Eyenovia (EYEN) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	EYENOVIA, INC.
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	EYEN
Entity Common Stock, Shares Outstanding		12,019,148
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 14,315,348	$ 19,728,200
Prepaid expenses and other current assets	560,329	132,756
Total Current Assets	14,875,677	19,860,956
Property and equipment, net	34,185	36,738
Security deposit	117,800	117,800
Total Assets	15,027,662	20,015,494
Current Liabilities:
Accounts payable	2,061,043	1,509,524
Accrued compensation	417,061	912,104
Accrued expenses and other current liabilities	46,825	677,213
Total Current Liabilities	2,524,929	3,098,841
Deferred rent	43,200	41,584
Total Liabilities	2,568,129	3,140,425
Commitments and contingencies (Note 6)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2019 and as of December 31, 2018	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 12,019,148 and 11,468,996 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	1,202	1,147
Additional paid-in capital	54,905,009	53,388,216
Accumulated deficit	(42,446,678)	(36,514,294)
Total Stockholders' Equity	12,459,533	16,875,069
Total Liabilities and Stockholders' Equity	$ 15,027,662	$ 20,015,494

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	12,019,148	11,468,996
Common Stock, Shares, Outstanding	12,019,148	11,468,996

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Expenses:
Research and development	$ 4,008,896	$ 2,094,095
General and administrative	1,942,763	1,337,649
Total Operating Expenses	5,951,659	3,431,744
Loss From Operations	(5,951,659)	(3,431,744)
Other Income:
Interest income	19,275	2,137
Net Loss	$ (5,932,384)	$ (3,429,607)
Net Loss Per Share
- Basic and Diluted	$ (0.50)	$ (0.45)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	11,919,973	7,561,915

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Equity - USD ($)		Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Series A Convertible Preferred Stock [Member]	Series A2 Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]
Balance at Dec. 31, 2017		$ 5,090,673	$ 257	$ 24,351,138	$ (19,261,186)	$ 293	$ 79	$ 92
Balance (in shares) at Dec. 31, 2017			2,566,530			2,932,431	788,827	918,983
Conversion of convertible preferred stock into common stock upon completion of initial public offering		0	$ 464	0	0	$ (293)	$ (79)	$ (92)
Conversion of convertible preferred stock into common stock upon completion of initial public offering (in shares)			4,640,241			(2,932,431)	(788,827)	(918,983)
Issuance of common stock in initial public offering	[1]	24,547,803	$ 273	24,547,530		$ 0	$ 0	$ 0
Issuance of common stock in initial public offering (in shares)	[1]		2,730,000			0	0	0
Stock-based compensation		650,576	$ 0	650,576	0	$ 0	$ 0	$ 0
Net loss		(3,429,607)	0	0	(3,429,607)	0	0	0
Balance at Mar. 31, 2018		26,859,445	$ 994	49,549,244	(22,690,793)	$ 0	$ 0	$ 0
Balance (in shares) at Mar. 31, 2018			9,936,771
Balance at Dec. 31, 2018		16,875,069	$ 1,147	53,388,216	(36,514,294)
Balance (in shares) at Dec. 31, 2018			11,468,996
Exercise of stock options on a cashless basis		0	$ 24	(24)	0
Exercise of stock options on a cashless basis (in shares)			236,466
Exercise of stock options		483,888	$ 31	483,857	0
Exercise of stock options (in shares)			313,686
Stock-based compensation		1,032,960	$ 0	1,032,960	0
Net loss		(5,932,384)	0	0	(5,932,384)
Balance at Mar. 31, 2019		$ 12,459,533	$ 1,202	$ 54,905,009	$ (42,446,678)
Balance (in shares) at Mar. 31, 2019			12,019,148
[1]	Includes gross proceeds of $27,300,000, less total issuance costs of $2,752,197.

Condensed Statement of Change_2

Condensed Statement of Changes in Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2019USD ($)
Proceeds Of Stock Issued During Period Gross	$ 27,300,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 2,752,197

