Hoth Therapeutics (HOTH) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 13, 2019
Document And Entity Information
Entity Registrant Name	Hoth Therapeutics, Inc.
Entity Central Index Key	0001711786
Trading Symbol	HOTH
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Filer Category	Non-accelerated Filer
Entity Ex Transition Period	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding		9,603,624

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 5,166,166	$ 282,621
Prepaid expenses	88,270	12,356
Deferred offering cost		206,671
Total current assets	5,254,436	501,648
Property and equipment, net	1,966	2,268
Restricted cash	200,000
Total assets	5,456,402	503,916
Current liabilities
Accounts payable	70,593	142,280
Accrued expenses	17,332	206,671
Total current liabilities	87,925	348,951
Total liabilities	87,925	348,951
Commitments and contingencies
Stockholders' equity
Preferred stock value
Common stock, 0.0001 par value, 75,000,000 shares authorized at March 31, 2019 and December 31, 2018; 9,425,964 and 5,071,400 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	943	507
Additional paid-in-capital	10,707,905	4,665,154
Accumulated deficit	(5,340,371)	(4,511,006)
Total stockholders' equity	5,368,477	154,965
Total liabilities and stockholders' equity	5,456,402	503,916
Series A Preferred Stock
Stockholders' equity
Preferred stock value		$ 310

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	9,425,964	5,071,400
Common stock, shares outstanding	9,425,964	5,071,400
Series A Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	3,102,480
Preferred stock, shares outstanding	0	3,102,480

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating costs and expenses
Research and development	$ 134,750	$ 41,240
Research and development - license acquired	10,000	132,164
Compensation and related expenses (including stock-based compensation)	321,449	109,029
Professional fees	293,515	192,260
Rent	7,029	6,139
Other expenses	62,622	46,714
Total operating expenses	829,365	527,546
Loss from operations	(829,365)	(527,546)
Net loss	$ (829,365)	$ (527,546)
Weighted average number of common shares outstanding, basic and diluted	7,007,178	4,932,217
Net loss per share, basic and diluted	$ (0.12)	$ (0.11)

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2017	$ 173	$ 470	$ 3,199,304	$ (2,015,481)	$ 1,184,466
Balance, shares at Dec. 31, 2017	1,725,980	4,706,277
Stock-based compensation		$ 3	14,997		15,000
Stock-based compensation, shares		25,000
Stock issued for research and development		$ 1	10,999		11,000
Stock issued for research and development, shares		12,500
Stock issued for acquired license		$ 22	132,142		132,164
Stock issued for acquired license, shares		213,166
Issuance of Series A Convertible Preferred Stock and warrants for cash in an offering (net of offering costs of 190,180)	$ 137		1,021,418		1,021,555
Issuance of Series A Convertible Preferred Stock and warrants for cash in an offering (net of offering costs of 190,180), shares	1,376,500
Warrant value related to Issuance of Series A Convertible Preferred Stock			164,766		164,766
Net loss				(527,546)	(527,546)
Balance at Mar. 31, 2018	$ 310	$ 496	4,543,626	(2,543,027)	2,001,405
Balance, shares at Mar. 31, 2018	3,102,480	4,956,943
Balance at Dec. 31, 2018	$ 310	$ 507	4,665,154	(4,511,006)	154,965
Balance, shares at Dec. 31, 2018	3,102,480	5,071,400
Conversion of Preferred stock to common stock upon completion of the IPO	$ (310)	$ 310
Conversion of Preferred stock to common stock upon completion of the IPO, shares	(3,102,480)	3,102,480
Issuance common stock in the IPO, net of offering cost		$ 126	5,840,042		5,840,168
Issuance common stock in the IPO, net of offering cost, shares		1,250,000
Stock-based compensation			202,709		202,709
Stock-based compensation, shares		2,084
Net loss				(829,365)	(829,365)
Balance at Mar. 31, 2019		$ 943	$ 10,707,905	$ (5,340,371)	$ 5,368,477
Balance, shares at Mar. 31, 2019		9,425,964

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2018USD ($)
Statement of Stockholders' Equity [Abstract]
Net of offering costs	$ 190,180

