Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EYENOVIA, INC. | |
Entity Central Index Key | 1,682,639 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | EYEN | |
Entity Common Stock, Shares Outstanding | 9,936,771 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash | $ 27,602,069 | $ 5,249,511 |
Prepaid expenses and other current assets | 358,138 | 37,149 |
Total Current Assets | 27,960,207 | 5,286,660 |
Property and equipment, net | 22,635 | 27,960 |
Deferred offering costs | 0 | 328,700 |
Total Assets | 27,982,842 | 5,643,320 |
Current Liabilities: | ||
Accounts payable | 549,138 | 246,384 |
Accrued expenses and other current liabilities | 574,259 | 306,263 |
Total Current Liabilities | 1,123,397 | 552,647 |
Commitments and contingencies (Note 5) | ||
Stockholders' Equity: | ||
Common stock, $0.0001 par value, 90,000,000 shares authorized; 9,936,771 and 2,566,530 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 994 | 257 |
Additional paid-in capital | 49,549,244 | 24,351,138 |
Accumulated deficit | (22,690,793) | (19,261,186) |
Total Stockholders' Equity | 26,859,445 | 5,090,673 |
Total Liabilities and Stockholders' Equity | 27,982,842 | 5,643,320 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock | 0 | 293 |
Series A-2 Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock | 0 | 79 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock | $ 0 | $ 92 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 |
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 | 9,936,771 | 2,566,530 |
Common Stock, Shares, Outstanding | 9,936,771 | 2,566,530 |
Series A Convertible Preferred Stock [Member] | ||
Preferred Stock Designated Shares | 0 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 2,932,431 |
Preferred Stock, Shares Outstanding | 0 | 2,932,431 |
Series A-2 Convertible Preferred Stock [Member] | ||
Preferred Stock Designated Shares | 0 | 5,714,286 |
Preferred Stock, Shares Issued | 0 | 788,827 |
Preferred Stock, Shares Outstanding | 0 | 788,827 |
Series B Convertible Preferred Stock [Member] | ||
Preferred Stock Designated Shares | 0 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 918,983 |
Preferred Stock, Shares Outstanding | 0 | 918,983 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Expenses: | ||
Research and development | $ 2,094,095 | $ 910,841 |
General and administrative | 1,337,649 | 195,951 |
Total Operating Expenses | 3,431,744 | 1,106,792 |
Loss From Operations | (3,431,744) | (1,106,792) |
Other Income: | ||
Interest income | 2,137 | 443 |
Net Loss | $ (3,429,607) | $ (1,106,349) |
Net Loss Per Share | ||
- Basic and Diluted | $ (0.45) | $ (0.49) |
Weighted Average Number of Common Shares Outstanding | ||
- Basic and Diluted | 7,561,915 | 2,266,667 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Cash Flows From Operating Activities | ||||
Net loss | $ (3,429,607) | $ (1,106,349) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 5,325 | 6,992 | ||
Stock-based compensation | 650,576 | 3,337 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (320,989) | (14,979) | ||
Accounts payable | 302,754 | 333,555 | ||
Accrued expenses and other current liabilities | 400,996 | (91,435) | ||
Net Cash Used In Operating Activities | (2,390,945) | (868,879) | ||
Cash Flows From Investing Activities | ||||
Purchases of property and equipment | 0 | (12,242) | ||
Net Cash Used In Investing Activities | 0 | (12,242) | ||
Cash Flows From Financing Activities | ||||
Proceeds from sale of common stock in initial public offering | [1] | 25,089,000 | 0 | |
Payment of initial public offering issuance costs. | (345,497) | 0 | ||
Net Cash Provided By Financing Activities | 24,743,503 | 0 | ||
Net Increase (Decrease) in Cash | 22,352,558 | (881,121) | ||
Cash - Beginning of Period | 5,249,511 | 3,387,288 | $ 3,387,288 | |
Cash - End of Period | 27,602,069 | 2,506,167 | $ 5,249,511 | |
Supplemental Disclosure of Non-Cash Financing Activities | ||||
Conversion of convertible preferred stock into common stock | 464 | 0 | ||
Reversal of previously accrued initial public offering issuance costs | (133,000) | 0 | ||
Reduction of additional paid-in capital for initial public offering issuance costs that were previously paid | $ (195,700) | $ 0 | ||
[1] | Includes gross proceeds of $27,300,000, less issuance costs of $2,211,000 deducted directly from the offering proceeds. |
Condensed Statements of Cash F6
