Eyenovia (EYEN) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 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		20,536,431
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 10,186,171	$ 14,152,601
Prepaid expenses and other current assets	809,083	196,680
Total Current Assets	10,995,254	14,349,281
Property and equipment, net	313,438	230,538
Security deposit	119,035	117,800
Total Assets	11,427,727	14,697,619
Current Liabilities:
Accounts payable	1,078,700	1,541,358
Accrued compensation	573,906	916,873
Accrued expenses and other current liabilities	681,225	453,430
Notes payable - current portion	421,599	0
Total Current Liabilities	2,755,430	2,911,661
Deferred rent	45,345	45,351
Notes payable - non-current portion	307,646	0
Total Liabilities	3,108,421	2,957,012
Commitments and contingencies (Note 7)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2020 and as of December 31, 2019	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 19,943,683 and 17,100,726 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	1,994	1,710
Additional paid-in capital	76,454,839	69,409,949
Accumulated deficit	(68,137,527)	(57,671,052)
Total Stockholders' Equity	8,319,306	11,740,607
Total Liabilities and Stockholders' Equity	$ 11,427,727	$ 14,697,619

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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
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	19,943,683	17,100,726
Common Stock, Shares, Outstanding	19,943,683	17,100,726

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Expenses:
Research and development	$ 2,915,250	$ 3,568,022	$ 6,549,537	$ 7,576,918
General and administrative	2,104,163	1,809,106	3,940,945	3,751,869
Total Operating Expenses	5,019,413	5,377,128	10,490,482	11,328,787
Loss From Operations	(5,019,413)	(5,377,128)	(10,490,482)	(11,328,787)
Other Income:
Small Business Administration Economic Injury Disaster Grant	10,000		10,000	0
Interest expense	(6,351)		(10,032)	0
Interest income	199	43,616	24,039	62,891
Net Loss	$ (5,015,565)	$ (5,333,512)	$ (10,466,475)	$ (11,265,896)
Net Loss Per Share
- Basic and Diluted	$ (0.25)	$ (0.44)	$ (0.56)	$ (0.94)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	19,821,215	12,034,450	18,563,864	11,975,035

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
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					(11,265,896)
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
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
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
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
Net loss					(10,466,475)
Balance at Jun. 30, 2020		$ 1,994	76,454,839	(68,137,527)	8,319,306
Balance (in shares) at Jun. 30, 2020		19,943,683
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
Exercise of stock warrants		$ 17	376,404	0	376,421
Exercise of stock warrants (in shares)		167,664
Stock-based compensation		$ 0	633,146	0	633,146
Net loss		0	0	(5,015,565)	(5,015,565)
Balance at Jun. 30, 2020		$ 1,994	$ 76,454,839	$ (68,137,527)	$ 8,319,306
Balance (in shares) at Jun. 30, 2020		19,943,683
[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)	6 Months Ended
	Jun. 30, 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 ($)		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities
Net loss		$ (10,466,475)	$ (11,265,896)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		49,343	5,106
Stock-based compensation		1,217,011	1,456,979
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(137,187)	(436,805)
Accounts payable		(462,658)	216,186
Accrued compensation		(342,967)	(474,404)
Accrued expenses and other current liabilities		227,795	(544,767)
Security deposit		(1,235)	0
Deferred rent		(6)	3,233
Net Cash Used In Operating Activities		(9,916,379)	(11,040,368)
Cash Flows From Investing Activities
Purchases of property and equipment		(132,243)	0
Net Cash Used In Investing Activities		(132,243)	0
Cash Flows From Financing Activities
Proceeds from sale of common stock in private placement	[1]	5,569,136	0
Proceeds from exercise of stock warrants		376,421	0
Proceeds from PPP 7(a) Loan		463,353	0
Repayments of notes payable		(209,324)	0
Payment of private placement issuance costs		(117,394)	0
Proceeds from exercise of stock options		0	551,777
Net Cash Provided By Financing Activities		6,082,192	551,777
Net Decrease in Cash and Cash Equivalents		(3,966,430)	(10,488,591)
Cash and cash equivalents - Beginning of Period		14,152,601	19,728,200
Cash and cash equivalents - End of Period		10,186,171	9,239,609
Supplemental Disclosure of Cash Flow Information:
Interest expense		6,032	0
Income taxes		0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance premium financed by short-term note payable		(475,216)	0
Exercise of stock options on a cashless basis		0	24
Deferred offering costs included in accounts payable		$ 0	$ 77,376
[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)	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 array print (MAP TM ) therapeutics. Eyenovia aims to achieve clinical microdosing of next-generation formulations of well-established ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system branded the Optejet (R) , 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 ophthalmic 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 June 30, 2020 and for the three and six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2020, the Company had cash and cash equivalents of approximately $10.2 million and an accumulated deficit of approximately $68.1 million. For the six months ended June 30, 2020 and 2019, the Company incurred net losses of approximately $10.5 million and $11.3 million, respectively, and used cash in operations of approximately $9.9 million and $11.0 million, respectively. Subsequent to June 30, 2020, we entered into a License Agreement with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) pursuant to which we received an upfront payment of $4.0 million before any payments to Senju Pharmaceutical Co., Ltd. (“Senju”). In addition, we received approximately $1.3 million from the exercise of warrants issued in our private placement of common stock and warrants that closed on March 24, 2020. See Note 11 – Subsequent Events for details. 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 these 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 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 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 June 30, 2020 and December 31, 2019, the Company had cash balances in excess of FDIC insurance limits of $9,936,171 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: June 30, 2020 2019 Options 3,290,357 1,563,366 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 6,694,866 1,583,531 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	6 Months Ended
	Jun. 30, 2020
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets As of June 30, 2020 and December 31, 2019, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2020 2019 (unaudited) Prepaid insurance expenses $ 433,639 $ 33,923 Payroll tax receivable 176,385 95,233 Prepaid Nasdaq annual fees 65,420 — Prepaid research and development expenses 26,660 17,978 Prepaid patent expenses 35,916 12,404 Prepaid conference expenses 35,003 10,600 Prepaid rent and security deposit 21,994 2,463 Other 14,066 24,079 Total prepaid expenses and other current assets $ 809,083 $ 196,680