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net loss		$ (5,932,384)	$ (3,429,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		2,553	5,325
Stock-based compensation		1,032,960	650,576
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(427,573)	(320,989)
Accounts payable		551,519	302,754
Accrued compensation		(495,043)	0
Accrued expenses and other current liabilities		(630,388)	400,996
Deferred rent		1,616	0
Net Cash Used In Operating Activities		(5,896,740)	(2,390,945)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options		483,888	0
Proceeds from sale of common stock in initial public offering	[1]	0	25,089,000
Payment of initial public offering issuance costs		0	(345,497)
Net Cash Provided By Financing Activities		483,888	24,743,503
Net (Decrease) Increase in Cash and Cash Equivalents		(5,412,852)	22,352,558
Cash and Cash Equivalents - Beginning of Period		19,728,200	5,249,511
Cash and Cash Equivalents - End of Period		14,315,348	27,602,069
Supplemental Disclosure of Non-Cash Financing Activities:
Exercise of stock options on a cashless basis		24	0
Conversion of convertible preferred stock into common stock		0	464
Reversal of previously accrued initial public offering issuance costs		0	(133,000)
Reduction of additional paid-in capital for initial public offering issuance costs that were previously paid		$ 0	$ (195,700)
[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 _2

Condensed Statements of Cash Flows (Parenthetical)	3 Months Ended
	Mar. 31, 2019USD ($)
Proceeds Of Stock Issued During Period Gross	$ 27,300,000
Payments of Debt Issuance Costs	$ 2,211,000

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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 ophthalmic biopharmaceutical company developing a pipeline of microdose therapeutics utilizing its patented piezo-print delivery technology, branded the Optejet TM 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, 2019 and for the three months ended March 31, 2019 and 2018. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full year ending December 31, 2019 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, 2018 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10-K on March 27, 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 – Summary of Significant Accounting Policies 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. 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 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 - Continued 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 March 31, 2019 and December 31, 2018, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $14,065,348 and $19,478,200, respectively. Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted 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: March 31, 2019 2018 Options 1,598,181 1,684,416 Warrants - 61,875 Restricted Stock Units 20,165 - Total potentially dilutive shares 1,618,346 1,746,291 Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2018. The new standard requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. This standard was adopted on January 1, 2019 and 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.” This standard was adopted on January 1, 2019 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, 2019
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 March 31, 2019 and December 31, 2018, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2019 2018 (unaudited) Prepaid insurance expenses $ 395,629 $ 39,465 Payroll tax credit receivable 68,681 - Prepaid rent and security deposit 35,331 75,729 Prepaid conference expenses 27,000 7,000 Prepaid patent expenses 19,535 10,562 Prepaid research & development expenses 14,153 - Total prepaid expenses and other current assets $ 560,329 $ 132,756

Accrued Compensation

Accrued Compensation	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Compensation Related Costs, General [Text Block]	Note 4 – Accrued Compensation As of March 31, 2019 and December 31, 2018, accrued compensation consisted of the following: March 31, December 31, 2019 2018 (unaudited) Accrued payroll expenses $ 252,404 $ 217,614 Accrued bonus expenses 164,657 694,490 Total accrued compensation $ 417,061 $ 912,104

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 5 – Accrued Expenses and Other Current Liabilities As of March 31, 2019 and December 31, 2018, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2019 2018 (unaudited) Accrued research and development expenses $ 27,659 $ 375,204 Credit card payable 5,859 9,466 Accrued professional services 4,801 111,728 Accrued legal expenses - 168,650 Other 8,506 12,165 Total accrued expenses and other current liabilities $ 46,825 $ 677,213