Condensed Statements of Cash Flows (Parenthetical) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Stock Issued During Period, Value, New Issues | $ 27,300,000 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 2,211,000 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Business Organization, Nature of Operations and Basis of Presentation Eyenovia. Inc. (“Eyenovia” or the “Company”) is a clinical stage biopharmaceutical company developing a pipeline of ophthalmology products utilizing its patented piezo-print technology to deliver micro-doses (68 µL) of active pharmaceutical ingredients (or “micro-therapeutics”) topically to the eye. This disruptive micro-dosing technology has the potential to replace traditional macro-dosing applications (e.g. conventional eye droppers) that routinely overdose or under-dose the topical administration of ophthalmic therapeutics. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of March 31, 2018 and for the three months ended March 31, 2018 and 2017. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the operating results for the full year ending December 31, 2018 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, 2017 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10-K on April 2, 2018. Effective January 8, 2018, pursuant to authority granted by the stockholders of the Company, the Company implemented a 1-for-3.75 reverse split of the Company’s issued and outstanding common stock and preferred stock (the “Reverse Split”). The number of authorized shares was unchanged as a result of the Reverse Split. All share and per share information has been retroactively adjusted to reflect the Reverse Split for all periods presented, unless otherwise indicated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 2 Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Since the date of the Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. The Company incurred net losses of $ 3,429,607 1,106,348 26,836,810 22,690,793 24.5 The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. As of March 31, 2018 and December 31, 2017, the Company had no cash equivalents. The Company has cash deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. For the three months ended March 31, 2018 and December 31, 2017, the Company had cash balances in excess of FDIC insurance limits of $ 27,352,069 4,999,511 Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. diluted March 31, 2018 2017 (unaudited) (unaudited) Options 1,684,416 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,746,291 4,807,788 In May 2017, the FASB issued ASU No. 2017-09, “CompensationStock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 provides clarity on the accounting for modifications of stock-based awards. ASU 2017-09 requires adoption on a prospective basis in the annual and interim periods for our fiscal year ending after December 15, 2017 for share-based payment awards modified on or after the adoption date. This standard was adopted on January 1, 2018 and did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets Disclosure [Text Block] | Note 3 Prepaid Expenses and Other Current Assets March 31, December 31, 2018 2017 (unaudited) Prepaid research and development expenses $ 34,500 $ 28,932 Prepaid patent expenses 14,288 7,833 Prepaid insurance expenses 309,350 384 Total prepaid expenses and other current assets $ 358,138 $ 37,149 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 Accrued Expenses and Other Current Liabilities March 31, December 31, 2018 2017 (unaudited) Accrued research and development expenses $ 297,913 $ 120,455 Accrued legal expenses 54,249 - Accrued payroll expenses 96,994 - Accrued professional services 89,892 41,831 Accrued offering costs 133,000 Other 35,211 10,977 Total accrued expenses and other current liabilities $ 574,259 $ 306,263 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 5 Commitments and Contingencies See Note 6 Related Party Transactions for details of a lease agreement with a related party. Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. The Company, its Chief Executive Officer and members of its Board of Directors are named as defendants in a legal proceeding filed in the United States District Court for the District of New Jersey on September 2, 2014 that has not yet been fully resolved in connection with the Company’s Asset Purchase Agreement with Corinthian Ophthalmic, Inc. (“Corinthian”). A shareholder of Corinthian, alleging a fraudulent transfer, is seeking to recover the purchase price of its Corinthian shares and other damages in aggregate amount of approximately $ 1.1 10 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 Related Party Transactions The Company’s Chief Executive Officer as well as a member of its Board of Directors are both partners in Private Medical Equity, Inc. (“PME”). The Company and PME were parties to a consulting agreement dated November 4, 2014 that provides for the payment of $ 33,200 