Provention Bio (PRVB) 10-K 25 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-38552
Entity Registrant Name	PROVENTION BIO, INC.
Entity Central Index Key	0001695357
Entity Tax Identification Number	81-5245912
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	55 Broad Street
Entity Address, Address Line Two	2nd floor
Entity Address, City or Town	Red Bank
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07701
City Area Code	908
Local Phone Number	336-0360
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PRVB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 718.7
Entity Common Stock, Shares Outstanding		63,374,738
ICFR Auditor Attestation Flag	true

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 102,294	$ 39,165
Marketable securities	19,530	46,208
Prepaid expenses and other current assets	4,730	623
Total current assets	126,554	85,996
Fixed assets, net	1,437
Operating lease right-of-use assets	408
Other assets	120
Total assets	128,519	85,996
Current liabilities:
Accounts payable	7,568	1,775
Accrued expenses and other current liabilities	9,162	2,065
Total current liabilities	16,730	3,840
Operating lease liabilities, long-term	715
Total liabilities	17,445	3,840
Commitments and Contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares issued or outstanding at December 31, 2020 and December 31, 2019
Common stock, $0.0001 par value; 100,000,000 shares authorized; 56,517,891 shares issued and outstanding at December 31, 2020; 47,658,361 shares issued and outstanding at December 31, 2019	6	5
Additional paid-in capital	288,725	161,212
Accumulated other comprehensive loss	(15)
Accumulated deficit	(177,642)	(79,061)
Total stockholders’ equity	111,074	82,156
Total liabilities and stockholders’ equity	$ 128,519	$ 85,996

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	25,000,000	25,000,000
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	100,000,000	100,000,000
Common Stock, Shares, Issued	56,517,891	47,658,361
Common Stock, Shares, Outstanding	56,517,891	47,658,361

Statements of Comprehensive Los

Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 66,360	$ 36,359	$ 22,649
General and administrative	33,327	8,013	4,165
Total operating expenses	99,687	44,372	26,814
Loss from operations	(99,687)	(44,372)	(26,814)
Interest income	583	1,087	669
Change in fair value of warrant liability			(520)
Loss before income tax benefit	(99,104)	(43,285)	(26,665)
Income tax benefit	523		187
Net loss	(98,581)	(43,285)	(26,478)
Accretion on Series A Convertible Redeemable Preferred Stock			(276)
Net loss attributable to common stockholders	$ (98,581)	$ (43,285)	$ (26,754)
Net loss per common share, basic and diluted	$ (1.88)	$ (1.06)	$ (1.19)
Weighted average common shares outstanding, basic and diluted	52,457	40,747	22,441
Net loss	$ (98,581)	$ (43,285)	$ (26,478)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	(15)
Total comprehensive loss	$ (98,596)	$ (43,285)	$ (26,478)

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($) $ in Thousands	Convertible Redeemable Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2017	$ 26,185	$ 1	$ 3,264		$ (9,298)	$ (6,033)
Balance, shares at Dec. 31, 2017	11,382	10,000
Issuance of common stock upon conversion of Series A Convertible Redeemable Preferred Stock	$ (26,461)	$ 1	26,460			26,461
Issuance of common stock upon conversion of Series A Convertible Redeemable Preferred Stock, shares	(11,382)	11,382
Accretion of Series A Convertible Redeemable Preferred Stock to redemption value	$ 276		(276)			(276)
Reclassification of Series A warrants liability			1,518			1,518
Issuance of common stock in connection with initial public offering, net of issuance costs		$ 2	56,281			56,283
Issuance of common stock in connection with initial public offering, net of issuance costs, shares		15,970
Issuance of common stock in connection with public follow on offering, net of issuance costs
Issuance of common stock in connection with public follow on offering, net of issuance costs, shares
Issuance of common stock in connection with underwritten public offering, net of issuance costs
Issuance of common stock in connection with underwritten public offering, net of issuance costs, shares
Issuance of common stock in connection with private placement with Amgen
Issuance of common stock in connection with private placement with Amgen, shares
Issuance of common stock in connection with stock option exercises			25			25
Issuance of common stock in connection with stock option exercises, shares		10
Issuance of common stock in connection with at-the-market stock sales, net of issuance costs, shares
Issuance of common stock in connection with warrant exercises
Issuance of common stock in connection with warrant exercises, shares
Fair value of warrants issued in connection with initial public offering of common stock			3,039			3,039
Fair value of warrants issued in connection with the acquisition of product rights			3,978			3,978
Unrealized gain (loss) on marketable securities, net of tax
Stock-based compensation			1,141			1,141
Net loss					(26,478)	(26,478)
Ending balance, value at Dec. 31, 2018		$ 4	95,430		(35,776)	59,658
Shares, Outstanding, Ending Balance at Dec. 31, 2018		37,362
Accretion of Series A Convertible Redeemable Preferred Stock to redemption value
Issuance of common stock in connection with public follow on offering, net of issuance costs		$ 1	42,650			42,651
Issuance of common stock in connection with public follow on offering, net of issuance costs, shares		5,750
Issuance of common stock in connection with private placement with Amgen			20,000			20,000
Issuance of common stock in connection with private placement with Amgen, shares		2,500
Issuance of common stock in connection with stock option exercises			290			$ 290
Issuance of common stock in connection with stock option exercises, shares		79				79
Issuance of common stock in connection with warrant exercises
Issuance of common stock in connection with warrant exercises, shares		1,967
Unrealized gain (loss) on marketable securities, net of tax
Stock-based compensation			2,842			2,842
Net loss					(43,285)	(43,285)
Ending balance, value at Dec. 31, 2019		$ 5	161,212		(79,061)	82,156
Shares, Outstanding, Ending Balance at Dec. 31, 2019		47,658
Accretion of Series A Convertible Redeemable Preferred Stock to redemption value
Issuance of common stock in connection with underwritten public offering, net of issuance costs		$ 1	103,269			103,270
Issuance of common stock in connection with underwritten public offering, net of issuance costs, shares		7,590
Issuance of common stock in connection with stock option exercises			1,152			$ 1,152
Issuance of common stock in connection with stock option exercises, shares		219				219
Issuance of common stock in connection with at-the-market stock sales, net of issuance costs			9,869			$ 9,869
Issuance of common stock in connection with at-the-market stock sales, net of issuance costs, shares		725
Issuance of common stock in connection with warrant exercises
Issuance of common stock in connection with warrant exercises, shares		326
Unrealized gain (loss) on marketable securities, net of tax				(15)		(15)
Stock-based compensation			13,223			13,223
Net loss					(98,581)	(98,581)
Ending balance, value at Dec. 31, 2020		$ 6	$ 288,725	$ (15)	$ (177,642)	$ 111,074
Shares, Outstanding, Ending Balance at Dec. 31, 2020		56,518

Statements of Cash Flows

Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (98,581)	$ (43,285)	$ (26,478)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	13,223	2,842	1,141
Stock-based consideration in connection with acquisition of product rights (Note 6)			3,978
Change in fair value of warrant liability			520
Amortization of premium and discounts on marketable securities	247	(16)
Non-cash operating lease expense	25
Depreciation	33
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,112)	2,367	(2,396)
Accounts payable	5,793	1,207	109
Accrued interest receivable	131	58
Accrued expenses	7,025	762	484
Other assets	(120)
Net cash used in operating activities	(76,336)	(36,065)	(22,642)
Investing activities
Purchase of marketable securities	(28,715)	(46,250)
Maturities of marketable securities	55,000
Purchase of fixed assets	(1,111)
Net cash provided by (used in) investing activities	25,174	(46,250)
Financing activities
Proceeds from underwritten public offering, net	103,270	42,651
Proceeds from private placement with Amgen		20,000
Proceeds from initial public offering, net			59,322
Proceeds from at-the-market stock sales, net	9,869
Proceeds from stock option exercises	1,152	290	25
Net cash provided by financing activities	114,291	62,941	59,347
Net increase (decrease) in cash and cash equivalents	63,129	(19,374)	36,705
Cash and cash equivalents at beginning of period	39,165	58,539	21,834
Cash and cash equivalents at end of period	102,294	39,165	58,539
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 413
Supplemental disclosure of non-cash financing transactions:
Conversion of Series A Preferred Stock to common stock upon completion of IPO			26,461
Reclassification of Series A Preferred Stock warrant liability to stockholders’ equity			$ 1,518
Accretion of Series A Convertible Redeemable Preferred Stock			$ 276

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Provention Bio, Inc. (the “Company”) was incorporated on October 4, 2016 under the laws of the State of Delaware. The Company is a clinical stage biopharmaceutical company, focused on the development and commercialization of novel therapeutics and innovative approaches to intercept and prevent immune-mediated diseases. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s business is subject to significant risks and uncertainties and will be dependent on raising substantial additional capital before it becomes profitable and it may never achieve profitability. Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.

