Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38365 | |
Entity Registrant Name | EYENOVIA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1178401 | |
Entity Address, Postal Zip Code | 10017 | |
Entity Address, Address Line One | 295 Madison Avenue, Suite 2400 | |
Entity Address, City or Town | NEW YORK | |
Entity Address, State or Province | NY | |
City Area Code | 833 | |
Local Phone Number | 393-6684 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | EYEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Central Index Key | 0001682639 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 17,468,088 | $ 22,863,520 |
Deferred clinical supply costs | 3,578,326 | 2,284,931 |
License fee and expense reimbursements receivable | 429,006 | 1,183,786 |
Security deposits, current | 119,550 | |
Prepaid expenses and other current assets | 1,801,373 | 1,190,719 |
Total Current Assets | 23,276,793 | 27,642,506 |
Property and equipment, net | 3,698,421 | 1,295,115 |
Security deposits, non-current | 198,674 | 80,874 |
Operating lease right-of-use asset | 1,915,061 | 1,291,592 |
Equipment deposits | 257,950 | 726,326 |
Total Assets | 29,346,899 | 31,036,413 |
Current Liabilities: | ||
Accounts payable | 1,312,749 | 1,428,283 |
Accrued compensation | 1,013,118 | 1,747,191 |
Accrued expenses and other current liabilities | 363,431 | 503,076 |
Operating lease liabilities - current portion | 427,749 | 484,882 |
Notes payable - current portion, net of debt discount of $91,621 and $33,885 as of June 30, 2023 and December 31, 2022, respectively | 947,163 | 174,448 |
Convertible notes payable - current portoin, net of dedt discount of $0 and $33,885 as of June 30, 2023 and December 31, 2022, respectively | 174,448 | |
Total Current Liabilities | 4,064,210 | 4,512,328 |
Operating lease liabilities - non-current portion | 1,584,218 | 907,644 |
Notes payable - non-current portion, net of debt discount of $1,120,372 and $813,229 as of June 30, 2023 and December 31, 2022, respectively | 8,683,794 | 4,190,938 |
Convertible notes payable - non-current portion, net of debt discount of $507,270 and $813,229 as of June 30, 2023 and December 31, 2022, respectively | 4,492,730 | 4,190,938 |
Total Liabilities | 18,824,952 | 13,801,848 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | ||
Common stock, $0.0001 par value, 90,000,000 shares authorized; 38,169,398 and 36,668,980 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 3,817 | 3,667 |
Additional paid-in capital | 140,703,819 | 135,461,361 |
Accumulated deficit | 130,185,689 | 118,230,463 |
Total Stockholders' Equity | 10,521,947 | 17,234,565 |
Total Liabilities and Stockholders' Equity | $ 29,346,899 | $ 31,036,413 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Condensed Balance Sheets | ||
Notes payable - current portion, net of debt discount | $ 91,621 | $ 33,885 |
Convertible notes payable - current portion, net of debt discount | 0 | 33,885 |
Notes payable - non-current portion, net of debt discount | 1,120,372 | 813,229 |
Convertible notes payable - non-current portion, net of debt discount | $ 507,270 | $ 813,229 |
Preferred stock, par value | $ 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 value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 38,169,398 | 36,668,980 |
Common stock, shares outstanding | 38,169,398 | 36,668,980 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Expenses: | ||||
Research and development | $ 2,811,061 | $ 3,586,866 | $ 5,333,011 | $ 7,299,450 |
General and administrative | 3,149,809 | 3,534,590 | 6,086,695 | 7,009,555 |
Total Operating Expenses | 5,960,870 | 7,121,456 | 11,419,706 | 14,309,005 |
Loss From Operations | (5,960,870) | (7,121,456) | (11,419,706) | (14,309,005) |
Other Income (Expense): | ||||
Other income, net | 119,450 | 33,376 | 190,443 | 26,303 |
Interest expense | (558,003) | (153,436) | (1,012,006) | (298,673) |
Interest income | 183,563 | 2,416 | 286,043 | 2,610 |
Net Loss | $ (6,215,860) | $ (7,239,100) | $ (11,955,226) | $ (14,578,765) |
Net Loss Per Share | ||||
Net Loss Per Share - Basic | $ (0.16) | $ (0.22) | $ (0.32) | $ (0.46) |
Net Loss Per Share - Diluted | $ (0.16) | $ (0.22) | $ (0.32) | $ (0.46) |
Weighted Average Number of Common Shares Outstanding | ||||
Weighted Average Number of Common Shares Outstanding - Basic | 38,093,826 | 33,644,867 | 37,753,694 | 31,836,582 |
Weighted Average Number of Common Shares Outstanding - Diluted | 38,093,826 | 33,644,867 | 37,753,694 | 31,836,582 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total | |
Balance at the beginning at Dec. 31, 2021 | $ 2,844 | $ 110,683,077 | $ (90,219,306) | $ 20,466,615 | |
Balance at the beginning (in shares) at Dec. 31, 2021 | 28,426,616 | ||||
Issuance of common stock in At the Market offering | [1] | $ 25 | 860,340 | 860,365 | |
Issuance of common stock in At the Market offering (in shares) | [1] | 252,449 | |||
Issuance of common stock and warrants in registered direct offering | [2] | $ 300 | 14,897,608 | 14,897,908 | |
Issuance of common stock and warrants in registered direct offering (in shares) | [2] | 3,000,000 | |||
Stock-based compensation | 908,987 | 908,987 | |||
Issuance of common stock related to vested restricted stock units | $ 2 | (2) | |||
Issuance of common stock related to vested restricted stock units (in shares) | 19,359 | ||||
Net Income (Loss) | (7,339,665) | (7,339,665) | |||
Balance at the end at Mar. 31, 2022 | $ 3,171 | 127,350,010 | (97,558,971) | 29,794,210 | |
Balance at the end (in shares) at Mar. 31, 2022 | 31,698,424 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 2,844 | 110,683,077 | (90,219,306) | 20,466,615 | |
Balance at the beginning (in shares) at Dec. 31, 2021 | 28,426,616 | ||||
Net Income (Loss) | (14,578,765) | ||||
Balance at the end at Jun. 30, 2022 | $ 3,363 | 128,405,445 | (104,798,071) | 23,610,737 | |
Balance at the end (in shares) at Jun. 30, 2022 | 33,623,053 | ||||
Balance at the beginning at Mar. 31, 2022 | $ 3,171 | 127,350,010 | (97,558,971) | 29,794,210 | |
Balance at the beginning (in shares) at Mar. 31, 2022 | 31,698,424 | ||||
Exercise of stock warrants | $ 187 | 18,514 | 18,701 | ||
Exercise of stock warrants (in shares) | 1,870,130 | ||||
Stock-based compensation | 1,036,926 | 1,036,926 | |||
Issuance of common stock related to vested restricted stock units | $ 5 | (5) | |||
Issuance of common stock related to vested restricted stock units (in shares) | 54,499 | ||||
Net Income (Loss) | (7,239,100) | (7,239,100) | |||
Balance at the end at Jun. 30, 2022 | $ 3,363 | 128,405,445 | (104,798,071) | 23,610,737 | |
