Eyenovia (EYEN) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38365
Entity Registrant Name	EYENOVIA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1178401
Entity Address, Address Line One	295 Madison Avenue, Suite 2400
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	917
Local Phone Number	289-1117
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
Trading Symbol	EYEN
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		28,398,789
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Unrestricted cash and cash equivalents	$ 13,500,871	$ 28,371,828
Restricted cash	7,875,000
Deferred license costs		1,600,000
License fee and expense reimbursements receivables	960,180	2,966,039
Prepaid expenses and other current assets	1,123,289	453,478
Total Current Assets	23,459,340	33,391,345
Property and equipment, net	1,413,201	396,380
Security deposit	119,035	119,035
Total Assets	24,991,576	33,906,760
Current Liabilities:
Accounts payable	1,684,733	1,461,665
Accrued compensation	1,184,236	1,150,672
Accrued expenses and other current liabilities	552,336	1,480,692
Deferred rent - current portion	16,037	7,809
Deferred license fee	10,000,000	14,000,000
Notes payable - current portion	7,282,037	97,539
Total Current Liabilities	20,719,379	18,198,377
Deferred rent - non-current portion	26,059	38,684
Notes payable - non-current portion	0	365,814
Total Liabilities	20,745,438	18,602,875
Commitments and contingencies (Note 7)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 25,963,185 and 24,978,585 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	2,597	2,498
Additional paid-in capital	97,446,125	92,742,306
Accumulated deficit	(93,202,584)	(77,440,919)
Total Stockholders' Equity	4,246,138	15,303,885
Total Liabilities and Stockholders' Equity	$ 24,991,576	$ 33,906,760

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Condensed Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	6,000,000	6,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares, Issued	25,963,185	24,978,585
Common Stock, Shares, Outstanding	25,963,185	24,978,585

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Income
Revenue			$ 4,000,000
Cost of revenue			(1,600,000)
Gross Profit			2,400,000
Operating Expenses:
Research and development	$ 3,470,188	$ 3,363,759	11,334,296	$ 9,913,296
General and administrative	2,435,141	1,728,366	7,082,659	5,669,311
Total Operating Expenses	5,905,329	5,092,125	18,416,955	15,582,607
Loss From Operations	(5,905,329)	(5,092,125)	(16,016,955)	(15,582,607)
Other Income (Expense):
Small Business Administration Economic Injury Disaster Grant				10,000
Extinguishment of PPP 7(a) loan	463,353		463,353
Other expense	(8,010)		(8,010)
Interest expense	(119,212)	(4,945)	(202,407)	(14,977)
Interest income	600	540	2,354	24,579
Net Loss	$ (5,568,598)	$ (5,096,530)	$ (15,761,665)	$ (15,563,005)
Net Loss Per Share
- Basic	$ (0.21)	$ (0.23)	$ (0.61)	$ (0.79)
- Diluted	$ (0.21)	$ (0.23)	$ (0.61)	$ (0.79)
Weighted Average Number of Common Shares Outstanding
- Basic	26,053,532	22,206,195	25,773,098	19,802,999
- Diluted	26,052,483	22,206,195	25,773,098	19,802,999

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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	[1]	$ 267	5,451,475	0	5,451,742
Issuance of common stock and warrants in private placement(in shares)	[1]	2,675,293
Stock-based compensation		$ 0	583,865	0	583,865
Net loss		0	0	(5,450,910)	(5,450,910)
Balance at Mar. 31, 2020		$ 1,977	75,445,289	(63,121,962)	12,325,304
Balance (in shares) at Mar. 31, 2020		19,776,019
Balance at Dec. 31, 2019		$ 1,710	69,409,949	(57,671,052)	11,740,607
Balance (in shares) at Dec. 31, 2019		17,100,726
Stock-based compensation					1,826,941
Net loss					(15,563,005)
Balance at Sep. 30, 2020		$ 2,488	91,881,790	(73,234,057)	18,650,221
Balance (in shares) at Sep. 30, 2020		24,884,251
Balance at Mar. 31, 2020		$ 1,977	75,445,289	(63,121,962)	12,325,304
Balance (in shares) at Mar. 31, 2020		19,776,019
Exercise of warrants on a cashless basis (in shares)		167,664
Exercise of stock warrants		$ 17	376,404	0	376,421
Stock-based compensation		0	633,146	0	633,146
Net loss		0	0	(5,015,565)	(5,015,565)
Balance at Jun. 30, 2020		$ 1,994	76,454,839	(68,137,527)	8,319,306
Balance (in shares) at Jun. 30, 2020		19,943,683
Issuance of common stock in public offering	[2]	$ 383	12,495,325	0	12,495,708
Issuance of common stock in public offering (in shares)	[2]	3,833,334
Exercise of stock options on a cashless basis (in shares)		26,737
Exercise of stock warrants		$ 108	2,269,562	0	2,269,670
Exercise of stock warrants (in shares)		1,080,497
Exercise of stock options		$ 3	52,134	0	52,137
Stock-based compensation		0	609,930	0	609,930
Net loss		0	0	(5,096,530)	(5,096,530)
Balance at Sep. 30, 2020		$ 2,488	91,881,790	(73,234,057)	18,650,221
Balance (in shares) at Sep. 30, 2020		24,884,251
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
Exercise of stock warrants		$ 65	1,530,925		1,530,990
Exercise of stock warrants (in shares)		644,992
Stock-based compensation		$ 0	656,913	0	656,913
Net loss		0	0	(5,351,667)	(5,351,667)
Balance at Mar. 31, 2021		$ 2,563	94,930,144	(82,792,586)	12,140,121
Balance (in shares) at Mar. 31, 2021		25,623,577
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
Stock-based compensation					2,071,735
Net loss					(15,761,665)
Balance at Sep. 30, 2021		$ 2,597	97,446,125	(93,202,584)	4,246,138
Balance (in shares) at Sep. 30, 2021		25,963,185
Balance at Mar. 31, 2021		$ 2,563	94,930,144	(82,792,586)	12,140,121
Balance (in shares) at Mar. 31, 2021		25,623,577
Issuance of SVB warrants	[3]		351,390		351,390
Exercise of stock options on a cashless basis (in shares)		91,047
Exercise of stock warrants		$ 23	572,978		573,001
Exercise of stock warrants (in shares)		232,022
Exercise of stock options		$ 9	130,081		130,090
Stock-based compensation			637,355		637,355
Net loss				(4,841,400)	(4,841,400)
Balance at Jun. 30, 2021		$ 2,595	96,621,948	(87,633,986)	8,990,557
Balance (in shares) at Jun. 30, 2021		25,946,646
Exercise of stock options on a cashless basis (in shares)		16,539
Exercise of stock options		$ 2	46,710		46,712
Stock-based compensation			777,467		777,467
Net loss				(5,568,598)	(5,568,598)
Balance at Sep. 30, 2021		$ 2,597	$ 97,446,125	$ (93,202,584)	$ 4,246,138
Balance (in shares) at Sep. 30, 2021		25,963,185
[1]	Includes gross proceeds of $5,984,931 , less total issuance costs of $533,189 .
[2]	Includes gross proceeds of $13,800,002 , less total issuance costs of $1,304,294 .
[3]	Allocated fair value of warrants of $354,539 , less allocated issuance costs of $3,149 .