LIQUIDITY

LIQUIDITY	12 Months Ended
	Dec. 31, 2020
Liquidity
LIQUIDITY	2. LIQUIDITY The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred recurring losses since inception and as of December 31, 2020, the Company had an accumulated deficit of $ 177.6 . In April 2017, the Company completed its private placement of 11,381,999 2.50 26.7 In connection with the sale of Series A Convertible Redeemable Preferred Stock, the Company issued warrants to purchase 558,740 2.50 In July 2018, the Company issued and sold an aggregate of 15,969,563 4.00 1,596,956 5.00 59.3 3.7 0.8 11,381,999 558,740 In September 2019, the Company completed an underwritten public offering in which it sold 5,750,000 8.00 5,750,000 750,000 8.00 2,500,000 8.00 62.7 2.8 0.5 In August 2019, the Company established an at-the-market (“ATM”) program through which the Company may sell, from time to time at its sole discretion, up to $ 50.0 million of shares of its common stock. The Company has sold 725,495 shares of common stock for aggregate net proceeds of approximately $ 9.9 million, net of $ 0.3 million in sales commissions, under the ATM program, all of which occurred during the quarter ended June 30, 2020. In June 2020, the Company completed an underwritten public offering in which it sold 7,590,000 14.50 7,590,000 990,000 14.50 103.3 6.6 0.2 In January 2021, the Company completed an underwritten public offering in which it sold 6,250,000 shares of common stock at a public offering price of $ 16.00 per share. In February 2021, the underwriters partially exercised their option to purchase an additional 587,500 shares at a price of $ 16.00 per share. In the aggregate, total net proceeds from the underwritten public offering was $ 102.3 million, after deducting underwriting discounts and commissions of approximately $ 6.6 million and other offering expenses of $ 0.5 million. The Company has devoted substantially all of its financial resources and efforts to research and development and expects to continue to incur significant expenses and increasing operating losses over the next several years due to, among other things, costs related to research funding, development of its product candidates and its preclinical programs, strategic alliances, the development of its administrative and commercial organization and pre-commercial activities for teplizumab . The Company will require substantial additional financing to fund its operations and to continue to execute its strategy. The Company may raise capital through public or private equity or debt financings. The sale of equity or other securities may result in dilution to the Company’s stockholders and certain of those securities may have rights senior to those of the Company’s existing shares. If the Company raises additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict the Company’s operations. Any other third-party funding arrangement could require the Company to relinquish valuable rights. The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the progress of the Company’s clinical development programs. Funding may not be available when needed, at all, or on terms acceptable to the Company. Lack of necessary funds may require the Company, among other things, to delay, scale back or eliminate some or all of the Company’s planned operations. The Company’s cash requirements for 2021 will be impacted by a number of factors, the most significant of which are expenses related to teplizumab, including costs to build out the Company’s commercial infrastructure and pre-commercial activities for teplizumab, the PROTECT clinical trial, manufacturing activities for teplizumab and any potential milestone payments that may become due upon a potential regulatory approval of teplizumab by the FDA. Other factors include costs related to the Company’s Phase 2b clinical study of PRV-015 and first-in-human safety study of PRV-101. Based on the Company’s current business plans, management believes that its cash, cash equivalents and marketable securities on hand at December 31, 2020, coupled with net proceeds from the Company’s follow on offering in January 2021 and partial exercise by the underwriters to purchase additional shares in February 2021, are sufficient to meet the Company’s obligations for at least the next 12 months from the issuance of these financial statements.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows: Use of estimates The process of preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. Segment and geographic information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one Cash, cash equivalents and concentration of credit risk The Company considers only those investments which are highly liquid, readily convertible to cash, or that mature within 90 days from the date of purchase to be cash equivalents. Marketable securities are those investments with original maturities in excess of 90 days. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximates their fair value. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company holds cash and cash equivalents in banks in excess of FDIC insurance limits. However, the Company believes risk of loss is minimal as the cash and cash equivalents are held by large, highly-rated financial institutions. Marketable securities The Company considers securities with original maturities of greater than 90 days to be available for sale securities. Available for sale securities are classified as either current or non-current assets based on the nature of the securities and their availability for use in current operations. Available for sale securities are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income. The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. On a quarterly basis, the Company reviews the status of each security in an unrealized loss position, to evaluate the existence of potential credit losses. The Company first considers whether it intends to sell, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet this criteria, the Company considers a number of factors to determine if the decline in fair value has resulted from credit losses or other factors, including but not limited to: (1) the extent of the decline; (2) changes to the rating of the security by a rating agency; (3) any adverse conditions specific to the security; and (4) other market conditions that may affect the fair value of the security. If this assessment indicates that a credit loss exists and the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is required for the credit loss. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. As of December 31, 2020, the Company has not recognized any impairment or credit losses on its available for sale securities. Financial instruments Cash, cash equivalents and marketable securities are reflected in the accompanying financial statements at fair value. The carrying amount of accounts payable and accrued expenses, including accrued research and development expenses, approximates fair value due to the short-term nature of those instruments. Net loss per common share Net loss per share information is determined using the two-class method, which includes the weighted-average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). The Company considered the Series A Preferred Stock, all of which were automatically converted to common stock upon the Company’s IPO, to be participating securities because they included rights to participate in dividends, if any, with the common stock. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the Preferred Stock. Net losses are not allocated to preferred stockholders as they do not have an obligation to share in the Company’s net losses. In periods with net income attributable to common stockholders, the Company would allocate net income first to preferred stockholders based on dividend rights under the Company’s certificate of incorporation and then to preferred and common stockholders based on ownership interests. Diluted net loss per share attributable to common stockholders is computed using the more dilutive of (1) the two-class method or (2) the if-converted method. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities are anti-dilutive given the net loss of the Company. Fixed assets, net Fixed assets, which consists primarily of leasehold improvements, furniture and fixtures, software, office equipment and certain clinical equipment, are carried at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets, generally three seven Leases The Company determines if an arrangement is a lease at contract inception. A lease is a contract, or part of a contract, that conveys the right to control the use of explicitly or implicitly identified property, plant or equipment in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company classifies its leases as operating or financing by considering factors such as the length of the lease term, the present value of the lease payments, the specialized nature of the asset being leased and the potential for ownership of the asset to transfer during the lease term. Leases with terms greater than one-year are recognized on the Company’s balance sheets as right-of-use (“ROU”) assets and lease liabilities and are measured at the present value of the fixed payments due over the lease term minus the present value of any incentives, rebates or abatements expected to be received from the lessor. Options to extend a lease are typically excluded from the expected lease term as the exercise of the option is typically not reasonably certain. Leases are measured at present value using the rate implicit in the lease or, if the implicit rate is not determinable, the lessee’s incremental borrowing rate. As the implicit rate is not typically readily determinable, the Company uses an incremental borrowing rate, which is established based upon the information available at the lease commencement date, to determine the present value of lease payments due under an arrangement. The incremental borrowing rate approximates the rate the Company would pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments. ROU assets are amortized on a straight-line basis over the term of the lease. Lease liabilities accrete to yield and are reduced at the time when the lease payment is payable to the vendor. Costs determined to be variable and not based on an index or rate are not included in the measurement of the lease liability and are recognized in the statements of comprehensive loss in the same line item as expenses arising from fixed lease payments at the time when the event giving rise to the payment occurs. Foreign currency translation The Company considers the U.S. dollar to be its functional currency. Expenses denominated in foreign currencies are translated at the exchange rate on the date the expense is incurred. The effect of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars is included in the Statements of Comprehensive Loss. Foreign exchange transaction gains and losses are included in the results of operations and are not material in the Company’s financial statements. Research and development expenses Research and development expenses primarily consist of costs associated with the preclinical and clinical development of the Company’s product candidate portfolio, including the following: ● external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”) and other vendors and contract manufacturing organizations (“CMOs”) for the production of drug substance and drug product; and ● employee-related expenses, including salaries, benefits and share-based compensation expense. Research and development expenses also include costs of acquired product licenses and related technology rights where there is no alternative future use, costs of prototypes used in research and development, consultant fees and amounts paid to certain of our collaborative partners. All research and development expenses are charged to operations as incurred in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic (“ASC”) 730, Research and Development Accrued research and development expenses As part of the process of preparing our financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to the Company at that time. The Company periodically confirms the accuracy of its estimates with the service providers and make adjustments if necessary. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to CROs, CMOs and other vendors in connection with research and development and manufacturing activities. The Company bases its expense related to CROs and CMOs on its estimates of the services received and efforts expended pursuant to quotations and contracts with such vendors that conduct research and development and manufacturing activities on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the applicable research and development or manufacturing expense. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from its estimate, the Company adjusts the accrual or prepaid expense accordingly. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in us reporting amounts that are too high or too low in any particular period. There have been no material changes in estimates for the periods presented. Stock-based compensation expense The Company follows the provisions of ASC 718, Compensation—Stock Compensation Stock Options The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. Due to the lack of trading history, the Company’s computation of stock-price volatility is based on the volatility rates of comparable publicly held companies over a period equal to the expected term of the options granted by the Company. The Company’s computation of expected term is determined using the “simplified” method, which is the midpoint between the vesting date and the end of the contractual term. The Company believes that it does not have sufficient reliable exercise data in order to justify the use of a method other than the “simplified” method of estimating the expected exercise term of employee stock option grants. The Company utilizes a dividend yield of zero based on the fact that the Company has never paid cash dividends to stockholders and has no current intentions to pay cash dividends. The risk-free interest rate is based on the zero-coupon United States Treasury yield at the date of grant for a term equivalent to the expected term of the option. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, Prior to the third quarter of 2018, the Company accounted for awards of equity instruments issued to non-employees in accordance with ASC Topic 505-50, Equity-Based Payment to Non-Employees, Stock-based compensation expense is included in both research and development expenses and general and administrative expenses in the Statements of Comprehensive Loss. Warrant liability In April 2017, the Company issued warrants to purchase shares of Series A Convertible Redeemable Preferred Stock in connection with the issuance of the Series A Preferred Stock. The Company accounted for these warrants as a liability in the financial statements because the underlying instrument into which the warrants were exercisable contained redemption provisions that were outside the Company’s control. Upon the completion of the IPO in July 2018, the warrants issued in connection with the Series A Convertible Redeemable Preferred Stock converted to warrants for the purchase of 558,740 The fair value of the warrants was determined using the Black-Scholes option-pricing model and were re-measured to fair value at each financial reporting period date with any changes in fair value recognized in the statements of operations. See Note 11 to our financial statements for further information. Income taxes The Company utilizes the liability method of accounting for deferred income taxes, as set forth in ASC 740, Income Taxes. Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , The adoption had no impact on the Company’s financial statements and related disclosures as the Company did not have any lease agreements at the time of adoption. In July 2020, the Company entered into an agreement to lease its new corporate headquarters in Red Bank, NJ. Upon commencement of the lease, which occurred in October 2020, the lease was accounted for as an operating lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808)

CAPITALIZATION

CAPITALIZATION	12 Months Ended
	Dec. 31, 2020
Capitalization
CAPITALIZATION	4. CAPITALIZATION As of December 31, 2020 and 2019, the Company had authorized 100,000,000 0.0001 56,517,891 47,658,361 25,000,000 0.0001 none

CASH, CASH EQUIVALENTS, AND MAR

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES	5. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents as of December 31, 2020 and 2019 were $ 102.3 39.2 The Company considers securities with original maturities of greater than 90 days at the date of purchase to be available for sale securities. The Company held available for sale securities with a fair value totaling $ 19.5 46.2 The Company evaluates securities with unrealized losses, if any, to determine whether the decline in fair value has resulted from credit loss or other factors. As of December 31, 2020, the Company has not recognized any impairment or credit losses on the Company’s available for sale securities. While the Company classifies these securities as available for sale, the Company does not currently intend to sell its investments and the Company currently believes it has the ability to hold these investments until maturity. The following table summarizes the amortized cost, fair value and allowance for credit losses of the Company’s available for sale securities: SCHEDULE OF AVAILABLE FOR SALE SECURITIES December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 19,545 $ — $ (15 ) $ 19,530 Total $ 19,545 $ — $ (15 ) $ 19,530 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 46,208 $ — $ — $ 46,208 Total $ 46,208 $ — $ — $ 46,208 The Company’s available for sale securities are reported at fair value on the Company’s balance sheets. Unrealized gains (losses) are reported within accumulated other comprehensive income (loss) in the Statements of Comprehensive Loss. The cost of securities sold and any realized gains/losses from the sale of available for sale securities are based on the specific identification method. The changes in accumulated other comprehensive income (loss) associated with the unrealized gain (loss) on available for sale securities for the years ended December 31, 2020, 2019 and 2018, were as follows: SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2020 2019 2018 Beginning balance $ — $ — $ — Current period changes in fair value before reclassifications, net of tax (15 ) — — Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — Other comprehensive income (loss) (15 ) — — Ending balance $ (15 ) $ — $ —

