Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 14, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001719406 | |
Entity Registrant Name | NRX Pharmaceuticals, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38302 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2844431 | |
Entity Address, Address Line One | 1201 Orange Street, Suite 600 | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19801 | |
City Area Code | 484 | |
Local Phone Number | 254-6134 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,894,693 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | NRXPW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | NRXP | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 1,898 | $ 4,595 |
Prepaid expense and other current assets | 2,982 | 2,289 |
Total current assets | 4,880 | 6,884 |
Other assets | 384 | 431 |
Total assets | 5,264 | 7,315 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
Accounts payable | 5,015 | 4,632 |
Accrued and other current liabilities | 9,594 | 4,714 |
Accrued clinical site costs | 444 | 524 |
Convertible note payable and accrued interest | 7,651 | 9,161 |
Insurance loan payable | 943 | 0 |
Warrant liabilities (Note 9) | 8 | 17 |
Total liabilities | 23,655 | 19,048 |
Commitments and Contingencies (Note 8) | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 10,791,630 and 8,391,940 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 11 | 8 |
Additional paid-in capital | 249,173 | 241,406 |
Accumulated other comprehensive loss | (3) | (3) |
Accumulated deficit | (267,572) | (253,147) |
Total stockholders’ deficit | (18,391) | (11,733) |
Total liabilities and stockholders' deficit | 5,264 | 7,315 |
Nondesignated Preferred Stock [Member] | ||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized. | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized. | $ 0 | $ 3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, authorized (in shares) | 50,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 10,791,630 | 8,391,940 |
Common stock, outstanding (in shares) | 10,791,630 | 8,391,940 |
Nondesignated Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Preferred stock, issued (in shares) | 0 | 3,000,000 |
Preferred stock, outstanding (in shares) | 0 | 3,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expense: | ||||
Research and development | $ 2,804 | $ 3,873 | $ 4,552 | $ 7,523 |
General and administrative | 4,246 | 4,065 | 8,496 | 9,850 |
Settlement expense | 0 | 250 | 0 | 250 |
Total operating expenses | 7,050 | 8,188 | 13,048 | 17,623 |
Loss from operations | (7,050) | (8,188) | (13,048) | (17,623) |
Other (income) expense: | ||||
Interest income | (7) | (145) | (34) | (301) |
Interest expense | 0 | 0 | 230 | 0 |
Convertible note default penalty | 849 | 0 | 849 | 0 |
Change in fair value of convertible note payable | 23 | 663 | 341 | 2,435 |
Change in fair value of warrant liabilities | (18) | 11 | (9) | (1) |
Total other expense | 847 | 529 | 1,377 | 2,133 |
Net loss | (7,897) | (8,717) | (14,425) | (19,756) |
Comprehensive loss: | ||||
Change in fair value of convertible note attributed to credit risk | 0 | 128 | 0 | 22 |
Other comprehensive loss | 0 | 128 | 0 | 22 |
Comprehensive loss | $ (7,897) | $ (8,845) | $ (14,425) | $ (19,778) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.75) | $ (1.21) | $ (1.49) | $ (2.81) |
Weighted average common shares outstanding: | ||||
Basic and diluted (in shares) | 10,517,460 | 7,322,156 | 9,684,873 | 7,026,062 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Common Stock and Warrant Issuance [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock and Warrant Issuance [Member] Preferred Stock [Member] | Common Stock and Warrant Issuance [Member] Common Stock [Member] | Common Stock and Warrant Issuance [Member] Additional Paid-in Capital [Member] | Common Stock and Warrant Issuance [Member] Retained Earnings [Member] | Common Stock and Warrant Issuance [Member] AOCI Attributable to Parent [Member] | Common Stock and Warrant Issuance [Member] | ATM Offering [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | ATM Offering [Member] Preferred Stock [Member] | ATM Offering [Member] Common Stock [Member] | ATM Offering [Member] Additional