Eyenovia (EYEN) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		9,998,646

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 24,561,711	$ 5,249,511
Prepaid expenses and other current assets	243,457	37,149
Total Current Assets	24,805,168	5,286,660
Property and equipment, net	16,477	27,960
Deferred offering costs	0	328,700
Total Assets	24,821,645	5,643,320
Current Liabilities:
Accounts payable	723,006	246,384
Accrued expenses and other current liabilities	556,745	306,263
Total Current Liabilities	1,279,751	552,647
Commitments and contingencies (Note 5)
Stockholders' Equity:
Common stock, $0.0001 par value, 90,000,000 shares authorized; 9,998,646 and 2,566,530 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	1,000	257
Additional paid-in capital	49,550,750	24,351,138
Accumulated deficit	(26,009,856)	(19,261,186)
Total Stockholders' Equity	23,541,894	5,090,673
Total Liabilities and Stockholders' Equity	24,821,645	5,643,320
Series A Convertible Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock Value	0	293
Series A-2 Convertible Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock Value	0	79
Series B Convertible Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock Value	$ 0	$ 92

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	9,998,646	2,566,530
Common Stock, Shares, Outstanding	9,998,646	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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating Expenses:
Research and development	$ 2,412,164	$ 751,930	$ 4,506,259	$ 1,662,771
General and administrative	908,806	224,949	2,246,455	420,900
Total Operating Expenses	3,320,970	976,879	6,752,714	2,083,671
Loss From Operations	(3,320,970)	(976,879)	(6,752,714)	(2,083,671)
Other Income:
Interest income	1,907	288	4,044	731
Net Loss	$ (3,319,063)	$ (976,591)	$ (6,748,670)	$ (2,082,940)
Net Loss Per Share
- Basic and Diluted	$ (0.33)	$ (0.43)	$ (0.77)	$ (0.92)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	9,998,646	2,266,667	8,807,864	2,266,667

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net loss		$ (6,748,670)	$ (2,082,940)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		11,483	13,148
Stock-based compensation		652,088	6,390
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(206,308)	(15,777)
Accounts payable		476,622	228,669
Accrued expenses and other current liabilities		383,482	(62,762)
Net Cash Used In Operating Activities		(5,431,303)	(1,913,272)
Cash Flows From Investing Activities
Purchases of property and equipment		0	(10,234)
Net Cash Used In Investing Activities		0	(10,234)
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		19,312,200	(1,923,506)
Cash - Beginning of Period		5,249,511	3,387,288
Cash - End of Period		24,561,711	1,463,782
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)	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 (6–8 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 June 30, 2018 and for the three and six months ended June 30, 2018 and 2017. The results of operations for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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. Liquidity and Financial Condition The Company has not yet generated revenues or achieved profitability and expects to continue to incur cash outflows from operations. It is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. On January 29, 2018, the Company raised aggregate net proceeds of approximately $24.5 million in connection with its initial public offering (“IPO”). See Note 7 – Stockholders’ Equity – Initial Public Offering for additional details. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. Thereafter, the Company may need to raise further capital, through the sale of additional equity or debt securities, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement our product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Cash The Company considers all highly liquid investments with an original maturity of six months or less to be cash equivalents in the financial statements. As of June 30, 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. As of June 30, 2018 and December 31, 2017, the Company had cash balances in excess of FDIC insurance limits of $24,311,711 and $4,999,511, 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. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2018 2017 (unaudited) (unaudited) Options 1,860,084 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,921,959 4,807,788 Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation—Stock 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. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity of financial reporting for non-employee share-based payments. Currently, the accounting requirements for non-employee and employee share-based payments are significantly different. ASU 2018-07 expands the scope of Topic 718, which currently only includes share-based payments to employees, to include share-based payments to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, “Equity — Equity-Based Payments to Nonemployees”. The amendments to ASU 2018 - 07 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a company’s adoption date of ASU No. 2014-09, (Topic 606), “Revenue from Contracts with Customers”. The Company is currently evaluating ASU 2018-07 and its impact on its financial position, results of operations and cash flows.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets Disclosure [Text Block]	Note 3 – Prepaid Expenses and Other Current Assets As of June 30, 2018 and December 31, 2017, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2018 2017 (unaudited) Prepaid insurance expenses $ 221,573 $ 384 Prepaid patent expenses 21,884 7,833 Prepaid research and development expenses - 28,932 Total prepaid expenses and other current assets $ 243,457 $ 37,149

