Eyenovia (EYEN) 10-K 30 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 29, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 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
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	EYEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		25,623,577
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Voluntary Filers	No
Entity Public Float			$ 32,427,910
Entity Well-known Seasoned Issuer	No

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 28,371,828	$ 14,152,601
Deferred license costs	1,600,000
License receivable	2,966,039
Prepaid expenses and other current assets	453,478	196,680
Total Current Assets	33,391,345	14,349,281
Property and equipment, net	396,380	230,538
Security deposit	119,035	117,800
Total Assets	33,906,760	14,697,619
Current Liabilities:
Accounts payable	1,461,665	1,541,358
Accrued compensation	1,150,672	916,873
Accrued expenses and other current liabilities	1,480,692	453,430
Deferred rent - current portion	7,809
Deferred license fee	14,000,000
Notes payable - current portion	97,539
Total Current Liabilities	18,198,377	2,911,661
Deferred rent - non-current portion	38,684	45,351
Notes payable - non-current portion	365,814	0
Total Liabilities	18,602,875	2,957,012
Commitments and contingencies (Note 9)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized;0 shares issued and outstanding as of December 31, 2020 and 2019 respectively	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 24,978,585 and 17,100,726 shares issued and outstanding as of December 31, 2020 and 2019, respectively	2,498	1,710
Additional paid-in capital	92,742,306	69,409,949
Accumulated deficit	(77,440,919)	(57,671,052)
Total Stockholders' Equity	15,303,885	11,740,607
Total Liabilities and Stockholders' Equity	$ 33,906,760	$ 14,697,619

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	24,978,585	17,100,726
Common Stock, Shares, Outstanding	24,978,585	17,100,726

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Income
Revenue	$ 2,000,000
Cost of revenue	(800,000)
Gross Profit	1,200,000
Operating Expenses:
Research and development	13,263,817	$ 14,102,449
General and administrative	7,725,408	7,206,095
Total Operating Expenses	20,989,225	21,308,544
Loss From Operations	(19,789,225)	(21,308,544)
Other Income (Expense):
Small Business Administration Economic Injury Disaster Grant	10,000
Interest expense	(17,042)
Interest income	26,400	151,786
Net Loss	$ (19,769,867)	$ (21,156,758)
Net Loss Per Share
- Basic and Diluted	$ (0.94)	$ (1.47)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	21,054,706	14,349,738

Statements of Changes in Stockh

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
Issuance of common stock in public offering	[1]	$ 505	12,958,070	0	12,958,575
Issuance of common stock in public offering (in shares)	[1]	5,046,763
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		$ 34	551,743	0	551,777
Exercise of stock options (in shares)		348,501
Stock-based compensation		$ 0	2,511,944	0	2,511,944
Net loss		0	0	(21,156,758)	(21,156,758)
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 private placement	[2]	$ 267	5,451,475	0	5,451,742
Issuance of common stock and warrants in private placement(in shares)	[2]	2,675,293
Issuance of common stock in public offering	[3]	$ 383	12,495,325	0	12,495,708
Issuance of common stock in public offering (in shares)	[3]	3,833,334
Exercise of stock warrants		$ 134	2,820,228	0	2,820,362
Exercise of stock warrants (in shares)		1,332,841
Exercise of stock options		$ 4	82,157	0	$ 82,161
Exercise of stock options (in shares)		36,391			36,391
Stock-based compensation		$ 0	2,483,172	0	$ 2,483,172
Net loss		0	0	(19,769,867)	(19,769,867)
Balance at Dec. 31, 2020		$ 2,498	$ 92,742,306	$ (77,440,919)	$ 15,303,885
Balance (in shares) at Dec. 31, 2020		24,978,585
[1]	[1] Includes gross proceeds of $14,030,001, less total issuance costs of $1,071,426
[2]	[2] Includes gross proceeds of $5,984,931, less total issuance costs of $533,189.
[3]	[3] Includes gross proceeds of $13,800,002, less total issuance costs of $1,304,294.

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Stock One [Member]
Proceeds Of Stock Issued During Period Gross		$ 14,030,001
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		$ 1,071,426
Common Stock Two [Member]
Proceeds Of Stock Issued During Period Gross	$ 5,984,931
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	533,189
Common Stock Three [Member]
Proceeds Of Stock Issued During Period Gross	13,800,002
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 1,304,294

Statements of Cash Flows

Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net loss		$ (19,769,867)	$ (21,156,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment		95,415	15,343
Stock-based compensation		2,483,172	2,511,944
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		218,418	(63,924)
License receivable		(2,966,039)	0
Deferred license costs		(1,600,000)	0
Accounts payable		(79,693)	31,834
Accrued compensation		233,799	4,769
Accrued expenses and other current liabilities		1,000,612	(266,283)
Deferred license fee		14,000,000	0
Security deposit		(1,235)	0
Deferred rent		1,142	3,767
Net Cash Used In Operating Activities		(6,384,276)	(18,919,308)
Cash Flows From Investing Activities
Purchases of property and equipment		(261,257)	(166,643)
Net Cash Used In Investing Activities		(261,257)	(166,643)
Cash Flows From Financing Activities
Proceeds from sale of common stock in public offering	[1]	0	13,214,949
Proceeds from sale of common stock and warrants in private placement	[2]	5,569,136	0
Proceeds from sale of common stock in public offering	[3]	12,734,002	0
Proceeds from exercise of stock warrants		2,820,362	0
Proceeds from PPP 7(a) Loan		463,353	0
Repayments of notes payable		(475,216)	0
Payment of public offering issuance costs		(329,038)	(256,374)
Proceeds from exercise of stock options		82,161	551,777
Net Cash Provided By Financing Activities		20,864,760	13,510,352
Net Increase (Decrease) in Cash and Cash Equivalents		14,219,227	(5,575,599)
Cash and cash equivalents - Beginning of Year		14,152,601	19,728,200
Cash and cash equivalents - End of Year		28,371,828	14,152,601
Supplemental Disclosure of Cash Flow Information:
Interest		13,974	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance premium financed by note payable		(475,216)	0
Exercise of stock options on a cashless basis		0	24
Accrued purchases of leasehold improvements		$ 0	$ 42,500
[1]	Includes gross proceeds of $14,030,001, less issuance costs of $815,052 deducted directly from the offering proceeds.
[2]	Includes gross proceeds of $5,984,931, less issuance costs of $415,795 deducted directly from the private placement proceeds.
[3]	Includes gross proceeds of $13,800,002, less issuance costs of $1,066,000 deducted directly from the offering proceeds.

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Stock One [Member]
Proceeds Of Stock Issued During Period Gross		$ 14,030,001
Payments of Debt Issuance Costs		$ 815,052
Common Stock Two [Member]
Proceeds Of Stock Issued During Period Gross	$ 5,984,931
Payments of Debt Issuance Costs	415,795
Common Stock Three [Member]
Proceeds Of Stock Issued During Period Gross	13,800,002
Payments of Debt Issuance Costs	$ 1,066,000