Accrued Compensation

Accrued Compensation	6 Months Ended
	Jun. 30, 2020
Accrued Compensation
Accrued Compensation	Note 4 – Accrued Compensation As of June 30, 2020 and December 31, 2019, accrued compensation consisted of the following: June 30, December 31, 2020 2019 (unaudited) Accrued bonus expenses $ 380,320 $ 897,839 Accrued payroll expenses 193,586 19,034 Total accrued compensation $ 573,906 $ 916,873

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2020
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of June 30, 2020 and December 31, 2019, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2020 2019 (unaudited) Accrued legal expenses $ 409,074 $ — Accrued research and development expenses 201,794 208,175 Accrued professional services 44,368 97,396 Credit card payable 19,887 56,979 Leasehold improvements — 42,500 Accrued franchise tax — 40,995 Accrued travel and entertainment expenses 5,730 7,385 Other 372 — Total accrued expenses and other current liabilities $ 681,225 $ 453,430

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2020
Notes Payable
Notes Payable	Note 6 – Notes Payable As of June 30, 2020 and December 31, 2019, notes payable consisted of the following: June 30, December 31, 2020 2019 (unaudited) Paycheck Protection Program loan $ 463,353 $ — Directors and officers insurance policy loan 265,892 — 729,245 — Less current maturities (421,599) — $ 307,646 $ — On February 24, 2020, the Company issued a note payable (the “Note”) for the purchase of a directors and officers liability insurance policy. The Note 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. During the six months ended June 30, 2020, the Company repaid principal on the Note of $209,324. 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. Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, the Company is eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for certain permissible purposes as set forth in the PPP Loan, including, but not limited to, payroll costs and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”) incurred during the 24 weeks subsequent to funding, and on the maintenance of employee and compensation levels following the funding of the PPP Loan. The Company intends to use the proceeds of its PPP Loan for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of its PPP Loan in whole or in part. Any amounts that are not forgiven incur interest at 1.0% per annum and monthly repayments of principal and interest are deferred until six months after the Small Business Administration makes a determination on forgiveness. While the PPP Loan currently has a two-year maturity, the amended law permits the borrower to request a five-year maturity from its lender. During the three months ended June 30, 2020 and 2019, the Company recorded interest expense of $4,333 and $0, respectively, and $6,032 and $0 for the six months ended June 30, 2020 and 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 7 – 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	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Related Party Transactions	Note 8 – 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 $50,634 for the three months ended June 30, 2020 and 2019, respectively, and $57,402 and $98,835 for the six months ended June 30, 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 lease agreement was amended again on April 6, 2020 to lease additional space and increase the monthly base rent and security deposit to $5,247. The Company made $70,000 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense amounted to $15,494 and $12,036 for the three months ended June 30, 2020 and 2019, respectively, and $27,530 and $24,072, respectively, for the six months ended June 30, 2020 and 2019, 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 six months ended June 30, 2020 , the Company recognized research and development expense of $229,034 and $472,805, respectively, related to services provided by such vendor. During the three and six months ended June 30, 2019, the Company recognized research and development expense of $210,420 and $530,560, respectively, related to services provided by such vendor. The Company had a liability of $95,087 and $89,052 to the vendor as of June 30, 2020 and December 31, 2019, respectively. The Company recognized $46,050 and $97,387 of compensation expense related to the VP of R&D’s salary during the three and six months ended June 30, 2020, respectively. The Company recognized $46,050 and $94,100 of compensation expense during the three and six months ended June 30, 2019, respectively. License Agreement On March 8, 2015, the Company entered into an Exclusive License Agreement (the “Exclusive License Agreement”) with Senju whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license, with rights of sublicense, for its medical device technology for the piezoelectric delivery of ophthalmic medications to develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute such products in Asia. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties on sales (net of certain manufacturing costs) for the term of the Exclusive License Agreement, subject to certain adjustments upon the loss of patent coverage. The Exclusive License Agreement will continue in full force and effect, on a country-by-country basis, until the later to occur of: (i) the tenth (10th) anniversary of the first commercial sale of such a product candidate in a country or (ii) the expiration of the licensed patents in a country. As of the date of this filing, there had been no commercial sales of such a product in Asia, and, therefore, 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. On April 8, 2020, Eyenovia entered into an amendment (the "License Amendment") to the Exclusive License Agreement. Pursuant to the License Amendment, the Company can license to any third party the right to research, develop, commercialize, manufacture or use certain products identified below (the "Licensed Products") previously licensed to Senju in China (including the People's Republic of China, 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 are 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 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. The Exclusive License Agreement was further amended in a Letter Agreement by and between the Company and Senju on August 10, 2020 (the “Letter Agreement”). See Note 11 – Subsequent Events for details.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity
Stockholders' Equity	Note 9 – Stockholders’ Equity Equity Incentive Plan On April 7, 2020, the Company's Board of Directors approved the Company's Amended and Restated 2018 Omnibus Stock Incentive Plan (the "Restated Plan"), which stockholders approved on June 30, 2020. The Restated Plan makes certain changes to the Company's 2018 Omnibus Stock Incentive Plan, as amended (the "2018 Plan"). For example, the Restated Plan increases the number of shares of Company's common stock reserved for issuance under the 2018 Plan to 2,950,000 shares. The Restated Plan requires that all equity awards issued under the Restated Plan vest at least twelve months from the applicable grant date, subject to accelerated vesting, and provides that no dividend or dividend equivalent will be paid on any unvested equity award, although dividends with respect to unvested portions of equity may accrue and be paid when, and if, the awards later vest and the shares are actually issued to the grantee. In addition, the Restated Plan sets an annual limit on the grant date fair value of awards to any non-employee director, together with any cash fees paid during the year, of $150,000, subject to certain exceptions for a non-executive chair of the Board. Finally, the Restated Plan makes several administrative changes to the 2018 Plan, including to clarify that awards made under the Restated Plan are intended to be exempt from or comply with Section 409(A) of the Internal Revenue Code of 1986, as amended. 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 $1,012,815 as of June 30, 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 an intrinsic value of $659,930 at June 30, 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. 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 $89,400, which the Company expects to recognize over the vesting period. On May 28, 2020, the Company granted ten-year stock options to purchase 263,500 shares of common stock to its employees under the Restated Plan. 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 $2.89 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 $587,100, which the Company expects to recognize over the vesting period. Stock Options - Continued On June 3, 2020, the Company granted ten-year stock options to purchase 764,419 shares of common stock to its executive directors under the Restated Plan. 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 $2.72 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 $1,603,600, 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 For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term (years) 5.85 n/a 5.85 5.85 Risk free interest rate 0.34% - 0.38% n/a 0.34% - 1.32% 2.53% Expected volatility 99% n/a 96% - 99% 139% Expected dividends 0.00% n/a 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 have a trading history to support its historical volatility calculations. Accordingly, the Company used a blended volatility whereby it uses its historical volatility for the period from its IPO through the valuation date and uses the average of peer-group data of six comparable entities to supplement its own historical data for the preceding years in computing its expected volatility. 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 June 30, 2020 was approximately $2.13 per share. There were no stock options granted during the three months ended June 30, 2019. The weighted average estimated grant date fair value of the stock options granted for the six months ended June 30, 2020 and 2019 was approximately $2.17 and $2.50 per share, respectively. A summary of the option activity during the six months ended June 30, 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 1,052,919 2.81 Exercised — — Outstanding June 30, 2020 3,290,357 $ 3.29 $ 1,131,580 Exercisable June 30, 2020 1,436,735 $ 3.38 $ 1,019,817 The following table presents information related to stock options as of June 30, 2020: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 260,000 260,000 $ 700,281 678,127 $ 764,419 — — $ 6,000 2,833 $ 263,500 — — $ 681,572 45,285 $ 2,000 1,056 $ 25,000 — — $ 6,000 3,500 $ 16,500 9,625 $ 26,668 24,582 $ 311,499 251,933 $ 60,000 