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 6 – Commitments and Contingencies Employment Agreements Effective February 15, 2019, the Company entered into at-will executive employment agreements with Tsontcho Ianchulev, its Chief Executive Officer and Chief Medical Officer, John Gandolfo, its Chief Financial Officer, Jennifer Clasby, its Vice President, Clinical Operations, Luke Clauson, its Vice President, Research and Development and Manufacturing, and Michael Rowe, its Vice President, Marketing. Each of the employment agreements provides that if the executive’s employment is terminated by the Company without “Cause” or the executive suffers an “Involuntarily Termination” (each as defined in the employment agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to three months of his or her then-current base salary (currently estimated at approximately $419,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of three months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Each of the employment agreements also provides that if within 12 months following any “Corporate Transaction” (as defined in the employment agreements) of the Company, if the executive’s employment is terminated by the Company without Cause or the executive suffers an Involuntary Termination, provided that the executive has signed a full release of all claims, the executive will be entitled to receive, in lieu of what is described in the above paragraph: (i) severance pay equal to 12 months of his or her then-current base salary (currently estimated at approximately $1,677,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of 12 months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier. Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7 – Related Party Transactions Consulting Agreements A company in which a member of the Company’s Board of Directors is part owner is a party to a consulting agreement with the Company dated July 6, 2017 that provides for the payment of $9,567 per month, and $250 per hour for any additional work, for advisory services performed by such director. During the three months ended March 31, 2019 and 2018, the Company incurred $48,201 and $57,576, respectively, related to the agreement which was included within general and administrative expenses on the condensed statements of operations. Lease Agreements The Company paid $3,000 and $4,000 per month as of July 2016 and January 2018, respectively, to a company controlled by a member of its Board of Directors for office space in New York, NY for its Chief Executive Officer. The Company left the space on August 31, 2018. During the three months ended March 31, 2019 and 2018, the Company recorded rent expense of $0 and $9,000, 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 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 and security deposit to $4,012. The Company made $40,000 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense amounted to $12,036 and $11,685 for the three months ended March 31, 2019 and 2018, respectively. Research and Development Activities The VP of R&D is the sole owner and President of a company that performs contract engineering services for the Company. During the three months ended March 31, 2019 and 2018, the Company recognized research and development expense of $320,140 and $232,012, respectively, related to services provided by such vendor. The Company had a liability of $168,390 and $100,667 to the vendor and a liability of $821 and $0 related to expenses incurred by the VP of R&D as of March 31, 2019 and December 31, 2018, respectively. The Company recognized $48,050 and $41,250 of compensation expense related to the VP of R&D’s salary during the three months ended March 31, 2019 and 2018, respectively. License Agreement During 2015, the Company entered into a license agreement with Senju Pharmaceuticals Co., Ltd. (“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 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 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 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, 2019
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 8 – Stockholders’ Equity Stock Options During the three months ended March 31, 2019, the Company granted ten-year stock options to purchase an aggregate of 11,000 shares of common stock to its employees under the 2018 Plan. The 11,000 shares vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company. The stock options have an exercise price of $2.74 per share, which represents the Company’s closing stock price on the date of grant. The stock options had a grant date value of $27,500, which the Company expects to recognize over the vesting period. On January 2, 2019, stock options to purchase 180,000 and 133,686 shares of common stock with an exercise price of $1.24 and $1.95 per share, respectively, were exercised for aggregate proceeds of $483,888. On February 6, 2019, stock options to purchase an aggregate of 320,001 shares of common stock with an exercise price of $1.24 per share were exercised on a cashless basis, which resulted in the issuance of an aggregate of 236,466 shares of common stock. On February 13, 2019, the Board of Directors of the Company approved the acceleration and immediate vesting of 124,210 In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Three Months Ended March 31, 2019 2018 Expected term (years) 5.85 n/a Risk free interest rate 2.53 % n/a Expected volatility 139 % n/a Expected dividends 0.00 % n/a Stock Options – Continued 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 does not yet 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 months ended March 31, 2019 was approximately $2.74. There were no stock options granted during the three months ended March 31, 2018. A summary of the option activity during the three months ended March 31, 2019 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2019 2,220,868 $ 3.01 Granted 11,000 2.74 Exercised (633,687 ) 1.39 Forfeited - - Outstanding March 31, 2019 1,598,181 $ 3.65 8.2 $ 4,284,387 Exercisable March 31, 2019 846,979 $ 2.91 7.8 $ 2,785,087 The following table presents information related to stock options as of March 31, 2019: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 6.0 260,000 $ 1.95 735,096 8.3 380,548 $ 2.74 11,000 - - $ 4.00 2,000 - - $ 5.10 6,000 - - $ 5.19 16,500 - - $ 5.25 26,668 7.5 16,250 $ 6.20 311,499 9.3 124,210 $ 6.30 60,000 9.3 13,333 $ 8.72 169,418 9.0 52,637 1,598,181 7.8 846,979 Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options and restricted stock units of $1,032,960 ($694,084 during the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $2,725,451 of unrecognized stock-based compensation expense which will be recognized over a weighted average period of 1.9 years.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9 – Subsequent Events Stock Options On May 14, 2019 , stock options to purchase 33,334 shares of common stock with an exercise price of $ 1.95 per share were exercised for proceeds of $ 65,001 . As of the date of this filing, the Company has not issued the shares of common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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. 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 and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. Cash and Cash Equivalents - Continued 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 March 31, 2019 and December 31, 2018, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $14,065,348 and $19,478,200, respectively.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans.
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: March 31, 2019 2018 Options 1,598,181 1,684,416 Warrants - 61,875 Restricted Stock Units 20,165 - Total potentially dilutive shares 1,618,346 1,746,291
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2018. The new standard requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. This standard was adopted on January 1, 2019 and 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.” This standard was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position, results of operations or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 2018 Options 1,598,181 1,684,416 Warrants - 61,875 Restricted Stock Units 20,165 - Total potentially dilutive shares 1,618,346 1,746,291