LICENSE AND OTHER AGREEMENTS

LICENSE AND OTHER AGREEMENTS	12 Months Ended
	Dec. 31, 2020
License And Other Agreements
LICENSE AND OTHER AGREEMENTS	6. LICENSE AND OTHER AGREEMENTS In May 2018, the Company entered into an Asset Purchase Agreement with MacroGenics (the “MacroGenics Asset Purchase Agreement”) pursuant to which the Company acquired MacroGenics’ interest in teplizumab (renamed PRV-031), a humanized mAb for the treatment of Type 1 Diabetes (“T1D”). As partial consideration for the MacroGenics Asset Purchase Agreement, the Company granted MacroGenics a warrant to purchase 2,162,389 shares of the Company’s common stock at an exercise price of $ 2.50 per share. The Company is obligated to pay MacroGenics contingent milestone payments totaling $ 170.0 million upon the achievement of certain regulatory approval milestones, including $ 60.0 million payable within 90 days of an approval of a Biologics License Application (“BLA”) in the United States. In addition, the Company is obligated to make contingent milestone payments to MacroGenics totaling $ 225.0 million upon the achievement of certain sales milestones. The Company has also agreed to pay MacroGenics a single-digit royalty on net sales of the product. The Company has also agreed to pay third-party obligations, including low single-digit royalties, a portion of which is creditable against royalties payable to MacroGenics, aggregate milestone payments of up to approximately $ 0.7 million and other consideration, for certain third-party intellectual property under agreements the Company assumed pursuant to the MacroGenics Asset Purchase Agreement. Further, the Company is required to pay MacroGenics a low double-digit percentage of certain consideration to the extent it is received in connection with a future grant of rights to teplizumab by the Company to a third party. The Company is obligated to use reasonable commercial efforts to develop and seek regulatory approval for teplizumab. In May 2018, the Company entered into a License Agreement with MacroGenics, Inc. (the “MacroGenics License Agreement”), pursuant to which MacroGenics, Inc. (“MacroGenics”) granted the Company exclusive global rights for the purpose of developing and commercializing MGD010 (renamed PRV-3279), a humanized protein and a potential treatment for systemic lupus erythematosus (“SLE”) and other similar diseases. As partial consideration for the MacroGenics License Agreement, the Company granted MacroGenics a warrant to purchase 270,299 2.50 42.5 22.5 225.0 As of December 31, 2020, the Company has not achieved any milestones that would trigger payments to MacroGenics. The Company recorded the warrants issued under the MacroGenics Asset Purchase Agreement and the MacroGenics License Agreement at an estimated fair value of $ 1.64 4.0 In July 2019, MacroGenics elected to exercise its warrants for an aggregate of 2,432,688 1,948,474 In November 2018, the Company entered into a License and Collaboration Agreement (the “Amgen Agreement”) with Amgen, Inc. (“Amgen”) for PRV-015 (formerly AMG 714), a novel anti-IL-15 monoclonal antibody being developed for the treatment of gluten-free diet non-responsive celiac disease (“NRCD”). Under the terms of the agreement, the Company will conduct and fund a Phase 2b trial in NRCD and lead the development and regulatory activities for the program. Amgen agreed to make an equity investment of up to $ 20.0 150.0 70.0 2,500,000 8.00 20.0 In April 2017, the Company entered into a License Agreement with Vactech Ltd. (the “Vactech License Agreement”), pursuant to which Vactech Ltd. (“Vactech”) granted the Company exclusive global rights for the purpose of developing and commercializing the group B coxsackie virus vaccine (“CVB”) platform technology. In consideration of the licenses and other rights granted by Vactech, the Company issued two million shares of its common stock to Vactech. The Company recorded the issuance of the shares at their estimated fair value of approximately $ 1.70 per share for a total of $ 3.4 million as a license fee expense included as part of Research & development expense for the year ended December 31, 2017. Provention paid Vactech a total of approximately $ 0.5 million for transition and advisory services during the first 18 months of the term of the agreement. In addition, Provention may be obligated to make a series of contingent milestone payments to Vactech totaling up to an additional $ 24.5 million upon the achievement of certain clinical development and regulatory filing milestones, of which, $ 0.5 19.0 million upon the achievement of certain annual net sales levels. The Vactech License Agreement may be terminated by the Company on a country by country basis without cause (in which case the exclusive global rights to the technology will transfer back to Vactech) and by either party upon a material breach or insolvency of the other party. If the Company terminates the agreement with respect to two or more specified European countries, the agreement will be deemed terminated with respect to all of the EU, and if the Company terminates the agreement with respect to the United States, the agreement will be deemed terminated with respect to all of North America. The agreement expires upon the expiration of the Company’s last obligation to make royalty payments to Vactech. As of December 31, 2020, the Company has not achieved any milestones that would trigger payments to Vactech. In March 2018, the Company entered into a Development Services Agreement with The Institute of Translational Vaccinology (the “Intravacc Development Services Agreement”), pursuant to which The Institute of Translational Vaccinology (“Intravacc”) will provide services related to process development, non-GMP and GMP manufacturing of the Company’s polyvalent CVB vaccine, including providing proprietary technology for manufacturing purposes. The Company will pay Intravacc approximately 10 million euros for their services over the development and manufacturing period. Each party retains its existing intellectual property and will share newly developed intellectual property via a fully-paid non-exclusive license between the parties for all development work through phase 1 clinical trials. Any future use, including commercial use, of Intravacc’s technology will be subject to a separate nonexclusive license agreement. The Intravacc Development Services Agreement may be terminated by us with ninety days’ notice without cause and by either party upon a material breach or insolvency of the other party. As of December 31, 2020, the Company had paid Intravacc a total of approximately 9.0 10.5 In April 2017, the Company entered into the Janssen CSF-1R License Agreement, pursuant to which Janssen Pharmaceutica NV (“Janssen”) granted the Company exclusive global rights to technology owned or controlled by Janssen Pharmaceutica NV for the purpose of developing and commercializing a colony stimulating factor 1 receptor (“CSF-1R”) inhibitor named JNJ-40346527 (renamed PRV-6527) for inflammatory bowel diseases including Crohn’s disease and UC. The Company evaluated PRV-6527 for Crohn’s disease in a recently completed Phase 2a clinical trial (the PRINCE study). In December 2019, Janssen declined its option to buy back the rights to PRV-6527 and as such, all rights will remain with the Company. The Company will be obligated to make contingent milestone payments to Janssen totaling $ 35.0 20.0 100.0

NET LOSS PER SHARE OF COMMON ST

NET LOSS PER SHARE OF COMMON STOCK	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
NET LOSS PER SHARE OF COMMON STOCK	7. NET LOSS PER SHARE OF COMMON STOCK The following table sets forth the computation of basic and diluted loss per share for the years ended December 31, 2020, 2019, and 2018: SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE For the Years Ended December 31, 2020 2019 2018 Net loss, basic $ (98,581 ) $ (43,285 ) $ (26,478 ) Accretion of Series A Convertible Redeemable Preferred Stock — — (276 ) Net loss attributable to common stockholders $ (98,581 ) $ (43,285 ) $ (26,754 ) Weighted average shares of common stock outstanding - basic and diluted 52,457 40,747 22,441 Net loss per share of common stock, basic and diluted $ (1.88 ) $ (1.06 ) $ (1.19 ) The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be antidilutive: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the Years Ended December 31, 2020 2019 2018 Stock options 9,503 5,894 3,476 Warrants 1,705 2,125 4,588

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
ACCRUED EXPENSES	8. ACCRUED EXPENSES Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES As of December 31, 2020 2019 Accrued research and development costs $ 5,165 $ 1,700 Accrued compensation 1,443 54 Accrued professional fees 1,197 221 Accrued pre-commercial costs 1,191 — Other accrued liabilities 166 90 Total accrued expenses $ 9,162 $ 2,065

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	9. FAIR VALUE OF ASSETS AND LIABILITIES The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term nature of these items. In accordance with accounting principles generally accepted in the United States, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following is a summary of assets and their related classifications under the fair value hierarchy: SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS December 31, 2020 Financial Instruments Carried at Fair Value Quoted prices identical items Significant Significant unobservable (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents 1 $ 102,294 $ — $ — $ 102,294 Investments in Corporate debt securities 2 — 19,530 — 19,530 December 31, 2019 Financial Instruments Carried at Fair Value Quoted prices identical items Significant other observable inputs Significant unobservable (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents 1 $ 39,165 $ — $ — $ 39,165 Investments in U.S. Treasury securities 2 46,208 — — 46,208 1 Cash and cash equivalents primarily include investments in money market funds and United States Treasury securities with maturity dates within 90 days from the purchase date 2 Investments in United States Treasury and investment-grade corporate debt securities are classified as available for sale securities