Paid-in Capital [Member] | ATM Offering [Member] Retained Earnings [Member] | ATM Offering [Member] AOCI Attributable to Parent [Member] | ATM Offering [Member] | Private Placement [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Private Placement [Member] Preferred Stock [Member] | Private Placement [Member] Common Stock [Member] | Private Placement [Member] Additional Paid-in Capital [Member] | Private Placement [Member] Retained Earnings [Member] | Private Placement [Member] AOCI Attributable to Parent [Member] | Private Placement [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 0 | 0 | 6,644,299 | |||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 7 | $ 230,399 | $ (222,997) | $ 0 | $ 7,409 | |||||||||||||||||||||
Stock-based compensation | 0 | 0 | 0 | 695 | 0 | 0 | 695 | |||||||||||||||||||||
Stock issuances, net (in shares) | 0 | 0 | 386,667 | |||||||||||||||||||||||||
Stock issuances, net | $ 0 | $ 0 | $ 0 | $ 2,545 | $ 0 | $ 0 | $ 2,545 | |||||||||||||||||||||
Net loss | $ 0 | $ 0 | $ 0 | 0 | (11,039) | 0 | (11,039) | |||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 0 | 0 | 7,030,966 | |||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | $ 7 | 233,639 | (234,036) | 106 | (284) | |||||||||||||||||||||
Change in fair value of convertible note attributed to credit risk | $ 0 | $ 0 | $ 0 | 0 | 0 | 106 | 106 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 0 | 0 | 6,644,299 | |||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 7 | 230,399 | (222,997) | 0 | 7,409 | |||||||||||||||||||||
Net loss | (19,756) | |||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 0 | 0 | 8,038,833 | |||||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | $ 8 | 239,959 | (242,753) | (22) | (2,808) | |||||||||||||||||||||
Change in fair value of convertible note attributed to credit risk | (22) | |||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 0 | 0 | 7,030,966 | |||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | $ 7 | 233,639 | (234,036) | 106 | (284) | |||||||||||||||||||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | 544 | 0 | 0 | 544 | |||||||||||||||||||||
Stock issuances, net (in shares) | 0 | 0 | 967,000 | |||||||||||||||||||||||||
Stock issuances, net | $ 0 | $ 0 | $ 1 | 5,576 | 0 | 0 | 5,577 | |||||||||||||||||||||
Shares issued as repayment of principal and interest for convertible note (in shares) | 0 | 0 | 40,867 | |||||||||||||||||||||||||
Shares issued as repayment of principal and interest for convertible note | $ 0 | $ 0 | $ 0 | 200 | 0 | 0 | 200 | |||||||||||||||||||||
Net loss | $ 0 | $ 0 | $ 0 | 0 | (8,717) | 0 | (8,717) | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 0 | 0 | 8,038,833 | |||||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | $ 8 | 239,959 | (242,753) | (22) | (2,808) | |||||||||||||||||||||
Change in fair value of convertible note attributed to credit risk | $ 0 | $ 0 | $ 0 | 0 | 0 | (128) | (128) | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 3,000,000 | 0 | 8,391,940 | |||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 3 | $ 0 | $ 8 | 241,406 | (253,147) | (3) | (11,733) | |||||||||||||||||||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | 242 | 0 | 0 | 242 | |||||||||||||||||||||
Conversion of Series A preferred stock into common stock (in shares) | 0 | 300,000 | ||||||||||||||||||||||||||
Conversion of Series A preferred stock into common stock | $ 0 | $ 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
Conversion of Series A preferred stock into common stock (in shares) | (3,000,000) | |||||||||||||||||||||||||||
Conversion of Series A preferred stock into common stock | $ (3) | |||||||||||||||||||||||||||
Stock issuances, net (in shares) | 0 | 0 | 575,000 | 0 | 0 | 34,584 | 0 | 0 | 270,000 | |||||||||||||||||||
Stock issuances, net | $ 0 | $ 0 | $ 1 | 1,343 | 0 | 1,344 | $ 0 | $ 0 | $ 0 | $ 179 | $ 0 | $ 0 | $ 179 | $ 0 | $ 0 | $ 0 | $ 1,027 | $ 0 | $ 0 | $ 1,027 | ||||||||
Warrants issued pursuant to the Alvogen Agreement amendment (see Note 6) | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Vesting of restricted stock awards (in shares) | 0 | 0 | 57,500 | |||||||||||||||||||||||||