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2021	Sep. 30, 2020	Mar. 31, 2020
Condensed Statements of Changes in Stockholders' Equity
Proceeds Of Stock Issued During Period Gross		$ 13,800,002	$ 5,984,931
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 3,149	$ 1,304,294	$ 533,189
Fair value of warrants	$ 354,539

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities
Net loss		$ (15,761,665)	$ (15,563,005)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment		148,245	71,628
Amortization of debt discount		41,944
Extinguishment of PPP 7(a) loan		(463,353)
Stock-based compensation		2,071,735	1,826,941
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		35,549	(231,194)
License fee and expense reimbursements receivables		2,005,859
Deferred license costs		1,600,000	(1,600,000)
Accounts payable		223,068	(76,596)
Accrued compensation		33,564	(172,318)
Accrued expenses and other current liabilities		(928,356)	(106,471)
Deferred license fee		(4,000,000)	4,000,000
Security deposit			(1,235)
Deferred rent		(4,397)	(1,119)
Net Cash Used In Operating Activities		(14,997,807)	(11,853,369)
Cash Flows From Investing Activities
Purchases of property and equipment		(1,165,066)	(202,046)
Net Cash Used In Investing Activities		(1,165,066)	(202,046)
Cash Flows From Financing Activities
Proceeds from sale of common stock and warrants in private placement	[1]		5,569,136
Proceeds from sale of common stock in public offering			12,734,002
Proceeds from exercise of stock warrants		2,103,991	2,646,091
Proceeds from PPP 7(a) Loan			463,353
Proceeds from SVB loan		7,500,000
Repayments of notes payable		(547,259)	(368,289)
Payment of offering issuance costs			(329,038)
Payment of loan issuance costs		(66,618)
Proceeds from exercise of stock options		176,802	52,137
Net Cash Provided By Financing Activities		9,166,916	20,767,392
Net (Decrease) Increase in Cash and Cash Equivalents		(6,995,957)	8,711,977
Cash and cash equivalents - Beginning of Period		28,371,828	14,152,601
Cash and cash equivalents - End of Period		21,375,871	22,864,578
Cash and restricted cash consisted of the following:
Cash		13,500,871	22,864,578
Restricted cash		7,875,000
Total		21,375,871	22,864,578
Supplemental Disclosure of Cash Flow Information:
Interest		131,839	7,961
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrual of public offering costs			(26,650)
Purchase of insurance premium financed by note payable		(705,360)	$ (475,216)
Issuance of SVB stock warrants		$ (351,390)
[1]	Includes gross proceeds of $5,984,931, less issuance costs of $415,795 deducted directly from the private placement.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical)	9 Months Ended
	Sep. 30, 2020USD ($)
Proceeds Of Stock Issued During Period Gross	$ 13,800,002
Payments of Debt Issuance Costs	1,066,000
Private Placement
Proceeds Of Stock Issued During Period Gross	5,984,931
Payments of Debt Issuance Costs	$ 415,795

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Business Organization, Nature of Operations and Basis of Presentation
Business Organization, Nature of Operations and Basis of Presentation	Note 1 – Business Organization, Nature of Operations and Basis of Presentation Eyenovia, Inc. (“Eyenovia” or the “Company”) is a clinical stage ophthalmic biopharmaceutical company developing a pipeline of microdose array print (MAP™) therapeutics. Eyenovia aims to achieve clinical microdosing of next-generation formulations of well-established ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system branded the Optejet ® On October 25, 2021, the Company announced the reclassification of the Company’s proprietary, first-in-class combination microdose formulation of tropicamide and phenylephrine for in-office pupil dilation, (“MydCombi” or “MicroStat”) as a drug-device combination product by the FDA in a Complete Response Letter (“CRL”) received on October 22, 2021, following a change in the agency’s legal interpretation of its authorities imposed by a recent court ruling. The Company is preparing the necessary documents for expedited resubmission of the new drug application for MydCombi in response to the CRL. The Company believes that its other product candidates will similarly be classified by the FDA as drug-led combination products that would be subject to marketing approval via new drug applications. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year ending December 31, 2021 or any other period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2020 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Liquidity and Going Concern As of September 30, 2021, the Company had unrestricted cash and cash equivalents of approximately $13.5 million and an accumulated deficit of approximately $93.2 $15.8 $15.6 $15.0 $11.9 The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to generate sufficient recurring revenues or secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain executed agreements are recorded as Restricted Cash on the balance sheets, such as the collateralized money market account pursuant to the Loan and Security Agreement, dated May 7, 2021 with Silicon Valley Bank (“SVB”), as amended on September 29, 2021 by the First Amendment to the Loan and Security Agreement. See Note 6 - Notes Payable - Silicon Valley Bank Loan. In connection with which the Company pledged to establish and maintain a collateralized money market account in the amount of $7,875,000. The Company has cash deposits in a financial institution which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of September 30, 2021 and December 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $21,125,871 and $28,121,828, respectively. 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, plus weighted average vested but unsettled restricted stock units. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2020 Options 4,305,980 3,410,540 Warrants 1,226,183 2,095,993 Total potentially dilutive shares 5,532,163 5,506,533 ​ 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 Accounting Standards Codification (“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 7 – Commitments and Contingencies for additional details. Recently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update (“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. The Company adopted ASU 2018-13 effective January 1, 2021. This standard did not have a material impact on the Company’s financial position, results of operations or cash flow. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 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 No. 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU No. 2018-10 “Codification Improvements to Topic 842, Leases” and ASU No. 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU No. 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. On May 3, 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options.” This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating ASU 2021-04 and its impact on its financial position, results of operations, and cash flows.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets As of September 30, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Payroll tax receivable ​ $ 297,494 ​ $ 151,942 Prepaid insurance expenses ​ ​ 413,648 ​ ​ 110,094 Prepaid research and development expenses ​ 30,542 ​ — Prepaid general and administrative expenses ​ ​ 105,941 ​ ​ — Prepaid licenses and subscriptions ​ ​ 31,440 ​ ​ 57,051 Prepaid patent expenses ​ ​ 34,809 ​ ​ ​ Prepaid conference expenses ​ ​ 52,041 ​ ​ 29,403 Prepaid board of directors fees ​ ​ 77,000 ​ ​ 68,250 Prepaid rent and security deposit ​ 32,254 ​ 25,004 Other ​ 48,120 ​ 11,734 Total prepaid expenses and other current assets ​ $ 1,123,289 ​ $ 453,478 ​

Accrued Compensation

Accrued Compensation	9 Months Ended
	Sep. 30, 2021
Accrued Compensation
Accrued Compensation	Note 4 – Accrued Compensation As of September 30, 2021 and December 31, 2020, accrued compensation consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Accrued bonus expenses ​ $ 895,253 ​ $ 938,873 Accrued payroll expenses ​ 288,983 ​ 211,799 Total accrued compensation ​ $ 1,184,236 ​ $ 1,150,672 ​

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of September 30, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Accrued research and development expenses ​ $ 181,241 ​ $ 348,254 Accrued consulting and professional services ​ ​ 243,979 ​ ​ 235,355 Credit card payable ​ 44,204 ​ 50,002 Accrued franchise tax ​ ​ 39,300 ​ ​ 32,480 Accrued licensing fees ​ ​ — ​ ​ 804,447 Accrued interest ​ ​ 31,250 ​ ​ 3,068 Accrued expense reimbursements ​ ​ 6,441 ​ ​ 5,459 Other ​ 5,921 ​ 1,627 Total accrued expenses and other current liabilities ​ $ 552,336 ​ $ 1,480,692 ​