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 4 – Accrued Expenses and Other Current Liabilities As of June 30, 2018 and December 31, 2017, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2018 2017 (unaudited) Accrued bonus expenses $ 175,000 $ - Accrued payroll expenses 115,049 - Accrued research and development expenses 136,068 120,455 Credit card payable 58,700 9,843 Accrued legal expenses 19,238 - Accrued rent expenses 18,000 - Accrued professional services 21,823 41,831 Accrued offering costs - 133,000 Other 12,866 1,134 Total accrued expenses and other current liabilities $ 556,745 $ 306,263

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 million. The parties are not close to agreement on a settlement, and although further discussions may occur, the parties are prepared to proceed to trial. The court conducted a pretrial conference on January 22, 2018 and entered a final pretrial order on January 23, 2018. The order provided, among other things, for a final pretrial conference to be conducted on August 15, 2018 to address objections to expert witnesses’ opinions and testimony, with objections to be submitted by July 18, 2018 and responses by August 1, 2018. Trial briefs, requests for jury instructions, and proposed voir dire questions are due on August 30, 2018. The trial is scheduled for September 20, 2018. The Company is indemnified by Corinthian and Corinthian’s applicable insurance policy provides coverage of $10 million, such that the Company does not expect to incur a material loss as a result of this litigation and, as a result, did not record a loss contingency as of June 30, 2018 or December 31, 2017, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 6 – Related Party Transactions Consulting Agreements 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 and six months ended June 30, 2018, the Company incurred $0 related to the agreement. During the three and six months ended June 30, 2017, the Company incurred $141,000 and $282,000, respectively, related to the agreement, of which, $75,576 and $151,152, respectively, was included within research and development expenses and $65,424 and $130,848, 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 and six months ended June 30, 2018, the Company incurred $34,884 and $92,460, respectively, related to the agreement which was included within general and administrative expenses on the condensed statement of operations. Lease Agreements 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 and six months ended June 30, 2018 and 2017, the Company recorded rent expense of $9,000 and $18,000, respectively, related to the office space which was included within general and administrative expenses on the condensed statements 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 and $23,370, respectively, for the three and six months ended June 30, 2018 and 2017. Research and Development Activities The VP of R&D is the sole owner and President of a company that performs contract engineering services for the Company. During the three and six months ended June 30, 2018, the Company recognized research and development expense of $196,432 and $428,443, respectively, related to services provided by such vendor. During the three and six months ended June 30, 2017, the Company recognized research and development expense of $373,382 and $560,125, respectively, related to services provided by such vendor. The Company had a liability of $155,071 and $94,998 to the vendor and a liability of $68 and $9,906 related to expenses incurred by the VP of R&D as of June 30, 2018 and December 31, 2017, respectively. The Company recognized $41,250 and $82,500, respectively, of compensation expense related to the VP of R&D’s salary during the three and six months ended June 30, 2018. The Company recognized $0 of compensation expense during the three and six months ended June 30, 2017. 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	6 Months Ended
	Jun. 30, 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 shares of common stock and 6,000,000 shares of preferred stock. The holders of the Company’s common stock are entitled to one vote per share. No shares of preferred stock were designated. Pursuant to the Third Amendment, the Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, redemption, voting or other rights. Equity Incentive Plans On January 5, 2018, the Company’s Board of Directors and stockholders 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 Plan from 1,733,333 shares to 1,866,667 shares. On March 6, 2018, the Company’s Board of Directors adopted the 2018 Omnibus Stock Incentive Plan (“2018 Plan”), subject to stockholder approval. 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 was approved by Company stockholders at its annual meeting of stockholders on June 11, 2018. The 2018 Plan terminates on June 11, 2028. 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 shares of common stock authorized under the 2018 Plan. 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 4,702,116 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 Options 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 in equal monthly increments over 36 months beginning on the one-month anniversary of the date of grant and have an exercise price of $8.72 per share, which represents the closing stock price on the date of grant. The stock options had a grant date fair value of $1,412,700, which will be recognized over the vesting period. In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Three and Six Months Ended June 30, 2018 Expected term (years) 5.82 - 10.00 Risk free interest rate 2.69% - 2.83 % Expected volatility 140 % Expected dividends 0.00 % The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term used for options issued to non-employees is usually the contractual life and the expected term used for options issued to employees and directors is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company does not currently have a trading history to support its historical volatility calculations. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of 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 and six months ended June 30, 2018 was approximately $8.72 per share. There were no stock options granted during the three and six months ended June 30, 2017. The Company recorded stock-based compensation expense related to stock options of $652,088 and $6,390 during the six months ended June 30, 2018 and 2017, respectively. For the three months ended June 30, 2018 and 2017, the Company recorded stock-based compensation expense related to stock options of $1,512 (which includes a credit associated with the mark-to-market of non-employee options) and $3,094, respectively. As of June 30, 2018, there was $3,087,133 of unrecognized stock-based compensation expense, of which, $1,231,336 related to non-employee grants, which will be recognized over a weighted average period of 2.3 years. A summary of the option activity during the six months ended June 30, 2018 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2018 1,684,416 $ 1.68 Granted 175,668 8.72 Forfeited - - Outstanding June 30, 2018 1,860,084 $ 2.35 8.1 $ 7,780,706 Exercisable June 30, 2018 1,116,438 $ 1.48 7.3 $ 5,318,423 The following table presents information related to stock options as of June 30, 2018: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 760,001 6.7 760,001 $ 1.95 897,747 9.0 335,427 $ 5.25 26,668 8.3 11,250 $ 8.72 175,668 9.8 9,760 1,860,084 7.3 1,116,438

