Exercise Price, Granted | $ / Shares	4.68
Weighted Average Exercise Price, Forfeited | $ / Shares	0
Weighted Average Exercise Price, Outstanding | $ / Shares	3.52
Weighted Average Exercise Price, Exercisable | $ / Shares	$ 3.36
Weighted Average Remaining Life In Years, Outstanding	7 years 10 months 24 days
Weighted Average Remaining Life In Years, Exercisable	7 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding | $	$ 520,698
Aggregate Intrinsic Value, Exercisable	$ 489,678

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Options Outstanding, Outstanding Number of Options	2,262,438
Options Exercisable, Weighted Average Remaining Life In Years	7 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	1,288,545
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
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 3 months 18 days
Options Exercisable, Exercisable Number of Options	611,651
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	8 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	2,333
Exercise Price 3.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.11
Options Outstanding, Outstanding Number of Options	681,572
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	8 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	889
Exercise price 4.68 [ Member ]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4.68
Options Outstanding, Outstanding Number of Options	25,000
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 4 months 24 days
Options Exercisable, Exercisable Number of Options	3,167
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 4 months 24 days
Options Exercisable, Exercisable Number of Options	8,250
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	6 years 6 months
Options Exercisable, Exercisable Number of Options	22,915
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 3 months 18 days
Options Exercisable, Exercisable Number of Options	238,185
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 3 months 18 days
Options Exercisable, Exercisable Number of Options	33,333
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
Options Exercisable, Exercisable Number of Options	107,821

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 24, 2020	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Stock Issued During Period, Shares, New Issues	2,675,293
Share-based Compensation			$ 583,865	$ 1,032,960
Unrecognized stock - based compensation expense			$ 2,768,757
Weighted average period of recognition			1 year 9 months 18 days
Net Proceeds From Issuance Of Common Stock	$ 5,450,000
Placement agent fees and offering expenses	$ 530,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Proceeds Of Stock Issued During Period Gross			$ 5,984,931
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 4.13	$ 2.50
Proceeds from Stock Options Exercised			$ 0	$ 483,888
Research and Development Expense [Member]
Share-based Compensation			307,409	694,084
General and Administrative Expense [Member]
Share-based Compensation			$ 276,456	$ 338,876
Class A Warrants [Member]
Stock Issued During Period, Shares, New Issues	1,337,659
Shares Issued, Price Per Share	$ 2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.270
Intrinsic value of warrants	$ 293,131
Class B Warrants [Member ]
Stock Issued During Period, Shares, New Issues	2,006,495
Shares Issued, Price Per Share	$ 2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.724
Intrinsic value of warrants	$ 0
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				313,686
IPO [Member]
Stock Issued During Period, Shares, New Issues	6
Shares Issued, Price Per Share	$ 2.21425
Gross Proceeds Of Stock Value Issued During Period	$ 2.42625
IPO [Member] | Class A Warrants [Member]
Shares Issued, Price Per Share	$ 0.5
IPO [Member] | Class B Warrants [Member ]
Shares Issued, Price Per Share	$ 0.75
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		0.33%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		24 months
Employees Consultants and Directors Under the 2018 Plan [Member]
Stock Issued During Period, Shares, New Issues		25,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 4.68
Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Grant Date Fair Value		$ 103,400

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 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	$ 57,971	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	May 08, 2020	Feb. 24, 2020
Debt Instrument, Face Amount		$ 475,216
Subsequent Event [Member] | Paycheck Protection Program Loan [Member]
Debt Instrument, Face Amount	$ 463,353
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.00%