Business Organization and Natur

Business Organization and Nature of Operations	12 Months Ended
	Dec. 31, 2020
Business Organization and Nature of Operations
Business Organization and Nature of Operations	Note 1 – Business Organization and Nature of Operations Eyenovia, Inc. (“Eyenovia” or the “Company”) was organized as a corporation under the laws of the State of Florida on March 12, 2014 under the name, PGP Holdings V, Inc. On May 5, 2014, PGP Holdings V, Inc. changed its name to Eyenovia, Inc. On October 6, 2014, Eyenovia, Inc. reincorporated in the State of Delaware by merging into Eyenovia, Inc., a Delaware corporation. Eyenovia. Inc. (“Eyenovia” or the “Company”) is a clinical stage ophthalmic company developing a pipeline of advanced therapeutics based on its propriety array print (MAP TM ) platform technology. Eyenovia aims to achieve clinical microdosing of next-generation formulations of novel and existing ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system, branded the Opejet ® , 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. Risks and Uncertainties Due to the COVID-19 pandemic, the company initially experienced delays in trial enrollment and initiation of its Phase III registration trial of its MicroPine drug candidate (the CHAPERONE study) as a result of reduced clinical trial activities and operations at trial sites. However, the company has since been able to resume enrollment in that study.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Use of Estimates Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, stock-based compensation, the recoverability and useful lives of long-lived assets, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates. See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits and U.S. treasury bills in financial institutions 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 December 31, 2020 and 2019, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $28,121,828 and $13,902,601, respectively. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation, which is recorded commencing at the in-service date using the straight-line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 1 to 10 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Maintenance and repairs are charged to operations as incurred. The Company capitalizes costs attributable to the betterment of property and equipment when such betterment extends the useful life of the assets. Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. An impairment would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company did not record any impairment losses during the years ended December 31, 2020 and 2019. Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as stockholders’ equity. Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities; Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents, accounts payable, accrued expenses and other current liabilities approximate fair values due to the short-term nature of these instruments. Income Taxes The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which such temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of operations. Revenue Recognition Our revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to our intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to us under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales. We analyze our arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of ASC Topic 808, “Collaborative Arrangements” (“ASC 808”), we allocate the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Our policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense. Under ASC 606, we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: • Step 1: Identify the contract with the customer; • Step 2: Identify the performance obligations in the contract; • Step 3: Determine the transaction price; • Step 4: Allocate the transaction price to the performance obligations in the contract; and • Step 5: Recognize revenue when the company satisfies a performance obligation. We must make significant judgments in our revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. In addition, arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. For upfront license fees, we must consider how many performance obligations are in the contract and, if more than one, how to allocate the fee to those performance obligations upon satisfaction of the performance obligation(s). Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur. During 2020, the Company entered into a license agreement (the “Arctic Vision License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) and a license agreement (the “ Bausch License Agreement’) with Bausch Health Companies, Inc. (“Bausch Health”). Each license has three revenue components: 1) an upfront license fee; 2) milestone payments and 3) royalty payments. See Note 9 – Commitments and Contingencies for additional details. Deferred License Fee The Company enters into license agreements which provides for the receipt of non-refundable, upfront licensing payments. These payments are recorded as deferred license fees and will be earned and recognized as revenue upon the satisfaction of performance obligations. See Note 9 – Commitments and Contingencies for additional details. Deferred License Costs The Company enters into license agreements which provides for payment of license costs in connection with the Company’s receipt of license fees. These payments are recorded as deferred license costs and will be recorded as an expense when the related license fee revenue is recognized. See Note 10 – Related Party Transactions for additional details. Research and Development Research and development expenses are charged to operations as incurred. The Company records prepaid expenses on its balance sheet for the payment of research and development expenses in advance of services being provided. Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss 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 dilutive common shares because their inclusion would have been anti-dilutive: December 31, 2020 2019 Warrants 2,011,313 — Options 3,427,705 2,237,438 Restricted stock units 104,083 60,355 Total potentially dilutive shares 5,543,101 2,297,793 Subsequent Events The Company has evaluated subsequent events through the date which the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed. Recently Adopted Accounting Pronouncements In July 2017, the FASB issued Accounting Standards Update (“ASU”) 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, which the Company adopted on January 1, 2020, did not have a material impact on the Company’s financial position, results of operations, or cash flows. In March 2020, the FASB issued ASU 2020-03 “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 upon issuance, which did not have a material impact on the Company’s financial position, results of operations or cash flow. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016‑02 “Leases (Topic 842)” (“ASU 2016‑02”). ASU 2016‑02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02, as amended, is now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The FASB issued ASU 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU 2018-10 “Codification Improvements to Topic 842, Leases” and ASU 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU 2018-20 “Leases (Topic 842) - Narrow Scope Improvements for Lessors” in December 2018. ASU 2019-01, ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating ASU 2016-02 and its impact on its financial position, results of operations, and cash flows. The Company intends to adopt the ASU effective January 1, 2021 with no material impact. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements based on the concepts in the FASB Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating ASU 2018-13 and its impact on its financial position, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating ASU 2019-12 and its impact financial position, results of operations, and cash flows.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets As of December 31, 2020 and 2019, prepaid expenses and other current assets consisted of the following: December 31, 2020 2019 Payroll tax receivable $ 151,942 $ 95,233 Prepaid insurance expenses 110,094 33,923 Prepaid research and development expenses — 17,978 Prepaid licenses and subscriptions 57,051 — Prepaid patent expenses — 12,404 Prepaid conference expenses 29,403 10,600 Prepaid board of directors expenses 68,250 — Prepaid rent and security deposit 25,004 2,463 Other 11,734 24,079 Total prepaid expenses and other current assets $ 453,478 $ 196,680

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2020
Property and Equipment, Net
Property and Equipment, Net	Note 4 – Property and Equipment, Net As of December 31, 2020 and 2019, property and equipment consisted of the following: December 31, 2020 2019 Equipment $ 435,521 $ 229,529 Leasehold improvements 137,765 82,500 573,286 312,029 Less: accumulated depreciation and amortization (176,906) (81,491) Property and equipment, net $ 396,380 $ 230,538 Depreciation and amortization expense was $95,415 and $15,343 for the years ended December 31, 2020 and 2019, respectively, of which $67,595 and $9,762 was included within research and development expenses and $27,820 and $5,581 was included in general and administrative expenses in the statements of operations for the years ended December 31, 2020 and 2019, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of December 31, 2020 and 2019, accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Accrued research and development expenses $ 291,256 $ 208,175 Accrued consulting and professional services 235,355 97,396 Credit card payable 50,002 56,979 Leasehold improvements — 42,500 Accrued franchise tax 32,480 40,995 Accrued travel and entertainment expenses — 7,385 Accrued licensing fees 804,447 — Accrued interest 3,068 — Accrued expense reimbursements 5,459 — Accrued shipping and packaging fees 56,998 — Other 1,627 — Total accrued expenses and other current liabilities $ 1,480,692 $ 453,430

Accrued Compensation

Accrued Compensation	12 Months Ended
	Dec. 31, 2020
Accrued Compensation
Accrued Compensation	Note 6 – Accrued Compensation As of December 31, 2020 and 2019, accrued compensation consisted of the following: December 31, 2020 2019 Accrued bonus expenses $ 938,873 $ 897,839 Accrued payroll expenses 211,799 19,034 Total accrued compensation $ 1,150,672 $ 916,873