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 8 – Subsequent Events Stock Options Subsequent to June 30, 2018, the Company granted ten-year stock options to purchase an aggregate of 371,499 shares of common stock to its employees and directors under the 2018 Plan. Of the 371,499 shares, (i) 289,174 vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months , (ii) vest monthly over months date of grant, and (iii) vest on the earlier of the one-year anniversary of the date of grant and the 2019 annual stockholders meeting date. The stock options have exercise prices ranging from $ per share to $ per share, which represents the Company s closing stock price on the date of grant. Restricted Stock Units Subsequent to June 30, 2018, the Company granted an aggregate of 20,165 restricted stock units to its directors under the 2018 . Lease Agreement On August 8, 2018, the Company entered into a lease agreement to lease approximately 3,800 square feet of office space in New York, New York. The monthly base rent ranges from $19,633 to $22,486 per month over the term of the lease for a total base rent lease commitment of approximately $1,290,000. The security deposit is approximately $118,000.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Liquidity and Financial Condition [Policy Text Block]	Liquidity and Financial Condition The Company has not yet generated revenues or achieved profitability and expects to continue to incur cash outflows from operations. It is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. On January 29, 2018, the Company raised aggregate net proceeds of approximately $24.5 million in connection with its initial public offering (“IPO”). See Note 7 – Stockholders’ Equity – Initial Public Offering for additional details. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. Thereafter, the Company may need to raise further capital, through the sale of additional equity or debt securities, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement our product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash The Company considers all highly liquid investments with an original maturity of six months or less to be cash equivalents in the financial statements. As of June 30, 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. As of June 30, 2018 and December 31, 2017, the Company had cash balances in excess of FDIC insurance limits of $24,311,711 and $4,999,511, respectively.
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. The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2018 2017 (unaudited) (unaudited) Options 1,860,084 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,921,959 4,807,788
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation—Stock 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. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity of financial reporting for non-employee share-based payments. Currently, the accounting requirements for non-employee and employee share-based payments are significantly different. ASU 2018-07 expands the scope of Topic 718, which currently only includes share-based payments to employees, to include share-based payments to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, “Equity — Equity-Based Payments to Nonemployees”. The amendments to ASU 2018 - 07 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a company’s adoption date of ASU No. 2014-09, (Topic 606), “Revenue from Contracts with Customers”. The Company is currently evaluating ASU 2018-07 and its impact on its financial position, results of operations and cash flows.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 common shares because their inclusion would have been anti-dilutive: June 30, 2018 2017 (unaudited) (unaudited) Options 1,860,084 786,667 Warrants 61,875 - Series A Convertible Preferred Stock - 3,232,294 Series A-2 Convertible Preferred Stock - 788,827 Total potentially dilutive shares 1,921,959 4,807,788

Prepaid Expenses and Other Cu17

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Note 3 – Prepaid Expenses and Other Current Assets As of June 30, 2018 and December 31, 2017, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2018 2017 (unaudited) Prepaid insurance expenses $ 221,573 $ 384 Prepaid patent expenses 21,884 7,833 Prepaid research and development expenses - 28,932 Total prepaid expenses and other current assets $ 243,457 $ 37,149