Balance at the end (in shares) at Jun. 30, 2022 | 33,623,053 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 3,667 | 135,461,361 | (118,230,463) | 17,234,565 | |
Balance at the beginning (in shares) at Dec. 31, 2022 | 36,668,980 | ||||
Issuance of common stock in At the Market offering | [3] | $ 130 | 3,499,462 | 3,499,592 | |
Issuance of common stock in At the Market offering (in shares) | [3] | 1,299,947 | |||
Cashless exercise of stock options | $ 2 | (2) | |||
Cashless exercise of stock options (in shares) | 19,530 | ||||
Stock-based compensation | 819,064 | 819,064 | |||
Issuance of common stock related to vested restricted stock units (in shares) | 3,289 | ||||
Net Income (Loss) | (5,739,366) | (5,739,366) | |||
Balance at the end at Mar. 31, 2023 | $ 3,799 | 139,779,885 | (123,969,829) | 15,813,855 | |
Balance at the end (in shares) at Mar. 31, 2023 | 37,991,746 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 3,667 | 135,461,361 | (118,230,463) | 17,234,565 | |
Balance at the beginning (in shares) at Dec. 31, 2022 | 36,668,980 | ||||
Net Income (Loss) | (11,955,226) | ||||
Balance at the end at Jun. 30, 2023 | $ 3,817 | 140,703,819 | (130,185,689) | 10,521,947 | |
Balance at the end (in shares) at Jun. 30, 2023 | 38,169,398 | ||||
Balance at the beginning at Mar. 31, 2023 | $ 3,799 | 139,779,885 | (123,969,829) | 15,813,855 | |
Balance at the beginning (in shares) at Mar. 31, 2023 | 37,991,746 | ||||
Issuance of common stock in At the Market offering | [4] | $ 13 | 403,107 | 403,120 | |
Issuance of common stock in At the Market offering (in shares) | [4] | 121,989 | |||
Cashless exercise of stock options (in shares) | 1,219 | ||||
Exercise of stock options (in shares) | 10,000 | ||||
Exercise of stock options | $ 1 | 27,199 | 27,200 | ||
Stock-based compensation | 493,632 | 493,632 | |||
Issuance of common stock related to vested restricted stock units | $ 4 | (4) | |||
Issuance of common stock related to vested restricted stock units (in shares) | 44,444 | ||||
Net Income (Loss) | (6,215,860) | (6,215,860) | |||
Balance at the end at Jun. 30, 2023 | $ 3,817 | $ 140,703,819 | $ (130,185,689) | $ 10,521,947 | |
Balance at the end (in shares) at Jun. 30, 2023 | 38,169,398 | ||||
[1] Includes gross proceeds of $886,974 , less total issuance costs of $26,609 Includes gross proceeds of $14,981,299 less total issuance costs of $83,391 Includes gross proceeds of $3,607,827 less total issuance costs of $108,235 Includes gross proceeds of $415,588 less total issuance costs of $12,468 |
Condensed Statements of Chang_2
Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
IPO | |||
Proceeds of stock issued during period gross | $ 14,981,299 | ||
Adjustments to additional paid in capital upon stock issuance costs | 83,391 | ||
At Market Offering | |||
Proceeds of stock issued during period gross | $ 415,588 | $ 3,607,827 | 886,974 |
Adjustments to additional paid in capital upon stock issuance costs | $ 12,468 | $ 108,235 | $ 26,609 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows From Operating Activities | ||
Net Income (Loss) | $ (11,955,226) | $ (14,578,765) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,312,696 | 1,945,913 |
Depreciation of property and equipment | 187,267 | 145,901 |
Amortization of debt discount | 313,446 | 52,431 |
Non-cash rent expense | 280,968 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,514) | (461,761) |
License fee and expense reimbursements receivables | 754,780 | 1,095,831 |
Deferred clinical supply costs | (1,293,395) | (1,538,380) |
Security and equipment deposits | 1,750 | (68,868) |
Accounts payable | (115,534) | 1,072,690 |
Accrued compensation | (734,073) | (529,534) |
Accrued expenses and other current liabilities | (139,645) | (21,417) |
Lease liabilities | (284,996) | 2,356 |
Net Cash Used In Operating Activities | (11,673,476) | (12,883,603) |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (2,122,197) | (281,342) |
Vendor deposits for property and equipment | (118,298) | |
Net Cash Used In Investing Activities | (2,122,197) | (399,640) |
Cash Flows From Financing Activities | ||
Proceeds from sale of common stock and warrants in direct offering | 14,981,299 | |
Payment of offering issuance costs | (83,391) | |
Proceeds from sale of common stock in At the Market offering | 4,023,414 | 886,974 |
Payment of issuance costs for At the Market offering | (120,702) | (26,609) |
Proceeds from exercise of stock options | 27,200 | 18,701 |
Proceeds from note payable to Avenue | 5,000,000 | |
Payment of issuance costs for notes issued to Avenue | (125,982) | |
Repayments of notes payable | (403,689) | (448,999) |
Net Cash Provided By Financing Activities | 8,400,241 | 15,327,975 |
Net (Decrease) Increase in Cash and Cash Equivalents | (5,395,432) | 2,044,732 |
Cash, cash equivalents and restricted cash - Beginning of Period | 22,863,520 | 27,336,850 |
Cash, cash equivalents and restricted cash - End of Period | 17,468,088 | 29,381,582 |
Cash, cash equivalents and restricted cash consisted of the following: | ||
Cash and cash equivalents | 17,468,088 | 21,506,582 |
Restricted cash | 7,875,000 | |
Total | 17,468,088 | 29,381,582 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 699,116 | 199,367 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Purchase of insurance policy financed by note payable | 609,140 | 675,331 |
Right-of-use assets and lease liabilities recognized upon lease renewal | 904,437 | |
Vendor deposits applied to purchases of property and equipment | 468,376 | |
Original issue discount on notes payable | 212,500 | |
Cashless exercise of stock options | 2 | |
Issuance of common stock related to vested restricted stock units | $ 4 | $ 7 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
IPO | |
Proceeds of stock issued during period gross | $ 14,981,299 |
IPO | Pre-funded warrants | |
Proceeds of stock issued during period gross | 5,741,299 |
At Market Offering | |
Proceeds of stock issued during period gross | $ 886,974 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Business Organization, Nature of Operations and Basis of Presentation | |