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (829,365)	$ (527,546)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	302	302
Research and development-stock issued for acquired license, expensed		132,164
Research and development-acquired license, expensed	10,000
Stock issued for research and development		11,000
Stock-based compensation	202,709	15,000
Changes in assets and liabilities:
Prepaid expenses	(75,914)	(15,120)
Accounts payable	(71,687)	31,485
Net cash used in operating activities	(763,955)	(352,715)
Cash flows from investing activities
Purchase of research and development licenses	(10,000)
Net cash used in investing activities	(10,000)
Cash flows from financing activities
Proceeds from issuance of Series A Convertible Preferred Stock and warrants for cash in an offering, net		1,186,321
Cash from issuance of common stock in the IPO, net of offering cost	5,857,500
Net cash provided by financing activities	5,857,500	1,186,321
Net increase in cash	5,083,545	833,606
Cash and restricted cash, beginning of period	282,621	1,230,440
Cash and restricted cash, end of period	5,366,166	2,064,046
Non-cash investing and financing activities
Conversion of Preferred stock to common stock upon completion of the IPO	310
Common stock issued for acquired license		132,164
Unpaid offering cost included in accrued expenses	$ 17,332

Organization and Description of

Organization and Description of Business Operations	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business operations	Note 1-Organization and description of business operations Hoth Therapeutics, Inc. (the "Company") was incorporated under the laws of the State of Nevada on May 16, 2017. The Company's primary asset is a sublicense agreement with Chelexa Biosciences, Inc. ("Chelexa") pursuant to which Chelexa has granted the Company an exclusive sublicense to use its BioLexa Platform, a proprietary, patented, drug compound platform developed at the University of Cincinnati. The license enables the Company to develop the platform for all indications in humans. The Company's initial focus will be on the treatment of eczema. The BioLexa Platform combines a U.S. Food and Drug Administration ("FDA") approved zinc chelator with one or more approved antibiotics in a topical dosage form to address unchecked eczema flare-ups by preventing the formation of infectious biofilms and the resulting clogging of sweat ducts which trigger symptoms. To the Company's knowledge, it is the first product candidate intended to prevent the symptom triggering flare-ups rather than simply treating symptoms when they occur. On May 26, 2017, the Company entered into a sublicense agreement with Chelexa, as amended on August 22, 2018 and August 29, 2018, pursuant to which Chelexa granted the Company an exclusive sublicense to make, use, have made, import, offer for sale, and sell products based upon or involving the use of (i) topical compositions comprising a zinc chelator and gentamicin and (ii) zinc chelators to inhibit biofilm formation (the "BioLexa Platform" or "BioLexa"), which rights were originally granted to Chelexa pursuant to an exclusive license agreement with the University of Cincinnati. In addition, Chelexa granted the Company the right to issue exclusive and nonexclusive sublicenses (with the right to further sublicense to third parties) to make, use, have made, import, offer for sale, and sell products based upon the BioLexa Platform. Company's IPO On February 15, 2019, the Company announced the pricing of its initial public offering (the "IPO") of 1,250,000 shares of its common stock at an initial offering price to the public of $5.60 per share. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 187,500 shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments (the "Green-shoe"), if any. The underwriters did not exercise any portion of the Green-shoe. Therefore, the Company issued 1,250,000 shares of common stock and received net proceeds of $5.8 million from the IPO. The Company's common stock commenced trading on The Nasdaq Capital Market, on February 15, 2019 under the ticker symbol "HOTH". The IPO closed on February 20, 2019. On February 14, 2019, the Company entered into an underwriting agreement with Laidlaw & Co. (UK) Ltd. ("Laidlaw") pursuant to which the Company paid Laidlaw a fee in the amount of 7% of the gross proceeds of the IPO, or $490,000. The Company also reimbursed Laidlaw for certain out-of-pocket expenses, including the fees and disbursements of their counsel, up to an aggregate of $0.2 million. In addition, Laidlaw received five-year warrants to purchase 50,000 shares of common stock of the Company at an exercise price of $7.00 per share. Liquidity and capital resources The Company has incurred substantial operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of March 31, 2019, the Company had cash of approximately $5.2 million, working capital of approximately $5.2 million and an accumulated deficit of approximately $5.3 million. The Company has funded its operations from proceeds from the sale of equity and debt securities. The Company will require significant additional capital to make the investments it needs to execute its longer-term business plan. The Company's ability to successfully raise sufficient funds through the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future equity issuances would result in dilution to its existing stockholders and any future debt securities may contain covenants that limit the Company's operations or ability to enter into certain transactions. The proceeds from the Company's initial public offering and the current cash and cash equivalents are sufficient to fund operations for at least the next 12 months; however, the Company will need to raise additional funding through strategic relationships, public or private equity or debt financings, grants or other arrangements to develop and seek regulatory approvals for the Company's existing and new product candidates. If such funding is not available, or not available on terms acceptable to the Company, the Company's current development plan and plans for expansion of its general and administrative infrastructure may be curtailed.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant accounting policies	Note 2-Significant accounting policies Basis of presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The unaudited condensed financial statements and notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2018. Use of estimates The preparation of 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 contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s financial statements relate to the valuation of preferred and common stock, stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 as filed with the Securities and Exchange Commission (“SEC”) on April 1, 2019. Restricted Cash In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , Restricted cash Number of Units Cash $ 5,166,166 Restricted cash 200,000 Total cash and restricted cash $ 5,366,166 Stock-based compensation The Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. All stock-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ or non-employees’ roles within the Company. Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Since the Company had a net loss in the periods presented, basic and diluted net loss per common share are the same. The following were excluded from the computation of diluted shares outstanding due to the losses for each period presented, as they would have had an anti-dilutive impact on the Company’s net loss: As of March 31, Potentially dilutive securities 2019 2018 Series A Convertible Preferred Stock (Common Stock Equivalent) - 3,102,480 Warrants 1,041,367 991,367 Non-vested restricted stock units 19,448 - Total 1,060,815 4,093,847 Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 2019