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2020
Notes Payable
Notes Payable	Note 7 – Notes Payable As of December 31, 2020 and 2019, notes payable consisted of the following: December 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Portion Portion Total Portion Portion Total Paycheck Protection Program loan $ 97,539 $ 365,814 $ 463,353 $ — $ — $ — Total $ 97,539 $ 365,814 $ 463,353 $ — $ — $ — 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 was payable in nine 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 matured on November 24, 2020. During the year ended December 31, 2020, the Company repaid the principal amount of the Note. 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 provides for monthly installment payments of $19,508 beginning in August 2021 with the remaining balance due on May 3, 2022, the maturity date. The PPP Loan bears interest at a fixed rate of 1.00% per annum. The Company will be applying for loan forgiveness on the PPP Loan. 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 years ended December 31, 2020 and 2019, the Company recorded interest expense of $17,042 and $0, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	Note 8 – Income Taxes The provision for income taxes consists of the following expenses (benefits): For The Years Ended December 31, 2020 2019 Deferred tax provision (benefit): Federal (3,797,052) (4,999,920) State and local (434,082) 68,762 (4,231,134) (4,931,158) Change in valuation allowance 4,231,134 4,931,158 Provision for income taxes $ — $ — The provision for income taxes differs from the United States Federal statutory rate as follows: For The Years Ended December 31, 2020 2019 Federal statutory rate (21.0) % 21.0 % State tax rate, net of federal benefit (0.1) % 0.1 % Permanent differences 0.5 % (0.2) % Research & development tax credits (1.4) % 3.0 % Prior period adjustments and other 0.6 % (0.6) % Change in valuation allowance 21.4 % (23.3) % Effective income tax rate — % — % Deferred tax assets consist of the following: For The Years Ended December 31, 2020 2019 Net operating loss carryforwards $ 12,972,865 $ 9,479,512 Stock-based compensation 1,385,554 943,370 Intangible assets 409,705 328,773 Research and development tax credits 1,861,938 1,584,753 Deferred tax assets, gross 16,630,062 12,336,408 Property and equipment (76,550) (14,030) Deferred tax assets, net before allowance 16,553,512 12,322,378 Valuation allowance (16,553,512) (12,322,378) Deferred tax assets, net $ — $ — As of December 31, 2020, the Company had approximately $60,000,000 of domestic federal net operating loss carryforwards ("NOLs") that may be available to offset future Federal taxable income. Approximately $10,800,000 of those NOLs will expire during the years ranging from 2034 to 2037. The remaining NOLs of approximately $49,200,000 have no expiration dates. Internal Revenue Code Section 382 limits the utilization of approximately $35,000,000 of those NOLs to approximately $918,000 on an annual basis as a result of ownership changes that occurred through July 15, 2019. As of December 31, 2020, the Company had (a) minimal state net operating loss carryforwards that may be available to offset future state taxable income as it conducted most of its operations in Nevada which does not tax corporate income; and (b) approximately $5,500,000 of New York City net operating loss carryforwards. The Company has assessed the likelihood that deferred tax assets will be realized in accordance with the provisions of ASC 740 “ Income Taxes Accounting ” ("ASC 740"). ASC 740 requires that such a review considers all available positive and negative evidence, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. ASC 740 requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. After the performance of such reviews as of December 31, 2020 and 2019, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of those dates. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2020 and 2019. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. No tax audits were commenced or were in process during the years ended December 31, 2020 and 2019. No tax related interest or penalties were incurred during the years ended December 31, 2020 and 2019. The Company's Federal, State and Local income tax returns beginning with the year ended December 31, 2017 remain subject to examination.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 9 – Commitments and Contingencies Operating Leases On August 8, 2018, the Company entered into a lease agreement to lease approximately 3,800 square feet of office space in New York, NY. The monthly base rent ranges from $19,633 to $22,486 per month over the term of the lease. The lease expires on September 30, 2023. The security deposit is approximately $119,000. On July 17, 2020, the Company entered into a lease agreement to lease approximately 3,000 square feet of office space in Redwood City, California (the “Gross Industrial Lease”). The monthly base rent was for $7,500 per month over the term of the lease through August 31, 2021 with a security deposit of $7,500. On December 1, 2020, the Company agreed to amend the terms of the Gross Industrial Lease for a base rent that ranges from $7,500 to $7,957 per month over the term of the lease. The amended Gross Industrial Lease expires on August 31, 2023. Concurrent with the amendment to the Gross Industrial Lease on December 1, 2020, the Company entered into a lease agreement to lease approximately 1,500 square feet of additional office space in Redwood City, California. The monthly base rent ranges from $3,000 to $3,183 per month over the term of the lease. The lease expires on August 31, 2023. The security deposit is $3,000. Future minimum payments under this operating lease agreement are as follows as: For the Year Ending December 31, Minimum Lease Payments 2021 378,486 2022 389,212 2023 285,700 $ 1,053,398 See Note 10 – Related Party Transactions – Lease Agreements for details of a lease agreement with a related party. Employment Agreements Effective February 15, 2019, the Company entered into at-will executive employment agreements with Tsontcho Ianchulev, its Chief Executive Officer and Chief Medical Officer, John Gandolfo, its Chief Financial Officer, Jennifer Clasby, now its Vice President of Regulatory and Clinical, Luke Clauson, its Vice President, Research and Development and Manufacturing ("VP of R&D"), and Michael Rowe, now its Chief Commercial Officer. Dr. Clasby and Mr. Rowe’s employment agreements were amended on February 1, 2021 to provide for their new roles at the Company. Each of the employment agreements provides that if the executive's employment is terminated by the Company without "Cause" or the executive suffers an "Involuntarily Termination" (each as defined in the employment agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to three months of his or her then-current base salary (currently estimated at approximately $419,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of three months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Each of the employment agreements also provides that if, within 12 months following any "Corporate Transaction" (as defined in the employment agreements) of the Company, the executive's employment is terminated by the Company without Cause or the executive suffers an Involuntary Termination, provided that the executive has signed a full release of all claims, the executive will be entitled to receive, in lieu of what is described in the above paragraph: (i) severance pay equal to 12 months of his or her then-current base salary (currently estimated at approximately $1,677,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of 12 months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Arctic Vision License Agreement On August 10, 2020, the Company entered into the “Arctic Vision License Agreement” pursuant to which Arctic Vision may develop and commercialize MicroPine for the treatment of 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 Arctic Vision License Agreement, the Company received a non-refundable, upfront payment of $4.0 million, before any payments to Senju. The Company has recorded this payment as a deferred license fee until the payment is earned. The Company will consider payment earned once certain trial data has been fully submitted to Arctic Vision, permitting Arctic Vision to obtain regulatory approval with the National Medical Products Administration. The upfront payment had not been earned as of December 31, 2020. In addition, the Company 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. During December 2020, the Company satisfied a performance obligation which resulted in the Company recognizing $2.0 million of milestone revenues, pursuant to the Arctic Vision License Agreement. Arctic Vision also will purchase its supply of MicroPine and MicroLine from the Company or, for such products not supplied by the Company, pay the Company a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments. No royalty payments were earned during the year ended December 31, 2020. The Company will pay a mid-double digit percentage of such payments, royalties, or net proceeds of such supply to Senju pursuant to the Senju License Agreement. See Note 2 – Summary of Significant Accounting Policies and Note 10 – Related Party Transactions for additional details. Bausch License Agreement On October 9, 2020, the Company entered into the “Bausch License Agreement” pursuant to which Bausch Health may develop and commercialize the Bausch Licensed Product in the Licensed Territory. In connection with the Bausch License Agreement, Bausch Health paid the Company a non-refundable, upfront payment of $10.0 million. The Company has recorded this payment as a deferred license fee until the payment is earned. The Company will consider payment earned once certain trial data has been fully submitted to Bausch Health and certain administrative functions are transferred to Bausch Health, permitting Bausch Health to assume supervisory oversight of the ongoing MicroPine study (the CHAPERONE study). The upfront payment had not been earned as of December 31, 2020. Bausch Health could also pay the Company up to an aggregate of approximately $35.0 million in additional payments, depending on the achievement of certain regulatory and launch-based milestones. No milestone payments were earned during the year ended December 31, 2020.Under the terms of the Bausch License Agreement, on a country-to-country basis and Bausch Licensed Product-by- Bausch Licensed Product basis, Bausch Health will pay the Company royalties on a tiered basis (ranging from mid-single digit to mid-teen percentages) on gross profits from the sales of the Bausch Licensed Product in the Licensed Territory, subject to certain adjustments in the event of generic entry, negative gross profits or patent expiration, for a period of the later to occur of the 10th anniversary of the first commercial sale of a Bausch Licensed Product in such country in the Licensed Territory or the expiration of the last valid patent claim for a Bausch Licensed Product in such country in the Licensed Territory. No royalty payments were earned during the year ended December 31, 2020. Bausch Health may terminate the Bausch License Agreement, with respect to the Bausch Licensed Product to either country in the Licensed Territory, at any time for convenience upon 90 days’ written notice. Both parties have the right to terminate the Bausch License Agreement in the event of (i) an uncured material breach after a 60-day period or (ii) a bankruptcy event. See Note 2 – Summary of Significant Accounting Policies for additional details.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	Note 10 – 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 consulting agreement was terminated on September 1, 2020. The director remains on the Board. The Company incurred expenses of $76,536 and $213,521 for the years ended December 31, 2020 and 2019, respectively, related to the agreement which was included within general and administrative expenses on the 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, Nevada 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, 2020, the Company amended the lease agreement to extend it until September 14, 2022 and increase the monthly base rent and security deposit to $5,404. The Company made $82,500 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense for this space is recorded in Research and Development on the income statement and amounted to $59,724 and $48,144 for the years ended December 31, 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 years ended December 31, 2020 and 2019, the Company recognized research and development expense of $1,024,430 and $851,746, respectively, related to services provided by such vendor. The Company had a liability of $0 and $89,052 to the vendor as of December 31, 2020 and 2019, respectively. The Company recognized $239,460 and $186,160 of compensation expense related to the VP of R&D during the years ended December 31, 2020 and 2019, respectively. Senju License Agreement During 2015, the Company entered into an Exclusive License Agreement with 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 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 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 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 a such a product in Asia, so 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 “Senju 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 Senju 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 Senju Licensed Product in the Territory, and revenue (net of costs) obtained by the Company from contract manufacture for the device of the Senju 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”). Pursuant to the Letter Agreement, the Company will pay a mid-double digit percentage of certain payments, royalties, or net proceeds received from Arctic Vision in connection with the Arctic Vision License Agreement to Senju. During the year ended December 31, 2020, the Company paid Senju $1.6 million in connection with the Arctic Vision License Agreement which was recorded as deferred license costs in the Company’s balance sheet and will be recognized as expense upon earning the related fee. See Note 2- Summary of Significant Accounting Policies – Revenue Recognition and Note 9 – Commitments and Contingencies for additional details.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Stockholders' Equity	Note 11 – Stockholders’ Equity Authorized Capital The Company is authorized to issue 90,000,000 shares of common stock, par value of $0.0001 per share, and 6,000,000 shares of preferred stock, par value of $0.0001 per share. The holders of the Company’s common stock are entitled to one vote per share. The Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, redemption, voting or other rights. Equity Incentive Plans 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, as amended”). The Restated Plan increases the number of shares of Company’s common stock reserved for issuance under the 2018 Plan, as amended 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, as amended, 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. As of December 31, 2020, the number of securities remaining available for future issuance under equity compensation plans was 518,186. Warrants A summary of the Warrant activity during the year ended December 31, 2020 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding January 1, 2020 — $ — Granted 3,344,154 2.33 Exercised (1,332,841) 2.19 Forfeited — — Outstanding December 31, 2020 2,011,313 $ 2.43 3.8 $ 7,215,147 Exercisable December 31, 2020 2,011,313 $ 2.43 3.8 $ 7,215,147 The following table presents information related to Warrants as of December 31, 2020: Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $2.0580 48,549 0.2 48,549 $2.2700 144,256 0.2 144,256 $2.4696 1,602,128 4.2 1,602,128 $2.7240 216,380 4.2 216,380 2,011,313 3.8 2,011,313 During the year ended December 31, 2020, Warrants for the purchase of 1,332,841 shares of the Company’s common stock with exercise prices of either $2.058 or $2.4696 per share, respectively, were exercised for aggregate proceeds of approximately $2.8 million. Public Offerings On July 15, 2019, the Company closed an underwritten public offering of 4,388,490 shares of its common stock at a public offering price of $2.78 per share. The Company granted the underwriters a 30-day over-allotment option to purchase up to an additional 658,273 shares of the Company’s common stock at the same price, which was exercised in full on July 16, 2019. Including the over-allotment shares, the Company issued a total of 5,046,763 shares in the underwritten public offering, and received gross proceeds of approximately $14.0 million and net proceeds of approximately $13.0 million, after deducting underwriting discounts, commissions and other offering expenses, which were recorded as a reduction of additional paid-in capital. 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 $5.3 million of net proceeds in the offering after deducting placement agent fees and offering expenses. 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. 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. In connection with the private placement, on March 23, 2020, the Company also entered into a Registration Rights Agreement with the investors. Pursuant to the Registration Rights Agreement, the Company must 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 (Registration Statement No. 333-237790), which was declared and has remained effective with the SEC since May 13, 2020. Underwritten Public Offering On August 19, 2020, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with several underwriters (the “Underwriters”) in connection with the public offering (the “Offering”) of 3,333,334 shares of the Company’s common stock at a price of $3.60 per share, less underwriting discounts and commissions. In addition, pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 500,000 shares of the Company’s common stock at the same price. The Underwriting Agreement contains customary representations, warranties and covenants of the Company and also provides for customary indemnification by the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities. The closing of the Offering occurred on August 21, 2020. At closing, the Company issued 3,833,334 shares of common stock and received net proceeds of approximately $12.5 million after deducting underwriting discounts and commissions and offering expenses of approximately $1.2 million. The Offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-229365), including the prospectus dated February 12, 2019, as supplemented by the prospectus supplement dated August 19, 2020. Stock-Based Compensation Expense The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the years ended December 31, 2020 and 2019, the Company recorded expense of $2,483,172 ($1,350,894 of which was included within research and development expenses and $1,132,278 was included within general and administrative expenses on the statements of operations) and $2,511,944 ($1,459,055 of which was included within research and development expenses and $1,052,889 was included within general and administrative expenses on the statements of operations), respectively. As of December 31, 2020, there was $3,720,221 of unrecognized stock-based compensation expense which will be recognized over a weighted average period of 2.0 years. Restricted Stock Units On August 16, 2019, the Company granted to members of its Board of Directors an aggregate of 40,190 RSU under the 2018 Plan, as amended. The grants vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2020 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $125,000, which were recognized over the vesting period. On September 11, 2020, the Company granted members of its Board of Directors an aggregate of 43,728 RSUs under the Restated Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2021 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $150,000, which will be recognized over the vesting period. Stock Option Exercises During the year ended December 31, 2020, stock options for the purchase of an aggregate of 36,391 shares of the Company’s common stock with exercise prices ranging from $1.95 to $3.11 per share were exercised for aggregate proceeds of $82,161. Stock Options On January 2, 2019, stock options to purchase 180,000 and 133,686 shares of common stock with an exercise price of $1.24 and $1.95 per share, respectively, were exercised for aggregate proceeds of $483,888. In connection with the exercise of the stock options, the Company remitted a portion of an employee’s payroll taxes of $62,193 to the Internal Revenue Service. The Company was reimbursed in full by the employee. On January 14, 2019, the Company granted ten-year stock options to purchase an aggregate of 11,000 shares of common stock to its employees under the 2018 Plan. The 11,000 shares vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company. The stock options have an exercise price of $2.74 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date value of $27,500, which the Company expects to recognize over the vesting period. On February 6, 2019, stock options to purchase an aggregate of 320,001 shares of common stock with an exercise price of $1.24 per share were exercised on a cashless basis, which resulted in the issuance of an aggregate of 236,466 shares of common stock. On February 13, 2019, the Board of Directors of the Company approved the acceleration and immediate vesting of 124,210 stock options originally granted to Dr. Ianchulev on July 24, 2018 in connection with his employment. In connection with the acceleration and immediate vesting, the Company recognized $609,322 of stock-based compensation expense during the year ended December 31, 2019, which represents the remaining unamortized grant date fair value of the award. On May 14, 2019, stock options to purchase 34,815 shares of common stock with an exercise price of $1.95 per share were exercised for aggregate proceeds of $67,889. On August 16, 2019, the Company granted ten-year stock options to purchase an aggregate of 681,572 shares of common stock to its employees, consultants and directors under the 2018 Plan, as amended. Of the 681,572 shares, (i) 636,287 vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company and (ii) 45,285 vest on the earlier of the one-year anniversary of the date of grant and the date of the 2020 annual stockholders meeting, subject to continued service to the Company. The stock options have an exercise price of $3.11 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date value of $1,909,700, which the Company expects to recognize over the vesting period. 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. 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. On June 3, 2020, the Company granted ten-year stock options to purchase 764,419 shares of common stock to its executive officers 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. On July 28, 2020, the Company granted ten-year stock options to purchase 43,000 shares of common stock to an employee 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 $3.71 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 $122,400, which the Company expects to recognize over the vesting period. On September 8, 2020, the Company granted ten-year stock options to purchase 45,000 shares of common stock to employees and consultants 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 $3.48 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 $126,700, which the Company expects to recognize over the vesting period. Stock Options - Continued On September 11, 2020, the Company granted ten-year stock options to purchase 58,920 shares of common stock under the Restated Plan to members of its Board of Directors. The shares vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2021 annual stockholders meeting, subject to the grantee remaining on the Board until then. The stock options have an exercise price of $3.43 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 $155,400, which the Company expects to recognize over the vesting period. On December 23, 2020, the Company granted ten-year stock options to purchase 50,000 shares of common stock to an employee 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 $5.77 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 $218,700, which the Company expects to recognize over the vesting period. In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Year Ended December 31, 2020 2019 Expected term (years) 5.85 - 10.00 5.50 - 10.00 Risk free interest rate 0.26% - 1.32% 1.42% - 2.53% Expected volatility 96% - 99% 134 - 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 used for options issued 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” option grants. The Company does not currently have a sufficient 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 three 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 Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time. The weighted average estimated grant date fair value of the stock options granted for the years ended December 31, 2020 and 2019 was approximately $3.01 and $3.10 per share, respectively. A summary of the option activity during the year ended December 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 1,249,839 3.01 Exercised (36,391) 2.26 Forfeited (23,181) 4.59 Outstanding December 31, 2020 3,427,705 $ 3.37 8.0 $ 9,843,341 Exercisable December 31, 2020 1,768,292 $ 3.48 6.8 $ 5,013,118 The following table presents information related to stock options as of December 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 4.2 260,000 $ 1.95 673,544 6.5 673,544 $ 2.72 764,419 — — $ 2.74 6,000 8.0 3,833 $ 2.89 263,500 — — $ 3.11 659,849 8.6 318,432 $ 3.43 58,920 — — $ 3.48 45,000 — — $ 3.71 43,000 — — $ 4.00 2,000 7.9 1,390 $ 4.68 25,000 — — $ 5.10 6,000 7.7 4,500 $ 5.19 16,500 7.7 12,375 $ 5.25 26,668 5.8 26,668 $ 5.77 50,000 — — $ 6.20 300,387 7.6 270,476 $ 6.30 60,000 7.5 48,333 $ 8.72 166,918 7.3 148,741 3,427,705 6.8 1,768,292