per month to PME in consulting fees for general management and strategy services. Any time spent by PME in excess of the specified amount is billed separately. During the three months ended March 31, 2018 and 2017, the Company incurred $ 0 and $ 141,000 respectively, related to the agreement, of which, $ 0 and $ 75,756 , respectively, was included within research and development expenses and $ 0 and $ 65,424 , respectively, was included within general and administrative expenses on the condensed statements of operations. On August 1, 2017, the agreement was terminated and the Company’s Chief Executive Officer was employed full time by the Company. The Board member now bills the Company through a separate consulting agreement dated July 6, 2017 that is discussed below. A company in which a member of the Company’s Board of Directors is part owner is a party to a consulting agreement with the Company dated July 6, 2017 that provides for the payment of $ 9,567 per month, and $ 250 per hour for any additional work, for advisory services performed by such director. During the three months ended March 31, 2018, the Company incurred $ 57,576 related to the agreement which was included within general and administrative expenses on the condensed statement of operations. Since July 2016, the Company pays $ 3,000 per month to a company controlled by a member of its Board of Directors for office space in New York, New York for its Chief Executive Officer. During the three months ended March 31, 2018 and 2017, the Company recorded rent expense of $ 9,000 related to the office space which was included within general and administrative expenses on the condensed statement of operations. The Company’s Vice President of Research and Development (“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 monthly base rent is $ 3,895 per month over the term of the lease and the security deposit is $ 3,895 . The lease expires on September 14, 2018 and is subject to an extension at the option of the Company at a fixed rental rate for an additional 2 -year period. The Company’s rent expense amounted to $ 11,685 for the three months ended March 31, 2018 and 2017. The VP of R&D is the sole owner and President of a company that performs contract engineering services for the Company. During the three months ended March 31, 2018 and 2017, the Company recognized research and development expense of $ 232,012 and $ 186,743 , respectively, related to services provided by such vendor. The Company had a liability of $ 128,067 and $94,998 to the vendor and a liability of $ 12,477 and $9,906 related to expenses incurred by the VP of R&D as of March 31, 2018 and December 31, 2017, respectively. The Company recognized $ 41,250 and $ 0 of compensation expense related to the VP of R&D’s salary during the three months ended March 31, 2018 and 2017, respectively. During 2015, the Company entered into a license agreement with Senju Pharmaceutical Co., Lt. (“Senju”) whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its micro-dose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the micro-dose 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 shall 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 micro-dose 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 micro-dose product candidate in Asia, such that no royalties had been earned. Senju is owned by the family of a member of the Company’s Board of Directors and both beneficially own greater than 5% of the Company’s common stock. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 Stockholders’ Equity Reverse Stock Split Effective January 8, 2018, pursuant to authority granted by the stockholders of the Company, the Company implemented a 1-for-3.75 Reverse Split of the Company’s issued and outstanding common stock and preferred stock. The number of authorized shares was unchanged as a result of the Reverse Split. All share and per share information has been retroactively adjusted to reflect the Reverse Split for all periods presented, unless otherwise indicated. Authorized Capital On January 29, 2018, in connection with its IPO and the conversion of all then existing preferred stock into common stock, the Company filed its Third Amended and Restated Certificate of Incorporation (the “Third Amendment”) with the Secretary of State of the State of Delaware, effective the same day. Pursuant to the Third Amendment, the Company is authorized to issue 90,000,000 6,000,000 Equity Incentive Plans On January 5, 2018, the Company’s Board of Directors and shareholders approved an amendment to the Company’s 2014 Equity Incentive Plan (“2014 Plan”) to increase the number of shares of common stock authorized