License Agreement
License agreement	Note 3-License agreement Chelexa BioSciences, Inc. The Company is subject to total milestone payments of $3.5 million, royalty payments and has agreed to fund all development and commercialization costs related to the licensed products. University of Maryland and Isoprene Pharmaceuticals, Inc. On March 8, 2019, the Company, the University of Maryland, Baltimore ("UMD") and Isoprene Pharmaceuticals, Inc. ("Isoprene") entered into a commercial evaluation sublicense and option agreement. In consideration of the rights granted under the agreement, the Company paid an initial option and material access fee of $5,000 to UMD and $5,000 to Isoprene.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity	Note 4-Stockholders’ Equity Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock. This preferred stock may be issued in one or more series, and shall have such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof as shall be determined at the time of issuance by its board of directors without further action by shareholders. As of March 31, 2019, 5,000,000 shares of the Company’s preferred stock has been designated as Series A Preferred Stock. At the time of the IPO, 3,102,480 shares of Series A Preferred Stock which were previously issued were converted into common stock and 1,897,520 shares of Series A Preferred Stock remained authorized. Common Shares On February 15, 2019, the Company announced the pricing of its initial public offering of 1,250,000 shares of its common stock at an initial offering price to the public of $5.60 per share. The Company issued an aggregate of 1,250,000 shares of common stock and received net proceeds of $5.8 million from the IPO. 2019 Equity Grants Restricted Stock Awards A summary of the Company’s restricted stock awards activities under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) during the three months ended March 31, 2019 is as follows: Number of Units Weighted Average Grant Day Fair Value Nonvested at December 31, 2018 21,530 $ 0.25 Vested (2,082 ) $ 0.25 Nonvested at March 31, 2019 19,448 $ 0.25 As of March 31, 2019, the Company had approximately $11,000 of unrecognized stock-based compensation expense which was related to restricted stock awards. The weighted average remaining contractual terms of unvested restricted stock awards is approximately 1.14 years at March 31, 2019. Stock Options On March 6, 2019, the Company granted 50,000 options to purchase common stock of the Company to its CFO pursuant to the 2018 Plan. The aggregate grant date fair value of these options was approximately $0.2 million. The stock options vested in full upon grant. Stock Based Compensation Stock-based compensation expense for the three months ended March 31, 2019 and 2018 was approximately $0.2 million and $15,000, respectively, and was comprised of the following: For the Three Months 2019 2018 Employee common stock awards $ - $ 15,000 Employee stock option awards 199,181 - Employee restricted stock awards 3,528 - $ 202,709 $ 15,000 In addition, the Company recorded $0 and $11,000 of stock issued for research and development services for the three months ended March 31, 2019 and 2018, respectively. Warrant Activity A summary of warrant activity for the three months ended March 31, 2019 is presented below: Number of Warrants Weighted Average Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2018 991,367 $ 1.00 $ - 5.7 Issued 50,000 7.00 - 4.9 Outstanding as of March 31, 2019 1,041,367 $ 1.29 $ 4,114,173 5.6 Warrants exercisable as of March 31, 2019 991,367 $ 1.00 $ 4,114,173 5.8 On February 20, 2019, Laidlaw received five-year warrants to purchase 50,000 shares of the Company’s common stock at an exercise price of $7.00 per share. These warrants are not exercisable prior to August 13, 2019. The Company has determined that the warrants should be accounted as a component of stockholders’ equity.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 5-Commitments and contingencies Office lease The Company leases office space that commenced on July 15, 2017, for approximately $2,000 a month. Rent expense for the three months ended March 31, 2019 and 2018 was approximately $7,000 and $6,000, respectively. The term of the lease expires on July 31, 2019. In accordance with ASC 842, this lease meets the definition of a short term lease and accordingly, is not subject to capitalization. Litigation The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The unaudited condensed financial statements and notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2018.
Use of estimates	Use of estimates The preparation of 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 contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company's financial statements relate to the valuation of preferred and common stock, stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company's future results of operations will be affected.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company's significant accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 as filed with the Securities and Exchange Commission ("SEC") on April 1, 2019.
Restricted Cash	Restricted Cash In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , Restricted cash Number of Units Cash $ 5,166,166 Restricted cash 200,000 Total cash and restricted cash $ 5,366,166
Stock-based compensation	Stock-based compensation The Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. All stock-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ or non-employees’ roles within the Company.
Net loss per share	Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Since the Company had a net loss in the periods presented, basic and diluted net loss per common share are the same. The following were excluded from the computation of diluted shares outstanding due to the losses for each period presented, as they would have had an anti-dilutive impact on the Company's net loss: As of March 31, Potentially dilutive securities 2019 2018 Series A Convertible Preferred Stock (Common Stock Equivalent) - 3,102,480 Warrants 1,041,367 991,367 Non-vested restricted stock units 19,448 - Total 1,060,815 4,093,847
Recent accounting pronouncements	Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of consolidated statements of cash flows	Restricted cash Number of Units Cash $ 5,166,166 Restricted cash 200,000 Total cash and restricted cash $ 5,366,166
Schedule of anti-dilutive impact on net loss	As of March 31, Potentially dilutive securities 2019 2018 Series A Convertible Preferred Stock (Common Stock Equivalent) - 3,102,480 Warrants 1,041,367 991,367 Non-vested restricted stock units 19,448 - Total 1,060,815 4,093,847