Accrued Expenses and Other Cu18

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Note 4 – Accrued Expenses and Other Current Liabilities As of June 30, 2018 and December 31, 2017, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2018 2017 (unaudited) Accrued bonus expenses $ 175,000 $ - Accrued payroll expenses 115,049 - Accrued research and development expenses 136,068 120,455 Credit card payable 58,700 9,843 Accrued legal expenses 19,238 - Accrued rent expenses 18,000 - Accrued professional services 21,823 41,831 Accrued offering costs - 133,000 Other 12,866 1,134 Total accrued expenses and other current liabilities $ 556,745 $ 306,263

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Three and Six Months Ended June 30, 2018 Expected term (years) 5.82 - 10.00 Risk free interest rate 2.69% - 2.83 % Expected volatility 140 % Expected dividends 0.00 %
Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the option activity during the six months ended June 30, 2018 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2018 1,684,416 $ 1.68 Granted 175,668 8.72 Forfeited - - Outstanding June 30, 2018 1,860,084 $ 2.35 8.1 $ 7,780,706 Exercisable June 30, 2018 1,116,438 $ 1.48 7.3 $ 5,318,423
Schedule Of Share Based Compensation Shares Outstanding UnderStock Option Plans By Exercise Price Range [Table Text Block]	The following table presents information related to stock options as of June 30, 2018: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 760,001 6.7 760,001 $ 1.95 897,747 9.0 335,427 $ 5.25 26,668 8.3 11,250 $ 8.72 175,668 9.8 9,760 1,860,084 7.3 1,116,438

Business Organization, Nature20

Business Organization, Nature of Operations and Basis of Presentation (Details Textual)	1 Months Ended
	Jul. 31, 2018
Stockholders' Equity, Reverse Stock Split	1-for-3.75

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,921,959	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	1,860,084	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 Accoun22

Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended
	Jan. 29, 2018	Jun. 30, 2018	Dec. 31, 2017
Proceeds from Issuance Initial Public Offering	$ 24,500,000
Cash, Uninsured Amount		$ 24,311,711	$ 4,999,511

Prepaid Expenses and Other Cu23

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance expenses	$ 221,573	$ 384
Prepaid patent expenses	21,884	7,833
Prepaid research and development expenses	0	28,932
Total prepaid expenses and other current assets	$ 243,457	$ 37,149

Accrued Expenses and Other Cu24

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Accrued bonus expenses	$ 175,000	$ 0
Accrued payroll expenses	115,049	0
Accrued research and development expenses	136,068	120,455
Credit card payable	58,700	9,843
Accrued legal expenses	19,238	0
Accrued rent expenses	18,000	0
Accrued professional services	21,823	41,831
Accrued offering costs	0	133,000
Other	12,866	1,134
Total accrued expenses and other current liabilities	$ 556,745	$ 306,263

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 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 ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015
Share-based Compensation						$ 652,088	$ 6,390
Lessee, Operating Lease, Renewal Term				2 years		2 years
Minority Interest Ownership Percentage In Company								5.00%
Vice President of Research and Development [Member]
Cost Of Services Engineering Services				$ 196,432	$ 373,382	$ 428,443	560,125
Net Rentable Area | ft²		953
Lease, Monthly Base Rent		$ 3,895
Lessee, Operating Lease, Expiry date		Sep. 14, 2018
Operating Lease, Expense				11,685	23,370	11,685	23,370
Security Deposit				3,895		3,895
Share-based Compensation				41,250	0	82,500	0
Senju Pharmaceutical Co [Member]
Royalty Percentage									5.00%
License Agreement Expiry Period Description									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.
Research and Development Expense [Member] | Vice President of Research and Development [Member]
Due to Related Parties				155,071		155,071		$ 94,998
Related to expenses incurred						68		$ 9,906
Chief Executive Officer [Member]
Office space expenses			$ 3,000
Operating Leases, Rent Expense				9,000	18,000	9,000	18,000
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				34,884		92,460
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	$ 0	282,000
Private Medical Equity, Inc. [Member] | Research and Development Expense [Member] | Consulting Agreement [Member]
Related Party Transaction, Expenses from Transactions with Related Party					75,576		151,152
Private Medical Equity, Inc. [Member] | General and Administrative Expense [Member] | Consulting Agreement [Member]
Related Party Transaction, Expenses from Transactions with Related Party					$ 65,424		$ 130,848

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Risk free interest rate, Minimum	2.69%	2.69%
Risk free interest rate, Maximum	2.83%	2.83%
Expected volatility	140.00%	140.00%
Expected dividends	0.00%	0.00%
Maximum [Member]
Expected term (years)	10 years	10 years
Minimum [Member]
Expected term (years)	5 years 9 months 25 days	5 years 9 months 25 days

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 16, 2018	Jun. 30, 2018
Number of Options Outstanding | Shares		1,684,416
Number of Options Granted | Shares	175,668	175,668
Number of Options Forfeited | Shares		0
Number of Options Outstanding | Shares		1,860,084
Number of Options Exercisable | Shares		1,116,438
Weighted Average Exercise Price, Outstanding | $ / Shares		$ 1.68
Weighted Average Exercise Price, Granted | $ / Shares	$ 8.72	8.72
Weighted Average Exercise Price, Forfeited | $ / Shares		0
Weighted Average Exercise Price, Outstanding | $ / Shares		2.35
Weighted Average Exercise Price, Exercisable | $ / Shares		$ 1.48
Weighted Average Remaining Life In Years, Outstanding		8 years 1 month 6 days
Weighted Average Remaining Life In Years, Exercisable		7 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding | $		$ 7,780,706
Aggregate Intrinsic Value, Exercisable | $		$ 5,318,423

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Options Outstanding, Outstanding Number of Options	1,860,084
Options Exercisable, Weighted Average Remaining Life In Years	7 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	1,116,438
Exercise Price 1.24 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 1.24
Options Outstanding, Outstanding Number of Options	760,001
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	760,001
Exercise Price 1.95 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 1.95
Options Outstanding, Outstanding Number of Options	897,747
Options Exercisable, Weighted Average Remaining Life In Years	9 years
Options Exercisable, Exercisable Number of Options	335,427
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	8 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	11,250
Exercise Price 8.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 8.72
Options Outstanding, Outstanding Number of Options	175,668
Options Exercisable, Weighted Average Remaining Life In Years	9 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	9,760

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 16, 2018	Jan. 29, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 06, 2018	Jan. 05, 2018	Dec. 31, 2017
Common Stock, Shares Authorized		90,000,000	90,000,000		90,000,000				90,000,000
Preferred Stock, Shares Authorized		6,000,000	6,000,000		6,000,000				6,000,000
Stock Issued During Period, Shares, New Issues		2,730,000
Shares Issued, Price Per Share		$ 10
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 3,087,133		$ 3,087,133
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years 3 months 18 days
Net Proceeds from Issuance of Common Stock		$ 24,500,000
Payment of Financing and Stock Issuance Costs		$ 2,800,000
Convertible Preferred Stock, Shares Issued upon Conversion		4,702,116
Gross Proceeds Of Stock Value Issued During Period		$ 27,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 8.72		$ 8.72
Allocated Share-based Compensation Expense			$ 1,512	$ 3,094	$ 652,088	$ 6,390
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value	$ 1,412,700
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	36 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	175,668				175,668
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 8.72				$ 8.72
Non-Employee Grants [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 1,231,336		$ 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

Subsequent Events (Details Text

Subsequent Events (Details Textual)	Aug. 08, 2018USD ($)ft²	Jul. 31, 2018$ / sharesshares	Apr. 16, 2018$ / sharesshares	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			175,668	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	$ 8.72
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		371,499
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		20,165
Share-based Compensation Arrangement by Share-based Payment Award, Description		vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months
Subsequent Event [Member] | Lease Agreement [Member]
Area of Land | ft²	3,800
Operating Leases Rent Commitment Amount | $	$ 1,290,000
Security Deposit | $	118,000
Subsequent Event [Member] | Maximum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares		$ 6.30
Subsequent Event [Member] | Maximum [Member] | Lease Agreement [Member]
Operating Leases, Rent Expense, Net | $	22,486
Subsequent Event [Member] | Minimum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares		$ 6.20
Subsequent Event [Member] | Minimum [Member] | Lease Agreement [Member]
Operating Leases, Rent Expense, Net | $	$ 19,633
Subsequent Event [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		289,174
Subsequent Event [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		60,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		36 months
Subsequent Event [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		22,325