Business Organization, Nature of Operations and Basis of Presentation | Note 1 – Business Organization, Nature of Operations and Basis of Presentation Eyenovia, Inc. (“Eyenovia” or the “Company”) is an ophthalmic technology company developing the Optejet® delivery system for use both in combination with its own drug-device therapeutic programs in mydriasis (pupil dilation), presbyopia and pediatric progressive myopia as well as out-licensing for additional indications. The Company’s investigational products are classified by the Food and Drug Administration (“FDA”) as drug-device combination products with drug primary mode of action, meaning that the Center for Drug Evaluation and Research, or CDER, is designated as the lead center with primary jurisdictional oversight. Accordingly, the product candidates are submitted to the FDA and CDER for premarket review and approval under new drug applications, or NDAs. 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, 2023 and for the three and six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the operating results for the full year ending December 31, 2023 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, 2022 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as amended by Amendment No. 1, filed with the SEC on May 1, 2023. |
Going Concern and Summary of Si
Going Concern and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Going Concern and Summary of Significant Accounting Policies | |
Going Concern and Summary of Significant Accounting Policies | Note 2 – Going Concern and Summary of Significant Accounting Policies Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Going Concern As of June 30, 2023, the Company had cash and cash equivalents in the aggregate amount of approximately $17.5 million. For the six months ended June 30, 2023 and 2022, the Company incurred net losses of approximately $12.0 million and $14.6 million, respectively, and used cash in operations of approximately $11.7 million and $12.9 million, respectively. The Company does not have recurring revenue, has not yet achieved profitability and may never become profitable. The Company expects to continue to incur cash outflows from operations. Research and development and general and administrative expenses will continue to be incurred by the Company and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital through licensing transactions, the sale of additional equity or debt securities, or otherwise, 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 its 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/or take additional measures to reduce general and administrative and sales and marketing costs in order to conserve its cash. Reclassifications Certain prior period amounts presented on the Company’s financial statements have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share. 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.As of June 30, 2023, the Company had Treasury bills with original maturity dates of three months or less in the amount of $4,493,766. The Company has cash deposits in a financial institution that, 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, 2023 and December 31, 2022, the Company had cash balances in excess of FDIC insurance limits of $12,474,323 and $22,613,520, respectively. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus fully vested shares that are subject to issuance for little or no monetary consideration. 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 table presents the computation of basic and diluted net loss per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46) The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705 Clinical Supply Arrangements Bausch + Lomb, Inc. (“B+L”) and Arctic Vision (Hong Kong) Limited (“Arctic Vision”) have contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. The Company’s licensing agreements with Bausch + Lomb and Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) to report the net income from the clinical supply arrangements as other income. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 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 | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses and Other Current Assets | |
Prepaid Expenses and Other Current Assets | Note 3 – Prepaid Expenses and Other Current Assets As of June 30, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2023 2022 Payroll tax receivable $ 645,566 $ 660,891 Prepaid insurance expenses 600,607 201,082 Prepaid general and administrative expenses 310,701 87,982 Prepaid research and development expenses 83,192 2,521 Prepaid patent expenses 73,157 38,796 Prepaid conference expenses 69,400 97,743 Prepaid rent and security deposit 18,750 74,959 Other — 26,745 Total prepaid expenses and other current assets $ 1,801,373 $ 1,190,719 |
Accrued Compensation
Accrued Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Compensation | |
Accrued Compensation | Note 4 – Accrued Compensation As of June 30, 2023 and December 31, 2022, accrued compensation consisted of the following: June 30, December 31, 2023 2022 Accrued bonus expenses $ 695,450 $ 1,447,643 Accrued payroll expenses 317,668 299,548 Total accrued compensation $ 1,013,118 $ 1,747,191 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | Note 5 – Accrued Expenses and Other Current Liabilities As of June 30, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2023 2022 Accrued consulting and professional services $ 142,915 $ 320,000 Accrued research and development expenses 117,983 35,524 Accrued leasehold improvements — 92,528 Credit card payable 58,549 50,639 Accrued franchise tax 26,201 — Accrued travel and entertainment expenses 13,784 — Other 3,999 4,385 Total accrued expenses and other current liabilities $ 363,431 $ 503,076 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2023 | |
Notes Payable | |
Notes Payable | Note 6 – Notes Payable As of June 30, 2023 and December 31, 2022, notes payable consisted of the following: June 30, 2023 December 31, 2022 Notes Payable Debt Discount Net Notes Payable Debt Discount Net Current portion: D&O insurance policy loan $ 205,451 $ — $ 205,451 $ — $ — $ — Avenue - Note payable 833,333 (91,621) 741,712 208,333 (33,885) 174,448 Avenue - Convertible note payable — — — 208,333 (33,885) 174,448 Total current portion $ 1,038,784 $ (91,621) $ 947,163 $ 416,666 $ (67,770) $ 348,896 Non-Current portion: Avenue - Note payable 9,804,166 (1,120,372) 8,683,794 5,004,167 (813,229) 4,190,938 Avenue - Convertible note payable 5,000,000 (507,270) 4,492,730 5,004,167 (813,229) 4,190,938 Total non-current portion $ 14,804,166 $ (1,627,642) $ 13,176,524 $ 10,008,334 $ (1,626,458) $ 8,381,876 On February 24, 2023, the Company issued a note payable in the amount of $609,140 for the purchase of a directors and officers’ liability insurance policy (the “D&O Loan”). The note accrues interest at a rate of 7.11% per year and matures on August 24, 2023. The D&O Loan is payable in six On May 22, 2023, pursuant to the Company’s Loan and Security Agreement (the “Loan and Security Agreement”) with Avenue Capital Management