STOCK OPTIONS

STOCK OPTIONS	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK OPTIONS	10. STOCK OPTIONS In 2017, the Company adopted the Provention Bio, Inc. 2017 Equity Incentive Plan (the “2017 Plan”). Pursuant to the 2017 Plan, the Company’s Board of Directors may grant incentive stock options, nonqualified stock options, and restricted stock to employees, officers, directors, consultants and advisors. As of December 31, 2020, there were options to purchase an aggregate of 9,503,228 10 In 2018, the Company amended and restated its 2017 Plan to, among other things, include an evergreen provision, which would automatically increase the number of shares available for issuance under the 2017 Plan in an amount equal to (1) the difference between (x) 18% of the total shares of the Company’s common stock outstanding, on a fully diluted basis, on December 31st of the preceding calendar year, and (y) the total number of shares of the Company’s common stock reserved under the 2017 Plan on December 31st of such preceding calendar year or (2) an amount less than this calculated increase as determined by the board of directors. In connection with the evergreen provisions of the 2017 Plan, the number of shares available for issuance under the 2017 Plan was increased by 2,270,353 109,499 In October 2020, the Company adopted the Provention Bio, Inc. 2020 Inducement Plan (the “2020 Inducement Plan”). Pursuant to the terms of the 2020 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock unit awards and restricted stock for up to a total of 2,000,000 Options issued under the 2020 Inducement Plan are exercisable for up to 10 Stock-based compensation Total stock-based compensation expense recognized for both employees and non-employees was as follows: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Years Ended December 31, 2020 2019 2018 General and administrative $ 7,611 $ 1,546 $ 512 Research and development 5,612 1,296 629 Total stock-based compensation expense $ 13,223 $ 2,842 $ 1,141 Option activity The Company grants options with service-based vesting requirements as well as options with performance-based vesting requirements. Generally, the service-based requirements vest over a four-year period in multiple tranches. Each tranche of the performance-based component vests upon the achievement of a specific milestone. These milestones are related to the Company’s clinical trials, manufacturing activities, regulatory activities, commercial activities and certain other performance metrics. A summary of option activity for the years ended December 31, 2020 and 2019 are presented below: SUMMARY OF STOCK OPTION ACTIVITY Weighted- Weighted- Average Average Remaining Underlying Exercise Contractual Intrinsic Stock Option Awards Shares Price Term Value Outstanding at December 31, 2018 3,476 $ 2.85 Granted 2,797 $ 10.34 Exercised (79 ) $ 3.66 Forfeited or expired (300 ) $ 4.19 Outstanding at December 31, 2019 5,894 $ 6.33 8.5 $ — Outstanding at January 1, 2020 5,894 6.33 Granted 4,126 $ 12.87 Exercised (219 ) $ 5.28 Forfeited or expired (298 ) $ 9.39 Outstanding at December 31, 2020 9,503 $ 9.10 8.3 $ 74,536 Exercisable at December 31, 2020 3,730 $ 5.88 7.4 $ 41,263 The weighted average grant-date fair value of options granted during the year ended December 31, 2020 was $ 8.32 1,869,000 13.2 3,904,000 25.1 3.2 Cash proceeds from, and the aggregate intrinsic value of, stock options exercised during the periods presented below were as follows: SCHEDULE OF AGGREGATED INTRINSIC VALUE OF STOCK OPTION EXERCISED Years Ended December 31, 2020 2019 2018 Cash proceeds from options exercised $ 1,152 $ 290 $ 25 Aggregate intrinsic value of options exercised $ 1,615 $ 551 $ 5 The Company uses the Black-Scholes option-pricing model to estimate the fair value of option awards with the following weighted-average assumptions for the period indicated: SCHEDULE OF SHARE-BASED COMPENSATION VALUATION OF ASSUMPTIONS Years Ended December 31, 2020 2019 2018 Exercise price $ 12.87 $ 10.34 $ 3.93 Expected volatility 74 % 72 % 61 % Expected dividends — — — Expected term (in years) 6.2 6.3 6.2 Risk-free interest rate 0.59 % 1.90 % 2.78 % The weighted-average valuation assumptions were determined as follows: ● Risk-free interest rate: The Company bases the risk-free interest rate on the interest rate payable on United States Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term. ● Expected annual dividends: The estimate for annual dividends is 0% ● Expected stock price volatility: The expected volatility used is based on historical volatilities of similar entities within the Company’s industry which were commensurate with the Company’s expected term assumption. ● Expected term of options: The expected term of options represents the period of time options are expected to be outstanding. The expected term of the options granted to employees is derived from the “simplified” method as described in Staff Accounting Bulletin 107 relating to stock-based compensation, whereby the expected term is an average between the vesting period and contractual period due to the limited operating history.

WARRANTS

WARRANTS	12 Months Ended
	Dec. 31, 2020
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	11. WARRANTS In connection with the April 2017 sale of Series A Convertible Redeemable Preferred Stock, the Company issued warrants to MDB, the Placement Agent, and its designees to purchase 558,740 2.50 seven 558,740 312,689 259,542 316,754 241,986 In May 2018, in connection with the MacroGenics License Agreement and the MacroGenics Asset Purchase Agreement, the Company issued warrants to MacroGenics to purchase 2,432,688 2.50 seven 1.64 4.0 The Company used valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants issued to MacroGenics. The fair values of these instruments were determined using models based on inputs that require management judgment and estimates. The fair value of the warrants issued to MacroGenics was measured at issuance on May 7, 2018 using the Black-Scholes option pricing model based on the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED Equity value upon issuance on May 7, 2018 $ 2.58 Exercise price $ 2.50 Expected volatility 62.0 % Expected dividends — Contractual term (in years) 7.0 Risk-free interest rate 2.86 % The MacroGenics warrants were evaluated under ASC 480, Distinguishing Liabilities from Equity, Derivatives and Hedging In July 2019, MacroGenics elected to exercise its warrants for an aggregate of 2,432,688 1,948,474 In connection with the Company’s completion of its IPO, in July 2018, the Company issued to MDB, the underwriter in the IPO, and its designees warrants to purchase 1,596,956 5.00 five The Company used valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants. The fair values of these instruments were determined using models based on inputs that require management judgment and estimates. The fair value of the warrants issued to MDB were measured at issuance on July 19, 2018 using the Black-Scholes option-pricing model based on the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED Equity value upon issuance on July 19, 2018 $ 4.00 Exercise price $ 5.00 Expected volatility 60.0 % Expected dividends — Contractual term (in years) 5.0 Risk-free interest rate 2.74 % The Company estimated the fair value of the warrants issued to MDB to be $ 1.90 3.0 under ASC 480 and ASC 815 and the Company determined that equity classification was appropriate. During the year ended December 31, 2020, certain warrant holders from the IPO elected to exercise warrants for an aggregate of 107,051 66,316 134,114 1,462,842

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
FIXED ASSETS	12. FIXED ASSETS Fixed assets consisted of the following: SCHEDULE OF FIXED ASSETS As of December 31, 2020 2019 Leasehold improvements $ 828 $ — Furniture and fixtures 149 — Office equipment 35 — Clinical equipment 27 — Construction in progress 431 — 1,470 — Less accumulated depreciation (33 ) — Fixed assets, net $ 1,437 $ — Depreciation expense was $ 33 no

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
Lessee Disclosure [Abstract]
LEASES	13. LEASES The Company’s lease portfolio consists of one office lease located in Red Bank, NJ. This lease is classified as an operating lease and has an initial term of 64 months from the lease commencement date, which began in October 2020. SCHEDULE OF LEASE COSTS The components of lease costs from continuing operations were as follows: Year Ended Operating lease costs $ 25 Variable lease costs 3 Total lease costs $ 28 During the year ended December 31, 2020, the Company did not have any operating cash outflows that were used in connection to its operating leases. Supplemental balance sheet information related to leases are as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION Classification As of December 31, 2020 Operating leases Lease right-of-use assets Non-current Operating lease right-of-use assets $ 408 Lease liabilities Current Accrued expenses $ 72 Non-current Operating lease liabilities, long-term $ 715 Weighted average remaining lease term Operating leases 5.2 Weighted average discount rate Operating leases 15.0 % As of December 31, 2020, maturities of lease liabilities on an annual basis for the remaining years of the Company’s commenced lease agreements were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Leases Year ending December 31, 2021 $ 185 2022 221 2023 227 2024 232 2025 238 Thereafter 41 Total lease payments 1,144 Less: present value discount 357 Present value of lease liabilities $ 787

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The Company recorded no provision or benefit for federal income taxes, as the Company has incurred a net loss for all periods presented, and the Company has provided a full valuation allowance against its deferred tax assets. The Company recorded a benefit from state income taxes of approximately $ 0.5 6.8 0.5 At December 31, 2020, the Company had Federal net operating loss carryforwards of approximately $ 139.1 million, of which approximately $ 5.4 million will expire in varying amounts beginning in 2036 . The balance of the Federal net operating loss carryforwards generated in 2018 and prospectively can be carried forward indefinitely. The Company has state NOLs in various jurisdictions of approximately $ 129.8 million, certain of which begin to expire beginning in 2036 . Utilization of net operating losses may be subject to substantial annual limitations due to the “change in ownership” provisions of the Internal Revenue Code, and similar state provisions. The Company has not yet completed a study to determine if an ownership change has occurred to date or determined the Company’s ability to utilize the aforementioned carryforwards. The Company had research and development tax credit carryforwards, including orphan drug tax credits, of approximately $ 16.3 million at December 31, 2020. Income tax benefits computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following: SCHEDULE OF EFFECTIVE TAX RATE For the Years Ended December 31, 2020 2019 2018 Tax Provision at statutory tax rate 21.0 % 21.0 % 21.0 % Change in valuation allowance (34.6 ) (36.5 ) (26.9 ) Orphan drug credits 10.4 10.4 — State income taxes, net of federal benefit 5.2 6.5 6.2 Sale of NJ net operating losses 0.4 — 0.7 Permanent items (2.2 ) (2.1 ) (0.5 ) Other 0.3 0.7 0.2 Effective Tax Rate 0.5 % — % 0.7 % The components of income tax benefit are as follows: SCHEDULE OF COMPONENTS OF INCOME TAX BENEFITS For the Years Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State (523 ) — (187 ) Deferred: Federal — — — State — — — Income tax benefit $ (523 ) $ — $ (187 ) The income tax benefit recognized for the years ended December 31, 2020 and 2018 represent sales by the Company of its 2017 and 2018 New Jersey state net operating losses, from which the Company realized $ 0.5 0.2 Significant components of the Company’s net deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS 2020 2019 As of December 31, 2020 2019 Deferred tax assets: NOL Carryforward $ 37,773 $ 17,520 Federal research and development credits 15,819 5,045 Equity compensation 4,245 1,018 Product License 1,598 1,768 Other 390 213 Total deferred tax assets 59,825 25,564 Less valuation allowance (59,825 ) (25,564 ) Net deferred tax assets $ — $ — The Company’s gross deferred tax assets of $ 59.8 25.6 In March 2020, the US government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes numerous modifications to income tax provisions, including a limitation on business interest expense and net operating loss provisions and the acceleration of alternative minimum tax credits. Given the Company’s history of losses, the CARES Act did not have a material impact on its income tax positions.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS In connection with the MacroGenics Asset Purchase Agreement, the Company made payments of approximately $ 0.1 million and $ 0.3 million to Tolerance Therapeutics, Inc. during the years ended December 31, 2020 and 2018, respectively. The Company did not make any payments to Tolerance Therapeutics Inc. during the year ended December 31, 2019. Dr. Jeffrey Bluestone, who was appointed to the Company’s board of directors in March 2019, is a majority stockholder in Tolerance Therapeutics, Inc. In July 2018, MDB served as the underwriter for the Company’s IPO and the Company paid MDB cash underwriters’ fees and expenses of $ 3.6 million. Further, the Company issued to MDB underwriter warrants to purchase 1,596,956 shares of the Company’s common stock. The warrants are exercisable, beginning July 3, 2019 for five years 5.00 5%