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Employee Benefit Plans
Employee Benefit Plans	Note 12 – 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. For the years ended December 31, 2020 and 2019, the Company recorded expense of $138,785 and $71,285 associated with its matching contributions, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events Management Option Grants Subsequent to December 31, 2020, the Company granted options to its executive officers for a total of 652,899 shares, which grants are subject to stockholder approval of an amendment to the Restated Plan to increase the share reserve thereunder at the 2021 Annual Meeting of Stockholders. The options, would have a ten year term, vesting one-third on the one year anniversary of the date of grant and then in equal increments on each of the 24 one-month anniversaries thereafter, subject to continued employment, and bear an exercise price of $6.01, per share for total possible consideration to the Company of approximately $3.9 million. Stock Warrant Exercises Subsequent to December 31, 2020, the Company issued an aggregate of 644,992 shares of common stock pursuant to the exercise of warrants for aggregate proceeds of $1,530,989 at exercise prices ranging from $2.06 to $2.47.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, stock-based compensation, the recoverability and useful lives of long-lived assets, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates. See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits and U.S. treasury bills in financial institutions 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 December 31, 2020 and 2019, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $28,121,828 and $13,902,601, respectively.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation, which is recorded commencing at the in-service date using the straight-line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 1 to 10 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Maintenance and repairs are charged to operations as incurred. The Company capitalizes costs attributable to the betterment of property and equipment when such betterment extends the useful life of the assets.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. An impairment would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company did not record any impairment losses during the years ended December 31, 2020 and 2019.
Preferred Stock	Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as stockholders’ equity.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities; Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents, accounts payable, accrued expenses and other current liabilities approximate fair values due to the short-term nature of these instruments.
Income Taxes	Income Taxes The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which such temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition Our revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to our intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to us under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales. We analyze our arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of ASC Topic 808, “Collaborative Arrangements” (“ASC 808”), we allocate the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Our policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense. Under ASC 606, we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: • Step 1: Identify the contract with the customer; • Step 2: Identify the performance obligations in the contract; • Step 3: Determine the transaction price; • Step 4: Allocate the transaction price to the performance obligations in the contract; and • Step 5: Recognize revenue when the company satisfies a performance obligation. We must make significant judgments in our revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. In addition, arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. For upfront license fees, we must consider how many performance obligations are in the contract and, if more than one, how to allocate the fee to those performance obligations upon satisfaction of the performance obligation(s). Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur. During 2020, the Company entered into a license agreement (the “Arctic Vision License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) and a license agreement (the “ Bausch License Agreement’) with Bausch Health Companies, Inc. (“Bausch Health”). Each license has three revenue components: 1) an upfront license fee; 2) milestone payments and 3) royalty payments. See Note 9 – Commitments and Contingencies for additional details.
Deferred License Fee	Deferred License Fee The Company enters into license agreements which provides for the receipt of non-refundable, upfront licensing payments. These payments are recorded as deferred license fees and will be earned and recognized as revenue upon the satisfaction of performance obligations. See Note 9 – Commitments and Contingencies for additional details.
Deferred License Costs	Deferred License Costs The Company enters into license agreements which provides for payment of license costs in connection with the Company’s receipt of license fees. These payments are recorded as deferred license costs and will be recorded as an expense when the related license fee revenue is recognized. See Note 10 – Related Party Transactions for additional details.
Research and Development	Research and Development Research and development expenses are charged to operations as incurred. The Company records prepaid expenses on its balance sheet for the payment of research and development expenses in advance of services being provided.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss 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 dilutive common shares because their inclusion would have been anti-dilutive: December 31, 2020 2019 Warrants 2,011,313 — Options 3,427,705 2,237,438 Restricted stock units 104,083 60,355 Total potentially dilutive shares 5,543,101 2,297,793
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date which the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2017, the FASB issued Accounting Standards Update (“ASU”) 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, which the Company adopted on January 1, 2020, did not have a material impact on the Company’s financial position, results of operations, or cash flows. In March 2020, the FASB issued ASU 2020-03 “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 upon issuance, which did not have a material impact on the Company’s financial position, results of operations or cash flow. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016‑02 “Leases (Topic 842)” (“ASU 2016‑02”). ASU 2016‑02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02, as amended, is now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The FASB issued ASU 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU 2018-10 “Codification Improvements to Topic 842, Leases” and ASU 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU 2018-20 “Leases (Topic 842) - Narrow Scope Improvements for Lessors” in December 2018. ASU 2019-01, ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating ASU 2016-02 and its impact on its financial position, results of operations, and cash flows. The Company intends to adopt the ASU effective January 1, 2021 with no material impact. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements based on the concepts in the FASB Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating ASU 2018-13 and its impact on its financial position, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating ASU 2019-12 and its impact financial position, results of operations, and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 dilutive common shares because their inclusion would have been anti-dilutive: December 31, 2020 2019 Warrants 2,011,313 — Options 3,427,705 2,237,438 Restricted stock units 104,083 60,355 Total potentially dilutive shares 5,543,101 2,297,793