38,333 $ 166,918 121,461 3,290,357 1,436,735 Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options and restricted stock units . During the three months ended June 30, 2020 and 2019, the Company recorded expense of $633,146 ($348,447 of which was included within research and development expenses and $284,699 was included within general and administrative expenses on the condensed statement of operations) and $424,019 ($206,834 of which was included within research and development expenses and $217,185 was included within general and administrative expenses on the condensed statements of operations), respectively. During the six months ended June 30, 2020 and 2019, the Company recorded expense of $1,217,011 ($655,856 of which was included within research and development expenses and $561,155 was included within general and administrative expenses on the condensed statements of operations) and $1,456,979 ($900,917 of which was included within research and development expenses and $556,062 was included within general and administrative expenses on the condensed statements of operations) during the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there was $4,312,311 of unrecognized stock-based compensation expense which the Company expects to recognize over a weighted average period of 2.3 years. Warrant Exercises During the three and six months ended June 30, 2020, Warrants to purchase 91,453 and 76,211 shares of common stock with an exercise price of $2.058 and $2.4696 per share, respectively, were exercised for aggregate proceeds of $376,421.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2020
Employee Benefit Plans
Employee Benefit Plans	Note 10 – 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 2020, 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 six months ended June 30, 2020 and 2019, the Company recorded expense of $80,486 and $16,043 associated with its matching contributions, respectively. During the three months ended June 30, 2020 and 2019, the Company recorded expense of $22,515 and $0 associated with its matching contributions, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	Note 11 – Subsequent Events Warrant Exercises Subsequent to June 30, 2020, Warrants to purchase 497,908 and 94,840 shares of common stock with an exercise price of $2.058 and $2.4696 per share, respectively, were exercised for aggregate proceeds of approximately $1.3 million. License Agreements On August 10, 2020, Eyenovia entered into a License Agreement (the “License Agreement”) with Arctic Vision pursuant to which Arctic Vision may develop and commercialize MicroPine for the treatment progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea. Under the terms of the License Agreement, Eyenovia received an upfront payment of $4.0 million before any payments to Senju. In addition, Eyenovia may receive up to a total of $41.75 million in additional payments, based on various development and regulatory milestones, including the initiation of clinical research and approvals in Greater China and South Korea, and development costs. Arctic Vision also will purchase its supply of MicroPine and MicroLine from Eyenovia or, for such products not supplied by Eyenovia, pay Eyenovia a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments. Eyenovia will pay a mid-double digit percentage of such payments, royalties, or net proceeds of such supply to Senju pursuant to the Exclusive License Agreement with Senju, as amended by the License Amendment dated April 8, 2020, and a Letter Agreement dated August 10, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Liquidity and Going Concern	Liquidity and Going Concern As of June 30, 2020, the Company had cash and cash equivalents of approximately $10.2 million and an accumulated deficit of approximately $68.1 million. For the six months ended June 30, 2020 and 2019, the Company incurred net losses of approximately $10.5 million and $11.3 million, respectively, and used cash in operations of approximately $9.9 million and $11.0 million, respectively. Subsequent to June 30, 2020, we entered into a License Agreement with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) pursuant to which we received an upfront payment of $4.0 million before any payments to Senju Pharmaceutical Co., Ltd. (“Senju”). In addition, we received approximately $1.3 million from the exercise of warrants issued in our private placement of common stock and warrants that closed on March 24, 2020. See Note 11 – Subsequent Events for details. 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 these 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 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 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 June 30, 2020 and December 31, 2019, the Company had cash balances in excess of FDIC insurance limits of $9,936,171 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: June 30, 2020 2019 Options 3,290,357 1,563,366 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 6,694,866 1,583,531
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)	6 Months Ended
	Jun. 30, 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: June 30, 2020 2019 Options 3,290,357 1,563,366 Warrants 3,344,154 — Restricted stock units 60,355 20,165 Total potentially dilutive shares 6,694,866 1,583,531