under the 2014 1,733,333 1,866,667 On March 6, 2018, the Company’s Board of Directors approved the 2018 Omnibus Stock Incentive Plan (“2018 Plan”). The 2018 Plan provides for the issuance of incentive stock options, nonstatutory stock options, rights to purchase common stock, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants of the Company and its affiliates. The 2018 Plan will be approved and adopted by the Company upon receipt of stockholder approval and shall terminate on the tenth (10th) anniversary of the effective date. The 2018 Plan requires the exercise price of stock options to be greater than or equal to the fair value of the Company’s common stock on the date of grant. There are 750,000 Conversion of Preferred Stock Immediately prior to the closing of the IPO on January 29, 2018, all outstanding shares of preferred stock were automatically converted into an aggregate of 4,640,241 shares of the Company’s common stock. Initial Public Offering On January 29, 2018, the Company consummated its IPO of 2,730,000 shares of its common stock at an offering price of $10.00 per share, generating $27.3 million and $24.5 million in gross and net proceeds, respectively. Underwriting discounts, commissions and other offering expenses were approximately $2.8 million, which were recorded as a reduction of additional paid-in capital. Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options of $ 650,576 3,337 2,051,922 1,231,336 2.2 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 8 Subsequent Events Stock Option Grants On April 16, 2018, the Compensation Committee of the Board of Directors approved the grant of ten-year stock options to purchase 175,668 shares of common stock to Company employees and consultants under the 2014 Plan. The stock options will vest monthly over 36 8.72 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Liquidity and Financial Condition [Policy Text Block] | The Company incurred net losses of $ 3,429,607 1,106,348 26,836,810 22,690,793 24.5 |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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. As of March 31, 2018 and December 31, 2017, the Company had no cash equivalents. The Company has cash deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. For the three months ended March 31, 2018 and December 31, 2017, the Company had cash balances in excess of FDIC insurance limits of $ 27,352,069 4,999,511 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. diluted March 31, 2018 2017 (unaudited) (unaudited) Options 1,684,416 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,746,291 4,807,788 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, “CompensationStock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 provides clarity on the accounting for modifications of stock-based awards. ASU 2017-09 requires adoption on a prospective basis in the annual and interim periods for our fiscal year ending after December 15, 2017 for share-based payment awards modified on or after the adoption date. This standard was adopted on January 1, 2018 and did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following securities are excluded from the calculation of weighted average diluted March 31, 2018 2017 (unaudited) (unaudited) Options 1,684,416 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,746,291 4,807,788 |
Prepaid Expenses and Other Cu17
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of March 31, 2018 and December 31, 2017, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2018 2017 (unaudited) Prepaid research and development expenses $ 34,500 $ 28,932 Prepaid patent expenses 14,288 7,833 Prepaid insurance expenses 309,350 384 Total prepaid expenses and other current assets $ 358,138 $ 37,149 |
Accrued Expenses and Other Cu18
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | As of March 31, 2018 and December 31, 2017, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2018 2017 (unaudited) Accrued research and development expenses $ 297,913 $ 120,455 Accrued legal expenses 54,249 - Accrued payroll expenses 96,994 - Accrued professional services 89,892 41,831 Accrued offering costs 133,000 Other 35,211 10,977 Total accrued expenses and other current liabilities $ 574,259 $ 306,263 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,746,291 | 4,807,788 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 61,875 | 0 |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,684,416 | 786,667 |
Series A Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3,232,294 |
Series A-2 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 788,827 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 29, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Working capital, Amount | $ 26,836,810 | |||