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	As of December 31, 2020 and 2019, prepaid expenses and other current assets consisted of the following: December 31, 2020 2019 Payroll tax receivable $ 151,942 $ 95,233 Prepaid insurance expenses 110,094 33,923 Prepaid research and development expenses — 17,978 Prepaid licenses and subscriptions 57,051 — Prepaid patent expenses — 12,404 Prepaid conference expenses 29,403 10,600 Prepaid board of directors expenses 68,250 — Prepaid rent and security deposit 25,004 2,463 Other 11,734 24,079 Total prepaid expenses and other current assets $ 453,478 $ 196,680

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property and Equipment, Net
Schedule of property and equipment	As of December 31, 2020 and 2019, property and equipment consisted of the following: December 31, 2020 2019 Equipment $ 435,521 $ 229,529 Leasehold improvements 137,765 82,500 573,286 312,029 Less: accumulated depreciation and amortization (176,906) (81,491) Property and equipment, net $ 396,380 $ 230,538

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	As of December 31, 2020 and 2019, accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Accrued research and development expenses $ 291,256 $ 208,175 Accrued consulting and professional services 235,355 97,396 Credit card payable 50,002 56,979 Leasehold improvements — 42,500 Accrued franchise tax 32,480 40,995 Accrued travel and entertainment expenses — 7,385 Accrued licensing fees 804,447 — Accrued interest 3,068 — Accrued expense reimbursements 5,459 — Accrued shipping and packaging fees 56,998 — Other 1,627 — Total accrued expenses and other current liabilities $ 1,480,692 $ 453,430

Accrued Compensation (Tables)

Accrued Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Compensation
Schedule of accrued compensation	As of December 31, 2020 and 2019, accrued compensation consisted of the following: December 31, 2020 2019 Accrued bonus expenses $ 938,873 $ 897,839 Accrued payroll expenses 211,799 19,034 Total accrued compensation $ 1,150,672 $ 916,873