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	As of June 30, 2020 and December 31, 2019, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2020 2019 (unaudited) Prepaid insurance expenses $ 433,639 $ 33,923 Payroll tax receivable 176,385 95,233 Prepaid Nasdaq annual fees 65,420 — Prepaid research and development expenses 26,660 17,978 Prepaid patent expenses 35,916 12,404 Prepaid conference expenses 35,003 10,600 Prepaid rent and security deposit 21,994 2,463 Other 14,066 24,079 Total prepaid expenses and other current assets $ 809,083 $ 196,680

Accrued Compensation (Tables)

Accrued Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Accrued Compensation
Schedule of accrued compensation	As of June 30, 2020 and December 31, 2019, accrued compensation consisted of the following: June 30, December 31, 2020 2019 (unaudited) Accrued bonus expenses $ 380,320 $ 897,839 Accrued payroll expenses 193,586 19,034 Total accrued compensation $ 573,906 $ 916,873

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	As of June 30, 2020 and December 31, 2019, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2020 2019 (unaudited) Accrued legal expenses $ 409,074 $ — Accrued research and development expenses 201,794 208,175 Accrued professional services 44,368 97,396 Credit card payable 19,887 56,979 Leasehold improvements — 42,500 Accrued franchise tax — 40,995 Accrued travel and entertainment expenses 5,730 7,385 Other 372 — Total accrued expenses and other current liabilities $ 681,225 $ 453,430

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Payable
Schedule of notes payable	As of June 30, 2020 and December 31, 2019, notes payable consisted of the following: June 30, December 31, 2020 2019 (unaudited) Paycheck Protection Program loan $ 463,353 $ — Directors and officers insurance policy loan 265,892 — 729,245 — Less current maturities (421,599) — $ 307,646 $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term (years) 5.85 n/a 5.85 5.85 Risk free interest rate 0.34% - 0.38% n/a 0.34% - 1.32% 2.53% Expected volatility 99% n/a 96% - 99% 139% Expected dividends 0.00% n/a 0.00% 0.00%
Schedule of the stock option activity	A summary of the option activity during the six months ended June 30, 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 1,052,919 2.81 Exercised — — Outstanding June 30, 2020 3,290,357 $ 3.29 $ 1,131,580 Exercisable June 30, 2020 1,436,735 $ 3.38 $ 1,019,817
Schedule of information related to stock options	The following table presents information related to stock options as of June 30, 2020: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 260,000 260,000 $ 700,281 678,127 $ 764,419 — — $ 6,000 2,833 $ 263,500 — — $ 681,572 45,285 $ 2,000 1,056 $ 25,000 — — $ 6,000 3,500 $ 16,500 9,625 $ 26,668 24,582 $ 311,499 251,933 $ 60,000 38,333 $ 166,918 121,461 3,290,357 1,436,735

Business Organization, Nature_2

Business Organization, Nature of Operations and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2020
Business Organization, Nature of Operations and Basis of Presentation
Percentage Of Success Rate Of Optejet	90.00%
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	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,694,866	1,583,531
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	3,290,357	1,563,366

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 24, 2020	Aug. 14, 2020	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash				$ 10,186,171				$ 10,186,171		$ 14,152,601
Accumulated deficit				(68,137,527)				(68,137,527)		(57,671,052)
Net loss				(5,015,565)	$ (5,450,910)	$ (5,333,512)	$ (5,932,384)	(10,466,475)	$ (11,265,896)
Cash used in operations								(9,916,379)	(11,040,368)
Cash, Uninsured Amount				$ 9,936,171				9,936,171		$ 13,902,601
Proceeds from Warrant Exercises								$ 376,421	$ 0
Warrants [Member]
Proceeds from Warrant Exercises	$ 1,300,000
Subsequent Event [Member] | Warrants [Member]
Proceeds from Warrant Exercises		$ 1,300,000
Subsequent Event [Member] | License Agreement
Maximum receivables in upfront payments			$ 4,000,000