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2021
Notes Payable
Notes Payable	Note 6 – Notes Payable As of September 30, 2021 and December 31, 2020, notes payable consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ Current ​ Non-Current ​ ​ ​ Current ​ Non-Current ​ ​ ​ Portion Portion Total Portion Portion Total BankDirect Capital Finance loan ​ $ 158,101 ​ $ — ​ $ 158,101 ​ $ — ​ $ — ​ $ — Paycheck Protection Program loan ​ ​ — ​ ​ — ​ ​ — ​ ​ 97,539 ​ ​ 365,814 ​ ​ 463,353 Silicon Valley Bank loan ​ ​ 7,123,936 ​ ​ — ​ ​ 7,123,936 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 7,282,037 ​ $ — ​ $ 7,282,037 ​ $ 97,539 ​ $ 365,814 ​ $ 463,353 ​ BankDirect Capital Finance Loan On February 24, 2021, the Company issued a note payable for the purchase of a directors and officers liability insurance policy. The note payable is payable in nine monthly payments consisting of principal and interest amounting to $79,343 for an aggregate principal amount of $705,360. The note accrues interest at a rate of 2.96% per year and matures on November 24, 2021. Paycheck Protection Program Loan On May 8, 2020, the Company received cash proceeds of $463,353 pursuant to a loan provided in connection with the Paycheck Protection Program under the CARES Act (the “PPP Loan”). The PPP Loan provided 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 incurred interest at a fixed rate of 1.00% per annum. Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, the Company was eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. The Company applied for loan forgiveness on the PPP Loan in March 2021. The Company received notification in August 2021 that it had received approval for full loan forgiveness of the PPP Loan in the amount of $463,353. The Company has recorded this extinguishment as other income in the condensed statement of operations for the three and nine months ended September 30, 2021. The Company also received notification of forgiveness of accrued interest payable of $5,738, which has been reversed from interest expense. Silicon Valley Bank Loan On May 7, 2021 (the “Effective Date”), the Company entered into a Loan and Security Agreement (the “Loan”) with Silicon Valley Bank (“SVB”) for an aggregate principal amount of up to $25.0 million. The Loan bears interest at an annual rate equal to the greater of (a) the sum of 1.25% plus the prime rate as reported in The Wall Street Journal and (b) 5.00%. The Loan is secured by all of the Company’s tangible assets. The Loan matures on May 1, 2025. The Loan requires monthly interest-only payments until June 1, 2022. The interest-only period can be extended to June 1, 2023, upon the occurrence of a milestone event. Upon the end of the interest-only period, the Company will make regular monthly amortizing payments of principal and interest through the maturity date. The Loan indicates a prepayment fee of 1.0% to 3.0%, as follows: i) prepayment fee of 3.0% of the principal balance made on or prior to the first anniversary of the Effective Date; ii) prepayment fee of 2.0% of the principal balance made on or prior to the second anniversary of the Effective Date; or iii) prepayment fee of 1.0% of the principal balance made on or prior to the third anniversary of the Effective Date. The Loan also provides for a final payment. The final payment is in addition to and not a substitution for the regular monthly payments of principal plus accrued interest due on the earliest to occur of the loan maturity date, the repayment of the loan in full or the termination of the Loan Agreement, in an amount equal to the original aggregate principal amount of the multiplied by 5.0%.The Company is accreting the final payment as accrued interest over the term of the Loan. The initial tranche of the Loan, in the amount of $7.5 million was received by the Company on May 7, 2021. In connection with the Loan, the Company issued warrants to SVB to purchase 91,884 shares of common stock at an exercise price per share equal to $4.76. The warrants are exercisable for a period of ten years from the date of issuance. At the Company’s option, the Company has the ability to draw down the remaining $17.5 million in gross proceeds in two tranches over the next two years based upon the achievement of several milestones in accordance with the terms of the Loan. On September 29, 2021, the Company and SVB executed the First Amendment to the Loan and Security Agreement (the “Amendment”). In accordance with the Amendment, the Company must maintain a collateralized money market account in the amount of $7,875,000. The Company has recorded this amount as Restricted Cash. See Note 2 - Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash. This account must be maintained until the Release Event occurs (defined as when the Company has received approval by the FDA of the MydCombi product and achieved the minimum equity raise under the terms of the amended agreement, on or prior to November 30, 2021). Given the FDA’s recent reclassification of MydCombi as a drug-device combination and the need to resubmit a new drug application in early 2022, (See Note 11 - Subsequent Events), the restricted cash will become callable on November 30, 2021, at SVB’s election, to satisfy the Loan obligations. Therefore, the Loan has been fully classified as a current note payable. During the three and nine months ended September 30, 2021, the Company recorded interest expense relating to the Loan of $95,833 The Company determined that the warrants should be equity-classified and that the relative fair value was $354,539, by using the Black-Scholes option pricing methodology using the following assumptions: stock price of $4.76; expected term of 10.0 years; volatility of 89.0% and a risk-free interest rate of 1.60%. The Company incurred $66,618 of debt issuance costs, of which $63,469 was allocated to the debt and $3,149 was allocated to the warrants. The relative fair value of the warrants and the issuance costs allocated to the debt were recorded as debt discount and are being amortized over the four-year term of the note. See the table below for additional details: ​ ​ ​ ​ ​ ​ September 30, 2021 Gross loan proceeds ​ $ 7,500,000 Debt discount: ​ ​ Relative fair value of warrants ​ (354,539) Relative fair value of issuance costs ​ (63,469) Amortization of debt discount ​ 41,944 ​ ​ $ 7,123,936 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 7 – Commitments and Contingencies See Note 8 - Related Party Transactions for certain commitments and contingencies entered into with certain related parties. Litigations, Claims and Assessments The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. 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 Pharmaceutical Co., Ltd. (“Senju”), due under the Exclusive License Agreement between the Company and Senju, as amended on April 8, 2020 and a Letter Agreement dated August 10, 2020 (the “Senju License Agreement”). The Company had recorded the $4.0 million payment as a deferred license fee until the payment is earned. The Company considers payment earned once certain trial data has been fully submitted to Arctic Vision, permitting Arctic Vision to seek regulatory approval with the National Medical Products Administration of China. The trial data for one of the two products (MicroPine) was fully submitted to Arctic Vision in March 2021. As a result, the Company recognized $2.0 million of deferred license fees (one-half of the $4.0 million upfront license fee) and recognized $0.8 million of deferred license costs related to the Senju payment during the three months ended March 31, 2021. The trial data for the other product (MicroLine) was fully submitted to Arctic Vision in June 2021. As a result, the Company recognized the remaining $2.0 million of deferred license fees and recognized the remaining $0.8 million of deferred license costs related to the Senju payment during the three months ended June 30, 2021. In addition, the Company may receive up to a total of $43.75 million in additional payments, based on various development and regulatory milestones, including the initiation of clinical research and regulatory approvals in Greater China and South Korea (up to $39.75 million), and development costs (up to $4.0 million). In 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. The $2.0 million was received from Arctic Vision in December 2020. The milestone revenue referred to above includes $2.0 million related to the MicroStat product resulting from Amendment 1 to the Arctic Vision License Agreement. On September 14, 2021, the Company and Arctic Vision executed this amendment which provides for a one-time upfront payment of $250,000 and milestone payments of $2.0 million based on the achievement of filing for and receiving regulatory approval separately from China and South Korea for the MicroStat Product. The Company anticipates the Marketing Authorization Application (MAA) filings to occur in December 2023 and the receipt of regulatory approval to occur in December 2024. The Company didn’t recognize revenue for the $250,000 upfront payment because it was passed through to Senju. See Note 8 - Related Party Transactions for additional information. Arctic Vision also will purchase its supply of MicroPine, MicroLine and MicroStat 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 through September 30, 2021. 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 8 – Related Party Transactions- Senju License Agreement 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 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 has not been earned as of September 30, 2021. 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 through September 30, 2021. Under the terms of the Bausch License Agreement, on a country-by-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 through September 30, 2021.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions
Related Party Transactions	Note 8 – Related Party Transactions Lease Agreements The Company’s Vice President of Research and Development and Manufacturing (“VP of R&D”) owns a company that entered into a lease agreement with the Company on September 15, 2016 to lease 953 square feet of space located in Reno, NV with respect to its research and development activities. The initial monthly base rent was $3,895 per month over the term of the lease and the security deposit was $3,895. On September 15, 2018, the Company amended the lease agreement to extend it until September 14, 2020 and increase the monthly base rent rent rent 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 for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of a microdose product candidate in Asia; or (ii) the expiration of the licensed patents. As of the date of this filing, there had been no commercial sales of a microdose product candidate in Asia, such that no royalties had been earned. Senju is owned by the family of a former member of the Company’s Board of Directors and, together, they beneficially own greater than 5% of the Company’s common stock. On April 8, 2020, the Company 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 was 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. Since the Company executed a third-party license prior to April 8, 2021, the License Amendment will remain in effect for the duration of the license, subject to early termination. 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. The Exclusive License Agreement was amended further by the License Amendment 2, effective September 14, 2021 (the “Amendment 2”). The Amendment 2 excludes Greater China and South Korea from the territory in which Senju was granted an exclusive royalty-bearing license from the Company. In consideration for this exclusion, and upon and after the execution of Amendment 1 with Arctic Vision, the Company must make payments to Senju based on non-royalty license revenue and sales revenue, including a one-time upfront payment of $250,000 which represented an inducement to Senju to approve Amendment 1 of the Arctic Vision License Agreement related to the MicroStat product. This upfront payment to Senju was in addition to and separate from the previously established 40% payment on milestone revenue. See Note 7 – Commitments and Contingencies – Arctic Vision License Agreement for additional details.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity
Stockholders' Equity	Note 9 – Stockholders’ Equity Securities Purchase Agreement On March 24, 2020, the Company closed on a private placement of approximately $6.0 million of Units. Each Unit consists of (i) one share of the Company’s common stock, (ii) a one-year warrant to purchase 0.5 of a share of common stock (“Class A Warrant”), and (iii) a five-year warrant to purchase 0.75 of a share of common stock (“Class B Warrant”) (collectively, the Class A Warrants and Class B Warrants, the “Warrants”). The Units were sold to the public at a price of $2.21425 per Unit and to certain directors and executive officers at a price of $2.42625 per Unit. The Company generated approximately $5.45 million of net proceeds in the offering after deducting placement agent fees and offering expenses of $0.53 million. In the offering, the Company issued an aggregate of 2,675,293 shares of common stock, Class A Warrants to purchase up to 1,337,659 shares of common stock, and Class B Warrants to purchase up to 2,006,495 shares of common stock. The exercise price of the Class A Warrants issued to the public is $2.058 per share and the exercise price of the Class A Warrants issued to the directors and officers is $2.27 per share. 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. See “Warrants” below for additional details. 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 agreed to file with the SEC, no later than 30 days following the date on which the Company files its Form 10-K for the year ended December 31, 2019 with the SEC, a registration statement on Form S-3 covering the shares of common stock issued in the offering and the shares of common stock underlying the Warrants. The Company timely filed the registration statement on Form S-3 (Registration Statement No. 333-237790), which was declared and has remained effective with the SEC since May 13, 2020. Stock Options In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ Expected term (years) ​ 5.85 5.85 - 10.00 5.85 - 10.00 5.85 - 10.00 ​ Risk free interest rate ​ 0.81% ​ 0.26% - 0.69% ​ 0.45% - 1.58% ​ 0.26% - 1.32% ​ Expected volatility ​ 92% ​ 98% - 99% ​ 92% - 94% ​ 96% - 99% ​ Expected dividends ​ 0.00% ​ 0.00% ​ 0.00% ​ 0.00% ​ ​ The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company uses a blended volatility calculation, the components of which are the Company’s historical volatility for the period from its initial public offering through the valuation date and the average peer-group data of six comparable entities to supplement the Company’s own historical data for the preceding years in computing the expected volatility. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The weighted average estimated grant date fair value of the stock options granted for the three months ended September 30, 2021 and 2020 was approximately $3.56 and $2.71 per share, respectively. The weighted average estimated grant date fair value of the stock options granted for the nine months ended September 30, 2021 and 2020 was approximately $4.16 and $2.24 per share, respectively. On June 17, 2021, an employee exercised an option to purchase common shares on a cashless basis, which resulted in 13,675 shares being withheld and not issued, to cover the cost to exercise and all payroll taxes. A summary of the option activity during the nine months ended September 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ Average Remaining Aggregate ​ Number of Exercise Life Intrinsic ​ Options Price In Years Value Outstanding January 1, 2021 3,427,705 ​ $ 3.37 ​ Granted 1,003,536 ​ 5.56 ​ Exercised (121,261) ​ 2.07 ​ Forfeited (4,000) ​ 2.89 ​ Outstanding September 30, 2021 4,305,980 ​ $ 3.89 7.8 ​ $ 6,253,367 Exercisable September 30, 2021 2,364,074 ​ $ 3.50 6.8 ​ $ 4,448,222 ​ The following table presents information related to stock options as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 ​ 3.5 260,000 $ 1.95 567,636 ​ 5.8 567,636 $ 2.72 764,419 ​ 8.7 318,509 $ 2.74 667 ​ 7.3 0 $ 2.89 253,251 ​ 8.7 106,868 $ 3.11 656,078 ​ 7.9 468,301 $ 3.43 58,920 ​ 8.9 19,644 $ 3.48 ​ 45,000 ​ 8.9 ​ 15,001 $ 3.71 43,000 ​ 8.8 16,723 $ 4.00 2,000 ​ 7.1 1,890 $ 4.53 127,000 ​ — — $ 4.68 ​ 25,000 ​ 8.3 ​ 13,196 $ 4.81 ​ 222,000 ​ — ​ — $ 5.10 ​ 6,000 ​ 6.9 ​ 5,833 $ 5.11 ​ 1,637 ​ — ​ — $ 5.19 ​ 16,500 ​ 6.9 ​ 16,500 $ 5.25 ​ 26,668 ​ 5.0 ​ 26,668 $ 5.77 ​ 50,000 ​ — ​ — $ 6.01 ​ 652,899 ​ — ​ — $ 6.20 ​ 300,387 ​ 6.8 ​ 300,387 $ 6.30 60,000 ​ 6.8 60,000 $ 8.72 ​ 166,918 ​ 6.5 ​ 166,918 ​ ​ ​ 4,305,980 ​ 6.8 ​ 2,364,074 ​ Restricted Stock Units On September 11, 2020 and March 31, 2021, the Company granted members of its Board of Directors an aggregate of 44,951 RSUs under its Amended and Restated 2018 Omnibus Stock Incentive Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs provided that vesting would occur 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 2021 annual stockholders meeting took place on June 16, 2021 which triggered the vesting of the RSUs. The RSUs had an aggregate grant date fair value of $156,200 , which was recognized over the vesting period. Pursuant to the terms of the grants, vested RSUs are not issued until (a) termination of the director’s service to the Company; or (b) upon a change-of-control transaction (as specified). Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options and RSUs. During the three months ended September 30, 2021 and 2020, the Company recorded expense of $777,467 ($489,121 of which was included within research and development expenses and $288,346 of which was included within general and administrative expenses on the condensed statement of operations) and $609,930 ($346,294 of which was included within research and development expenses and $263,636 of which was included within general and administrative expenses on the condensed statement of operations), respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded expense of $2,071,735 ($1,138,331 of which was included within research and development expenses and $933,404 was included within general and administrative expenses on the condensed statement of operations) and $1,826,941 ($1,002,150 of which was included within research and development expenses and $824,791 was included within general and administrative expenses on the condensed statement of operations), respectively. As of September 30, 2021, there was $5,787,351 of unrecognized stock-based compensation expense which the Company expects to recognize over a weighted average period of 2.1 years. Warrants A summary of warrant activity for the nine months ended September 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Life ​ Intrinsic ​ Warrants Price In Years Value Outstanding January 1, 2021 2,011,313 ​ $ 2.43 ​ Granted 91,884 ​ 4.76 ​ Exercised (877,014) ​ 2.40 ​ Outstanding September 30, 2021 1,226,183 ​ $ 2.69 4.0 ​ $ 2,714,617 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2021 1,226,183 ​ $ 2.69 4.0 ​ $ 2,714,617 ​ The following table presents information related to Warrants as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding ​ Warants Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Warrants In Years Warrants $2.4696 917,919 3.5 917,919 $2.7240 ​ 216,380 ​ 3.5 ​ 216,380 $4.7600 91,884 9.6 91,884 ​ 1,226,183 4.0 1,226,183 ​ See Note 6 – Notes Payable – for details on the warrant issued in connection with the SVB loan. During the three months ended September 30, 2020, warrants for the purchase of 1,080,497 shares of the Company’s common stock, with exercise prices of either $2.058 or $2.4696 per share, were exercised for aggregate proceeds of approximately $2.3 million, while no warrants were exercised during the three months ended September 30, 2021. During the nine months ended September 30, 2021 and 2020, warrants for the purchase of 877,014 and 1,248,161 shares of the Company’s common stock, respectively, with exercise prices of either $2.058 or $2.4696 per share, were exercised for aggregate proceeds of approximately $2.1 million and $2.6 At-The-Market Offering On May 14, 2021, the Company entered into a Sales Agreement (the “Agreement”) with SVB Leerink LLC (“SVB Leerink”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock (the “Common Stock”), having an aggregate offering price of up to $30 million through SVB Leerink as its sales agent. Subject to the terms and conditions of the Agreement, SVB Leerink may sell the Common Stock by any method permitted by law deemed to be an “at-the-market offering”. SVB Leerink will use commercially reasonable efforts to sell the Common Stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay SVB Leerink a commission equal to three percent (3.0%) of the gross sales proceeds of any Common Stock sold through SVB Leerink under the Agreement. The Company is not obligated to make any sales of Common Stock under the Agreement. through September 30, 2021, the Company had not sold any shares of common stock under the Agreement. See Note 11 - Subsequent Events - At-The-Market Offering for additional details.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2021
Employee Benefit Plans
Employee Benefit Plans	Note 10 – Employee Benefit Plans 401(k) Plan In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2021 and 2020, the Company’s Board of Directors has approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. During the three months ended September 30, 2021 and 2020, the Company recorded expense of $34,076 and $25,535 associated with its matching contributions, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded expense of $144,917 and $106,021 associated with its matching contributions, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	Note 11 – Subsequent Events At-The-Market Offering ​ Pursuant to the At-The-Market Offering (see Note 9 – Stockholders’ Equity – At-The-Market Offering) the Company commenced sales of its common stock on October 6, 2021. As of the filing date, the Company has received approximately $12.8 million in gross proceeds and $12.4 million in net proceeds from the sale of 2,435,604 shares of its common stock. ​ MydCombi FDA Application ​ On October 25, 2021, the Company announced the reclassification of the Company’s proprietary, first-in-class combination microdose formulation of tropicamide and phenylephrine for in-office pupil dilation, MydCombi, as a drug-device combination product by the FDA in a CRL received on October 22, 2021, following a change in the agency’s legal interpretation of its authorities imposed by a recent court ruling. The Company is preparing the necessary documents for expedited resubmission of the new drug application for MydCombi in response to the CRL. See Note 1 – Business Organization, Nature of Operations and Basis of Presentation and Note 6 – Notes Payable – Silicon Valley Bank Loan. ​ Employee Stock Options ​ On October 27, 2021, the Company granted ten-year stock options to employees, pursuant to its Amended and Restated 2018 Omnibus Stock Incentive Plan, to purchase an aggregate of 35,000 shares of the Company’s common stock at an exercise price of $4.06 per share. The options expire on the tenth anniversary of the grant date and they vest with respect to one-third of the shares underlying the awards on the first anniversary of the grant date and, with respect to the remaining two-thirds of the shares underlying the awards, in equal monthly installments over the subsequent two years.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Liquidity and Going Concern	Liquidity and Going Concern As of September 30, 2021, the Company had unrestricted cash and cash equivalents of approximately $13.5 million and an accumulated deficit of approximately $93.2 $15.8 $15.6 $15.0 $11.9 The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to generate sufficient recurring revenues or secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain executed agreements are recorded as Restricted Cash on the balance sheets, such as the collateralized money market account pursuant to the Loan and Security Agreement, dated May 7, 2021 with Silicon Valley Bank (“SVB”), as amended on September 29, 2021 by the First Amendment to the Loan and Security Agreement. See Note 6 - Notes Payable - Silicon Valley Bank Loan. In connection with which the Company pledged to establish and maintain a collateralized money market account in the amount of $7,875,000. The Company has cash deposits in a financial institution which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of September 30, 2021 and December 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $21,125,871 and $28,121,828, respectively.
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, plus weighted average vested but unsettled restricted stock units. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2020 Options 4,305,980 3,410,540 Warrants 1,226,183 2,095,993 Total potentially dilutive shares 5,532,163 5,506,533
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 Accounting Standards Codification (“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 7 – Commitments and Contingencies for additional details.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update (“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. The Company adopted ASU 2018-13 effective January 1, 2021. This standard did not have a material impact on the Company’s financial position, results of operations or cash flow. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 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 No. 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU No. 2018-10 “Codification Improvements to Topic 842, Leases” and ASU No. 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU No. 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. On May 3, 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options.” This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating ASU 2021-04 and its impact on its financial position, results of operations, and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Schedule of anti-dilutive weighted average diluted common shares	The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2020 Options 4,305,980 3,410,540 Warrants 1,226,183 2,095,993 Total potentially dilutive shares 5,532,163 5,506,533