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Payable
Schedule of notes payable	As of December 31, 2020 and 2019, notes payable consisted of the following: December 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Portion Portion Total Portion Portion Total Paycheck Protection Program loan $ 97,539 $ 365,814 $ 463,353 $ — $ — $ — Total $ 97,539 $ 365,814 $ 463,353 $ — $ — $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of provision for income taxes	The provision for income taxes consists of the following expenses (benefits): For The Years Ended December 31, 2020 2019 Deferred tax provision (benefit): Federal (3,797,052) (4,999,920) State and local (434,082) 68,762 (4,231,134) (4,931,158) Change in valuation allowance 4,231,134 4,931,158 Provision for income taxes $ — $ —
Schedule of effective income tax rate reconciliation	The provision for income taxes differs from the United States Federal statutory rate as follows: For The Years Ended December 31, 2020 2019 Federal statutory rate (21.0) % 21.0 % State tax rate, net of federal benefit (0.1) % 0.1 % Permanent differences 0.5 % (0.2) % Research & development tax credits (1.4) % 3.0 % Prior period adjustments and other 0.6 % (0.6) % Change in valuation allowance 21.4 % (23.3) % Effective income tax rate — % — %
Schedule of deferred tax assets	Deferred tax assets consist of the following: For The Years Ended December 31, 2020 2019 Net operating loss carryforwards $ 12,972,865 $ 9,479,512 Stock-based compensation 1,385,554 943,370 Intangible assets 409,705 328,773 Research and development tax credits 1,861,938 1,584,753 Deferred tax assets, gross 16,630,062 12,336,408 Property and equipment (76,550) (14,030) Deferred tax assets, net before allowance 16,553,512 12,322,378 Valuation allowance (16,553,512) (12,322,378) Deferred tax assets, net $ — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Schedule of future minimum operating lease payments	Future minimum payments under this operating lease agreement are as follows as: For the Year Ending December 31, Minimum Lease Payments 2021 378,486 2022 389,212 2023 285,700 $ 1,053,398

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Summary of the Warrant activity and related information	A summary of the Warrant activity during the year ended December 31, 2020 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding January 1, 2020 — $ — Granted 3,344,154 2.33 Exercised (1,332,841) 2.19 Forfeited — — Outstanding December 31, 2020 2,011,313 $ 2.43 3.8 $ 7,215,147 Exercisable December 31, 2020 2,011,313 $ 2.43 3.8 $ 7,215,147 The following table presents information related to Warrants as of December 31, 2020: Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $2.0580 48,549 0.2 48,549 $2.2700 144,256 0.2 144,256 $2.4696 1,602,128 4.2 1,602,128 $2.7240 216,380 4.2 216,380 2,011,313 3.8 2,011,313
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 Year Ended December 31, 2020 2019 Expected term (years) 5.85 - 10.00 5.50 - 10.00 Risk free interest rate 0.26% - 1.32% 1.42% - 2.53% Expected volatility 96% - 99% 134 - 139% Expected dividends 0.00% 0.00%
Schedule of the stock option activity	A summary of the option activity during the year ended December 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 1,249,839 3.01 Exercised (36,391) 2.26 Forfeited (23,181) 4.59 Outstanding December 31, 2020 3,427,705 $ 3.37 8.0 $ 9,843,341 Exercisable December 31, 2020 1,768,292 $ 3.48 6.8 $ 5,013,118
Schedule of information related to stock options	The following table presents information related to stock options as of December 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 4.2 260,000 $ 1.95 673,544 6.5 673,544 $ 2.72 764,419 — — $ 2.74 6,000 8.0 3,833 $ 2.89 263,500 — — $ 3.11 659,849 8.6 318,432 $ 3.43 58,920 — — $ 3.48 45,000 — — $ 3.71 43,000 — — $ 4.00 2,000 7.9 1,390 $ 4.68 25,000 — — $ 5.10 6,000 7.7 4,500 $ 5.19 16,500 7.7 12,375 $ 5.25 26,668 5.8 26,668 $ 5.77 50,000 — — $ 6.20 300,387 7.6 270,476 $ 6.30 60,000 7.5 48,333 $ 8.72 166,918 7.3 148,741 3,427,705 6.8 1,768,292

Business Organization and Nat_2

Business Organization and Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2020
Business Organization and Nature of Operations
Entity Incorporation, State or Country Code	FL
Entity Incorporation, Date of Incorporation	Mar. 12, 2014
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total potentially dilutive shares	5,543,101	2,297,793
Restricted stock units
Total potentially dilutive shares	104,083	60,355
Options
Total potentially dilutive shares	3,427,705	2,237,438
Warrants
Total potentially dilutive shares	2,011,313	0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Oct. 09, 2020	Aug. 10, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents			$ 28,371,828	$ 14,152,601
Accumulated deficit			(77,440,919)	(57,671,052)
Net loss			(19,769,867)	(21,156,758)
Cash used in operations			(6,384,276)	(18,919,308)
Cash, Uninsured Amount			28,121,828	$ 13,902,601
Revenue			$ 2,000,000
Bausch License Agreement
Written notice period for termination of agreement	90 days
Termination period upon uncured material breach	60 days
Upfront payment received	$ 10,000,000
Maximum additional payments receivable	$ 35,000,000
Arctic Vision License Agreement
Upfront payment received		$ 4,000,000
Maximum additional payments receivable		$ 41,750,000
Maximum [Member]
Property, Plant and Equipment, Useful Life			10 years
Minimum [Member]
Property, Plant and Equipment, Useful Life			1 year

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 151,942	$ 95,233
Prepaid insurance expenses	110,094	33,923
Prepaid research and development expenses	0	17,978
Prepaid licenses and subscriptions	57,051	0
Prepaid patent expenses	0	12,404
Prepaid conference expenses	29,403	10,600
Prepaid board of director expenses	68,250	0
Prepaid rent and security deposit	25,004	2,463
Other	11,734	24,079
Total prepaid expenses and other current assets	$ 453,478	$ 196,680

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property and equipment, gross	$ 573,286	$ 312,029
Less: accumulated depreciation and amortization	(176,906)	(81,491)
Property and equipment, net	396,380	230,538
Equipment [Member]
Property and equipment, gross	435,521	229,529
Leasehold Improvements [Member]
Property and equipment, gross	$ 137,765	$ 82,500

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation and amortization expense	$ 95,415	$ 15,343
Research and development expenses	13,263,817	14,102,449
General and administrative expenses	7,725,408	7,206,095
Property, Plant and Equipment [Member]
Depreciation and amortization expense	95,415	15,343
Research and development expenses	67,595	9,762
General and administrative expenses	$ 27,820	$ 5,581

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Accrued research and development expenses	$ 291,256	$ 208,175
Accrued consulting and professional services	235,355	97,396
Credit card payable	50,002	56,979
Leasehold improvements	0	42,500
Accrued franchise tax	32,480	40,995
Accrued travel and entertainment expenses	0	7,385
Accrued licensing fees	804,447	0
Accrued interest	3,068	0
Accrued expense reimbursements	5,459	0
Accrued shipping and packaging fees	56,998	0
Other	1,627	0
Total accrued expenses and other current liabilities	$ 1,480,692	$ 453,430

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accrued Compensation
Accrued bonus expenses	$ 938,873	$ 897,839
Accrued payroll expenses	211,799	19,034
Total accrued compensation	$ 1,150,672	$ 916,873

Notes Payable - Schedule of not

Notes Payable - Schedule of notes payable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Portion	$ 97,539	$ 0
Non-Current Portion	365,814	0
Total	463,353	0
Paycheck Protection Program loan
Current Portion	97,539	0
Non-Current Portion	365,814	0
Total	$ 463,353	$ 0

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)	May 08, 2020	Feb. 24, 2020	Dec. 31, 2020	Dec. 31, 2019
Notes Payable
Repayments of loan			$ 475,216	$ 0
Interest expense			$ 17,042	$ 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%
Paycheck Protection Program loan
Notes Payable
Debt Instrument, Periodic Payment	$ 19,508
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%
Paycheck Protection Program loan | Minimum [Member]
Notes Payable
Maturity term	2 years
Paycheck Protection Program loan | Maximum [Member]
Notes Payable
Maturity term	5 years

Income Taxes - provision for in

Income Taxes - provision for income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred tax provision (benefit):
Federal	$ (3,797,052)	$ (4,999,920)
State and local	(434,082)	68,762
Total	(4,231,134)	(4,931,158)
Change in valuation allowance	$ 4,231,134	$ 4,931,158

Income Taxes - Effective income

Income Taxes - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Federal statutory rate	(21.00%)	21.00%
State tax rate, net of federal benefit	(0.10%)	0.10%
Permanent differences	0.50%	(0.20%)
Research & development tax credits	(1.40%)	3.00%
Prior period adjustments and other	0.60%	(0.60%)
Change in valuation allowance	21.40%	(23.30%)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
Net operating loss carryforwards	$ 12,972,865	$ 9,479,512
Stock-based compensation expense	1,385,554	943,370
Intangibles	409,705	328,773
Research and development tax credits	1,861,938	1,584,753
Deferred tax assets	16,630,062	12,336,408
Property and equipment	(76,550)	(14,030)
Deferred tax assets, net before allowance	16,553,512	12,322,378
Valuation allowance	$ (16,553,512)	$ (12,322,378)