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets
Prepaid insurance expenses	$ 433,639	$ 33,923
Payroll tax receivable	176,385	95,233
Prepaid Nasdaq annual fees	65,420	0
Prepaid research and development expenses	26,660	17,978
Prepaid patent expenses	35,916	12,404
Prepaid conference expenses	35,003	10,600
Prepaid rent and security deposit	21,994	2,463
Other	14,066	24,079
Total prepaid expenses and other current assets	$ 809,083	$ 196,680

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accrued Compensation
Accrued bonus expenses	$ 380,320	$ 897,839
Accrued payroll expenses	193,586	19,034
Total accrued compensation	$ 573,906	$ 916,873

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Accrued legal expenses	$ 409,074	$ 0
Accrued research and development expenses	201,794	208,175
Accrued professional services	44,368	97,396
Credit card payable	19,887	56,979
Leasehold improvements	0	42,500
Accrued franchise tax	0	40,995
Accrued travel and entertainment expenses	5,730	7,385
Other	372	0
Total accrued expenses and other current liabilities	$ 681,225	$ 453,430

Notes Payable - Schedule of not

Notes Payable - Schedule of notes payable (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Notes Payable
Paycheck Protection Program loan	$ 463,353	$ 0
Directors and officers insurance policy loan	265,892	0
Notes payable	729,245	0
Less current maturities	(421,599)	0
Non-current maturities	$ 307,646	$ 0

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)	May 08, 2020	Feb. 24, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Notes Payable
Repayments of loan					$ 209,324	$ 0
Interest expense			$ 4,333	$ 0	6,032	$ 0
Notes payable
Notes Payable
Number of monthly payments		9 months
Debt Instrument, Periodic Payment		$ 53,750
Aggregate principal payments		$ 475,216
Interest rate (as a percent)		4.29%
Repayments of loan					$ 209,324
PPP loan
Notes Payable
Interest rate (as a percent)	1.00%
Cash proceeds from loan	$ 463,353
Period for usage of loan proceeds	168 days
Interest rate on non forgiven amount	1.00%
PPP loan | Minimum
Notes Payable
Maturity term	2 years
PPP loan | Maximum
Notes Payable
Maturity term	5 years

Related Party Transactions (Det

Related Party Transactions (Details)	Apr. 06, 2020USD ($)	Sep. 15, 2018USD ($)	Jul. 06, 2017USD ($)	Mar. 08, 2015	Sep. 15, 2016USD ($)ft²	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Security Deposit						$ 119,035		$ 119,035		$ 117,800
License Agreement
Minority Interest Ownership Percentage In Company				5.00%
Vice President of Research and Development [Member]
Cost Of Services Engineering Services						229,034	$ 210,420	472,805	$ 530,560
Net Rentable Area | ft²					953
Lease, Monthly Base Rent	$ 5,247	$ 4,012			$ 3,895
Operating Leases, Rent Expense						15,494	12,036	27,530	24,072
Security Deposit	$ 5,247	$ 4,012			$ 3,895
Officers' Compensation						46,050	46,050	97,387	94,100
Leasehold Improvements, Gross						70,000		70,000
Senju Pharmaceutical Co [Member]
Royalty Percentage				5.00%
Research and Development Expense [Member] | Vice President of Research and Development [Member]
Due to Related Parties						95,087		95,087		$ 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	$ 50,634	$ 57,402	$ 98,835

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Expected term (years)	5 years 10 months 6 days	5 years 10 months 6 days	5 years 10 months 6 days
Risk free interest rate			2.53%
Expected volatility	99.00%		139.00%
Expected dividends	0.00%	0.00%	0.00%
Minimum
Risk free interest rate	0.34%	0.34%
Expected volatility		96.00%
Maximum
Risk free interest rate	0.38%	1.32%
Expected volatility		99.00%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Number of Options Granted | Shares		0
Weighted Average Exercise Price, Exercised	$ 2.13		$ 2.17	$ 2.50
Stock Options [Member]
Number of Options Outstanding | Shares			2,237,438
Number of Options Granted | Shares			1,052,919
Number of Options Exercised | Shares			0
Number of Options Outstanding | Shares	3,290,357		3,290,357
Number of Options Exercisable | Shares	1,436,735		1,436,735
Weighted Average Exercise Price, Outstanding | $ / Shares			$ 3.51
Weighted Average Exercise Price, Granted | $ / Shares			2.81
Weighted Average Exercise Price, Exercised			0
Weighted Average Exercise Price, Outstanding | $ / Shares	$ 3.29		3.29
Weighted Average Exercise Price, Exercisable | $ / Shares	$ 3.38		$ 3.38
Weighted Average Remaining Life In Years, Outstanding			8 years 3 months 18 days
Weighted Average Remaining Life In Years, Exercisable			6 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 1,131,580		$ 1,131,580
Aggregate Intrinsic Value, Exercisable	$ 1,019,817		$ 1,019,817