RETIREMENT SAVINGS PLAN

RETIREMENT SAVINGS PLAN	12 Months Ended
	Dec. 31, 2020
Payment for Pension and Other Postretirement Benefits [Abstract]
RETIREMENT SAVINGS PLAN	16. RETIREMENT SAVINGS PLAN The Company has an employee savings and retirement plan which is qualified under Section 401(k) of the Internal Revenue Code. The Company matches 100% of eligible employee contributions on the first 4% of employee salary (up to the IRS maximum). 0.2 0.1 0.1

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In January 2021, the Company completed an underwritten public offering in which it sold 6,250,000 shares of common stock at a public offering price of $ 16.00 per share. In February 2021, the underwriters partially exercised their option to purchase an additional 587,500 shares at a price of $ 16.00 per share. In the aggregate, total net proceeds from the underwritten public offering was $ 102.3 million, after deducting underwriting discounts and commissions of approximately $ 6.6 million and other offering expenses of $ 0.5 million. On February 17, 2021, the Company entered into a License Agreement with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd. (“Huadong”), a wholly-owned subsidiary of Huadong Medicine Co., Ltd. (the “Huadong License Agreement”), pursuant to which the Company granted Huadong exclusive rights for the purpose of developing and commercializing PRV-3279, a DART® (bispecific antibody-based molecule) targeting the B cell surface proteins CD32B and CD79B, in Greater China (mainland China, Hong Kong, Macau and Taiwan). Provention Bio will retain exclusive worldwide rights to develop PRV-3279 for combination uses to reduce the immunogenicity of biotherapeutics, but Huadong will have the exclusive right to distribute PRV-3279 in that field in Greater China. In consideration of the license and other rights granted as part of the Huadong License Agreement, the Company will receive and upfront payment of $ 6.0 million and up to $ 11.5 million in research, development and manufacturing funding over the next three years. If Huadong successfully develops, obtains regulatory approval for, and commercializes PRV-3279 in Greater China, the Company is eligible to receive up to $ 37.0 million in regulatory milestones and up to $ 135.0 million in commercial milestones based on aggregate net sales in a calendar year in Greater China. If commercialized, the Company would also be eligible to receive low double-digit royalties on net sales of PRV-3279 by Huadong in Greater China. The License Agreement may be terminated by either party upon a material breach or bankruptcy of the other party, by Huadong without cause upon at least 12 months prior notice to the Company and by the Company in the event Huadong challenges a licensed patent or in the event that the Company’s upstream license terminates. The Company may also terminate the License Agreement if Huadong ceases commercialization of PRV-3279 for a consecutive period of six months after first commercial sale. The Company is generally responsible for the manufacturing of PRV-3279 at least through regulatory approval in Greater China and Huadong will exclusively purchase all clinical and commercial supply requirements of PRV-3279 from the Company until Huadong exercises its option to assume manufacturing responsibilities, which may be triggered after regulatory approval in China. The Company will retain all rights to PRV-3279 in the rest of the world. The Company plans to begin a Phase 2a trial of PRV-3279 in systemic lupus erythematosus in the second half of 2021 and expects a portion of such trial to be conducted in Hong Kong.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Use of estimates	Use of estimates The process of preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur.
Segment and geographic information	Segment and geographic information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one
Cash, cash equivalents and concentration of credit risk	Cash, cash equivalents and concentration of credit risk The Company considers only those investments which are highly liquid, readily convertible to cash, or that mature within 90 days from the date of purchase to be cash equivalents. Marketable securities are those investments with original maturities in excess of 90 days. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximates their fair value. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company holds cash and cash equivalents in banks in excess of FDIC insurance limits. However, the Company believes risk of loss is minimal as the cash and cash equivalents are held by large, highly-rated financial institutions.
Marketable securities	Marketable securities The Company considers securities with original maturities of greater than 90 days to be available for sale securities. Available for sale securities are classified as either current or non-current assets based on the nature of the securities and their availability for use in current operations. Available for sale securities are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income. The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. On a quarterly basis, the Company reviews the status of each security in an unrealized loss position, to evaluate the existence of potential credit losses. The Company first considers whether it intends to sell, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet this criteria, the Company considers a number of factors to determine if the decline in fair value has resulted from credit losses or other factors, including but not limited to: (1) the extent of the decline; (2) changes to the rating of the security by a rating agency; (3) any adverse conditions specific to the security; and (4) other market conditions that may affect the fair value of the security. If this assessment indicates that a credit loss exists and the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is required for the credit loss. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. As of December 31, 2020, the Company has not recognized any impairment or credit losses on its available for sale securities.
Financial instruments	Financial instruments Cash, cash equivalents and marketable securities are reflected in the accompanying financial statements at fair value. The carrying amount of accounts payable and accrued expenses, including accrued research and development expenses, approximates fair value due to the short-term nature of those instruments.
Net loss per common share	Net loss per common share Net loss per share information is determined using the two-class method, which includes the weighted-average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). The Company considered the Series A Preferred Stock, all of which were automatically converted to common stock upon the Company’s IPO, to be participating securities because they included rights to participate in dividends, if any, with the common stock. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the Preferred Stock. Net losses are not allocated to preferred stockholders as they do not have an obligation to share in the Company’s net losses. In periods with net income attributable to common stockholders, the Company would allocate net income first to preferred stockholders based on dividend rights under the Company’s certificate of incorporation and then to preferred and common stockholders based on ownership interests. Diluted net loss per share attributable to common stockholders is computed using the more dilutive of (1) the two-class method or (2) the if-converted method. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities are anti-dilutive given the net loss of the Company.
Fixed assets, net	Fixed assets, net Fixed assets, which consists primarily of leasehold improvements, furniture and fixtures, software, office equipment and certain clinical equipment, are carried at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets, generally three seven
Leases	Leases The Company determines if an arrangement is a lease at contract inception. A lease is a contract, or part of a contract, that conveys the right to control the use of explicitly or implicitly identified property, plant or equipment in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company classifies its leases as operating or financing by considering factors such as the length of the lease term, the present value of the lease payments, the specialized nature of the asset being leased and the potential for ownership of the asset to transfer during the lease term. Leases with terms greater than one-year are recognized on the Company’s balance sheets as right-of-use (“ROU”) assets and lease liabilities and are measured at the present value of the fixed payments due over the lease term minus the present value of any incentives, rebates or abatements expected to be received from the lessor. Options to extend a lease are typically excluded from the expected lease term as the exercise of the option is typically not reasonably certain. Leases are measured at present value using the rate implicit in the lease or, if the implicit rate is not determinable, the lessee’s incremental borrowing rate. As the implicit rate is not typically readily determinable, the Company uses an incremental borrowing rate, which is established based upon the information available at the lease commencement date, to determine the present value of lease payments due under an arrangement. The incremental borrowing rate approximates the rate the Company would pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments. ROU assets are amortized on a straight-line basis over the term of the lease. Lease liabilities accrete to yield and are reduced at the time when the lease payment is payable to the vendor. Costs determined to be variable and not based on an index or rate are not included in the measurement of the lease liability and are recognized in the statements of comprehensive loss in the same line item as expenses arising from fixed lease payments at the time when the event giving rise to the payment occurs.
Foreign currency translation	Foreign currency translation The Company considers the U.S. dollar to be its functional currency. Expenses denominated in foreign currencies are translated at the exchange rate on the date the expense is incurred. The effect of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars is included in the Statements of Comprehensive Loss. Foreign exchange transaction gains and losses are included in the results of operations and are not material in the Company’s financial statements.
Research and development expenses	Research and development expenses Research and development expenses primarily consist of costs associated with the preclinical and clinical development of the Company’s product candidate portfolio, including the following: ● external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”) and other vendors and contract manufacturing organizations (“CMOs”) for the production of drug substance and drug product; and ● employee-related expenses, including salaries, benefits and share-based compensation expense. Research and development expenses also include costs of acquired product licenses and related technology rights where there is no alternative future use, costs of prototypes used in research and development, consultant fees and amounts paid to certain of our collaborative partners. All research and development expenses are charged to operations as incurred in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic (“ASC”) 730, Research and Development
Accrued research and development expenses	Accrued research and development expenses As part of the process of preparing our financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to the Company at that time. The Company periodically confirms the accuracy of its estimates with the service providers and make adjustments if necessary. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to CROs, CMOs and other vendors in connection with research and development and manufacturing activities. The Company bases its expense related to CROs and CMOs on its estimates of the services received and efforts expended pursuant to quotations and contracts with such vendors that conduct research and development and manufacturing activities on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the applicable research and development or manufacturing expense. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from its estimate, the Company adjusts the accrual or prepaid expense accordingly. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in us reporting amounts that are too high or too low in any particular period. There have been no material changes in estimates for the periods presented.
Stock-based compensation expense	Stock-based compensation expense The Company follows the provisions of ASC 718, Compensation—Stock Compensation Stock Options The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. Due to the lack of trading history, the Company’s computation of stock-price volatility is based on the volatility rates of comparable publicly held companies over a period equal to the expected term of the options granted by the Company. The Company’s computation of expected term is determined using the “simplified” method, which is the midpoint between the vesting date and the end of the contractual term. The Company believes that it does not have sufficient reliable exercise data in order to justify the use of a method other than the “simplified” method of estimating the expected exercise term of employee stock option grants. The Company utilizes a dividend yield of zero based on the fact that the Company has never paid cash dividends to stockholders and has no current intentions to pay cash dividends. The risk-free interest rate is based on the zero-coupon United States Treasury yield at the date of grant for a term equivalent to the expected term of the option. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, Prior to the third quarter of 2018, the Company accounted for awards of equity instruments issued to non-employees in accordance with ASC Topic 505-50, Equity-Based Payment to Non-Employees, Stock-based compensation expense is included in both research and development expenses and general and administrative expenses in the Statements of Comprehensive Loss.
Warrant liability	Warrant liability In April 2017, the Company issued warrants to purchase shares of Series A Convertible Redeemable Preferred Stock in connection with the issuance of the Series A Preferred Stock. The Company accounted for these warrants as a liability in the financial statements because the underlying instrument into which the warrants were exercisable contained redemption provisions that were outside the Company’s control. Upon the completion of the IPO in July 2018, the warrants issued in connection with the Series A Convertible Redeemable Preferred Stock converted to warrants for the purchase of 558,740 The fair value of the warrants was determined using the Black-Scholes option-pricing model and were re-measured to fair value at each financial reporting period date with any changes in fair value recognized in the statements of operations. See Note 11 to our financial statements for further information.
Income taxes	Income taxes The Company utilizes the liability method of accounting for deferred income taxes, as set forth in ASC 740, Income Taxes.
Recent accounting pronouncements	Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , The adoption had no impact on the Company’s financial statements and related disclosures as the Company did not have any lease agreements at the time of adoption. In July 2020, the Company entered into an agreement to lease its new corporate headquarters in Red Bank, NJ. Upon commencement of the lease, which occurred in October 2020, the lease was accounted for as an operating lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808)