II, L.P., and related entities (“Avenue”), the Company received an additional tranche of non-convertible debt funding in the gross amount of $5,000,000. The Company paid approximately $126,000 of origination and legal fees connected to this debt funding. The additional funding was made under the provisions of the Loan and Security Agreement, bearing interest at an annual rate equal to the greater of (A) 7.0% and (B) the prime rate as reported in The Wall Street Journal plus 4.45%. The entire outstanding balance due under the Loan and Security Agreement has a maturity date of November 1, 2025. The additional funding triggered the extension of the interest-only period from the original 12 months to 18 months (through May 2024) for the entire outstanding balance due under the Loan and Security Agreement (initial and additional tranches). Following the interest-only period, the Company will make equal monthly payments of principal until the maturity date, plus interest. During the three months ended June 30, 2023, the Company recorded interest expense of $558,003, of which $550,746 was related to the Loan and Security Agreement with Avenue Capital Management II, L.P. (“Avenue”) and related entities, (including amortization of debt discount of $163,956) and $7,257 was related to the D&O Loan. During the six months ended June 30, 2023, the Company recorded interest expense of $1,012,006, of which $1,001,140 was related to the Loan and Security Agreement (including amortization of debt discount of $313,446) and $10,866 was related to the D&O Loan. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies Operating Leases In June 2023, the Company entered into an extension agreement to renew its lease for approximately 3,800 square feet of office space in New York, NY. The lease was due to expire on October 31, 2023. The lease was extended from November 1, 2023 to December 31, 2026. In February 2023, the Company exercised its options to renew its three leases in Redwood City, California, for a total of approximately 6,700 square feet. The leases were due to expire on August 31, 2023. The leases were extended from September 1, 2023 to August 31, 2025. A summary of the Company’s right-of-use assets and liabilities as follows: For the Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities $ 284,996 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 904,437 Weighted Average Remaining Lease Term (Years) Operating leases 3.5 years Weighted Average Discount Rate Operating leases 10.0 % Future minimum payments under all of the Company’s operating lease agreements are as follows: For the Year Ending December 31, Minimum Lease Payments 2023 $ 445,025 2024 660,923 2025 675,400 2026 560,996 2027 214,619 Total future minimum lease payments 2,556,963 Less: amount representing imputed interest (544,996) Present value of lease liabilities 2,011,967 Less: current portion (427,749) Lease liabilities, non current portion $ 1,584,218 Litigations, Claims and Assessments The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | Note 8 – Stockholders’ Equity Equity Incentive Plan On June 27, 2023, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan, reserving an additional 1,000,000 shares of common stock for further issuance under such plan. At-The-Market Offering During the six months ended June 30, 2023, the Company received approximately $3.9 million in net proceeds from the sale of 1,421,936 shares of its common stock pursuant to its Sales Agreement with SVB Securities LLC (“SVB Securities”) in an ”at-the-market” offering (the “At-the-Market Offering Program”). Stock-Based Compensation Expense The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the three months ended June 30, 2023 and 2022, the Company recorded expense of $493,632 ($36,197 of which was included within research and development expenses and $457,435 was included within general and administrative expenses on the statements of operations) and $1,036,926 ($516,669 of which was included within research and development expenses and $520,257 was included within general and administrative expenses on the statements of operations), respectively. For the six months ended June 30, 2023 and 2022, the Company recorded expense of $1,312,696 ($411,327 of which was included within research and development expenses and $901,369 was included within general and administrative expenses on the statements of operations) and $1,945,913 ($1,017,850 of which was included within research and development expenses and $928,063 was included within general and administrative expenses on the statements of operations), respectively. Restricted Stock Units A summary of RSU activity during the six months ended June 30, 2023 is presented below: Weighted Average Number of Grant Date Value RSUs Per Share RSUs non-vested January 1, 2023 172,800 $ 1.80 Granted 86,205 2.32 Vested (150,578) 1.80 Forfeited (22,222) 1.80 RSUs non-vested June 30, 2023 86,205 $ 2.32 Vested RSUs undelivered June 30, 2023 29,611 $ 3.68 To date, RSUs have only been granted to directors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. The Company’s policy is to defer settlement of such RSUs until the termination of such director’s service on the Company’s board of directors. On February 28, 2023, the Company delivered 3,289 shares of common stock in respect of RSUs upon the resignation of a director. On June 16, 2023, the Company delivered 44,444 shares of common stock in respect of RSUs based on the prior resignation of two directors. As of June 30, 2023, there was $200,000 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 1.0 years. Stock Options In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Expected term (years) 5.50 - 10.00 5.09 - 5.50 5.50 - 10.00 0.58 - 10.00 Risk free interest rate 3.44% - 4.02% 2.79% 3.44% - 4.18% 0.76% - 2.79% Expected volatility 82% - 94% 88% 82% - 95% 82% - 90% Expected dividends 0.00% 0.00% 0.00% 0.00% The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company uses a blended volatility calculation, the components of which are the Company’s historical volatility for the period from its initial public offering through the valuation date and the average peer-group data of six comparable entities to supplement the Company’s own historical data for the preceding years in computing the expected volatility. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time. The weighted average estimated grant date fair value of the stock options granted for the three months ended June 30, 2023 and 2022 was approximately $2.04 and $1.37 per share, respectively. The weighted average estimated grant date fair value of the stock options granted for the six months ended June 30, 2023 and 2022 was approximately $1.78 and $2.02 per share, respectively. A summary of the option activity during the six months ended June 30, 2023 is presented below: Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2023 5,380,553 $ 3.55 Granted 677,190 2.39 Exercised (88,999) 1.83 Forfeited/ Expired (783,666) 3.88 Outstanding June 30, 2023 5,185,078 $ 3.37 7.1 $ 962,979 Exercisable June 30, 2023 3,582,370 $ 3.69 6.2 $ 501,462 The following table presents information related to stock options as of June 30, 2023: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $1.00 - $1.99 1,407,183 4.7 884,183 $2.00 - $2.99 1,473,663 6.9 844,473 $3.00 - $3.99 908,528 6.8 694,510 $4.00 - $4.99 350,500 8.1 216,178 $5.00 - $5.99 50,805 4.3 50,638 $6.00 - $6.99 843,759 6.5 741,748 $7.00 + 150,640 4.8 150,640 5,185,078 6.2 3,582,370 As of June 30, 2023, there was $2,868,023 of unrecognized stock-based compensation expense related to stock options, which will be recognized over a weighted average period of 1.7 years. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Employee Benefit Plans | |
Employee Benefit Plans | Note 9 – Employee Benefit Plans 401(k) Plan In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2023 and 2022, the Company’s Board of Directors approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. During the three months ended June 30, 2023 and 2022, the Company recorded expense of $46,196 and $47,883 associated with its matching contributions, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded expense of $125,164 and $133,982 associated with its matching contributions, respectively. |
Going Concern and Summary of _2
Going Concern and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Going Concern and Summary of Significant Accounting Policies | |
Going Concern | Going Concern As of June 30, 2023, the Company had cash and cash equivalents in the aggregate amount of approximately $17.5 million. For the six months ended June 30, 2023 and 2022, the Company incurred net losses of approximately $12.0 million and $14.6 million, respectively, and used cash in operations of approximately $11.7 million and $12.9 million, respectively. The Company does not have recurring revenue, has not yet achieved profitability and may never become profitable. The Company expects to continue to incur cash outflows from operations. Research and development and general and administrative expenses will continue to be incurred by the Company and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital through licensing transactions, the sale of additional equity or debt securities, or otherwise, 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 its 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/or take additional measures to reduce general and administrative and sales and marketing costs in order to conserve its cash. |
Reclassifications | Reclassifications Certain prior period amounts presented on the Company’s financial statements have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share. |
Cash and Cash Equivalents | 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.As of June 30, 2023, the Company had Treasury bills with original maturity dates of three months or less in the amount of $4,493,766. The Company has cash deposits in a financial institution that, 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, 2023 and December 31, 2022, the Company had cash balances in excess of FDIC insurance limits of $12,474,323 and $22,613,520, respectively. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus fully vested shares that are subject to issuance for little or no monetary consideration. 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 table presents the computation of basic and diluted net loss per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46) The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705 |
Clinical Supply Arrangements | Clinical Supply Arrangements Bausch + Lomb, Inc. (“B+L”) and Arctic Vision (Hong Kong) Limited (“Arctic Vision”) have contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. The Company’s licensing agreements with Bausch + Lomb and Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) to report the net income from the clinical supply arrangements as other income. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Going Concern and Summary of _3
Going Concern and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Going Concern and Summary of Significant Accounting Policies | |
Schedule of computation of basic and diluted net loss per common share | For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46) |
Schedule of weighted average diluted common shares | June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses and Other Current Assets | |
Schedule of prepaid expenses and other current assets | June 30, December 31, 2023 2022 Payroll tax receivable $ 645,566 $ 660,891 Prepaid insurance expenses 600,607 201,082 Prepaid general and administrative expenses 310,701 87,982 Prepaid research and development expenses 83,192 2,521 Prepaid patent expenses 73,157 38,796 Prepaid conference expenses 69,400 97,743 Prepaid rent and security deposit 18,750 74,959 Other — 26,745 Total prepaid expenses and other current assets $ 1,801,373 $ 1,190,719 |
Accrued Compensation (Tables)
Accrued Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Compensation | |
Schedule of accrued compensation | June 30, December 31, 2023 2022 Accrued bonus expenses $ 695,450 $ 1,447,643 Accrued payroll expenses 317,668 299,548 Total accrued compensation $ 1,013,118 $ 1,747,191 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | June 30, December 31, 2023 2022 Accrued consulting and professional services $ 142,915 $ 320,000 Accrued research and development expenses 117,983 35,524 Accrued leasehold improvements — 92,528 Credit card payable 58,549 50,639 Accrued franchise tax 26,201 — Accrued travel and entertainment expenses 13,784 — Other 3,999 4,385 Total accrued expenses and other current liabilities $ 363,431 $ 503,076 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Payable | |
Schedule of notes payable | June 30, 2023 December 31, 2022 Notes Payable Debt Discount Net Notes Payable Debt Discount Net Current portion: D&O insurance policy loan $ 205,451 $ — $ 205,451 $ — $ — $ — Avenue - Note payable 833,333 (91,621) 741,712 208,333 (33,885) 174,448 Avenue - Convertible note payable — — — 208,333 (33,885) 174,448 Total current portion $ 1,038,784 $ (91,621) $ 947,163 $ 416,666 $ (67,770) $ 348,896 Non-Current portion: Avenue - Note payable 9,804,166 (1,120,372) 8,683,794 5,004,167 (813,229) 4,190,938 Avenue - Convertible note payable 5,000,000 (507,270) 4,492,730 5,004,167 (813,229) 4,190,938 Total non-current portion $ 14,804,166 $ (1,627,642) $ 13,176,524 $ 10,008,334 $ (1,626,458) $ 8,381,876 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | |
Summary of company's right-of-use assets and liabilities | For the Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities $ 284,996 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 904,437 Weighted Average Remaining Lease Term (Years) Operating leases 3.5 years Weighted Average Discount Rate Operating leases 10.0 % |
Schedule of future minimum operating lease payments | For the Year Ending December 31, Minimum Lease Payments 2023 $ 445,025 2024 660,923 2025 675,400 2026 560,996 2027 214,619 Total future minimum lease payments 2,556,963 Less: amount representing imputed interest (544,996) Present value of lease liabilities 2,011,967 Less: current portion (427,749) Lease liabilities, non current portion $ 1,584,218 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Schedule of Restricted Stock Units activity | Weighted Average Number of Grant Date Value RSUs Per Share RSUs non-vested January 1, 2023 172,800 $ 1.80 Granted 86,205 2.32 Vested (150,578) 1.80 Forfeited (22,222) 1.80 RSUs non-vested June 30, 2023 86,205 $ 2.32 Vested RSUs undelivered June 30, 2023 29,611 $ 3.68 |
Schedule of Black-Scholes option pricing model to stock options granted | For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Expected term (years) 5.50 - 10.00 5.09 - 5.50 5.50 - 10.00 0.58 - 10.00 Risk free interest rate 3.44% - 4.02% 2.79% 3.44% - 4.18% 0.76% - 2.79% Expected volatility 82% - 94% 88% 82% - 95% 82% - 90% Expected dividends 0.00% 0.00% 0.00% 0.00% |
Summary of the option activity | Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2023 5,380,553 $ 3.55 Granted 677,190 2.39 Exercised (88,999) 1.83 Forfeited/ Expired (783,666) 3.88 Outstanding June 30, 2023 5,185,078 $ 3.37 7.1 $ 962,979 Exercisable June 30, 2023 3,582,370 $ 3.69 6.2 $ 501,462 |
Schedule of information related to stock options | The following table presents information related to stock options as of June 30, 2023: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $1.00 - $1.99 1,407,183 4.7 884,183 $2.00 - $2.99 1,473,663 6.9 844,473 $3.00 - $3.99 908,528 6.8 694,510 $4.00 - $4.99 350,500 8.1 216,178 $5.00 - $5.99 50,805 4.3 50,638 $6.00 - $6.99 843,759 6.5 741,748 $7.00 + 150,640 4.8 150,640 5,185,078 6.2 3,582,370 |
Going Concern and Summary of _4
Going Concern and Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Going Concern and Summary of Significant Accounting Policies | ||||
Total potentially dilutive shares | 13,686,875 | 11,125,705 | ||
Numerator: | ||||
Net loss attributable to common stockholders | $ (6,215,860) | $ (7,239,100) | $ (11,955,226) | $ (14,578,765) |
Denominator (weighted average quantities): | ||||
Common shares issued | 38,064,215 | 31,669,431 | 37,724,083 | 31,089,811 |
Add: Prefunded warrants | 1,870,130 | 671,594 | ||
Add: Undelivered vested restricted shares | 29,611 | 105,306 | 29,611 | 75,177 |
Denominator for basic net loss per share | 38,093,826 | 33,644,867 | 37,753,694 | 31,836,582 |
Denominator for diluted net loss per share | 38,093,826 | 33,644,867 | 37,753,694 | 31,836,582 |
Basic net loss per share of common stock | $ (0.16) | $ (0.22) | $ (0.32) | $ (0.46) |
Diluted net loss per share of common stock | $ (0.16) | $ (0.22) | $ (0.32) | $ (0.46) |
Options | ||||
Going Concern and Summary of Significant Accounting Policies | ||||
Total potentially dilutive shares | 5,185,078 | 4,926,750 | ||
Warrants | ||||
Going Concern and Summary of Significant Accounting Policies | ||||
Total potentially dilutive shares | 6,087,845 | 6,087,845 | ||
Convertible notes | ||||
Going Concern and Summary of Significant Accounting Policies | ||||
Total potentially dilutive shares | 2,327,747 | 0 | ||
Restricted stock units | ||||
Going Concern and Summary of Significant Accounting Policies | ||||
Total potentially dilutive shares | 86,205 | 111,110 |
Going Concern and Summary of _5
Going Concern and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Going Concern and Summary of Significant Accounting Policies | |||||||
Cash and cash equivalents | $ 17,468,088 | $ 21,506,582 | $ 17,468,088 | $ 21,506,582 | $ 22,863,520 | ||
Net Income (Loss) | (6,215,860) | $ (5,739,366) | $ (7,239,100) | $ (7,339,665) | (11,955,226) | (14,578,765) | |
Cash used in operations | (11,673,476) | $ (12,883,603) | |||||
Treasury bills | 4,493,766 | 4,493,766 | |||||
Cash, uninsured amount | $ 12,474,323 | $ 12,474,323 | $ 22,613,520 | ||||
Clinical Supply Arrangements | |||||||
Going Concern and Summary of Significant Accounting Policies | |||||||
Clinical trials, percentage of additional mark-up on cost | 10% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid Expenses and Other Current Assets | ||
Payroll tax receivable | $ 645,566 | $ 660,891 |
Prepaid insurance expenses | 600,607 | 201,082 |
Prepaid general and administrative expenses | 310,701 | 87,982 |
Prepaid research and development expenses | 83,192 | 2,521 |
Prepaid patent expenses | 73,157 | 38,796 |
Prepaid conference expenses | 69,400 | 97,743 |
Prepaid rent and security deposit | 18,750 | 74,959 |
Other | 0 | 26,745 |
Total prepaid expenses and other current assets | $ 1,801,373 | $ 1,190,719 |
Accrued Compensation (Details)
Accrued Compensation (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Compensation | ||
Accrued bonus expenses | $ 695,450 | $ 1,447,643 |
Accrued payroll expenses | 317,668 | 299,548 |
Total accrued compensation | $ 1,013,118 | $ 1,747,191 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities | ||
Accrued consulting and professional services | $ 142,915 | $ 320,000 |
Accrued research and development expenses | 117,983 | 35,524 |
Accrued leasehold improvements | 0 | 92,528 |
Credit card payable | 58,549 | 50,639 |
Accrued franchise tax | 26,201 | 0 |
Accrued travel and entertainment expenses | 13,784 | 0 |
Other | 3,999 | 4,385 |
Total accrued expenses and other current liabilities | $ 363,431 | $ 503,076 |
Notes Payable - Schedule of not
Notes Payable - Schedule of notes payable (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current portion | ||
Notes Payable, Current portion | $ 1,038,784 | $ 416,666 |
Debt Discount, Current portion | (91,621) | (67,770) |
Net, Current portion | 947,163 | 348,896 |
Note payable, Non Current portion | 14,804,166 | 10,008,334 |