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Options Outstanding, Outstanding Number of Options	3,290,357
Options Exercisable, Weighted Average Remaining Life In Years	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	1,436,735
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	4 years 8 months 12 days
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
Options Exercisable, Exercisable Number of Options	678,127
Exercise Price 2.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.72
Options Outstanding, Outstanding Number of Options	764,419
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 6 months
Exercise Price 2.89 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.89
Options Outstanding, Outstanding Number of Options	263,500
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	9 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	2,833
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 4 months 24 days
Options Exercisable, Exercisable Number of Options	1,056
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	45,285
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 2 months 12 days
Options Exercisable, Exercisable Number of Options	3,500
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 2 months 12 days
Options Exercisable, Exercisable Number of Options	9,625
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 3 months 18 days
Options Exercisable, Exercisable Number of Options	24,582
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 1 month 6 days
Options Exercisable, Exercisable Number of Options	251,933
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
Options Exercisable, Exercisable Number of Options	38,333
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	7 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	121,461

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Jun. 03, 2020	May 28, 2020	Apr. 07, 2020	Mar. 24, 2020	Jan. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock Issued During Period, Shares, New Issues				2,675,293
Share-based Compensation						$ 633,146	$ 424,019		$ 1,217,011	$ 1,456,979
Unrecognized stock - based compensation expense						$ 4,312,311			$ 4,312,311
Weighted average period of recognition									2 years 3 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	3 years			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							0
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						$ 2.13			$ 2.17	$ 2.50
Proceeds from Stock Options Exercised									$ 0	$ 551,777
Proceeds from exercise of stock warrants									376,421	0
Research and Development Expense [Member]
Share-based Compensation						$ 348,447	$ 206,834		655,856	900,917
General and Administrative Expense [Member]
Share-based Compensation						$ 284,699	$ 217,185		$ 561,155	$ 556,062
Warrants [Member]
Stock Issued During Period, Shares, New Issues						91,453
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.058			$ 2.058
Proceeds from exercise of stock warrants				$ 1,300,000
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				$ 2.27
Intrinsic value of warrants						$ 1,012,815			$ 1,012,815
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						$ 659,930			$ 659,930
Common Stock [Member]
Stock Issued During Period, Shares, New Issues									76,211
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.4696			$ 2.4696
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period							34,815	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%	0.33%			0.33%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	24 months	24 months			24 months
Employees Consultants and Directors Under the 2018 Plan [Member]
Stock Issued During Period, Shares, New Issues	764,419	263,500			25,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 2.72	$ 2.89			$ 4.68
Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Grant Date Fair Value	$ 1,603,600	$ 587,100			$ 89,400
Omnibus Stock Incentive Plan 2018 [Member]
Common stock reserved for issuance			2,950,000
Cash fee paid			$ 150,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			12 months

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 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	$ 22,515	$ 0	$ 80,486	$ 16,043

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 10, 2020	Mar. 24, 2020	Aug. 14, 2020	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Stock Issued During Period, Shares, New Issues		2,675,293
Proceeds from Warrant Exercises						$ 376,421	$ 0
Warrants [Member]
Stock Issued During Period, Shares, New Issues					91,453
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.058	$ 2.058
Proceeds from Warrant Exercises		$ 1,300,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues						76,211
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.4696	$ 2.4696
Subsequent Event [Member] | Warrants [Member]
Stock Issued During Period, Shares, New Issues			497,908
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.058
Proceeds from Warrant Exercises			$ 1,300,000
Subsequent Event [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues			94,840
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.4696
Subsequent Event [Member] | License Agreement
Maximum receivables in upfront payments				$ 4,000,000
Maximum receivables in upfront payments as well as additional payments	$ 41,750,000