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Payroll tax receivable ​ $ 297,494 ​ $ 151,942 Prepaid insurance expenses ​ ​ 413,648 ​ ​ 110,094 Prepaid research and development expenses ​ 30,542 ​ — Prepaid general and administrative expenses ​ ​ 105,941 ​ ​ — Prepaid licenses and subscriptions ​ ​ 31,440 ​ ​ 57,051 Prepaid patent expenses ​ ​ 34,809 ​ ​ ​ Prepaid conference expenses ​ ​ 52,041 ​ ​ 29,403 Prepaid board of directors fees ​ ​ 77,000 ​ ​ 68,250 Prepaid rent and security deposit ​ 32,254 ​ 25,004 Other ​ 48,120 ​ 11,734 Total prepaid expenses and other current assets ​ $ 1,123,289 ​ $ 453,478

Accrued Compensation (Tables)

Accrued Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Compensation
Schedule of accrued compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Accrued bonus expenses ​ $ 895,253 ​ $ 938,873 Accrued payroll expenses ​ 288,983 ​ 211,799 Total accrued compensation ​ $ 1,184,236 ​ $ 1,150,672

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2021 2020 Accrued research and development expenses ​ $ 181,241 ​ $ 348,254 Accrued consulting and professional services ​ ​ 243,979 ​ ​ 235,355 Credit card payable ​ 44,204 ​ 50,002 Accrued franchise tax ​ ​ 39,300 ​ ​ 32,480 Accrued licensing fees ​ ​ — ​ ​ 804,447 Accrued interest ​ ​ 31,250 ​ ​ 3,068 Accrued expense reimbursements ​ ​ 6,441 ​ ​ 5,459 Other ​ 5,921 ​ 1,627 Total accrued expenses and other current liabilities ​ $ 552,336 ​ $ 1,480,692

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Payable
Schedule of notes payable	As of September 30, 2021 and December 31, 2020, notes payable consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ Current ​ Non-Current ​ ​ ​ Current ​ Non-Current ​ ​ ​ Portion Portion Total Portion Portion Total BankDirect Capital Finance loan ​ $ 158,101 ​ $ — ​ $ 158,101 ​ $ — ​ $ — ​ $ — Paycheck Protection Program loan ​ ​ — ​ ​ — ​ ​ — ​ ​ 97,539 ​ ​ 365,814 ​ ​ 463,353 Silicon Valley Bank loan ​ ​ 7,123,936 ​ ​ — ​ ​ 7,123,936 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 7,282,037 ​ $ — ​ $ 7,282,037 ​ $ 97,539 ​ $ 365,814 ​ $ 463,353
Schedule of debt	​ ​ ​ ​ ​ ​ September 30, 2021 Gross loan proceeds ​ $ 7,500,000 Debt discount: ​ ​ Relative fair value of warrants ​ (354,539) Relative fair value of issuance costs ​ (63,469) Amortization of debt discount ​ 41,944 ​ ​ $ 7,123,936