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of restricted stock awards activities under the 2018 Plan	Number of Units Weighted Average Grant Day Fair Value Nonvested at December 31, 2018 21,530 $ 0.25 Vested (2,082 ) $ 0.25 Nonvested at March 31, 2019 19,448 $ 0.25
Schedule of Stock based compensation expense	For the Three Months 2019 2018 Employee common stock awards $ - $ 15,000 Employee stock option awards 199,181 - Employee restricted stock awards 3,528 - $ 202,709 $ 15,000
Summary of warrant activity	Number of Warrants Weighted Average Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2018 991,367 $ 1.00 $ - 5.7 Issued 50,000 7.00 - 4.9 Outstanding as of March 31, 2019 1,041,367 $ 1.29 $ 4,114,173 5.6 Warrants exercisable as of March 31, 2019 991,367 $ 1.00 $ 4,114,173 5.8

Organization and Description _2

Organization and Description of Business Operations (Details) - USD ($)	1 Months Ended
	Feb. 15, 2019	Feb. 14, 2019	Mar. 31, 2019	Dec. 31, 2018
Organization and Description of Business Operations (Textual)
Cash			$ 5,200,000
Working capital			5,200,000
Accumulated deficit			$ (5,340,371)	$ (4,511,006)
Initial public offering [Member]
Organization and Description of Business Operations (Textual)
Common stock issued for initial public offering price	1,250,000
Net proceeds from initial public offering	$ 5,800,000
Initial offering price per share	$ 5.60
Description of underwriting agreement		The Company entered into an underwriting agreement with Laidlaw & Co. (UK) Ltd. ("Laidlaw") pursuant to which the Company paid Laidlaw a fee in the amount of 7% of the gross proceeds of the IPO, or $490,000. The Company also reimbursed Laidlaw for certain out-of-pocket expenses, including the fees and disbursements of their counsel, up to an aggregate of $0.2 million. In addition, Laidlaw received five-year warrants to purchase 50,000 shares of common stock of the Company at an exercise price of $7.00 per share.

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Restricted cash
Cash	$ 5,166,166
Restricted cash	200,000
Total cash and restricted cash	$ 5,366,166	$ 282,621	$ 2,064,046	$ 1,230,440

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Potentially dilutive securities
Total	1,060,815	4,093,847
Deferred offering costs			$ 206,671
Series A Convertible Preferred Stock (Common Stock Equivalent) [Member]
Potentially dilutive securities
Total		3,102,480
Warrants [Member]
Potentially dilutive securities
Total	1,041,367	991,367
Non-vested restricted stock units [Member]
Potentially dilutive securities
Total	19,448

License Agreement (Details)

License Agreement (Details) - USD ($)	Mar. 08, 2019	Mar. 31, 2019
License Agreement (Textual)
Commercial evaluation sublicense and option agreement description	The Company, the University of Maryland, Baltimore ("UMD") and Isoprene Pharmaceuticals, Inc. ("Isoprene") entered into a commercial evaluation sublicense and option agreement. In consideration of the rights granted under the agreement, the Company paid an initial option and material access fee of $5,000 to UMD and $5,000 to Isoprene.
Chelexa BioSciences, Inc. [Member]
License Agreement (Textual)
Milestone payments		$ 3,500,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Restricted Stock Awards [Member]	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Units
Number of Shares, Nonvested Beginning Balance | shares	21,530
Number of Shares, Vested | shares	(2,082)
Number of Shares, Nonvested Ending Balance | shares	19,448
Weighted Average Grant Day Fair Value
Weighted average grant day fair value, Nonvested Beginning balance | $ / shares	$ 0.25
Weighted average grant day fair value, Vested | $ / shares	0.25
Weighted average grant day fair value, Nonvested Ending balance | $ / shares	$ 0.25

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation	$ 202,709	$ 15,000
Restricted Stock Awards [Member]
Stock-based compensation	202,709	15,000
Restricted Stock Awards [Member] | Employee common stock awards [Member]
Stock-based compensation		15,000
Restricted Stock Awards [Member] | Employee stock option awards [Member]
Stock-based compensation	199,181
Restricted Stock Awards [Member] | Employee restricted stock awards [Member]
Stock-based compensation	$ 3,528

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - Warrants [Member]	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Number of Warrants
Outstanding | shares	991,367
Issued | shares	50,000
Outstanding | shares	1,041,367
Warrants exercisable | shares	991,367
Weighted Average Exercise Price
Outstanding | $ / shares	$ 1
Issued | $ / shares	7
Outstanding | $ / shares	1.29
Warrants exercisable | $ / shares	$ 1
Total Intrinsic Value
Outstanding | $
Issued | $
Outstanding | $	4,114,173
Warrants exercisable | $	$ 4,114,173
Weighted Average Remaining Contractual Life (in years)
Outstanding	5 years 8 months 12 days
Issued	4 years 10 months 25 days
Outstanding	5 years 7 months 6 days
Warrants exercisable	5 years 9 months 18 days

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Mar. 06, 2019	Feb. 20, 2019	Feb. 15, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Stockholders' Equity (Textual)
Stock issued for research and development					$ 11,000
Warrants to purchase of common stock shares		50,000
Warrants exercise price		$ 7
Stock-based compensation				200,000	$ 15,000
Unrecognized stock-based compensation expense				$ 11,000
Weighted average remaining contractual terms of unvested restricted stock				1 year 1 month 20 days
Preferred stock, shares authorized				5,000,000		5,000,000
2018 Equity Incentive Plan [Member]
Stockholders' Equity (Textual)
Options granted	50,000
Aggregate grant fair value	$ 200,000
Initial public offering [Member]
Stockholders' Equity (Textual)
Price per share			$ 5.60
Issuance of shares of common stock, shares			1,250,000
Shares of common stock			1,250,000
Net proceeds received			$ 5,800,000
Convertible Preferred Stock
Stockholders' Equity (Textual)
Preferred stock, shares authorized				10,000,000
Preferred stock designated				5,000,000
Preferred stock converted into common stock				3,102,480
Preferred Shares remain authorized				1,897,520

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies (Textual)
Lease agreement terms, description	The Company leases office space that commenced on July 15, 2017, for approximately $2,000 a month.
Rent expense	$ 28,000	$ 11,000
Lease expires date	Jul. 31, 2019