CASH, CASH EQUIVALENTS, AND M_2

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
SCHEDULE OF AVAILABLE FOR SALE SECURITIES	SCHEDULE OF AVAILABLE FOR SALE SECURITIES December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 19,545 $ — $ (15 ) $ 19,530 Total $ 19,545 $ — $ (15 ) $ 19,530 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 46,208 $ — $ — $ 46,208 Total $ 46,208 $ — $ — $ 46,208
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2020 2019 2018 Beginning balance $ — $ — $ — Current period changes in fair value before reclassifications, net of tax (15 ) — — Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — Other comprehensive income (loss) (15 ) — — Ending balance $ (15 ) $ — $ —

NET LOSS PER SHARE OF COMMON _2

NET LOSS PER SHARE OF COMMON STOCK (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE	SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE For the Years Ended December 31, 2020 2019 2018 Net loss, basic $ (98,581 ) $ (43,285 ) $ (26,478 ) Accretion of Series A Convertible Redeemable Preferred Stock — — (276 ) Net loss attributable to common stockholders $ (98,581 ) $ (43,285 ) $ (26,754 ) Weighted average shares of common stock outstanding - basic and diluted 52,457 40,747 22,441 Net loss per share of common stock, basic and diluted $ (1.88 ) $ (1.06 ) $ (1.19 )
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the Years Ended December 31, 2020 2019 2018 Stock options 9,503 5,894 3,476 Warrants 1,705 2,125 4,588

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES	SCHEDULE OF ACCRUED EXPENSES As of December 31, 2020 2019 Accrued research and development costs $ 5,165 $ 1,700 Accrued compensation 1,443 54 Accrued professional fees 1,197 221 Accrued pre-commercial costs 1,191 — Other accrued liabilities 166 90 Total accrued expenses $ 9,162 $ 2,065

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS	SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS December 31, 2020 Financial Instruments Carried at Fair Value Quoted prices identical items Significant Significant unobservable (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents 1 $ 102,294 $ — $ — $ 102,294 Investments in Corporate debt securities 2 — 19,530 — 19,530 December 31, 2019 Financial Instruments Carried at Fair Value Quoted prices identical items Significant other observable inputs Significant unobservable (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents 1 $ 39,165 $ — $ — $ 39,165 Investments in U.S. Treasury securities 2 46,208 — — 46,208 1 Cash and cash equivalents primarily include investments in money market funds and United States Treasury securities with maturity dates within 90 days from the purchase date 2 Investments in United States Treasury and investment-grade corporate debt securities are classified as available for sale securities

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE	SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Years Ended December 31, 2020 2019 2018 General and administrative $ 7,611 $ 1,546 $ 512 Research and development 5,612 1,296 629 Total stock-based compensation expense $ 13,223 $ 2,842 $ 1,141
SUMMARY OF STOCK OPTION ACTIVITY	SUMMARY OF STOCK OPTION ACTIVITY Weighted- Weighted- Average Average Remaining Underlying Exercise Contractual Intrinsic Stock Option Awards Shares Price Term Value Outstanding at December 31, 2018 3,476 $ 2.85 Granted 2,797 $ 10.34 Exercised (79 ) $ 3.66 Forfeited or expired (300 ) $ 4.19 Outstanding at December 31, 2019 5,894 $ 6.33 8.5 $ — Outstanding at January 1, 2020 5,894 6.33 Granted 4,126 $ 12.87 Exercised (219 ) $ 5.28 Forfeited or expired (298 ) $ 9.39 Outstanding at December 31, 2020 9,503 $ 9.10 8.3 $ 74,536 Exercisable at December 31, 2020 3,730 $ 5.88 7.4 $ 41,263
SCHEDULE OF AGGREGATED INTRINSIC VALUE OF STOCK OPTION EXERCISED	SCHEDULE OF AGGREGATED INTRINSIC VALUE OF STOCK OPTION EXERCISED Years Ended December 31, 2020 2019 2018 Cash proceeds from options exercised $ 1,152 $ 290 $ 25 Aggregate intrinsic value of options exercised $ 1,615 $ 551 $ 5
SCHEDULE OF SHARE-BASED COMPENSATION VALUATION OF ASSUMPTIONS	SCHEDULE OF SHARE-BASED COMPENSATION VALUATION OF ASSUMPTIONS Years Ended December 31, 2020 2019 2018 Exercise price $ 12.87 $ 10.34 $ 3.93 Expected volatility 74 % 72 % 61 % Expected dividends — — — Expected term (in years) 6.2 6.3 6.2 Risk-free interest rate 0.59 % 1.90 % 2.78 %

WARRANTS (Tables)

WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2020
Macro Genics Inc [Member]
Entity Listings [Line Items]
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED	SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED Equity value upon issuance on May 7, 2018 $ 2.58 Exercise price $ 2.50 Expected volatility 62.0 % Expected dividends — Contractual term (in years) 7.0 Risk-free interest rate 2.86 %
MDB Capital Group, LLC [Member]
Entity Listings [Line Items]
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED	SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED Equity value upon issuance on July 19, 2018 $ 4.00 Exercise price $ 5.00 Expected volatility 60.0 % Expected dividends — Contractual term (in years) 5.0 Risk-free interest rate 2.74 %

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
SCHEDULE OF FIXED ASSETS	SCHEDULE OF FIXED ASSETS As of December 31, 2020 2019 Leasehold improvements $ 828 $ — Furniture and fixtures 149 — Office equipment 35 — Clinical equipment 27 — Construction in progress 431 — 1,470 — Less accumulated depreciation (33 ) — Fixed assets, net $ 1,437 $ —

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Lessee Disclosure [Abstract]
SCHEDULE OF LEASE COSTS	SCHEDULE OF LEASE COSTS The components of lease costs from continuing operations were as follows: Year Ended Operating lease costs $ 25 Variable lease costs 3 Total lease costs $ 28
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION	Supplemental balance sheet information related to leases are as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION Classification As of December 31, 2020 Operating leases Lease right-of-use assets Non-current Operating lease right-of-use assets $ 408 Lease liabilities Current Accrued expenses $ 72 Non-current Operating lease liabilities, long-term $ 715 Weighted average remaining lease term Operating leases 5.2 Weighted average discount rate Operating leases 15.0 %
SCHEDULE OF MATURITIES OF LEASE LIABILITIES	As of December 31, 2020, maturities of lease liabilities on an annual basis for the remaining years of the Company’s commenced lease agreements were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Leases Year ending December 31, 2021 $ 185 2022 221 2023 227 2024 232 2025 238 Thereafter 41 Total lease payments 1,144 Less: present value discount 357 Present value of lease liabilities $ 787

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
SCHEDULE OF EFFECTIVE TAX RATE	Income tax benefits computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following: SCHEDULE OF EFFECTIVE TAX RATE For the Years Ended December 31, 2020 2019 2018 Tax Provision at statutory tax rate 21.0 % 21.0 % 21.0 % Change in valuation allowance (34.6 ) (36.5 ) (26.9 ) Orphan drug credits 10.4 10.4 — State income taxes, net of federal benefit 5.2 6.5 6.2 Sale of NJ net operating losses 0.4 — 0.7 Permanent items (2.2 ) (2.1 ) (0.5 ) Other 0.3 0.7 0.2 Effective Tax Rate 0.5 % — % 0.7 %
SCHEDULE OF COMPONENTS OF INCOME TAX BENEFITS	The components of income tax benefit are as follows: SCHEDULE OF COMPONENTS OF INCOME TAX BENEFITS For the Years Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State (523 ) — (187 ) Deferred: Federal — — — State — — — Income tax benefit $ (523 ) $ — $ (187 )
SCHEDULE OF DEFERRED TAX ASSETS	Significant components of the Company’s net deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS 2020 2019 As of December 31, 2020 2019 Deferred tax assets: NOL Carryforward $ 37,773 $ 17,520 Federal research and development credits 15,819 5,045 Equity compensation 4,245 1,018 Product License 1,598 1,768 Other 390 213 Total deferred tax assets 59,825 25,564 Less valuation allowance (59,825 ) (25,564 ) Net deferred tax assets $ — $ —

LIQUIDITY (Details Narrative)

LIQUIDITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands

Jun. 30, 2020

Feb. 28, 2021

Jan. 31, 2021

Jun. 30, 2020

Sep. 30, 2019

Aug. 31, 2019

Jul. 31, 2018

Apr. 30, 2017

Feb. 28, 2021

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Jul. 19, 2018

Schedule of Capitalization, Equity [Line Items]

Retained Earnings (Accumulated Deficit)

$ 177,642

$ 79,061

Sale of Stock, Number of Shares Issued in Transaction

5,750,000

Sale of Stock, Price Per Share

$ 8

Proceeds from Issuance Initial Public Offering

$ 59,322

Underwriting discounts and commissions

$ 6,600

$ 2,800

Other offering expenses

200

500

Aggregate net proceeds from underwritten public offering and Amgen private placement

$ 62,700

Proceeds from Issuance or Sale of Equity

$ 103,300

Subsequent Event [Member]

Schedule of Capitalization, Equity [Line Items]

Underwriting discounts and commissions

$ 6,600

At The Market [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Number of Shares Issued in Transaction

725,495

Sale of Stock, Consideration Received on Transaction

$ 9,900

Sales Commissions and Fees

$ 300

At The Market [Member] | Maximum [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Consideration Received on Transaction

$ 50,000

Options Held [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Number of Shares Issued in Transaction

750,000

Sale of Stock, Price Per Share

$ 8

MDB Capital Group, LLC [Member]

Schedule of Capitalization, Equity [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 5

IPO [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Number of Shares Issued in Transaction

15,969,563

Sale of Stock, Price Per Share

$ 4

Proceeds from Issuance Initial Public Offering

$ 59,300

Underwriting discounts and commissions

3,700

Other offering expenses

$ 800

Conversion of Stock, Shares Converted

11,381,999

IPO [Member] | MDB Capital Group, LLC [Member]

Schedule of Capitalization, Equity [Line Items]

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

1,596,956

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 5

Private Placement [Member] | Amgen Inc [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Number of Shares Issued in Transaction