Income Taxes - Additional infor

Income Taxes - Additional information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Operating Loss Carryforwards	$ 60,000,000
Net Operating Loss Limit for Utilization as per Internal Revenue Code	35,000,000
Net Operating Loss Annual Utilization Limit as per Internal Revenue Code	$ 918,000
Operating Loss Carry forwards Expiration Term	2034 to 2037
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	$ 49,200,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	10,800,000
Tax related interest or penalties were incurred	0
New York City
Operating Loss Carryforwards	$ 5,500,000

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details)	Dec. 31, 2020USD ($)
Commitments and Contingencies
2021	$ 378,486
2022	389,212
2023	285,700
Minimum Lease Payments	$ 1,053,398

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	Dec. 01, 2020USD ($)ft²	Oct. 09, 2020USD ($)	Aug. 10, 2020USD ($)	Jul. 17, 2020USD ($)ft²	Aug. 08, 2018USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Net Rentable Area | ft²				3,000	3,800
Lease, Monthly Base Rent				$ 7,500
Lease Expiration Date	Aug. 31, 2023				Sep. 30, 2023
Security Deposit				$ 7,500	$ 119,000	$ 119,035	$ 117,800
Severance Costs						419,000
Supplemental Unemployment Benefits, Salary Continuation						1,677,000
Additional Office Space
Net Rentable Area | ft²	1,500
Lease Expiration Date	Aug. 31, 2023
Security Deposit	$ 3,000
Arctic Vision License Agreement
Upfront payment received			$ 4,000,000
Maximum additional payments receivable			$ 41,750,000
Recognizing milestone revenues						2,000,000
Royalty payments earned						0
Bausch License Agreement
Upfront payment received		$ 10,000,000
Maximum additional payments receivable		$ 35,000,000
Written notice period for termination of agreement		90 days
Termination period upon uncured material breach		60 days
Royalty payments earned						0
Milestone payments earned						$ 0
Minimum [Member]
Lease, Monthly Base Rent	7,500				19,633
Minimum [Member] | Additional Office Space
Lease, Monthly Base Rent	3,000
Maximum [Member]
Lease, Monthly Base Rent	7,957				$ 22,486
Maximum [Member] | Additional Office Space
Lease, Monthly Base Rent	$ 3,183

Related Party Transactions (Det

Related Party Transactions (Details)	Jul. 17, 2020USD ($)ft²	Mar. 24, 2020USD ($)$ / sharesshares	Jul. 15, 2019USD ($)$ / sharesshares	Feb. 06, 2019shares	Jul. 06, 2017USD ($)	Sep. 15, 2016USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2015	Sep. 15, 2020USD ($)	Aug. 08, 2018USD ($)ft²
Net Rentable Area | ft²	3,000										3,800
Lease, Monthly Base Rent	$ 7,500
Security Deposit	$ 7,500						$ 119,035	$ 117,800			$ 119,000
Revenue from Contract with Customer, Excluding Assessed Tax							2,000,000
Aggregate number of shares issued including over-allotment option (in shares) | shares		2,675,293	5,046,763	236,466
Gross Proceeds Of Stock Value Issued During Period			$ 14,000,000
Net Proceeds From Issuance Of Common Stock		$ 5,300,000	$ 13,000,000
IPO [Member]
Aggregate number of shares issued including over-allotment option (in shares) | shares		6,000,000	4,388,490
Shares Issued, Price Per Share | $ / shares		$ 2.21425	$ 2.78
Gross Proceeds Of Stock Value Issued During Period		$ 2.42625
Class A Warrants [Member]
Aggregate number of shares issued including over-allotment option (in shares) | shares		1,337,659
Shares Issued, Price Per Share | $ / shares		$ 2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		2.27
Class A Warrants [Member] | IPO [Member]
Shares Issued, Price Per Share | $ / shares		$ 0.5
Class B Warrants [Member ]
Aggregate number of shares issued including over-allotment option (in shares) | shares		2,006,495
Shares Issued, Price Per Share | $ / shares		$ 2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		2.724
Class B Warrants [Member ] | IPO [Member]
Shares Issued, Price Per Share | $ / shares		$ 0.75
License Agreement
Minority Interest Ownership Percentage In Company									5.00%
Vice President of Research and Development [Member]
Net Rentable Area | ft²						953
Lease, Monthly Base Rent						$ 3,895
Operating Leases, Rent Expense							59,724	48,144
Security Deposit						$ 3,895				$ 5,404
Officers' Compensation							239,460	186,160
Leasehold Improvements, Gross							82,500
Senju Pharmaceutical Co [Member]
Royalty Percentage									5.00%
Senju Pharmaceutical Co [Member] | Arctic Vision License Agreement
License costs paid							1,600,000
Research and Development Expense [Member] | Vice President of Research and Development [Member]
Cost Of Services Engineering Services							1,024,430	851,746
Due to Related Parties							0	89,052
Cura Partners [Member] | Consulting Agreement [Member]
Consulting agreement payment, Per month					$ 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							$ 76,536	$ 213,521

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants Activity (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Stockholders' Equity
Granted | shares	3,344,154
Exercised | shares	(1,332,841)
Outstanding at ending balance | shares	2,011,313
Exercisable Number of warrants | shares	2,011,313
Granted | $ / shares	$ 2.33
Exercised | $ / shares	2.19
Outstanding at ending balance | $ / shares	2.43
Exercisable | $ / shares	$ 2.43
Weighted Average Remaining Life, Outstanding	3 years 9 months 18 days
Weighted Average Remaining Life, Exercisable	3 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 7,215,147
Aggregate Intrinsic Value, Exercisable | $	$ 7,215,147

Stockholders' Equity - Addition

Stockholders' Equity - Additional information related to Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Outstanding Number of Warrants	2,011,313
Weighted Average Remaining Life, Exercisable	3 years 9 months 18 days
Exercisable Number of Warrants	2,011,313
Number of warrants exercised	(1,332,841)
Proceeds from exercise of warrants	$ 2,820,362	$ 0
Warrants at exercise price of $2.0580
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.0580
Outstanding Number of Warrants	48,549
Weighted Average Remaining Life, Exercisable	2 months 12 days
Exercisable Number of Warrants	48,549
Warrants at exercise price of $2.2700
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.2700
Outstanding Number of Warrants	144,256
Weighted Average Remaining Life, Exercisable	2 months 12 days
Exercisable Number of Warrants	144,256
Warrants at exercise price of $2.4696
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.4696
Outstanding Number of Warrants	1,602,128
Weighted Average Remaining Life, Exercisable	4 years 2 months 12 days
Exercisable Number of Warrants	1,602,128
Warrants at exercise price of $2.7240
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.7240
Outstanding Number of Warrants	216,380
Weighted Average Remaining Life, Exercisable	4 years 2 months 12 days
Exercisable Number of Warrants	216,380

Stockholders' Equity - Black Sc

Stockholders' Equity - Black Scholes option (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Expected dividends	0.00%	0.00%
Minimum [Member]
Expected term (years)	5 years 10 months 6 days	5 years 6 months
Risk free interest rate	0.26%	1.42%
Expected volatility	96.00%	134.00%
Maximum [Member]
Expected term (years)	10 years	10 years
Risk free interest rate	1.32%	2.53%
Expected volatility	99.00%	139.00%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - USD ($)	May 14, 2019	Feb. 06, 2019	Feb. 06, 2019	Jan. 02, 2019	Dec. 31, 2020	Dec. 31, 2019
Number of Options Exercised | Shares	(34,815)	(320,001)			(36,391)
Weighted Average Exercise Price, Granted | $ / Shares					$ 3.01	$ 3.10
Weighted Average Exercise Price, Exercised	$ 1.95		$ 1.24	$ 1.24
Stock Options [Member]
Number of Options Outstanding | Shares					2,237,438
Number of Options Granted					1,249,839
Number of Options Exercised | Shares				(180,000)	(36,391)
Number of Options Forfeited | Shares					(23,181)
Number of Options Outstanding | Shares					3,427,705	2,237,438
Number of Options Exercisable | Shares					1,768,292
Weighted Average Exercise Price, Outstanding | $ / Shares					$ 3.51
Weighted Average Exercise Price, Granted | $ / Shares					3.01
Weighted Average Exercise Price, Exercised					2.26
Weighted Average Exercise Price, Forfeited | $ / Shares					4.59
Weighted Average Exercise Price, Outstanding | $ / Shares					3.37	$ 3.51
Weighted Average Exercise Price, Exercisable | $ / Shares					$ 3.48
Weighted Average Remaining Life In Years, Outstanding					8 years
Weighted Average Remaining Life In Years, Exercisable					6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $					$ 9,843,341
Aggregate Intrinsic Value, Exercisable					$ 5,013,118

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Options Outstanding, Outstanding Number of Options	3,427,705
Options Exercisable, Weighted Average Remaining Life In Years	6 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	1,768,292
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 2 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	673,544
Options Exercisable, Weighted Average Remaining Life In Years	6 years 6 months
Options Exercisable, Exercisable Number of Options	673,544
Exercise Price 2.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.72
Options Outstanding, Outstanding Number of Options	764,419
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
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
Options Exercisable, Exercisable Number of Options	3,833
Exercise Price 2.89 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.89
Options Outstanding, Outstanding Number of Options	263,500
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 3.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.11
Options Outstanding, Outstanding Number of Options	659,849
Options Exercisable, Weighted Average Remaining Life In Years	8 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	318,432
Exercise price 3.43 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.43
Options Outstanding, Outstanding Number of Options	58,920
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise price 3.48 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.48
Options Outstanding, Outstanding Number of Options	45,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise price 3.71 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.71
Options Outstanding, Outstanding Number of Options	43,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 4.00 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4
Options Outstanding, Outstanding Number of Options	2,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	1,390
Exercise price 4.68 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4.68
Options Outstanding, Outstanding Number of Options	25,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 5.10 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.10
Options Outstanding, Outstanding Number of Options	6,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	4,500
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	7 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	12,375
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	5 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	26,668
Exercise Price 5.77 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.77
Options Outstanding, Outstanding Number of Options	50,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 6.20 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 6.20
Options Outstanding, Outstanding Number of Options	300,387
Options Exercisable, Weighted Average Remaining Life In Years	7 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	270,476
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	7 years 6 months
Options Exercisable, Exercisable Number of Options	48,333
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 3 months 18 days
Options Exercisable, Exercisable Number of Options	148,741

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information (Details) - USD ($)		Dec. 23, 2020	Sep. 11, 2020	Sep. 08, 2020	Aug. 21, 2020	Aug. 19, 2020	Jul. 28, 2020	Jun. 03, 2020	May 28, 2020	Apr. 07, 2020	Mar. 24, 2020	Jan. 31, 2020	Aug. 16, 2019	Jul. 15, 2019	May 14, 2019	Feb. 06, 2019	Feb. 06, 2019	Jan. 14, 2019	Jan. 02, 2019	Feb. 13, 2019	Dec. 31, 2020	Dec. 31, 2019
Common stock, shares authorized																					90,000,000	90,000,000
Common Stock, Par or Stated Value Per Share																					$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized																					6,000,000	6,000,000
Preferred Stock, Par or Stated Value Per Share																					$ 0.0001	$ 0.0001
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years		3 years			3 years	3 years	3 years			3 years						3 years
Aggregate number of shares issued including over-allotment option (in shares)											2,675,293			5,046,763		236,466
Gross Proceeds Of Stock Value Issued During Period														$ 14,000,000
Net Proceeds From Issuance Of Common Stock											$ 5,300,000			$ 13,000,000
Proceeds from Issuance of Common Stock	[1]																				$ 12,734,002	$ 0
Share-based Compensation																					2,483,172	2,511,944
Unrecognized stock - based compensation expense																					$ 3,720,221
Weighted average period of recognition																					2 years
Proceeds from Stock Options Exercised															$ 67,889				$ 483,888		$ 82,161	$ 551,777
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price																					$ 3.01	$ 3.10
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost																						$ 609,322
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price															$ 1.95		$ 1.24		$ 1.24
Proceeds from exercise of stock warrants																					$ 2,820,362	0
Remittance of employee's Payroll Taxes																			$ 62,193
Warrants for purchase of common stock																					1,332,841
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number																				124,210
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period															34,815	320,001					36,391
Research and Development Expense [Member]
Share-based Compensation																					$ 1,350,894	1,459,055
General and Administrative Expense [Member]
Share-based Compensation																					$ 1,132,278	$ 1,052,889
Restricted stock units
Number of awards granted			43,728										40,190
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 150,000										$ 125,000
Class A Warrants [Member]
Aggregate number of shares issued including over-allotment option (in shares)											1,337,659
Shares Issued, Price Per Share											$ 2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights											$ 2.27
Class B Warrants [Member ]
Aggregate number of shares issued including over-allotment option (in shares)											2,006,495
Shares Issued, Price Per Share											$ 2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights											$ 2.724
Common Stock [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price																			$ 1.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																			133,686		36,391	348,501
IPO [Member]
Number of common shares											1
Aggregate number of shares issued including over-allotment option (in shares)											6,000,000			4,388,490
Shares Issued, Price Per Share											$ 2.21425			$ 2.78
Gross Proceeds Of Stock Value Issued During Period											$ 2.42625
IPO [Member] | Class A Warrants [Member]
Shares Issued, Price Per Share											$ 0.5
Warrant to purchase common stock in period											1 year
IPO [Member] | Class B Warrants [Member ]
Shares Issued, Price Per Share											$ 0.75
Warrant to purchase common stock in period											5 years
Underwritten Public Offering
Aggregate number of shares issued including over-allotment option (in shares)					3,833,334
Number of shares agreed to be issued (in shares)						3,333,334
Price per share (in dollars per share)						$ 3.60
Proceeds from Issuance of Common Stock					$ 12,500,000
Payments of Stock Issuance Costs					$ 1,200,000
Over Allotment Option
Aggregate number of shares issued including over-allotment option (in shares)														658,273
Number of shares agreed to be issued (in shares)						500,000
Over-allotment option period						30 days								30 days
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%	0.33%	0.33%			0.33%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross													636,287					11,000
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	24 months	24 months			24 months	24 months					24 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross													45,285
Minimum [Member]
Shares Issued, Price Per Share																					$ 1.95
Maximum [Member]
Shares Issued, Price Per Share																					$ 3.11
Employees Consultants and Directors Under the 2018 Plan [Member]
Aggregate number of shares issued including over-allotment option (in shares)		50,000	58,920	45,000			43,000	764,419	263,500			25,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 5.77	$ 3.43	$ 3.48			$ 3.71	$ 2.72	$ 2.89			$ 4.68	$ 3.11					$ 2.74
Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Grant Date Fair Value		$ 218,700	$ 155,400	$ 126,700			$ 122,400	$ 1,603,600	$ 587,100			$ 103,400	$ 1,909,700					$ 27,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross													681,572					11,000
Omnibus Stock Incentive Plan 2018 [Member]
Common stock reserved for issuance										2,950,000											518,186
Cash fee paid										$ 150,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period										12 months
Warrants at exercise price of $2.0580
Class of Warrant or Right, Exercise Price of Warrants or Rights																					$ 2.0580
Warrants at exercise price of $2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights																					$ 2.4696
[1]	Includes gross proceeds of $13,800,002, less issuance costs of $1,066,000 deducted directly from the offering proceeds.

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2019	Dec. 31, 2020	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		$ 138,785	$ 71,285

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 26, 2021	Aug. 16, 2019	May 14, 2019	Feb. 06, 2019	Jan. 14, 2019	Jan. 02, 2019	Dec. 31, 2020	Dec. 31, 2019
Proceeds from Stock Options Exercised			$ 67,889			$ 483,888	$ 82,161	$ 551,777
Warrants for purchase of common stock							1,332,841
Proceeds from exercise of stock warrants							$ 2,820,362	$ 0
Exercise price per share			$ 1.95	$ 1.24		$ 1.24
Maximum [Member]
Shares Issued, Price Per Share							$ 3.11
Minimum [Member]
Shares Issued, Price Per Share							$ 1.95
Subsequent Event [Member]
Warrants for purchase of common stock	644,992
Proceeds from exercise of stock warrants	$ 1,530,989
Number of Options Granted	652,899
Exercise price per share	$ 6.01
Total exercise price	$ 3,900,000
Term of the options	10 years
Subsequent Event [Member] | Maximum [Member]
Exercise price of warrants	$ 2.06
Subsequent Event [Member] | Minimum [Member]
Exercise price of warrants	$ 2.47
Employees Consultants and Directors Under the 2018 Plan [Member]
Number of Options Granted		681,572			11,000