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% |