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity
Schedule of Black-Scholes option pricing model to stock options granted	In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ Expected term (years) ​ 5.85 5.85 - 10.00 5.85 - 10.00 5.85 - 10.00 ​ Risk free interest rate ​ 0.81% ​ 0.26% - 0.69% ​ 0.45% - 1.58% ​ 0.26% - 1.32% ​ Expected volatility ​ 92% ​ 98% - 99% ​ 92% - 94% ​ 96% - 99% ​ Expected dividends ​ 0.00% ​ 0.00% ​ 0.00% ​ 0.00% ​
Schedule of the stock option activity	A summary of the option activity during the nine months ended September 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ Average Remaining Aggregate ​ Number of Exercise Life Intrinsic ​ Options Price In Years Value Outstanding January 1, 2021 3,427,705 ​ $ 3.37 ​ Granted 1,003,536 ​ 5.56 ​ Exercised (121,261) ​ 2.07 ​ Forfeited (4,000) ​ 2.89 ​ Outstanding September 30, 2021 4,305,980 ​ $ 3.89 7.8 ​ $ 6,253,367 Exercisable September 30, 2021 2,364,074 ​ $ 3.50 6.8 ​ $ 4,448,222
Schedule of information related to stock options	The following table presents information related to stock options as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 ​ 3.5 260,000 $ 1.95 567,636 ​ 5.8 567,636 $ 2.72 764,419 ​ 8.7 318,509 $ 2.74 667 ​ 7.3 0 $ 2.89 253,251 ​ 8.7 106,868 $ 3.11 656,078 ​ 7.9 468,301 $ 3.43 58,920 ​ 8.9 19,644 $ 3.48 ​ 45,000 ​ 8.9 ​ 15,001 $ 3.71 43,000 ​ 8.8 16,723 $ 4.00 2,000 ​ 7.1 1,890 $ 4.53 127,000 ​ — — $ 4.68 ​ 25,000 ​ 8.3 ​ 13,196 $ 4.81 ​ 222,000 ​ — ​ — $ 5.10 ​ 6,000 ​ 6.9 ​ 5,833 $ 5.11 ​ 1,637 ​ — ​ — $ 5.19 ​ 16,500 ​ 6.9 ​ 16,500 $ 5.25 ​ 26,668 ​ 5.0 ​ 26,668 $ 5.77 ​ 50,000 ​ — ​ — $ 6.01 ​ 652,899 ​ — ​ — $ 6.20 ​ 300,387 ​ 6.8 ​ 300,387 $ 6.30 60,000 ​ 6.8 60,000 $ 8.72 ​ 166,918 ​ 6.5 ​ 166,918 ​ ​ ​ 4,305,980 ​ 6.8 ​ 2,364,074
Summary of the Warrant activity and related information	A summary of warrant activity for the nine months ended September 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Life ​ Intrinsic ​ Warrants Price In Years Value Outstanding January 1, 2021 2,011,313 ​ $ 2.43 ​ Granted 91,884 ​ 4.76 ​ Exercised (877,014) ​ 2.40 ​ Outstanding September 30, 2021 1,226,183 ​ $ 2.69 4.0 ​ $ 2,714,617 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2021 1,226,183 ​ $ 2.69 4.0 ​ $ 2,714,617
Schedule of warrants outstanding	The following table presents information related to Warrants as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding ​ Warants Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Warrants In Years Warrants $2.4696 917,919 3.5 917,919 $2.7240 ​ 216,380 ​ 3.5 ​ 216,380 $4.7600 91,884 9.6 91,884 ​ 1,226,183 4.0 1,226,183 ​

Business Organization, Nature_2

Business Organization, Nature of Operations and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2021
Business Organization, Nature of Operations and Basis of Presentation
Percentage Of Success Rate Of Optejet	90.00%
Percentage of Successful Rate of Traditional Eye Drops	50.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Total potentially dilutive shares	5,532,163	5,506,533
Employee Stock Options
Total potentially dilutive shares	4,305,980	3,410,540
Warrants
Total potentially dilutive shares	1,226,183	2,095,993

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Oct. 06, 2021	Mar. 24, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Unrestricted cash and cash equivalents			$ 13,500,871			$ 22,864,578			$ 13,500,871	$ 22,864,578	$ 28,371,828
Amount pledged to establish and maintain a collateralized money market account			7,875,000						7,875,000
Accumulated deficit			(93,202,584)						(93,202,584)		(77,440,919)
Net loss			(5,568,598)	$ (4,841,400)	$ (5,351,667)	$ (5,096,530)	$ (5,015,565)	$ (5,450,910)	(15,761,665)	(15,563,005)
Cash used in operations									(14,997,807)	$ (11,853,369)
Issuance of common stock (in shares)		2,675,293
Cash, Uninsured Amount			$ 21,125,871						$ 21,125,871		$ 28,121,828
Subsequent Event | At Market Offering
Proceeds from sale of common stock in public offering	$ 12,800,000
Net proceeds	$ 12,400,000
Issuance of common stock (in shares)	2,435,604

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 297,494	$ 151,942
Prepaid insurance expenses	413,648	110,094
Prepaid research and development expenses	30,542	0
Prepaid general and administrative expenses	105,941	0
Prepaid licenses and subscriptions	31,440	57,051
Prepaid Patent Expense	34,809
Prepaid conference expenses	52,041	29,403
Prepaid board of directors fees	77,000	68,250
Prepaid rent and security deposit	32,254	25,004
Other	48,120	11,734
Total prepaid expenses and other current assets	$ 1,123,289	$ 453,478

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued Compensation
Accrued bonus expenses	$ 895,253	$ 938,873
Accrued payroll expenses	288,983	211,799
Total accrued compensation	$ 1,184,236	$ 1,150,672

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued research and development expenses	$ 181,241	$ 348,254
Accrued consulting and professional services	243,979	235,355
Credit card payable	44,204	50,002
Accrued franchise tax	39,300	32,480
Accrued licensing fees	0	804,447
Accrued interest	31,250	3,068
Accrued expense reimbursements	6,441	5,459
Other	5,921	1,627
Total accrued expenses and other current liabilities	$ 552,336	$ 1,480,692

Notes Payable - Schedule of not

Notes Payable - Schedule of notes payable (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current Portion	$ 7,282,037	$ 97,539
Non-Current Portion	0	365,814
Total	7,282,037	463,353
BankDirect Capital Finance loan
Current Portion	158,101	0
Non-Current Portion	0	0
Total	158,101	0
Paycheck Protection Program loan
Current Portion		97,539
Non-Current Portion	0	365,814
Total		463,353
Silicon Valley Bank loan
Current Portion	7,123,936	0
Non-Current Portion	0	0
Total	$ 7,123,936	$ 0

Notes Payable - Schedule of deb

Notes Payable - Schedule of debt discount Note payable (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt discount:
Relative fair value of warrants	$ (354,539)
Relative fair value of issuance costs		$ (66,618)
Amortization of debt discount		41,944
Total		7,282,037	$ 463,353
Note payable - current portion		7,282,037	97,539
Notes payable - non-current portion		0	365,814
Silicon Valley Bank loan
Gross loan proceeds		7,500,000
Debt discount:
Relative fair value of warrants		(354,539)
Relative fair value of issuance costs		(63,469)
Amortization of debt discount		41,944
Total		7,123,936	0
Note payable - current portion		7,123,936	0
Notes payable - non-current portion		$ 0	$ 0