Debt Discount, Non-Current portion | (1,627,642) | (1,626,458) |
Net, Non Current portion | 13,176,524 | 8,381,876 |
D&O insurance policy loan | ||
Current portion | ||
Notes Payable, Current portion | 205,451 | 0 |
Debt Discount, Current portion | 0 | 0 |
Net, Current portion | 205,451 | 0 |
Avenue - Note payable | ||
Current portion | ||
Notes Payable, Current portion | 833,333 | 208,333 |
Debt Discount, Current portion | (91,621) | (33,885) |
Net, Current portion | 741,712 | 174,448 |
Note payable, Non Current portion | 9,804,166 | 5,004,167 |
Debt Discount, Non-Current portion | (1,120,372) | (813,229) |
Net, Non Current portion | 8,683,794 | 4,190,938 |
Avenue - Convertible note payable | ||
Current portion | ||
Notes Payable, Current portion | 0 | 208,333 |
Debt Discount, Current portion | 0 | (33,885) |
Net, Current portion | 0 | 174,448 |
Note payable, Non Current portion | 5,000,000 | 5,004,167 |
Debt Discount, Non-Current portion | (507,270) | (813,229) |
Net, Non Current portion | $ 4,492,730 | $ 4,190,938 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
May 22, 2023 | Feb. 24, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Aug. 24, 2023 | Feb. 24, 2023 | Dec. 31, 2022 | |
Notes Payable | |||||||||
Short term notes payable | $ 947,163 | $ 947,163 | $ 174,448 | ||||||
Repayments of notes payable | $ 403,689 | $ 448,999 | |||||||
Amount pledged to establish and maintain a collateralized money market account | $ 7,875,000 | $ 7,875,000 | |||||||
Expected volatility | 88% | ||||||||
Risk free interest rate | 2.79% | ||||||||
Payment of origination and legal fees | $ 126,000 | ||||||||
Prime Rate | |||||||||
Notes Payable | |||||||||
SVB loan cash flow | 4.45% | ||||||||
Debt instrument interest rate | 4.45% | ||||||||
Maximum | |||||||||
Notes Payable | |||||||||
Expected term (years) | 10 years | 5 years 6 months | 10 years | 10 years | |||||
Expected volatility | 94% | 95% | 90% | ||||||
Risk free interest rate | 4.02% | 4.18% | 2.79% | ||||||
Minimum | |||||||||
Notes Payable | |||||||||
Expected term (years) | 5 years 6 months | 5 years 1 month 2 days | 5 years 6 months | 6 months 29 days | |||||
Expected volatility | 82% | 82% | 82% | ||||||
Risk free interest rate | 3.44% | 3.44% | 0.76% | ||||||
Avenue Ventures Loan | |||||||||
Notes Payable | |||||||||
Interest expense | $ 558,003 | ||||||||
Interest expense related to the Loan and Security Agreement with Avenue Capital Management | 550,746 | ||||||||
D&O insurance policy loan | |||||||||
Notes Payable | |||||||||
Short term notes payable | $ 609,140 | ||||||||
Interest rate (as a percent) | 7.11% | ||||||||
Number of monthly payments | 6 months | ||||||||
Debt Instrument, Periodic Payment | $ 103,639 | ||||||||
Amortization of debt discount | 163,956 | 313,446 | |||||||
Amortization of debt discount related to loans | $ 7,257 | 10,866 | |||||||
Loan and Security Agreement | |||||||||
Notes Payable | |||||||||
Loan issuance costs | 1,001,140 | ||||||||
Interest expense | $ 1,012,006 | ||||||||
SVB loan cash flow | 7% | ||||||||
Debt instrument interest rate | 7% | ||||||||
Loan and Security Agreement | Avenue Capital Management II, L.P | |||||||||
Notes Payable | |||||||||
Debt gross amount | $ 5,000,000 | ||||||||
Loan and Security Agreement | Maximum | |||||||||
Notes Payable | |||||||||
Extension of interest period | 18 months | ||||||||
Loan and Security Agreement | Minimum | |||||||||
Notes Payable | |||||||||
Extension of interest period | 12 months |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Lease Agreement For Office Located In Redwood City, California [Member] - ft² | 1 Months Ended | |
Feb. 28, 2023 | Jun. 30, 2023 | |
Commitments and Contingencies | ||
Net rentable area | 6,700 | 3,800 |
Lease expiration date | Aug. 31, 2023 |
Commitments and Contingencies_2
Commitments and Contingencies - Company's right-of-use assets and liabilities (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Commitments and Contingencies | |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities | $ 284,996 |
Right-of-use assets obtained in exchange for lease obligations; Operating leases | $ 904,437 |
Weighted Average Remaining Lease Term (Years): Operating leases | 3 years 6 months |
Weighted Average Discount Rate: Operating leases | 10% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Minimum Lease Payments | ||
2023 | $ 445,025 | |
2024 | 660,923 | |
2025 | 675,400 | |
2026 | 560,996 | |
2027 | 214,619 | |
Total future minimum lease payments | 2,556,963 | |
Less: amount representing imputed interest | (544,996) | |
Present value of lease liabilities | 2,011,967 | |
Less: current portion | (427,749) | $ (484,882) |
Lease liabilities, non current portion | $ 1,584,218 | $ 907,644 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted stock units activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of RSUs | |
RSUs non-vested at beginning of period | shares | 172,800 |
Granted | shares | 86,205 |
Vested | shares | (150,578) |
Forfeited | shares | (22,222) |
RSUs non-vested at end of the period | shares | 86,205 |
Vested RSUs undelivered | shares | 29,611 |
Weighted Average Grant Date Value Per Share | |
RSUs non-vested January 1, 2023 | $ / shares | $ 1.80 |
Granted | $ / shares | 2.32 |
Vested | $ / shares | 1.80 |
Forfeited | $ / shares | 1.80 |
RSUs non-vested December 31, 2023 | $ / shares | 2.32 |
Vested RSUs undelivered September 30, 2023 | $ / shares | $ 3.68 |
Stockholders' Equity - Black Sc
Stockholders' Equity - Black Scholes option (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Equity | ||||
Risk free interest rate | 2.79% | |||
Expected volatility | 88% | |||
Expected dividends | 0% | 0% | 0% | 0% |
Minimum | ||||
Stockholders' Equity | ||||
Expected term (years) | 5 years 6 months | 5 years 1 month 2 days | 5 years 6 months | 6 months 29 days |
Risk free interest rate | 3.44% | 3.44% | 0.76% | |
Expected volatility | 82% | 82% | 82% | |
Maximum | ||||
Stockholders' Equity | ||||
Expected term (years) | 10 years | 5 years 6 months | 10 years | 10 years |
Risk free interest rate | 4.02% | 4.18% | 2.79% | |
Expected volatility | 94% | 95% | 90% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of option activity (Details) - Stock Options - USD ($) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Number of Options, Outstanding | Shares | 5,380,553 |
Number of Options, Granted | Shares | 677,190 |
Number of Options, Exercised | Shares | (88,999) |
Number of Options, Forfeited | Shares | (783,666) |
Number of Options, Outstanding | Shares | 5,185,078 |
Number of Options, Exercisable | Shares | 3,582,370 |