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Prepaid Expense and Other Assets [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	As of March 31, 2019 and December 31, 2018, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2019 2018 (unaudited) Prepaid insurance expenses $ 395,629 $ 39,465 Payroll tax credit receivable 68,681 - Prepaid rent and security deposit 35,331 75,729 Prepaid conference expenses 27,000 7,000 Prepaid patent expenses 19,535 10,562 Prepaid research & development expenses 14,153 - Total prepaid expenses and other current assets $ 560,329 $ 132,756

Accrued Compensation (Tables)

Accrued Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Disclosure of Accrued compensation [Table Text Block]	As of March 31, 2019 and December 31, 2018, accrued compensation consisted of the following: March 31, December 31, 2019 2018 (unaudited) Accrued payroll expenses $ 252,404 $ 217,614 Accrued bonus expenses 164,657 694,490 Total accrued compensation $ 417,061 $ 912,104

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	As of March 31, 2019 and December 31, 2018, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2019 2018 (unaudited) Accrued research and development expenses $ 27,659 $ 375,204 Credit card payable 5,859 9,466 Accrued professional services 4,801 111,728 Accrued legal expenses - 168,650 Other 8,506 12,165 Total accrued expenses and other current liabilities $ 46,825 $ 677,213

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
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 Months Ended March 31, 2019 2018 Expected term (years) 5.85 n/a Risk free interest rate 2.53 % n/a Expected volatility 139 % n/a Expected dividends 0.00 % n/a
Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the option activity during the three months ended March 31, 2019 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2019 2,220,868 $ 3.01 Granted 11,000 2.74 Exercised (633,687 ) 1.39 Forfeited - - Outstanding March 31, 2019 1,598,181 $ 3.65 8.2 $ 4,284,387 Exercisable March 31, 2019 846,979 $ 2.91 7.8 $ 2,785,087
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 March 31, 2019: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 1.24 260,000 6.0 260,000 $ 1.95 735,096 8.3 380,548 $ 2.74 11,000 - - $ 4.00 2,000 - - $ 5.10 6,000 - - $ 5.19 16,500 - - $ 5.25 26,668 7.5 16,250 $ 6.20 311,499 9.3 124,210 $ 6.30 60,000 9.3 13,333 $ 8.72 169,418 9.0 52,637 1,598,181 7.8 846,979

Business Organization, Nature_2

Business Organization, Nature of Operations and Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2019
Percentage reduction in preservative	75.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,618,346	1,746,291
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,165	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	61,875
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,598,181	1,684,416

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Cash, Uninsured Amount	$ 14,065,348	$ 19,478,200

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance expenses	$ 395,629	$ 39,465
Payroll tax credit receivable	68,681	0
Prepaid rent and security deposit	35,331	75,729
Prepaid conference expenses	27,000	7,000
Prepaid patent expenses	19,535	10,562
Prepaid research & development expenses	14,153	0
Total prepaid expenses and other current assets	$ 560,329	$ 132,756

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accrued payroll expenses	$ 252,404	$ 217,614
Accrued bonus expenses	164,657	694,490
Total accrued compensation	$ 417,061	$ 912,104

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accrued research and development expenses	$ 27,659	$ 375,204
Credit card payable	5,859	9,466
Accrued professional services	4,801	111,728
Accrued legal expenses	0	168,650
Other	8,506	12,165
Total accrued expenses and other current liabilities	$ 46,825	$ 677,213

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	3 Months Ended
	Mar. 31, 2019USD ($)
Severance Costs	$ 419,000
Supplemental Unemployment Benefits, Salary Continuation	$ 1,677,000

Related Party Transactions (Det

Related Party Transactions (Details Textual)	Jul. 06, 2017USD ($)	Jan. 31, 2018USD ($)	Sep. 15, 2016USD ($)ft²	Jul. 31, 2016USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2015	Sep. 15, 2018USD ($)
Operating Leases, Rent Expense					$ 0	$ 9,000
Security Deposit					117,800		$ 117,800
Minority Interest Ownership Percentage In Company								5.00%
Payments for Rent		$ 4,000		$ 3,000
Vice President of Research and Development [Member]
Cost Of Services Engineering Services					320,140	232,012
Net Rentable Area | ft²			953
Lease, Monthly Base Rent			$ 3,895
Operating Lease, Expense					12,036	11,685
Security Deposit			$ 3,895						$ 4,012
Officers' Compensation					48,050	41,250
Leasehold Improvements, Gross					40,000
Senju Pharmaceutical Co [Member]
Royalty Percentage								(5.00%)
Research and Development Expense [Member] | Vice President of Research and Development [Member]
Due to Related Parties					168,390		100,667
Related to expenses incurred					821		$ 0
Cura Partners [Member] | Consulting Agreement [Member]
Consulting Fee	$ 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					$ 48,201	$ 57,576

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Expected term (years)	5 years 10 months 6 days	0 years
Risk free interest rate	2.53%	0.00%
Expected volatility	139.00%	0.00%
Expected dividends	0.00%	0.00%

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($)	Feb. 06, 2019	Mar. 31, 2019
Number of Options Exercised | Shares	(320,001)
Weighted Average Exercise Price, Granted | $ / Shares		$ 2.74
Weighted Average Exercise Price, Exercisable | $ / Shares	$ 1.24
Equity Option [Member]
Number of Options Outstanding | Shares		2,220,868
Number of Options Granted | Shares		11,000
Number of Options Exercised | Shares		(633,687)
Number of Options Forfeited | Shares		0
Number of Options Outstanding | Shares		1,598,181
Number of Options Exercisable | Shares		846,979
Weighted Average Exercise Price, Outstanding | $ / Shares		$ 3.01
Weighted Average Exercise Price, Granted | $ / Shares		2.74
Weighted Average Exercise Price, Exercised		1.39
Weighted Average Exercise Price, Forfeited | $ / Shares		0
Weighted Average Exercise Price, Outstanding | $ / Shares		3.65
Weighted Average Exercise Price, Exercisable | $ / Shares		$ 2.91
Weighted Average Remaining Life In Years, Outstanding		8 years 2 months 12 days
Weighted Average Remaining Life In Years, Exercisable		7 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $		$ 4,284,387
Aggregate Intrinsic Value, Exercisable		$ 2,785,087

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Options Outstanding, Outstanding Number of Options	1,598,181
Options Exercisable, Weighted Average Remaining Life In Years	7 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	846,979
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	6 years
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	735,096
Options Exercisable, Weighted Average Remaining Life In Years	8 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	380,548
Exercise Price 2.74 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.74
Options Outstanding, Outstanding Number of Options	11,000
Options Exercisable, Exercisable Number of Options	0
Exercise Price 4.00 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4
Options Outstanding, Outstanding Number of Options	2,000
Options Exercisable, 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, 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, Exercisable Number of Options	0
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	7 years 6 months
Options Exercisable, Exercisable Number of Options	16,250
Exercise Price 6.20 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 6.20
Options Outstanding, Outstanding Number of Options	311,499
Options Exercisable, Weighted Average Remaining Life In Years	9 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	124,210
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	9 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	13,333
Exercise Price 8.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 8.72
Options Outstanding, Outstanding Number of Options	169,418
Options Exercisable, Weighted Average Remaining Life In Years	9 years
Options Exercisable, Exercisable Number of Options	52,637

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Feb. 13, 2019	Feb. 06, 2019	Jan. 02, 2019	Mar. 31, 2019	Mar. 31, 2018
Stock Issued During Period, Shares, New Issues		236,466
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options				$ 2,725,451
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Description				shares vest over three years from the date of grant with one-third vesting on the one-year anniversary of the date of grant and the balance vesting monthly over the remaining 24 months, subject to continued service to the Company.
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 2.74
Share-based Compensation				$ 1,032,960	$ 650,576
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost				609,322
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		320,001
Proceeds from Stock Options Exercised			$ 483,888	483,888	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 1.24
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number	124,210
Research and Development Expense [Member]
Share-based Compensation				694,084	304,920
General and Administrative Expense [Member]
Share-based Compensation				$ 338,876	$ 345,656
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			133,686	313,686
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 1.95
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			180,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 1.24
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				24 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				11,000
Employees Consultants and Directors Under the 2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				11,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 2.74
Sharebased Compensation Arrangement by Sharebased Payment Award Options Grants in Period Grant Date Fair Value				$ 27,500

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	May 14, 2019	Feb. 06, 2019	Jan. 02, 2019	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		320,001
Proceeds from Stock Options Exercised			$ 483,888	$ 483,888	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 1.24
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			133,686	313,686
Subsequent Event [Member]
Proceeds from Stock Options Exercised	$ 65,001
Subsequent Event [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	33,334
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1.95