Vesting of restricted stock awards | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Shares issued as repayment of principal and interest for convertible note (in shares) | 0 | 0 | 143,648 | |||||||||||||||||||||||||
Shares issued as repayment of principal and interest for convertible note | $ 0 | $ 0 | $ 1 | 399 | 0 | 0 | 400 | |||||||||||||||||||||
Net loss | $ 0 | $ 0 | $ 0 | 0 | (6,528) | 0 | (6,528) | |||||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 0 | 0 | 9,772,672 | |||||||||||||||||||||||||
Balance at Mar. 31, 2024 | $ 0 | $ 0 | $ 10 | 244,599 | (259,675) | (3) | (15,069) | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 3,000,000 | 0 | 8,391,940 | |||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 3 | $ 0 | $ 8 | 241,406 | (253,147) | (3) | (11,733) | |||||||||||||||||||||
Net loss | (14,425) | |||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 0 | 0 | 10,791,630 | |||||||||||||||||||||||||
Balance at Jun. 30, 2024 | $ 0 | $ 0 | $ 11 | 249,173 | (267,572) | (3) | (18,391) | |||||||||||||||||||||
Change in fair value of convertible note attributed to credit risk | 0 | |||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 0 | 0 | 9,772,672 | |||||||||||||||||||||||||
Balance at Mar. 31, 2024 | $ 0 | $ 0 | $ 10 | 244,599 | (259,675) | (3) | (15,069) | |||||||||||||||||||||
Stock-based compensation | 0 | 0 | 0 | 97 | 0 | 0 | 97 | |||||||||||||||||||||
Stock issuances, net (in shares) | 0 | 0 | 698,050 | 0 | 0 | 247,868 | ||||||||||||||||||||||
Stock issuances, net | $ 0 | $ 0 | $ 1 | $ 1,913 | $ 0 | $ 0 | $ 1,914 | $ 0 | $ 0 | $ 0 | $ 1,228 | $ 0 | $ 0 | $ 1,228 | ||||||||||||||
Net loss | $ 0 | $ 0 | $ 0 | 0 | (7,897) | 0 | (7,897) | |||||||||||||||||||||
Issuance of shares related to reverse stock split (in shares) | 0 | 0 | 73,040 | |||||||||||||||||||||||||
Contract cost related to Alvogen termination (see Note 6) | $ 0 | $ 0 | $ 0 | 1,336 | 0 | 0 | 1,336 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 0 | 0 | 10,791,630 | |||||||||||||||||||||||||
Balance at Jun. 30, 2024 | $ 0 | $ 0 | $ 11 | $ 249,173 | $ (267,572) | $ (3) | (18,391) | |||||||||||||||||||||
Change in fair value of convertible note attributed to credit risk | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Common Stock and Warrant Issuance [Member] | ||||
Offering costs | $ 494 | $ 481 | $ 2,168 | $ 351 |
ATM Offering [Member] | ||||
Offering costs | $ 118 | $ 48 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (14,425) | $ (19,756) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 2 | 2 |
Stock-based compensation | 339 | 1,239 |
Change in fair value of warrant liabilities | (9) | (1) |
Change in fair value of convertible note payable | 341 | 2,435 |
Warrant issuance costs related to Alvogen termination | 1,336 | 0 |
Convertible note default penalty | 849 | 0 |
Non-cash settlement expense | 0 | 250 |
Changes in operating assets and liabilities: | ||
Prepaid expense and other assets | (648) | 922 |
Accounts payable | 4,209 | 129 |
Insurance loan payable | 943 | 0 |
Accrued expense and other liabilities | 830 | 879 |
Net cash used in operating activities | (6,233) | (13,901) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of computer equipment | 0 | (2) |
Net cash used in investing activities | 0 | (2) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of convertible note | (2,156) | (90) |
Proceeds from issuance of insurance loan | 0 | 786 |
Proceeds from issuance of common stock and warrants, net of issuance costs | 4,665 | 0 |
Proceeds from issuance of common stock and warrants issued in private placement, net of issuance costs | 1,027 | 8,122 |
Net cash provided by financing activities | 3,536 | 8,818 |
Net decrease in cash and cash equivalents | (2,697) | (5,085) |
Cash and cash equivalents at beginning of period | 4,595 | 20,054 |
Cash and cash equivalents at end of period | 1,898 | 14,969 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 374 | 205 |
Cash paid for taxes | 0 | 0 |
Non-cash investing and financing activities | ||
Issuance of common stock warrants as offering costs | 188 | 75 |
Conversion of Series A Preferred Stock to Common stock [Member] | ||
Non-cash investing and financing activities | ||
Conversion of Series A preferred stock into common stock | 3 | 0 |