2,500,000

Sale of Stock, Price Per Share

$ 8

Underwritten Public Offering [Member]

Schedule of Capitalization, Equity [Line Items]

Sale of Stock, Number of Shares Issued in Transaction

7,590,000

Sale of Stock, Price Per Share

$ 14.50

$ 14.50

$ 14.50

Underwriter's Option [Member]

Schedule of Capitalization, Equity [Line Items]

Stock Issued During Period, Shares, New Issues

990,000

Shares Issued, Price Per Share

$ 14.50

$ 14.50

$ 14.50

Underwriter's Option [Member] | Subsequent Event [Member]

Schedule of Capitalization, Equity [Line Items]

Stock Issued During Period, Shares, New Issues

587,500

Shares Issued, Price Per Share

$ 16

$ 16

Sale of Stock, Number of Shares Issued in Transaction

6,250,000

Sale of Stock, Price Per Share

$ 16

Underwriting discounts and commissions

$ 6,600

Other offering expenses

$ 500

500

Proceeds from Issuance or Sale of Equity

$ 102,300

$ 102,300

Series A Convertible Redeemable Preferred Stock [Member]

Schedule of Capitalization, Equity [Line Items]

Stock Issued During Period, Shares, New Issues

11,381,999

Shares Issued, Price Per Share

$ 2.50

Proceeds from Issuance of Redeemable Convertible Preferred Stock

$ 26,700

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

558,740

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.50

Series A Convertible Redeemable Preferred Stock [Member] | IPO [Member]

Schedule of Capitalization, Equity [Line Items]

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

558,740

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2020Segment	Jul. 31, 2018shares	Apr. 30, 2017shares
Property, Plant and Equipment [Line Items]
Number of operating segments | Segment	1
Series A Convertible Redeemable Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Warrants to purchase			558,740
IPO [Member] | Series A Convertible Redeemable Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Warrants to purchase		558,740
Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets estimated useful life years	three
Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets estimated useful life years	seven

CAPITALIZATION (Details Narrati

CAPITALIZATION (Details Narrative) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Capitalization
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	56,517,891	47,658,361
Common Stock, Shares, Outstanding	56,517,891	47,658,361
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE SECURITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 19,545	$ 46,208
Gross Unrealized Gains
Gross Unrealized Losses	(15)
Fair Value	19,530	46,208
Corporate Debt Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	19,545
Gross Unrealized Gains
Gross Unrealized Losses	(15)
Fair Value	$ 19,530
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost		46,208
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value		$ 46,208

SCHEDULE OF ACCUMULATED OTHER C

SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Beginning balance
Current period changes in fair value before reclassifications, net of tax	(15)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
Other comprehensive income (loss)	(15)
Ending balance	$ (15)

CASH, CASH EQUIVALENTS, AND M_3

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 102,294	$ 39,165
Available-for-sale Securities and Held-to-maturity Securities	$ 19,500	$ 46,200

LICENSE AND OTHER AGREEMENTS (D

LICENSE AND OTHER AGREEMENTS (Details Narrative) $ / shares in Units, $ in Thousands, € in Millions	1 Months Ended						12 Months Ended
	Jan. 31, 2021USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	Jul. 31, 2019shares	Nov. 30, 2018USD ($)	May 31, 2018USD ($)$ / sharesshares	Apr. 30, 2017USD ($)$ / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020EUR (€)shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 07, 2018$ / shares
Entity Listings [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares							316,754	316,754
Sale of Stock, Number of Shares Issued in Transaction | shares		5,750,000
Sale of Stock, Price Per Share | $ / shares		$ 8
Proceeds from Issuance of Private Placement									$ 20,000
Macro Genics Asset Purchase Agreement and Macro Genics License Agreement [Member]
Entity Listings [Line Items]
Fair Value per share of each warrant | $ / shares					$ 1.64
Warrants issued during period, fair value					$ 4,000
Intravacc Development Services Agreement [Member]
Entity Listings [Line Items]
Payments made for develpoment and manufacturing services							$ 10,500
Intravacc Development Services Agreement [Member] | Euro [Member]
Entity Listings [Line Items]
Payments made for develpoment and manufacturing services | €								€ 9
Macro Genics Inc [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares											$ 2.50
Amount payable by the entity on achievement of various milestones					$ 225,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares			2,432,688
Number of warrants issuance shares | shares			1,948,474
Macro Genics Inc [Member] | Asset Purchase Agreement [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares					2,162,389
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 2.50
Amount payable by the entity on achievement of various milestones					$ 170,000
Macro Genics Inc [Member] | Asset Purchase Agreement [Member] | Maximum [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones					700
Macro Genics Inc [Member] | Asset Purchase Agreement [Member] | Biologics License Application [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones					$ 60,000
Macro Genics Inc [Member] | License Agreement [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares					270,299
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 2.50
Amount payable by the entity on achievement of various milestones					$ 225,000
Macro Genics Inc [Member] | License Agreement [Member] | First Indication [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones					42,500
Macro Genics Inc [Member] | License Agreement [Member] | Second Indication [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones					$ 22,500
Amgen Inc [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones				$ 70,000
Amgen Inc [Member] | Private Placement [Member]
Entity Listings [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares		2,500,000
Sale of Stock, Price Per Share | $ / shares		$ 8
Proceeds from Issuance of Private Placement		$ 20,000
Amgen Inc [Member] | License and Collaboration Agreement [Member]
Entity Listings [Line Items]
Potential proceeds from investment by collaborator				20,000
Amount payable by the entity on achievement of various milestones				$ 150,000
Vactech [Member] | License Agreement [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones						$ 24,500
Shares Issued, Price Per Share | $ / shares						$ 1.70
Payments made on tiered single-digit royalties						$ 19,000
Vactech [Member] | License Agreement [Member] | Research and Development Expense [Member]
Entity Listings [Line Items]
Warrants issued during period, fair value						3,400
Vactech [Member] | License Agreement [Member] | First Eighteen Months [Member]
Entity Listings [Line Items]
Payments made for develpoment and manufacturing services						500
Vactech [Member] | License Agreement [Member] | Dosing Of First Patient In Phase 1 PROVENT Study [Member] | Subsequent Event [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones	$ 500
Janssen Pharmaceutica NV [Member] | License Developmentand Commercialization Agreement [Member]
Entity Listings [Line Items]
Payments made on tiered single-digit royalties						100,000
Janssen Pharmaceutica NV [Member] | License Developmentand Commercialization Agreement [Member] | First Indication [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones						35,000
Janssen Pharmaceutica NV [Member] | License Developmentand Commercialization Agreement [Member] | Second Indication [Member]
Entity Listings [Line Items]
Amount payable by the entity on achievement of various milestones						$ 20,000

SCHEDULE OF COMPUTATION OF BASI

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net loss, basic	$ (98,581)	$ (43,285)	$ (26,478)
Accretion of Series A Convertible Redeemable Preferred Stock to redemption value			(276)
Net loss attributable to common stockholders	$ (98,581)	$ (43,285)	$ (26,754)
Weighted average common shares outstanding, basic and diluted	52,457	40,747	22,441
Net loss per common share, basic and diluted	$ (1.88)	$ (1.06)	$ (1.19)

SCHEDULE OF ANTIDILUTIVE SECURI

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	9,503	5,894	3,476
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,705	2,125	4,588

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued research and development costs	$ 5,165	$ 1,700
Accrued compensation	1,443	54
Accrued professional fees	1,197	221
Accrued pre-commercial costs	1,191
Other accrued liabilities	166	90
Total accrued expenses	$ 9,162	$ 2,065

SCHEDULE OF ASSETS AND LIABILIT

SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[1]	$ 102,294	$ 39,165
Investments In Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]	19,530
Investments In US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]		46,208
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[1]	102,294	39,165
Fair Value, Inputs, Level 1 [Member] | Investments In Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]
Fair Value, Inputs, Level 1 [Member] | Investments In US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]		46,208
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[1]
Fair Value, Inputs, Level 2 [Member] | Investments In Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]	19,530
Fair Value, Inputs, Level 2 [Member] | Investments In US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[1]
Fair Value, Inputs, Level 3 [Member] | Investments In Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]
Fair Value, Inputs, Level 3 [Member] | Investments In US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	[2]
[1]	Cash and cash equivalents primarily include investments in money market funds and United States Treasury securities with maturity dates within 90 days from the purchase date
[2]	Investments in United States Treasury and investment-grade corporate debt securities are classified as available for sale securities

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 13,223	$ 2,842	$ 1,141
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7,611	1,546	512
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,612	$ 1,296	$ 629

SUMMARY OF STOCK OPTION ACTIVIT

SUMMARY OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock Options Underlying Shares, Outstanding beginning	5,894	3,476
Weighted-Average Exercise Price, Outstanding beginning balance	$ 6.33	$ 2.85
Stock Options Underlying Shares, Granted	4,126	2,797
Weighted-Average Exercise Price, Granted	$ 12.87	$ 10.34	$ 3.93
Stock Options Underlying Shares, Exercised	(219)	(79)
Weighted-Average Exercise Price, Exercised	$ 5.28	$ 3.66
Stock Options Underlying Shares, Forfeited or expired	(298)	(300)
Weighted-Average Exercise Price, Forfeited or expired	$ 9.39	$ 4.19
Stock Options Underlying Shares, Outstanding ending balance	9,503	5,894	3,476
Weighted-Average Exercise Price, Outstanding ending balance	$ 9.10	$ 6.33	$ 2.85
Weighted-Average Remaining Contractual Term, Outstanding Ending	8 years 3 months 18 days	8 years 6 months
Intrinsic Value, Outstanding Beginning	$ 74,536
Stock Options Underlying Shares, Exercisable	3,730
Weighted-Average Exercise Price, Exercisable	$ 5.88
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 4 months 24 days
Intrinsic Value, Exercisable	$ 41,263

SCHEDULE OF AGGREGATED INTRINSI

SCHEDULE OF AGGREGATED INTRINSIC VALUE OF STOCK OPTION EXERCISED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Cash proceeds from options exercised	$ 1,152	$ 290	$ 25
Aggregate intrinsic value of options exercised	$ 1,615	$ 551	$ 5

SCHEDULE OF SHARE-BASED COMPENS

SCHEDULE OF SHARE-BASED COMPENSATION VALUATION OF ASSUMPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Exercise price	$ 12.87	$ 10.34	$ 3.93
Expected volatility	74.00%	72.00%	61.00%
Expected dividends	0.00%	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years 2 months 12 days	6 years 3 months 18 days	6 years 2 months 12 days
Risk-free interest rate	0.59%	1.90%	2.78%

STOCK OPTIONS (Details Narrativ

STOCK OPTIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding		9,503	5,894	3,476
Expected dividends		0.00%	0.00%	0.00%
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 8.32
Stock Option One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		1,869,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 13.2
Stock Option Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		3,904,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 25.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		3 years 2 months 12 days
Two Thousand Seventeen Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding		9,503,228
Option exercisable expiration period		10 years
Number of shares, description		the number of shares available for issuance under the 2017 Plan in an amount equal to (1) the difference between (x) 18% of the total shares of the Company’s common stock outstanding, on a fully diluted basis, on December 31st of the preceding calendar year, and (y) the total number of shares of the Company’s common stock reserved under the 2017 Plan on December 31st of such preceding calendar year or (2) an amount less than this calculated increase as determined by the board of directors.
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		109,499
Two Thousand Seventeen Plan [Member] | Subsequent Event [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant					2,270,353
Two Thousand and Twenty Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercisable expiration period	10 years
Number of options authorized	2,000,000

SCHEDULE OF FAIR VALUE OF WARRA

SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED (Details)	Dec. 31, 2020	Jul. 19, 2018Segment$ / shares	May 07, 2018Segment$ / shares
Entity Listings [Line Items]
Fair value assumptions measurement input term	5 years
Macro Genics Inc [Member]
Entity Listings [Line Items]
Equity value upon issuance			$ 2.58
Exercise price			$ 2.50
Macro Genics Inc [Member] | Measurement Input, Option Volatility [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage			62
Macro Genics Inc [Member] | Measurement Input, Expected Dividend Rate [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage | Segment
Macro Genics Inc [Member] | Measurement Input, Expected Term [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input term			7 years
Macro Genics Inc [Member] | Measurement Input, Risk Free Interest Rate [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage			2.86
MDB Capital Group, LLC [Member]
Entity Listings [Line Items]
Equity value upon issuance		$ 4
Exercise price		$ 5
MDB Capital Group, LLC [Member] | Measurement Input, Option Volatility [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage		60
MDB Capital Group, LLC [Member] | Measurement Input, Expected Dividend Rate [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage | Segment
MDB Capital Group, LLC [Member] | Measurement Input, Expected Term [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input term		5 years
MDB Capital Group, LLC [Member] | Measurement Input, Risk Free Interest Rate [Member]
Entity Listings [Line Items]
Fair value assumptions measurement input percentage		2.74

WARRANTS (Details Narrative)

WARRANTS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2020	Jul. 31, 2019	Dec. 31, 2020	Dec. 31, 2018	Jul. 31, 2018	Jul. 19, 2018	May 31, 2018	May 07, 2018	Apr. 30, 2017
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	316,754		316,754
Warrants term	5 years		5 years
Macro Genics Inc [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		2,432,688
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 2.50
Number of warrants issuance shares		1,948,474
Fair value of warrants for MDB								$ 2.58
MDB Capital Group, LLC [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 5
Fair value of warrants for MDB						$ 4
Series A Offering [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	312,689		312,689
Number of warrants issuance shares			259,542
Warrants outstanding, shares	241,986		241,986
MacroGenics License Agreement & MacroGenics Asset Purchase Agreement [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							2,432,688
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 2.50
Warrants term							7 years
MacroGenics License Agreement & MacroGenics Asset Purchase Agreement [Member] | Macro Genics Inc [Member] | Research and Development Expense [Member]
Schedule of Capitalization, Equity [Line Items]
Fair value per share of each warrant				$ 1.64
Fair value of warrant issued				$ 4
IPO [Member] | MDB Capital Group, LLC [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					1,596,956
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 5
Warrants term					5 years
Fair value of warrant issued	$ 3
Fair value of warrants for MDB	$ 1.90		$ 1.90
IPO [Member] | Warrant [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					558,740
Warrants outstanding, shares	1,462,842		1,462,842
IPO [Member] | Warrant [Member] | Cashless Basis [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	134,114		134,114
Number of warrants issuance shares			66,316
Number of warrants exercised	107,051		107,051
Series A Convertible Redeemable Preferred Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights									$ 2.50
Series A Convertible Redeemable Preferred Stock [Member] | Placement Agent [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights									558,740
Class of Warrant or Right, Exercise Price of Warrants or Rights									$ 2.50
Warrants term									7 years

SCHEDULE OF FIXED ASSETS (Detai

SCHEDULE OF FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Fixed assets, net	$ 1,470
Less accumulated depreciation	(33)
Fixed assets, net	1,437
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, net	828
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, net	149
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, net	35
Clinical Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, net	27
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, net	$ 431

FIXED ASSETS (Details Narrative

FIXED ASSETS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 33

SCHEDULE OF LEASE COSTS (Detail

SCHEDULE OF LEASE COSTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Lessee Disclosure [Abstract]
Operating lease costs	$ 25
Variable lease costs	3
Total lease costs	$ 28

SCHEDULE OF SUPPLEMENTAL BALANC

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Lease right-of-use assets Non-current	$ 408
Lease liabilities Non-Current	$ 715
Weighted average remaining lease term Operating leases	5 years 2 months 12 days
Weighted average discount rate Operating leases	15.00%
Accrued Expenses [Member]
Lessee, Lease, Description [Line Items]
Lease liabilities Current	$ 72

SCHEDULE OF MATURITIES OF LEASE

SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands	Dec. 31, 2020USD ($)
Lessee Disclosure [Abstract]
2021	$ 185
2022	221
2023	227
2024	232
2025	238
Thereafter	41
Total lease payments	1,144
Less: present value discount	357
Present value of lease liabilities	$ 787

LEASES (Details Narrative)

LEASES (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Lessee Disclosure [Abstract]
Description on lease	The Company’s lease portfolio consists of one office lease located in Red Bank, NJ. This lease is classified as an operating lease and has an initial term of 64 months from the lease commencement date, which began in October 2020.

SCHEDULE OF EFFECTIVE TAX RATE

SCHEDULE OF EFFECTIVE TAX RATE (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax Provision at statutory tax rate	21.00%	21.00%	21.00%
Change in valuation allowance	(34.60%)	(36.50%)	(26.90%)
Orphan drug credits	10.40%	10.40%
State income taxes, net of federal benefit	5.20%	6.50%	6.20%
Sale of NJ net operating losses	0.40%		0.70%
Permanent items	(2.20%)	(2.10%)	(0.50%)
Other	0.30%	0.70%	0.20%
Effective Tax Rate	0.50%		0.70%

SCHEDULE OF COMPONENTS OF INCOM

SCHEDULE OF COMPONENTS OF INCOME TAX BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current: Federal
Current: State	(523)		(187)
Deferred: Federal
Deferred: State
Income tax benefit	$ (523)		$ (187)

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
NOL Carryforward	$ 37,773	$ 17,520
Federal research and development credits	15,819	5,045
Equity compensation	4,245	1,018
Product License	1,598	1,768
Other	390	213
Total deferred tax assets	59,825	25,564
Less valuation allowance	(59,825)	(25,564)
Net deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Income tax benefit from state income taxes
Deferred tax assets, gross	59,825	$ 25,564
Research and Development Expense [Member]
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforward, Amount	16,300
New Jersey's Technology Business Tax Certificate Transfer Program [Member]
Operating Loss Carryforwards [Line Items]
Proceeds from NJ NOL sale	500
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Income tax benefit from state income taxes	$ 500
[custom:OperatingLossCarryforwardsExpireDescription]	begin to expire beginning in 2036
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 129,800
State and Local Jurisdiction [Member] | NEW JERSEY
Operating Loss Carryforwards [Line Items]
Income tax benefit from state income taxes	500		$ 200
NEW JERSEY
Operating Loss Carryforwards [Line Items]
Net operating loss	6,800
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	139,100
[custom:OperatingLossCarryforwardsExpireAmount-0]	$ 5,400
[custom:OperatingLossCarryforwardsExpireDescription]	beginning in 2036

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2018	Jul. 19, 2018
Related Party Transaction [Line Items]
Warrant term		5 years
MDB Capital Group, LLC [Member]
Related Party Transaction [Line Items]
Warrant exercise price				$ 5
MDB Capital Group, LLC [Member] | Directors [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Ownership percentage	5.00%
MDB Capital Group, LLC [Member] | IPO [Member]
Related Party Transaction [Line Items]
Underwriter's fee	$ 3.6
Number of warrants to purchase common stock	1,596,956
Warrant term	5 years
Warrant exercise price	$ 5
Asset Purchase Agreement [Member] | Tolerance Therapeutics, Inc. [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 0.1	$ 0.3

RETIREMENT SAVINGS PLAN (Detail

RETIREMENT SAVINGS PLAN (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payment for Pension and Other Postretirement Benefits [Abstract]
Employee contribution description	The Company matches 100% of eligible employee contributions on the first 4% of employee salary (up to the IRS maximum).
Retirement plan contributions	$ 0.2	$ 0.1	$ 0.1

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2020	Feb. 28, 2021	Feb. 25, 2021	Jan. 31, 2021	Jun. 30, 2020	Sep. 30, 2019	Feb. 28, 2021
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction						5,750,000
Sale of Stock, Price Per Share						$ 8
Proceeds from Issuance or Sale of Equity					$ 103,300
Underwriting discounts and commissions					6,600	$ 2,800
Other offering expenses					$ 200	$ 500
Underwriter's Option [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	990,000
Shares Issued, Price Per Share	$ 14.50				$ 14.50
Subsequent Event [Member]
Subsequent Event [Line Items]
Underwriting discounts and commissions		$ 6,600
Subsequent Event [Member] | License Agreement [Member] | Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd [Member] | Maximum [Member]
Subsequent Event [Line Items]
Future development and regulatory milestones receivable			$ 37,000
Future commercial milestones receivable			135,000
Subsequent Event [Member] | License Agreement [Member] | Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd [Member] | Research Development and Manufacturing Funding [Member]
Subsequent Event [Line Items]
Upfront payment receivable			6,000
Subsequent Event [Member] | License Agreement [Member] | Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd [Member] | Research Development and Manufacturing Funding [Member] | Maximum [Member]
Subsequent Event [Line Items]
Future research and development funding receivable			$ 11,500
Subsequent Event [Member] | Underwriter's Option [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction				6,250,000
Sale of Stock, Price Per Share				$ 16
Stock Issued During Period, Shares, New Issues		587,500
Shares Issued, Price Per Share		$ 16					$ 16
Proceeds from Issuance or Sale of Equity		$ 102,300					$ 102,300
Underwriting discounts and commissions							6,600
Other offering expenses		$ 500					$ 500