Weighted Average Exercise Price, Outstanding | $ / Shares | $ 3.55 |
Weighted Average Exercise Price, Granted | $ / Shares | 2.39 |
Weighted Average Exercise Price, Exercised | $ / Shares | 1.83 |
Weighted Average Exercise Price, Forfeited | $ / Shares | 3.88 |
Weighted Average Exercise Price, Outstanding | $ / Shares | 3.37 |
Weighted Average Exercise Price, Exercisable | $ / Shares | $ 3.69 |
Remaining Life In Years, Outstanding | 7 years 1 month 6 days |
Remaining Life In Years, Exercisable | 6 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 962,979 |
Aggregate Intrinsic Value, Exercisable | $ 501,462 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of information related to stock options (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 5,185,078 |
Options Exercisable, Weighted Average Remaining Life In Years | 6 years 2 months 12 days |
Options Exercisable, Exercisable Number of Options | 3,582,370 |
Exercise Price $1.00 - $1.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 1,407,183 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 8 months 12 days |
Options Exercisable, Exercisable Number of Options | 884,183 |
Exercise Price $1.00 - $1.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 1 |
Exercise Price $1.00 - $1.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 1.99 |
Exercise Price $2.00 - $2.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 1,473,663 |
Options Exercisable, Weighted Average Remaining Life In Years | 6 years 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 844,473 |
Exercise Price $2.00 - $2.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 2 |
Exercise Price $2.00 - $2.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 2.99 |
Exercise Price $3.00 - $3.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 908,528 |
Options Exercisable, Weighted Average Remaining Life In Years | 6 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 694,510 |
Exercise Price $3.00 - $3.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 3 |
Exercise Price $3.00 - $3.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 3.99 |
Exercise Price $4.00 - $4.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 350,500 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 1 month 6 days |
Options Exercisable, Exercisable Number of Options | 216,178 |
Exercise Price $4.00 - $4.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 4 |
Exercise Price $4.00 - $4.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 4.99 |
Exercise Price $5.00 - $5.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 50,805 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 3 months 18 days |
Options Exercisable, Exercisable Number of Options | 50,638 |
Exercise Price $5.00 - $5.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 5 |
Exercise Price $5.00 - $5.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 5.99 |
Exercise Price $6.00 - $6.99 | |
Stockholders' Equity | |
Options Outstanding, Outstanding Number of Options | 843,759 |
Options Exercisable, Weighted Average Remaining Life In Years | 6 years 6 months |
Options Exercisable, Exercisable Number of Options | 741,748 |
Exercise Price $6.00 - $6.99 | Minimum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 6 |
Exercise Price $6.00 - $6.99 | Maximum | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | 6.99 |
Exercise Price $7.00+ | |
Stockholders' Equity | |
Options Outstanding, Outstanding Exercise Price | $ / shares | $ 7 |
Options Outstanding, Outstanding Number of Options | 150,640 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 150,640 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 16, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 27, 2023 | Dec. 31, 2022 | |
Stockholders' Equity | ||||||||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | 90,000,000 | |||||||
Common Stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Preferred stock, shares authorized | 6,000,000 | 6,000,000 | 6,000,000 | |||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Net proceeds (in shares) | 1,421,936 | |||||||||
Stock-based compensation | $ 493,632 | $ 1,036,926 | $ 1,312,696 | $ 1,945,913 | ||||||
Unrecognized stock - based compensation expense | 2,868,023 | $ 2,868,023 | ||||||||
Weighted average period of recognition | 1 year 8 months 12 days | |||||||||
Proceeds from Stock Options Exercised | $ 27,200 | 18,701 | ||||||||
Stock-based compensation | 493,632 | $ 819,064 | 1,036,926 | $ 908,987 | ||||||
Granted | 86,205 | |||||||||
Net proceeds | $ 3,900,000 | |||||||||
Research and Development Expense. | ||||||||||
Stockholders' Equity | ||||||||||
Stock-based compensation | 36,197 | 516,669 | 1,017,850 | |||||||
Stock-based compensation | 411,327 | |||||||||
General and Administrative Expense | ||||||||||
Stockholders' Equity | ||||||||||
Stock-based compensation | 457,435 | $ 520,257 | 901,369 | $ 928,063 | ||||||
Restricted stock units | ||||||||||
Stockholders' Equity | ||||||||||
Resignation of common stock RSU | 3,289 | |||||||||
Unrecognized stock - based compensation expense | $ 200,000 | $ 200,000 | ||||||||
Weighted average period of recognition | 1 year | |||||||||
Options | ||||||||||
Stockholders' Equity | ||||||||||
Weighted average estimated grant date fair value | $ 2.04 | $ 1.37 | $ 1.78 | $ 2.02 | ||||||
Common Stock | ||||||||||
Stockholders' Equity | ||||||||||
Resignation of common stock RSU | 44,444 | 3,289 | 54,499 | 19,359 | ||||||
Cashless exercise of stock options (in shares) | 10,000 | |||||||||
Common Stock | Restricted stock units | ||||||||||
Stockholders' Equity | ||||||||||
Number of shares delivered | 44,444 | |||||||||
Amended and Restated 2018 Omnibus Stock Incentive Plan | ||||||||||
Stockholders' Equity | ||||||||||
Number of shares of common stock reserved for further issuance | 1,000,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Benefit Plans | |||||
Defined contribution plan, employer matching contribution, percent of match | 100% | ||||
Defined contribution plan, employers matching contribution, annual vesting percentage | 4% | ||||
Defined contribution plan, maximum annual contributions per employee, amount | $ 46,196 | $ 47,883 | $ 125,164 | $ 133,982 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (6,215,860) | $ (5,739,366) | $ (7,239,100) | $ (7,339,665) | $ (11,955,226) | $ (14,578,765) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 5. Other Information. Securities Trading Plans of Directors and Executive Officers During the three months ended June 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.” |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |