Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Hoth Therapeutics, Inc | |
Trading Symbol | HOTH | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 23,974,178 | |
Amendment Flag | false | |
Entity Central Index Key | 0001711786 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38803 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 82-1553794 | |
Entity Address, Address Line One | 1 Rockefeller Plaza | |
Entity Address, Address Line Two | Suite 1039 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10020 | |
City Area Code | (646) | |
Local Phone Number | 756-2997 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 12,445,379 | $ 2,629,670 |
Marketable equity securities, at fair value | 2,031,968 | 2,063,236 |
Prepaid expenses | 250,365 | 89,836 |
Note receivable - current | 50,000 | |
Total current assets | 14,777,712 | 4,782,742 |
Note receivable | 50,000 | |
Investment in joint venture | 410,000 | 410,000 |
Total assets | 15,187,712 | 5,242,742 |
Current liabilities | ||
Accounts payable | 1,301,378 | 129,469 |
Accrued expenses | 217,771 | 128,180 |
Accrued license fee - current portion | 87,500 | 54,500 |
Total current liabilities | 1,606,649 | 312,149 |
Accrued license fee - less current portion | 235,000 | 285,000 |
Total liabilities | 1,841,649 | 597,149 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock value | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 23,973,994 and 13,438,535 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 2,398 | 1,343 |
Additional paid-in-capital | 43,570,947 | 24,073,059 |
Accumulated deficit | (30,247,069) | (19,413,458) |
Accumulated other comprehensive gain (loss) | 19,787 | (15,351) |
Total stockholders’ equity | 13,346,063 | 4,645,593 |
Total liabilities and stockholders’ equity | 15,187,712 | 5,242,742 |
Series A Convertible Preferred Stock | ||
Stockholders’ equity | ||
Preferred stock value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in Dollars per share) | $ 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 (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 23,973,994 | 13,438,535 |
Common stock, shares outstanding | 23,973,994 | 13,438,535 |
Series A Convertible Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,897,250 | 1,897,250 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating costs and expenses | ||||
Research and development | $ 2,123,548 | $ 517,839 | $ 5,408,166 | $ 2,092,763 |
Research and development - licenses acquired (including stock-based compensation) | 38,967 | 231,090 | 164,812 | 625,605 |
Compensation and related expenses (including stock-based compensation) | 358,699 | 667,694 | 2,488,775 | 1,225,090 |
Professional fees (including stock-based compensation) | 519,592 | 620,620 | 2,021,151 | 2,176,683 |
Rent | 6,297 | 7,525 | 32,634 | 18,533 |
Other general and administrative expenses | 206,093 | 122,063 | 605,787 | 360,424 |
Total operating expenses | 3,253,196 | 2,166,831 | 10,721,325 | 6,499,098 |
Loss from operations | (3,253,196) | (2,166,831) | (10,721,325) | (6,499,098) |
Other income (expenses) | ||||
Other income (expenses), net | (42,852) | 49,908 | (112,286) | 58,069 |
Total other income (expenses) | (42,852) | 49,908 | (112,286) | 58,069 |
Net loss | (3,296,048) | (2,116,923) | (10,833,611) | (6,441,029) |
Other comprehensive gain (loss) | ||||
Foreign currency translation adjustment | 19,601 | (2,829) | 35,138 | (3,491) |
Total comprehensive loss | $ (3,276,447) | $ (2,119,752) | $ (10,798,473) | $ (6,444,520) |
Net loss per share applicable to common stockholders - basic and diluted (in Dollars per share) | $ (0.14) | $ (0.16) | $ (0.5) | $ (0.54) |
Weighted average number of common shares outstanding, basic and diluted (in Shares) | 23,887,839 | 13,434,884 | 21,776,009 | 12,001,987 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Cumulative Translation Adjustment | Total |
Balance at Dec. 31, 2019 | $ 1,012 | $ 14,610,638 | $ (12,215,642) | $ 2,396,008 | |
Balance (in Shares) at Dec. 31, 2019 | 10,119,844 | ||||
Issuance of common stock, common stock warrants and prefunded warrants (net of offering costs of $1,591,600) | $ 182 | 4,474,818 | 4,475,000 | ||
Issuance of common stock, common stock warrants and prefunded warrants (net of offering costs of $1,591,600) (in Shares) | 1,818,182 | ||||
Cancellation of common stock | $ (2) | 2 | |||
Cancellation of common stock (in Shares) | (15,000) | ||||
Issuance of common stock and warrants (net of offering costs of $572,500) | $ 145 | 4,193,611 | 4,193,756 | ||
Issuance of common stock and warrants (net of offering costs of $572,500) (in Shares) | 1,449,275 | ||||
Warrant exercise | $ 6 | 56,244 | 56,250 | ||
Warrant exercise (in Shares) | 56,250 | ||||
Stock-based compensation | 700,909 | 700,909 | |||
Stock-based compensation (in Shares) | 7,350 | ||||
Cumulative translation adjustment | (3,491) | (3,491) | |||
Net loss | (6,441,029) | (6,441,029) | |||
Balance at Sep. 30, 2020 | $ 1,343 | 24,036,222 | (18,656,671) | (3,491) | 5,377,403 |
Balance (in Shares) at Sep. 30, 2020 | 13,435,901 | ||||
Balance at Jun. 30, 2020 | $ 1,343 | 23,375,090 | (16,539,748) | (662) | 6,836,023 |
Balance (in Shares) at Jun. 30, 2020 | 13,433,267 | ||||
Stock-based compensation | 661,132 | 661,132 | |||
Stock-based compensation (in Shares) | 2,634 | ||||
Cumulative translation adjustment | (2,829) | (2,829) | |||
Net loss | (2,116,923) | (2,116,923) | |||
Balance at Sep. 30, 2020 | $ 1,343 | 24,036,222 | (18,656,671) | (3,491) | 5,377,403 |
Balance (in Shares) at Sep. 30, 2020 | 13,435,901 | ||||
Balance at Dec. 31, 2020 | $ 1,343 | 24,073,059 | (19,413,458) | (15,351) | 4,645,593 |
Balance (in Shares) at Dec. 31, 2020 | 13,438,535 | ||||
Issuance of common stock, common stock warrants and prefunded warrants (net of offering costs of $1,591,600) | $ 683 | 13,406,949 | 13,407,632 | ||
Issuance of common stock, common stock warrants and prefunded warrants (net of offering costs of $1,591,600) (in Shares) | 6,826,962 | ||||
Issuance of common stock and warrants (net of offering costs of $572,500) | $ 248 | 4,427,253 | 4,427,501 | ||
Issuance of common stock and warrants (net of offering costs of $572,500) (in Shares) | 2,475,248 | ||||
Warrant exercise | $ 113 | 359,400 | 359,513 | ||
Warrant exercise (in Shares) | 1,126,720 | ||||
Stock-based compensation | $ 1 | 1,180,296 | 1,180,297 | ||
Stock-based compensation (in Shares) | 6,529 | ||||
Prepaid stock-based compensation | $ 10 | 123,990 | 124,000 | ||
Prepaid stock-based compensation (in Shares) | 100,000 | ||||
Cumulative translation adjustment | 35,138 | 35,138 | |||
Net loss | (10,833,611) | (10,833,611) | |||
Balance at Sep. 30, 2021 | $ 2,398 | 43,570,947 | (30,247,069) | 19,787 | 13,346,063 |
Balance (in Shares) at Sep. 30, 2021 | 23,973,994 | ||||
Balance at Jun. 30, 2021 | $ 2,388 | 43,523,060 | (26,951,021) | 186 | 16,574,613 |
Balance (in Shares) at Jun. 30, 2021 | 23,872,733 | ||||
Issuance of common stock, common stock warrants and prefunded warrants (net of offering costs of $1,591,600) | (100,000) | (100,000) | |||
Stock-based compensation | 23,897 | 23,897 | |||
Stock-based compensation (in Shares) | 1,261 | ||||
Prepaid stock-based compensation | $ 10 | 123,990 | 124,000 | ||
Prepaid stock-based compensation (in Shares) | 100,000 | ||||
Cumulative translation adjustment | 19,601 | 19,601 | |||
Net loss | (3,296,048) | (3,296,048) | |||
Balance at Sep. 30, 2021 | $ 2,398 | $ 43,570,947 | $ (30,247,069) | $ 19,787 | $ 13,346,063 |
Balance (in Shares) at Sep. 30, 2021 | 23,973,994 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock, common stock warrants and prefunded warrants | $ 1,591,600 | |
Issuance of common stock and warrants | $ 572,500 | $ 806,243 |
Issuance of common stock | $ 525,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (10,833,611) | $ (6,441,029) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 919 | |
Research and development-acquired license, expensed | 82,500 | 525,000 |
Stock-based compensation | 1,180,297 | 700,909 |
Amortization of prepaid stock-based compensation | 16,533 | |
Realized loss (gain) on marketable securities | 41,798 | 11,060 |
Unrealized loss (gain) on marketable securities | 37,843 | (49,024) |
Loss on foreign currency exchange | 60,628 | |
Changes in assets and liabilities: | ||
Prepaid expenses | (54,740) | 30,509 |
Accounts payable | 1,280,821 | (254,266) |
Net cash used in operating activities | (8,187,931) | (5,475,922) |
Cash flows from investing activities | ||
Purchase of investments in joint venture | (410,000) | |
Purchase of research and development licenses | (99,500) | (107,500) |
Purchase of marketable securities | (2,556,126) | (1,500,000) |
Purchase of convertible promissory note in Isoprene | (50,000) | |
Sale of marketable securities | 2,507,750 | 1,051,606 |
Net cash used in investing activities | (147,876) | (1,015,894) |
Cash flows from financing activities | ||
Proceeds from issuance common stock, common stock warrants and prefunded warrants, net of offering cost | 13,407,632 | |
Proceeds from issuance common stock and warrants, net of offering cost | 4,427,501 | 4,193,756 |
Proceeds from issuance common stock, net of offering cost | 4,475,000 | |
Proceeds from exercise of warrants | 359,513 | 56,250 |
Net cash provided by financing activities | 18,194,646 | 8,725,006 |
Effect of exchange rate changes on cash and cash equivalents | (43,130) | (3,491) |
Net change in cash | 9,858,839 | 2,233,190 |
Cash, beginning of period | 2,629,670 | 1,890,866 |
Cash, end of period | 12,445,379 | 4,120,565 |
Non-cash investing and financing activities | ||
Cancellation and retirement of common stock | $ 2 | |
Prepaid stock-based compensation | $ 124,000 |
Organization and Description of
Organization and Description of Business Operations | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and description of business operations | Note 1-Organization and description of business operations Hoth Therapeutics, Inc. (together with its wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd., the “Company”) was incorporated under the laws of the State of Nevada on May 16, 2017. The Company is a clinical-stage biopharmaceutical company which was formed to initially focus on developing new generation therapies for dermatological disorders including atopic dermatitis (also known as eczema), chronic wounds, psoriasis, asthma and acne. Since its formation, the Company expanded its business to also focus on developing a topical formulation for treating side effects from drugs used for the treatment of cancer; a treatment for asthma and allergies using inhalational administration; a topical treatment for patients with lupus; a treatment for mast-cell derived cancers and anaphylaxis; and a treatment for lung diseases resulting from bacterial infections. The Company is also potentially developing a COVID-19 treatment as well as a diagnostic device for the detection of viruses via a mobile device. Liquidity and capital resources Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern 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 may result in dilution to its existing stockholders and future debt securities may contain covenants that limit the Company’s operations or ability to enter into certain transactions. Based on management’s evaluation, the Company’s current cash is sufficient to fund operations for at least the next 12 months from the date of these financial statements. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Note 2-Significant accounting policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated 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 consolidated 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 consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 16, 2021. The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd., which was incorporated under the laws of the State of Victoria in Australia on June 5, 2019. All significant intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s condensed consolidated financial statements relate to 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, 2020 as filed with the SEC on March 16, 2021. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements Fair Value Measurement FASB ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The following table presents the Company’s assets and liabilities that are measured at fair value at September 30, 2021 and December 31, 2020: Fair value measured at September 30, 2021 Total at September 30, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2021 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,031,968 $ 2,031,968 $ - $ - Fair value measured at December 31, 2020 Total at December 31, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2020 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,063,236 $ 2,063,236 $ - $ - Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of shares 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 September 30, Potentially dilutive securities 2021 2020 Warrants 10,070,764 1,235,266 Options 1,321,212 739,212 Non-vested restricted stock awards 3,354 12,516 Total 11,395,330 1,986,994 Recent accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if currently adopted, would have an effect on the Company’s condensed consolidated financial statements. |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2021 | |
License Agreement [Abstract] | |
License agreements | Note 3-License agreements The following summarizes the Company’s research and development expenses for licenses acquired (including stock-based compensation) during three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 The George Washington University $ 22,551 $ 153,590 $ 82,312 $ 195,605 Isoprene Pharmaceuticals, Inc. 15,000 30,000 15,000 30,000 North Carolina State University - - 30,000 - Virginia Commonwealth University 30,000 30,000 30,000 365,000 University of Cincinnati - 17,500 7,500 35,000 Adjustment (28,584 ) - - - $ 38,967 $ 231,090 $ 164,812 $ 625,605 The George Washington University During the three and nine months ended September 30, 2021, the Company recorded an expense of approximately $23,000 and $82,000, respectively, related to warrants granted to The George Washington University pursuant to a patent license agreement. Isoprene Pharmaceuticals, Inc. During the three and nine months ended September 30, 2021, the Company paid $15,000 for a license fee. North Carolina State University During the three and nine months ended September 30, 2021, the Company paid $0 and $30,000, respectively, for a license fee. Virginia Commonwealth University During the three and nine months ended September 30, 2021, the Company paid $30,000 for annual maintenance fees. As of September 30, 2021, the Company accrued $285,000 for five years of annual minimum payments and $30,000 for annual maintenance fees. University of Cincinnati During the three and nine months ended September 30, 2021, the Company paid $0 and $8,000, respectively, for yearly minimum annual royalty fees. As of September 30, 2021, the Company accrued $8,000 for an upfront license payment. |
Note Receivable
Note Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Note Receivable [Abstract] | |
Note Receivable | Note 4-Note Receivable Pursuant to the sublicense agreement dated July 30, 2020 by and between the Company and Isoprene Pharmaceuticals, Inc. (“Isoprene”), the Company made an investment of $50,000 in Isoprene in the form of a convertible promissory note (the “Isoprene Note”) on September 10, 2020. The Isoprene Note matures on September 10, 2022 and accrues interest at a rate equal to the lower of: (i) the highest lawful rate permitted under applicable law and (ii) 6% per annum. The Isoprene Note may not be prepaid without the prior written consent of the Company. In the event a Qualified Financing (as defined below) occurs before the Isoprene Note is repaid in full or the conversion of such note pursuant to a Change of Control (as defined in the Isoprene Note) transaction, the Isoprene Note may be converted into such number of convertible preferred stock issued in the Qualified Financing equal to the balance of such note divided by the Capped Conversion Price (as defined below). “Qualified Financing” means the first sale of Isoprene’s convertible preferred stock in a private financing that results in gross proceeds of at least $5 million. “Capped Conversion Price” means the lesser of (i) the per share or unit price in the Qualified Financing and (ii) an amount determined by dividing (A) $15 million by (B) the fully diluted capitalization of Isoprene immediately prior to the conversion of the Isoprene Note. In the event a Change of Control occurs before the Isoprene Note is repaid in full or the conversion of such note pursuant to a Qualified Financing, the Isoprene Note may be converted into such number of shares of Isoprene’s common stock equal to the quotient obtained by dividing (i) the balance of the Isoprene Note by (ii) two times the fair market value of a share of Isoprene common stock as set for in the acquisition agreement pertaining to such Change of Control. |
Investments in Marketable Secur
Investments in Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | Note 5-Investments in Marketable Securities The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and nine months ended September 30, 2021 and 2020, which are recorded as a component of other income (expenses) on the condensed consolidated statements of operations and comprehensive loss, are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gain $ 9,566 $ 46,051 $ (37,843 ) $ 49,024 Realized loss (41,214 ) (15,952 ) (41,798 ) (11,060 ) Dividend income 17,932 10,392 27,982 16,626 Interest income - - - 8 $ (13,716 ) $ 40,491 $ (51,659 ) $ 54,598 |
Investment in HaloVax
Investment in HaloVax | 9 Months Ended |
Sep. 30, 2021 | |
Investment in HaloVax [Abstract] | |
Investment in HaloVax | Note 6-Investment in HaloVax On March 23, 2020, the Company entered into a Development and Royalty Agreement (the “Development and Royalty Agreement”) with Voltron Therapeutics, Inc. (“Voltron”) to form a joint venture entity named HaloVax, LLC (“HaloVax”) to jointly develop potential product candidates for the prevention of COVID-19 based upon certain technology that had been exclusively licensed by Voltron from The General Hospital Corporation (d/b/a Massachusetts General Hospital). Pursuant to the Development and Royalty Agreement, the Company is entitled to receive sales-based royalties. In addition, pursuant to the terms of the Development and Royalty Agreement, on March 23, 2020, the Company and HaloVax entered into a membership interest purchase agreement pursuant to which the Company purchased 5% of HaloVax’s outstanding membership interests for $250,000 on March 27, 2020 (the “Initial Closing Date”) and had the option to purchase up to an additional 25% of HaloVax’s membership interests (for $3,000,000 (inclusive of the $250,000)), which option expired 30 days after the Initial Closing Date. On May 28, 2020, the Company entered into a membership interest purchase agreement to purchase 1% of HaloVax’s outstanding membership interest for a purchase price of $100,000. The Company accounts for the foregoing investments under the equity method. There was no significant change in HaloVax’s operations from March 23, 2020 to September 30, 2021. The $350,000 investment in HaloVax, together with $60,000 investment in Zylö Therapeutics, Inc., is recorded as investment on the condensed consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 7-Stockholders’ Equity Common Stock Securities Purchase Agreements On January 5, 2021, the Company entered into a securities purchase agreement with certain accredited investors pursuant to which the Company offered and sold to the investors an aggregate of 2,475,248 shares of its common stock and warrants to purchase up to 1,237,624 shares of common stock in a private placement for aggregate net proceeds to the Company of $4.6 million, after deducting estimated offering expenses payable by the Company. The combined purchase price for each share of common stock and accompanying warrant to purchase one half of a share of common stock was $2.02. The closing of the offering occurred on January 7, 2021. Each warrant is exercisable for a period of five years from the issuance date at an exercise price of $2.25 per share, subject to adjustment, and may be exercised on a cashless basis. In addition, pursuant to the terms of the offering, the Company issued The Benchmark Company, LLC (“Benchmark”) warrants to purchase up to 185,644 shares of the Company’s common stock. Benchmark’s warrants are exercisable for a period of five years from the closing date of the offering at an exercise price of $2.25 per share, subject to adjustment, and may be exercised on a cashless basis. On March 8, 2021, the Company entered into a securities purchase agreement with certain institutional and accredited investors pursuant to which it offered and sold to the investors 6,826,962 shares of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 767,975 shares of common stock and warrants (the “Common Stock Warrants”) to purchase up to 7,594,937 shares of common stock in a private placement for aggregate net proceeds to the Company of $13.5 million, after deducting estimated offering expenses payable by the Company. The combined purchase price for each share of common stock and accompanying warrant was $1.975. The closing of the offering occurred on March 10, 2021. Each Common Stock Warrant is exercisable for a period of three years from the issuance date at an exercise price of $1.86 per share, subject to adjustment, and may be exercised on a cashless basis. Each Pre-Funded Warrant is exercisable until exercised in full at an exercise price of $0.001 per share and may be exercised by means of a cashless exercise. In addition, pursuant to the terms of the offering, the Company issued H.C. Wainwright & Co., LLC warrants (“Wainwright Warrants”) to purchase up to 379,747 shares of the Company’s common stock. The Wainwright Warrants are exercisable for a period of three years from the issuance date at an exercise price of $2.4688 per share, subject to adjustment, and may be exercised by on a cashless basis. 2018 Equity Incentive Plan The compensation committee of the board of directors increased the number of shares reserved pursuant to the Company’s 2018 Equity Incentive Plan (“2018 Plan”) by 671,926 shares effective as of January 1, 2021, such that as of January 1, 2021, the Company had an aggregate of 1,671,926 shares of common stock reserved for issuance pursuant to the 2018 Plan. On June 24, 2021, at the annual shareholder meeting, shareholders of the Company approved an amendment to the 2018 Plan to further increase the number of shares reserved for issuance thereunder from 1,671,926 shares to 3,671,926 shares. Restricted Stock Awards A summary of the Company’s restricted stock awards granted under the 2018 Plan during the nine months ended September 30, 2021 is as follows: Number of Restricted Stock Awards Weighted Average Grant Day Fair Value Nonvested at December 31, 2020 9,882 $ 1.86 Granted 100,000 $ 1.24 Vested (106,528 ) $ 1.20 Nonvested at September 30, 2021 3,354 $ 3.00 As of September 30, 2021, approximately $3,000 of unrecognized stock-based compensation expense was related to restricted stock awards. The weighted average remaining contractual terms of unvested restricted stock awards was approximately 0.76 years at September 30, 2021. Stock Options A summary of option activity under the Company’s stock option plan for nine months ended September 30, 2021 is presented below. Number of Shares Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2020 689,212 $ 4.52 $ - 8.8 Employee options issued 632,000 2.11 - 9.3 Outstanding as of September 30, 2021 1,321,212 $ 3.37 $ - 8.6 Options vested and exercisable 1,321,212 $ 3.37 $ - 8.6 Stock Based Compensation Stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 was as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Employee stock option awards $ - $ 487,963 $ 1,092,428 $ 487,963 Non-employee stock option awards - 100,104 - $ 100,104 Employee restricted stock awards 1,346 4,475 5,557 12,237 Non-employee restricted stock awards 16,533 - 16,533 - Non-employee stock warrant awards 22,551 68,590 82,312 100,605 $ 40,430 $ 661,132 $ 1,196,830 $ 700,909 Employee related stock-based compensation is recognized as “compensation and related expenses” and non-employee related stock-based compensation is recognized as “professional fees” or “research and development - licenses acquired” in the condensed consolidated statements of operations and comprehensive loss. Warrants A summary of warrant activity for the nine months ended September 30, 2021 is as follows: Number of Warrants Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2020 1,235,266 $ 3.07 $ 696,334 3.4 Issued 10,165,927 1.80 - 0.1 Expired (203,709 ) 8.00 - - Exercised (1,126,720 ) 0.32 - - Outstanding as of September 30, 2021 10,070,764 $ 1.99 $ 57,546 2.6 Warrants exercisable as of September 30, 2021 10,013,495 $ 1.99 $ 57,546 3.0 The Company has determined that the warrants should be accounted as a component of stockholders’ equity. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 8-Commitments and contingencies Office lease The Company leases office space for approximately $4,500 a month. Rent expense for the nine months ended September 30, 2021 and 2020 was approximately $33,000 and $19,000, respectively. The Company is not a party to any lease that is in excess of 12 months. Litigation 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; however, as of September 30, 2021, the Company is not a party to any legal proceedings and is not aware of any pending or threatened claims. |
Risk and Uncertainties
Risk and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Risk and Uncertainties | Note 9-Risk and Uncertainties The outbreak of the novel Coronavirus (COVID-19) evolved into a global pandemic as COVID-19 spread to many regions of the world. The extent to which the Coronavirus impacts the Company’s business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning the Coronavirus, including variants such as the delta variant, and the actions to contain the Coronavirus or treat its impact, among others. As a result of the continuing spread of the Coronavirus, certain aspects of the Company’s business operations have been delayed, and the Company may be subject to additional delays or interruptions. Specifically, as a result of the shelter-in-place orders and other mandated local travel restrictions, among other things, the research and development activities of certain of the Company’s partners may be affected, which may result in delays to the Company’s clinical trials, and the Company can provide no assurance as to when such trials, if delayed, will resume at this time or the revised timeline to complete trials once resumed. Furthermore, site initiation, participant recruitment and enrollment, participant dosing, distribution of clinical trial materials, study monitoring and data analysis may be paused or delayed due to changes in hospital or university policies, federal, state or local regulations, prioritization of hospital resources toward pandemic efforts, or other reasons related to the pandemic. If the Coronavirus continues to spread, some participants and clinical investigators may not be able to comply with clinical trial protocols. For example, quarantines or other travel limitations (whether voluntary or required) may impede participant movement, affect sponsor access to study sites, or interrupt healthcare services, and the Company may be unable to conduct its clinical trials. Further, if the spread of the Coronavirus pandemic continues and the Company’s operations are adversely impacted, the Company risks a delay, default and/or nonperformance under existing agreements which may increase its costs. These cost increases may not be fully recoverable or adequately covered by insurance. Infections and deaths related to the pandemic may disrupt the United States’ healthcare and healthcare regulatory systems. Such disruptions could divert healthcare resources away from, or materially delay U.S. Food and Drug Administration review and/or approval with respect to the Company’s clinical trials. It is unknown how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of the Company’s clinical trials or delay in regulatory review resulting from such disruptions could materially affect the development and study of the Company’s product candidates. The Company currently utilizes third parties to, among other things, manufacture raw materials. If any third-party party in the supply chain for materials used in the production of the Company’s product candidates are adversely impacted by restrictions resulting from the Coronavirus outbreak, the Company’s supply chain may be disrupted, limiting the Company’s ability to manufacture its product candidates for its clinical trials and research and development. The spread of the Coronavirus, which has caused a broad impact globally, including restrictions on travel and quarantine policies put into place by businesses and governments, may have a material economic effect on the Company’s business. While the potential economic impact brought by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further, significant disruption of global financial markets, which may negatively impact the Company’s ability to access capital on favorable terms, if at all. In addition, a recession, depression or other sustained adverse market event resulting from the spread of the Coronavirus could materially and adversely affect the Company’s business and the value of its common stock. The ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, its clinical trials, its research programs, healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s operations, and the Company will continue to monitor the situation closely. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 10-Subsequent events The Company evaluates events that have occurred after the balance sheet date through the date for which the condensed consolidated financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated 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 consolidated 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 consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 16, 2021. The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd., which was incorporated under the laws of the State of Victoria in Australia on June 5, 2019. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of condensed consolidated 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s condensed consolidated financial statements relate to 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, 2020 as filed with the SEC on March 16, 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements |
Fair Value Measurement | Fair Value Measurement FASB ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The following table presents the Company’s assets and liabilities that are measured at fair value at September 30, 2021 and December 31, 2020: Fair value measured at September 30, 2021 Total at September 30, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2021 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,031,968 $ 2,031,968 $ - $ - Fair value measured at December 31, 2020 Total at December 31, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2020 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,063,236 $ 2,063,236 $ - $ - |
Net loss per share | Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of shares 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 September 30, Potentially dilutive securities 2021 2020 Warrants 10,070,764 1,235,266 Options 1,321,212 739,212 Non-vested restricted stock awards 3,354 12,516 Total 11,395,330 1,986,994 |
Recent accounting pronouncements | Recent accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if currently adopted, would have an effect on the Company’s condensed consolidated financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of assets and liabilities measured at fair value | Fair value measured at September 30, 2021 Total at September 30, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2021 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,031,968 $ 2,031,968 $ - $ - Fair value measured at December 31, 2020 Total at December 31, Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 2020 (Level 1) (Level 2) (Level 3) Assets Marketable securities - mutual funds $ 2,063,236 $ 2,063,236 $ - $ - |
Schedule of anti-dilutive impact on net loss | As of September 30, Potentially dilutive securities 2021 2020 Warrants 10,070,764 1,235,266 Options 1,321,212 739,212 Non-vested restricted stock awards 3,354 12,516 Total 11,395,330 1,986,994 |
License Agreements (Tables)
License Agreements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
License Agreement [Abstract] | |
Schedule of research and development expenses for licenses acquired | Three Months Ended Nine Months Ended 2021 2020 2021 2020 The George Washington University $ 22,551 $ 153,590 $ 82,312 $ 195,605 Isoprene Pharmaceuticals, Inc. 15,000 30,000 15,000 30,000 North Carolina State University - - 30,000 - Virginia Commonwealth University 30,000 30,000 30,000 365,000 University of Cincinnati - 17,500 7,500 35,000 Adjustment (28,584 ) - - - $ 38,967 $ 231,090 $ 164,812 $ 625,605 |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of condensed consolidated statements of operations and comprehensive loss | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gain $ 9,566 $ 46,051 $ (37,843 ) $ 49,024 Realized loss (41,214 ) (15,952 ) (41,798 ) (11,060 ) Dividend income 17,932 10,392 27,982 16,626 Interest income - - - 8 $ (13,716 ) $ 40,491 $ (51,659 ) $ 54,598 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of restricted stock awards activities under the company's 2018 equity incentive plan | Number of Restricted Stock Awards Weighted Average Grant Day Fair Value Nonvested at December 31, 2020 9,882 $ 1.86 Granted 100,000 $ 1.24 Vested (106,528 ) $ 1.20 Nonvested at September 30, 2021 3,354 $ 3.00 |
Schedule of stock option plan | Number of Shares Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2020 689,212 $ 4.52 $ - 8.8 Employee options issued 632,000 2.11 - 9.3 Outstanding as of September 30, 2021 1,321,212 $ 3.37 $ - 8.6 Options vested and exercisable 1,321,212 $ 3.37 $ - 8.6 |
Schedule of stock-based compensation expense | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Employee stock option awards $ - $ 487,963 $ 1,092,428 $ 487,963 Non-employee stock option awards - 100,104 - $ 100,104 Employee restricted stock awards 1,346 4,475 5,557 12,237 Non-employee restricted stock awards 16,533 - 16,533 - Non-employee stock warrant awards 22,551 68,590 82,312 100,605 $ 40,430 $ 661,132 $ 1,196,830 $ 700,909 |
Schedule of warrant activity | Number of Warrants Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2020 1,235,266 $ 3.07 $ 696,334 3.4 Issued 10,165,927 1.80 - 0.1 Expired (203,709 ) 8.00 - - Exercised (1,126,720 ) 0.32 - - Outstanding as of September 30, 2021 10,070,764 $ 1.99 $ 57,546 2.6 Warrants exercisable as of September 30, 2021 10,013,495 $ 1.99 $ 57,546 3.0 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of assets and liabilities measured at fair value - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Marketable securities - mutual funds | $ 2,031,968 | $ 2,063,236 |
Quoted prices in active markets (Level 1) [Member] | ||
Assets | ||
Marketable securities - mutual funds | 2,031,968 | 2,063,236 |
Significant other observable inputs (Level 2) [Member] | ||
Assets | ||
Marketable securities - mutual funds | ||
Significant unobservable inputs (Level 3) [Member] | ||
Assets | ||
Marketable securities - mutual funds |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of anti-dilutive impact on net loss - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 11,395,330 | 1,986,994 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 10,070,764 | 1,235,266 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,321,212 | 739,212 |
Non-vested restricted stock awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 3,354 | 12,516 |
License Agreements (Details)
License Agreements (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
License Agreements (Details) [Line Items] | ||
Annual maintenance fees | $ 30,000 | |
The George Washington University [Member] | ||
License Agreements (Details) [Line Items] | ||
Patent expense Reimbursement | $ 23,000 | 82,000 |
Isoprene Pharmaceuticals, Inc. [Member] | ||
License Agreements (Details) [Line Items] | ||
license fee | 15,000 | 15,000 |
University of Cincinnati [Member] | ||
License Agreements (Details) [Line Items] | ||
Royalty fee | 0 | 30,000 |
Virginia Commonwealth University [Member] | ||
License Agreements (Details) [Line Items] | ||
Annual maintenance fees | 30,000 | 30,000 |
Annual minimum payments | 285,000 | |
University of Cincinnati [Member] | ||
License Agreements (Details) [Line Items] | ||
Amount payment | 0 | 8,000 |
License payment | $ 8,000 | $ 8,000 |
License Agreements (Details) -
License Agreements (Details) - Schedule of research and development expenses for licenses acquired - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | $ 38,967 | $ 231,090 | $ 164,812 | $ 625,605 |
The George Washington University [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | 22,551 | 153,590 | 82,312 | 195,605 |
Isoprene Pharmaceuticals, Inc. [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | 15,000 | 30,000 | 15,000 | 30,000 |
North Carolina State University [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | 30,000 | |||
Virginia Commonwealth University [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | 30,000 | 30,000 | 30,000 | 365,000 |
University of Cincinnati [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | 17,500 | 7,500 | 35,000 | |
Adjustment [Member] | ||||
License Agreements (Details) - Schedule of research and development expenses for licenses acquired [Line Items] | ||||
Total | $ (28,584) |
Note Receivable (Details)
Note Receivable (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 10, 2020 | |
Note Receivable [Abstract] | ||
Convertible promissory note | $ 50,000 | |
Note receivable, description | The Isoprene Note matures on September 10, 2022 and accrues interest at a rate equal to the lower of: (i) the highest lawful rate permitted under applicable law and (ii) 6% per annum. The Isoprene Note may not be prepaid without the prior written consent of the Company. In the event a Qualified Financing (as defined below) occurs before the Isoprene Note is repaid in full or the conversion of such note pursuant to a Change of Control (as defined in the Isoprene Note) transaction, the Isoprene Note may be converted into such number of convertible preferred stock issued in the Qualified Financing equal to the balance of such note divided by the Capped Conversion Price (as defined below). “Qualified Financing” means the first sale of Isoprene’s convertible preferred stock in a private financing that results in gross proceeds of at least $5 million. | |
Conversion price, description | “Capped Conversion Price” means the lesser of (i) the per share or unit price in the Qualified Financing and (ii) an amount determined by dividing (A) $15 million by (B) the fully diluted capitalization of Isoprene immediately prior to the conversion of the Isoprene Note. |
Investments in Marketable Sec_3
Investments in Marketable Securities (Details) - Schedule of condensed consolidated statements of operations and comprehensive loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of condensed consolidated statements of operations and comprehensive loss [Abstract] | ||||
Unrealized gain | $ 9,566 | $ 46,051 | $ (37,843) | $ 49,024 |
Realized loss | (41,214) | (15,952) | (41,798) | (11,060) |
Dividend income | 17,932 | 10,392 | 27,982 | 16,626 |
Interest income | 8 | |||
Other income, net | $ (13,716) | $ 40,491 | $ (51,659) | $ 54,598 |
Investment in HaloVax (Details)
Investment in HaloVax (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | May 28, 2020 | Mar. 27, 2020 | Mar. 23, 2020 | |
Investment In Halovax [Abstract] | ||||
Interest purchase percentage | 1.00% | 25.00% | 5.00% | |
Outstanding membership interests | $ 100,000 | $ 250,000 | ||
Additional membership interests | 3,000,000 | |||
Membership interests | $ 250,000 | |||
Investment description | The $350,000 investment in HaloVax, together with $60,000 investment in Zylö Therapeutics, Inc., is recorded as investment on the condensed consolidated balance sheets. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Jun. 24, 2021 | Mar. 08, 2021 | Jan. 05, 2021 | Jan. 02, 2021 | Sep. 30, 2021 |
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 767,975 | 2,475,248 | 1,671,926 | ||
Warrants to purchase of common stock shares | 1,237,624 | ||||
Gross proceeds (in Dollars) | $ 4,600,000 | ||||
Warrants exercise price (in Dollars per share) | $ 1.86 | $ 2.25 | |||
Issuance term | 3 years | 5 years | |||
Closing term | 5 years | ||||
Net proceeds received (in Dollars) | $ 13,500,000 | ||||
Warrants to purchase (in Dollars) | $ 1.975 | ||||
Warrants to purchase of common stock shares (in Dollars) | $ 3,000 | ||||
Weighted average remaining contractual terms of unvested restricted stock | 9 months 3 days | ||||
Investor [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 6,826,962 | ||||
2018 Plan [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 671,926 | ||||
Warrant [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 7,594,937 | ||||
Warrant [Member] | Benchmark [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Warrants to purchase common stock | 185,644 | ||||
Wainwright Warrants [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Warrants to purchase of common stock shares | 379,747 | ||||
Warrants exercise price (in Dollars per share) | $ 2.4688 | ||||
Warrant [Member] | Placement Agent Warrant [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Warrants exercise price (in Dollars per share) | $ 0.001 | ||||
Securities Purchase Agreements [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Warrants exercise price (in Dollars per share) | $ 2.02 | ||||
Minimum [Member] | 2018 Plan [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 1,671,926 | ||||
Maximum [Member] | 2018 Plan [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issuance of shares | 3,671,926 | ||||
Warrant [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Warrants exercise price (in Dollars per share) | $ 2.25 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of restricted stock awards activities under the company's 2018 equity incentive plan | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Schedule of restricted stock awards activities under the company's 2018 equity incentive plan [Abstract] | |
Number of Restricted Stock Awards, Nonvested Beginning Balance | shares | 9,882 |
Weighted Average Grant Day Fair Value, Nonvested Beginning balance | $ / shares | $ 1.86 |
Number of Restricted Stock Awards, Nonvested Ending Balance | shares | 3,354 |
Weighted Average Grant Day Fair Value, Nonvested Ending balance | $ / shares | $ 3 |
Number of Restricted Stock Awards, Granted | shares | 100,000 |
Weighted Average Grant Day Fair Value, Granted | $ / shares | $ 1.24 |
Number of Restricted Stock Awards, Vested | shares | (106,528) |
Weighted Average Grant Day Fair Value, Vested | $ / shares | $ 1.2 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of stock option plan | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Schedule of stock option plan [Abstract] | |
Number of Shares, Outstanding Beginning Balance | shares | 689,212 |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 4.52 |
Total Intrinsic Value, Outstanding Beginning Balance | $ | |
Weighted Average Remaining Contractual Life (in years), Outstanding Beginning Balance | 8 years 9 months 18 days |
Number of Shares, Employee options issued | shares | 632,000 |
Weighted Average Exercise Price, Employee options issued | $ / shares | $ 2.11 |
Total Intrinsic Value, Employee options issued | $ | |
Weighted Average Remaining Contractual Life (in years), Employee options issued | 9 years 3 months 18 days |
Number of Shares, Ending Balance | shares | 1,321,212 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 3.37 |
Total Intrinsic Value, Ending Balance | $ | |
Weighted Average Remaining Contractual Life (in years), Ending Balance | 8 years 7 months 6 days |
Number of Shares, Options vested and exercisable | shares | 1,321,212 |
Weighted Average Exercise Price, Options vested and exercisable | $ / shares | $ 3.37 |
Total Intrinsic Value, Options vested and exercisable | $ | |
Weighted Average Remaining Contractual Life (in years), Options vested and exercisable | 8 years 7 months 6 days |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of stock-based compensation expense - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | $ 40,430 | $ 661,132 | $ 1,196,830 | $ 700,909 |
Restricted Stock [Member] | Employee stock option awards [Member] | ||||
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | 487,963 | 1,092,428 | 487,963 | |
Restricted Stock [Member] | Non-employee stock option awards [Member] | ||||
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | 100,104 | 100,104 | ||
Restricted Stock [Member] | Employee Restricted Stock Awards [Member] | ||||
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | 1,346 | 4,475 | 5,557 | 12,237 |
Restricted Stock [Member] | Non-employee restricted stock awards [Member] | ||||
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | 16,533 | 16,533 | ||
Restricted Stock [Member] | Non-employee stock warrant awards [Member] | ||||
Stockholders' Equity (Details) - Schedule of stock-based compensation expense [Line Items] | ||||
Stock-based compensation | $ 22,551 | $ 68,590 | $ 82,312 | $ 100,605 |
Stockholders' Equity (Details_4
Stockholders' Equity (Details) - Schedule of warrant activity - Warrants [Member] | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Stockholders' Equity (Details) - Schedule of warrant activity [Line Items] | |
Number of Warrants, Outstanding | shares | 1,235,266 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 3.07 |
Total Intrinsic Value, Outstanding | $ | $ 696,334 |
Weighted Average Remaining Contractual Life (in years), Outstanding | 3 years 4 months 24 days |
Number of Warrants, Outstanding | shares | 10,070,764 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 1.99 |
Total Intrinsic Value, Outstanding | $ | $ 57,546 |
Weighted Average Remaining Contractual Life (in years), Outstanding | 2 years 7 months 6 days |
Number of Warrants, Warrants exercisable | shares | 10,013,495 |
Weighted Average Exercise Price, Warrants exercisable | $ / shares | $ 1.99 |
Total Intrinsic Value, Warrants exercisable | $ | $ 57,546 |
Weighted Average Remaining Contractual Life (in years), Warrants exercisable | 3 years |
Number of Warrants, Issued | shares | 10,165,927 |
Weighted Average Exercise Price, Issued | $ / shares | $ 1.8 |
Total Intrinsic Value, Issued | $ | |
Weighted Average Remaining Contractual Life (in years), Issued | 1 month 6 days |
Number of Warrants, Expired | shares | (203,709) |
Weighted Average Exercise Price, Expired | $ / shares | $ 8 |
Total Intrinsic Value, Expired | $ | |
Weighted Average Remaining Contractual Life (in years), Expired | |
Number of Warrants, Exercised | shares | (1,126,720) |
Weighted Average Exercise Price, Exercised | $ / shares | $ 0.32 |
Total Intrinsic Value, Exercised | $ | |
Weighted Average Remaining Contractual Life (in years), Exercised |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Leases office space | $ 4,500 | |
Rent expense | $ 33,000 | $ 19,000 |