Retained Earnings (Accumulated Deficit) | (22,690,793) | $ (19,261,186) | ||
Proceeds from Issuance Initial Public Offering | $ 24,500,000 | |||
Cash, Uninsured Amount | 27,352,069 | $ 4,999,511 | ||
Net Income (Loss) Attributable to Parent | $ (3,429,607) | $ (1,106,349) |
Prepaid Expenses and Other Cu21
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid research and development expenses | $ 34,500 | $ 28,932 |
Prepaid patent expense | 14,288 | 7,833 |
Prepaid insurance expenses | 309,350 | 384 |
Total prepaid expenses and other current assets | $ 358,138 | $ 37,149 |
Accrued Expenses and Other Cu22
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued research and development expenses | $ 297,913 | $ 120,455 |
Accrued legal expenses | 54,249 | 0 |
Accrued payroll expenses | 96,994 | 0 |
Accrued professional services | 89,892 | 41,831 |
Accrued rent expense | 0 | 133,000 |
Other | 35,211 | 10,977 |
Total accrued expenses and other current liabilities | $ 574,259 | $ 306,263 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Loss Contingency, Damages Sought, Value | $ 1.1 |
Malpractice Loss Contingency, Insurance Recoveries | $ 10 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) | Jul. 06, 2017USD ($) | Sep. 15, 2016USD ($)ft² | Jul. 31, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015 |
Share-based Compensation | $ 650,576 | $ 3,337 | |||||
Vice President of Research and Development [Member] | |||||||
Cost Of Services Engineering Services | 232,012 | 186,743 | |||||
Net Rentable Area | ft² | 953 | ||||||
Lease, Monthly Base Rent | $ 3,895 | ||||||
Lessee, Operating Lease, Expiry date | Sep. 14, 2018 | ||||||
Lessee, Operating Lease, Renewal Term | 2 years | ||||||
Operating Lease, Expense | 11,685 | 11,685 | |||||
Security Deposit | 3,895 | ||||||
Share-based Compensation | 41,250 | $ 0 | |||||
Senju Pharmaceutical Co [Member] | |||||||
Royalty Percentage | 5.00% | ||||||
Research and Development Expense [Member] | Vice President of Research and Development [Member] | |||||||
Due to Related Parties | 128,067 | 94,998 | |||||
Related to expenses incurred | 12,477 | $ 9,906 | |||||
Chief Executive Officer [Member] | |||||||
Office space expenses | $ 3,000 | ||||||
Operating Leases, Rent Expense | 9,000 | 9,000 | |||||
Cura Partners [Member] | Consulting Agreement [Member] | |||||||
Consulting agreement payment, Per month | $ 9,567 | ||||||
Consulting agreement payment, Per hour | $ 250 | ||||||
Cura Partners [Member] | General and Administrative Expense [Member] | Consulting Agreement [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 57,576 | ||||||
Private Medical Equity, Inc. [Member] | |||||||
Consulting Fee | 33,200 | ||||||
Private Medical Equity, Inc. [Member] | Consulting Agreement [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 141,000 | |||||
Private Medical Equity, Inc. [Member] | Research and Development Expense [Member] | Consulting Agreement [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 75,756 | |||||
Private Medical Equity, Inc. [Member] | General and Administrative Expense [Member] | Consulting Agreement [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 65,424 |
Stockholders_ Equity (Details T
Stockholders’ Equity (Details Textual) - USD ($) | Mar. 06, 2018 | Jan. 29, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 05, 2018 | Dec. 31, 2017 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 | 90,000,000 | |||
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 | 6,000,000 | |||
Stock Issued During Period, Shares, New Issues | 90,000,000 | |||||
Shares Issued, Price Per Share | $ 6,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 650,576 | $ 3,337 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,051,922 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||||
Net Proceeds from Issuance of Common Stock | $ 2,014,000,000 | |||||
Payment of Financing and Stock Issuance Costs | $ 1,733,333,000,000 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 4,640,241 | |||||
Non-Employee Grants [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,231,336 | |||||
2014 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,866,667 | |||||
2014 Equity Incentive Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,733,333 | |||||
Omnibus Stock Incentive Plan 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | shall terminate on the tenth (10th) anniversary of the effective date |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Apr. 16, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 175,668 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 8.72 |