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)	May 07, 2021	Feb. 24, 2021	May 08, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 29, 2021	Aug. 31, 2021
Notes Payable
Repayments of loan							$ 547,259	$ 368,289
Exercise Price of Warrants Outstanding				$ 2.058		$ 2.4696	$ 2.058	$ 2.4696
Amount pledged to establish and maintain a collateralized money market account				$ 7,875,000			$ 7,875,000
Interest expense							150,349
Fair Value Adjustment of Warrants					$ 354,539
Risk free interest rate				0.81%
Expected term (years)				5 years 10 months 6 days
Expected volatility				92.00%
Debt issuance costs							$ 66,618
Minimum
Notes Payable
Exercise Price of Warrants Outstanding						$ 2.058		$ 2.058
Risk free interest rate				0.81%		0.26%	0.45%	0.26%
Expected term (years)				5 years 10 months 6 days		5 years 10 months 6 days	5 years 10 months 6 days	5 years 10 months 6 days
Expected volatility						98.00%	92.00%	96.00%
Maximum
Notes Payable
Exercise Price of Warrants Outstanding						$ 2.4696		$ 2.4696
Risk free interest rate						0.69%	1.58%	1.32%
Expected term (years)						10 years	10 years	10 years
Expected volatility						99.00%	94.00%	99.00%
Notes payable
Notes Payable
Number of monthly payments		9 months
Debt Instrument, Periodic Payment		$ 79,343
Aggregate principal payments		$ 705,360
Interest rate (as a percent)		2.96%
Maturity date		Nov. 24, 2021
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
Amount of principal forgiveness on PPP loan										$ 463,353
Amount of accrued interest forgiveness on PPP loan										$ 5,738
Silicon Valley Bank loan
Notes Payable
Aggregate principal amount	$ 25,000,000
Interest rate (as a percent)	5.00%
Maturity date	May 1, 2025
Debt instrument effective stated rate	1.25% plus the prime rate
Aggregate loan percentage	5.00%
Long-term Debt	$ 7,500,000
Warrants for purchase of common stock	91,884
Exercise Price of Warrants Outstanding	$ 4.76
Warrant exercisable term	10 years
Loan received	$ 17,500,000
Amount pledged to establish and maintain a collateralized money market account									$ 7,875,000
Interest expense							$ 95,833
Debt issuance costs							66,618
Silicon Valley Bank loan | Debt
Notes Payable
Debt issuance costs							63,469
Silicon Valley Bank loan | Warrants
Notes Payable
Fair Value Adjustment of Warrants							$ 354,539
Risk free interest rate							1.60%
Stock price				$ 4.76			$ 4.76
Expected term (years)							10 years
Expected volatility							89.00%
Debt issuance costs							$ 3,149
Silicon Valley Bank loan | Prior to First Anniversary
Notes Payable
Prepayment fee percentage	3.00%
Silicon Valley Bank loan | Prior to Second Anniversary
Notes Payable
Prepayment fee percentage	2.00%
Silicon Valley Bank loan | Prior to Third Anniversary
Notes Payable
Prepayment fee percentage	1.00%
Silicon Valley Bank loan | Minimum
Notes Payable
Prepayment fee percentage	1.00%
Silicon Valley Bank loan | Maximum
Notes Payable
Prepayment fee percentage	3.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Sep. 14, 2021	Oct. 09, 2020	Aug. 10, 2020	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021
Arctic Vision License Agreement
Upfront payment received			$ 4,000,000
Deferred license fees				$ 2,000,000			$ 2,000,000
Deferred license cost				800,000			$ 800,000
Maximum additional payments receivable			43,750,000
Initiation of clinical research and regulatory approval payments			39,750,000
Development costs			4,000,000
Royalty payments earned					$ 0
Milestone payments earned						$ 2,000,000
Milestone payments received	$ 2,000,000
Upfront payments	$ 250,000
Bausch License Agreement
Upfront payment received		$ 10,000,000
Maximum additional payments receivable		$ 35,000,000
Royalty payments earned					0
Milestone payments earned					$ 0
Senju License Agreement
Upfront payment received				$ 4,000,000
Deferred license fees			$ 4,000,000

Related Party Transactions (Det

Related Party Transactions (Details)	Sep. 14, 2021USD ($)	Sep. 15, 2020USD ($)	Apr. 06, 2020USD ($)	Sep. 15, 2018USD ($)	Sep. 15, 2016USD ($)ft²	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2015	Dec. 31, 2020USD ($)
Security Deposit						$ 119,035		$ 119,035			$ 119,035
Arctic Vision License Agreement
Upfront payments	$ 250,000
License Agreement
Minority Interest Ownership Percentage In Company										5.00%
Vice President of Research and Development
Net Rentable Area | ft²					953
Lease, Monthly Base Rent		$ 5,404	$ 5,247	$ 4,012	$ 3,895
Operating Leases, Rent Expense						16,212	$ 15,982	48,636	$ 43,512
Security Deposit		5,404	5,247	4,012	3,895
Leasehold Improvements, Gross						$ 122,298		$ 122,298
Lease, Monthly Base Rent		$ 5,404	$ 5,247	$ 4,012	$ 3,895
Senju Pharmaceutical Co
Royalty Percentage										5.00%
Upfront payments	$ 250,000
Percentage of milestone payment revenue	40.00%

Stockholders' Equity - Black Sc

Stockholders' Equity - Black Scholes option (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Expected term (years)	5 years 10 months 6 days
Risk free interest rate	0.81%
Expected volatility	92.00%
Expected dividends	0.00%	0.00%	0.00%	0.00%
Minimum
Expected term (years)	5 years 10 months 6 days	5 years 10 months 6 days	5 years 10 months 6 days	5 years 10 months 6 days
Risk free interest rate	0.81%	0.26%	0.45%	0.26%
Expected volatility		98.00%	92.00%	96.00%
Maximum
Expected term (years)		10 years	10 years	10 years
Risk free interest rate		0.69%	1.58%	1.32%
Expected volatility		99.00%	94.00%	99.00%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - Stock Options - USD ($)	9 Months Ended
	Sep. 30, 2021
Number of Options Outstanding | Shares	3,427,705
Number of Options Granted | Shares	1,003,536
Number of Options Exercised | Shares	(121,261)
Number of Options Forfeited | Shares	(4,000)
Number of Options Outstanding | Shares	4,305,980
Number of Options Exercisable | Shares	2,364,074
Weighted Average Exercise Price, Outstanding | $ / Shares	$ 3.37
Weighted Average Exercise Price, Granted | $ / Shares	5.56
Weighted Average Exercise Price, Exercised | $ / Shares	2.07
Weighted Average Exercise Price, Forfeited | $ / Shares	2.89
Weighted Average Exercise Price, Outstanding | $ / Shares	3.89
Weighted Average Exercise Price, Exercisable | $ / Shares	$ 3.50
Weighted Average Remaining Life In Years, Outstanding	7 years 9 months 18 days
Weighted Average Remaining Life In Years, Exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 6,253,367
Aggregate Intrinsic Value, Exercisable	$ 4,448,222

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Options Outstanding, Outstanding Number of Options	4,305,980
Options Exercisable, Weighted Average Remaining Life In Years	6 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	2,364,074
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	3 years 6 months
Options Exercisable, Exercisable Number of Options	260,000
Exercise Price 1.95 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 1.95
Options Outstanding, Outstanding Number of Options	567,636
Options Exercisable, Weighted Average Remaining Life In Years	5 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	567,636
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	318,509
Exercise Price 2.74 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.74
Options Outstanding, Outstanding Number of Options	667
Options Exercisable, Weighted Average Remaining Life In Years	7 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	0
Exercise Price 2.89 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.89
Options Outstanding, Outstanding Number of Options	253,251
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	106,868
Exercise Price 3.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.11
Options Outstanding, Outstanding Number of Options	656,078
Options Exercisable, Weighted Average Remaining Life In Years	7 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	468,301
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	8 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	19,644
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	8 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	15,001
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	8 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	16,723
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 1 month 6 days
Options Exercisable, Exercisable Number of Options	1,890
Exercise Price 4.53 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4.53
Options Outstanding, Outstanding Number of Options	127,000
Options Exercisable, Exercisable Number of Options	0
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	8 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	13,196
Exercise Price 4.81 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4.81
Options Outstanding, Outstanding Number of Options	222,000
Options Exercisable, Exercisable Number of Options	0
Exercise Price 5.10 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.10
Options Outstanding, Outstanding Number of Options	6,000
Options Exercisable, Weighted Average Remaining Life In Years	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	5,833
Exercise Price 5.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.11
Options Outstanding, Outstanding Number of Options	1,637
Options Exercisable, Exercisable Number of Options	0
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	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	16,500
Exercise Price 5.25 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.25
Options Outstanding, Outstanding Number of Options	26,668
Options Exercisable, Weighted Average Remaining Life In Years	5 years
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, Exercisable Number of Options	0
Exercise Price 6.01 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 6.01
Options Outstanding, Outstanding Number of Options	652,899
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	6 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	300,387
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	6 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	60,000
Exercise Price Twenty 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	6 years 6 months
Options Exercisable, Exercisable Number of Options	166,918

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants Activity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity
Outstanding at beginning balance			2,011,313
Granted			91,884
Exercised	0	(1,080,497)	(877,014)	(1,248,161)
Outstanding at ending balance	1,226,183		1,226,183
Exercisable Number of warrants	1,226,183		1,226,183
Outstanding at beginning balance			$ 2.43
Granted			4.76
Exercised			2.40
Outstanding at ending balance	$ 2.69		2.69
Exercisable	$ 2.69		$ 2.69
Weighted Average Remaining Life, Outstanding			4 years
Weighted Average Remaining Life, Exercisable			4 years
Aggregate Intrinsic Value, Outstanding	$ 2,714,617		$ 2,714,617
Aggregate Intrinsic Value, Exercisable	$ 2,714,617		$ 2,714,617

Stockholders' Equity - Addition

Stockholders' Equity - Additional information related to Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.058	$ 2.4696	$ 2.058	$ 2.4696
Outstanding Number of Warrants	1,226,183		1,226,183		2,011,313
Weighted Average Remaining Life, Exercisable			4 years
Exercisable Number of Warrants	1,226,183		1,226,183
Number of warrants exercised	0	1,080,497	877,014	1,248,161
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.058	$ 2.4696	$ 2.058	$ 2.4696
Proceeds from exercise of warrants		$ 2,300,000	$ 2,103,991	$ 2,646,091
Warrants at exercise price of $2.4696
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.4696		$ 2.4696
Outstanding Number of Warrants	917,919		917,919
Weighted Average Remaining Life, Exercisable			3 years 6 months
Exercisable Number of Warrants	917,919		917,919
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.4696		$ 2.4696
Warrants at exercise price of $2.7240
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.7240		$ 2.7240
Outstanding Number of Warrants	216,380		216,380
Weighted Average Remaining Life, Exercisable			3 years 6 months
Exercisable Number of Warrants	216,380		216,380
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.7240		$ 2.7240
Warrants at exercise price of $4.7600
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 4.7600		$ 4.7600
Outstanding Number of Warrants	91,884		91,884
Weighted Average Remaining Life, Exercisable			9 years 7 months 6 days
Exercisable Number of Warrants	91,884		91,884
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.7600		$ 4.7600
Minimum
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding		$ 2.058		$ 2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights		2.058		2.058
Maximum
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding		2.4696		2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.4696		$ 2.4696

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information (Details) - USD ($)	May 14, 2021	Mar. 31, 2021	Sep. 11, 2020	Mar. 24, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 17, 2021	Dec. 31, 2020
Common stock, shares authorized					90,000,000						90,000,000			90,000,000
Common Stock, Par or Stated Value Per Share					$ 0.0001						$ 0.0001			$ 0.0001
Preferred Stock, Shares Authorized					6,000,000						6,000,000			6,000,000
Preferred Stock, Par or Stated Value Per Share					$ 0.0001						$ 0.0001			$ 0.0001
Stock-based compensation					$ 777,467	$ 637,355	$ 656,913	$ 609,930	$ 633,146	$ 583,865	$ 2,071,735	$ 1,826,941
Aggregate number of shares issued including over-allotment option (in shares)				2,675,293
Share-based Compensation											2,071,735	1,826,941
Unrecognized stock - based compensation expense					$ 5,787,351						$ 5,787,351
Weighted average period of recognition											2 years 1 month 6 days
Proceeds from Stock Options Exercised											$ 176,802	52,137
Proceeds from exercise of stock warrants								$ 2,300,000			$ 2,103,991	$ 2,646,091
Exercise price of warrants					$ 2.058			$ 2.4696			$ 2.058	$ 2.4696
Research and Development Expense [Member]
Stock-based compensation					$ 489,121			$ 346,294			$ 1,138,331	$ 1,002,150
General and Administrative Expense [Member]
Stock-based compensation					$ 288,346			$ 263,636			933,404	$ 824,791
Restricted stock units
Grant date fair value											$ 156,200
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 A Warrants [Member] | Directors And Executive Officers [Member]
Shares Issued, Price Per Share				$ 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 B Warrants [Member ] | Directors And Executive Officers [Member]
Shares Issued, Price Per Share				$ 2.724
Stock Option
Common stock reserved for issuance													13,675
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 3.56			$ 2.71			$ 4.16	$ 2.24
Common Stock
Stock-based compensation							$ 0	$ 0	$ 0	$ 0
IPO [Member]
Aggregate number of shares issued including over-allotment option (in shares)				6,000,000
Units issued price per unit				$ 2.21425
Net Proceeds From Issuance Of Common Stock				$ 5,450,000
Payments of Stock Issuance Costs				$ 530,000
IPO [Member] | Directors And Executive Officers [Member]
Units issued price per unit				$ 2.42625
IPO [Member] | Class A Warrants [Member]
No. of common stock per warrant				0.5
Warrant to purchase common stock in period				1 year
IPO [Member] | Class B Warrants [Member ]
No. of common stock per warrant				0.75
Warrant to purchase common stock in period				5 years
At Market Offering | Common Stock
Aggregate offering price	$ 30,000,000
Percentage on gross sale	3.00%
Minimum
Exercise price of warrants								$ 2.058				2.058
Maximum
Exercise price of warrants								$ 2.4696				$ 2.4696
Omnibus Stock Incentive Plan 2018 [Member] | Restricted stock units
Number of common shares		1	1
Number of awards granted		44,951	44,951
Warrants at exercise price of $2.4696
Exercise price of warrants					2.4696						2.4696
Warrants at exercise price of $4.7600
Exercise price of warrants					$ 4.7600						$ 4.7600

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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	$ 34,076	$ 25,535	$ 144,917	$ 106,021

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 27, 2021	Oct. 06, 2021	Mar. 24, 2020
Subsequent Event [Line Items]
Issuance of common stock (in shares)			2,675,293
Subsequent Event | At Market Offering
Subsequent Event [Line Items]
Proceeds from sale of common stock in public offering		$ 12.8
Net proceeds		$ 12.4
Issuance of common stock (in shares)		2,435,604
Subsequent Event | Employee Stock Options | Omnibus Stock Incentive Plan 2018 [Member]
Subsequent Event [Line Items]
Period of employees stock options granted	10 years
Issuance of common stock (in shares)	35,000
Shares Issued, Price Per Share	$ 4.06
Vesting period	2 years
Subsequent Event | Employee Stock Options | Omnibus Stock Incentive Plan 2018 [Member] | Tranche One
Subsequent Event [Line Items]
Vesting rights	1.00%
Subsequent Event | Employee Stock Options | Omnibus Stock Incentive Plan 2018 [Member] | Tranche Two
Subsequent Event [Line Items]
Vesting rights	2.00%