Conversion of Principal and Interest Into Common Stock [Member] | ||
Non-cash investing and financing activities | ||
Issuance of common stock as principal and interest repayment for convertible notes | $ 400 | $ 200 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The Business NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“ NRX Company NeuroRx HOPE Company we us our PTSD NMDA R&D two FDA PDUFA June 2025: 101, 100, February 2024, August 2024 7 Operations The Company’s drug development activities have expanded from its original focus on development of NRX- 101, 101 100/HTX 100 |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. Since inception, the Company has experienced net losses and negative cash flows from operations each fiscal year and has a working capital deficit at June 30, 2024 2024. 2025, first may not As of June 30, 2024 August 12, 2024, $16.3 The Company has now secured operating capital that it anticipates as sufficient to fund its drug development operations through year end and to finance submission of FDA New Drug Applications for NRX- 100 101 2024. may 2024 may twelve The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. On April 1, 2024, Reverse Stock Split Common Stock 1 10 9. 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 FASB ASC SEC not not may Use of Estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in its consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to the fair value of the convertible note payable, fair value of stock options and warrants, and the utilization of deferred tax assets. 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 may Certain Risks and Uncertainties The Company’s activities are subject to significant risks and uncertainties including the risk of failure to secure additional funding to properly execute the Company’s business plan. The Company is subject to risks that are common to companies in the pharmaceutical industry, including, but not third Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements ASC 820 The accounting guidance classifies fair value measurements in one three Level 1: Level 2: 1 Level 3: no 11 Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are occasionally invested in certificates of deposit. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not may, June 30, 2024 not Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three may Revenue Recognition The Company accounts for revenue under FASB ASC Topic 606, Revenue for Contract with Customers ASC 606 not may may The Company enters into contractual arrangements that may 606, may The License Agreement (the “ License Agreement Alvogen 6 606. 606, 606, five i. identify the contract(s) with a customer; ii. identify the performance obligations in the contract; iii. determine the transaction price; iv. allocate the transaction price to the performance obligations within the contract; and v. recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five At contract inception, once the contract is determined to be within the scope of ASC 606, may not The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may not The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue. The Company’s revenue arrangements may Milestone Payments: At the inception of an agreement that includes milestone payments, the Company evaluates each milestone to determine when and how much of the milestone to include in the transaction price. The Company first not Royalties: For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Research Services: The Company incurred research costs in association with the License Agreement. After the First Milestone Payment (as defined in Note 6 Research and Development Costs Research and development expense consists primarily of costs associated with the Company’s clinical trials, salaries, payroll taxes, employee benefits, and stock-based compensation charges for those individuals involved in ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received. Non-cancellable Contracts The Company may may Convertible Note Payable and Fair Value Election As permitted under FASB ASC Topic 825, ASC 825 The Company estimates the fair value of the note payable using a Monte Carlo simulation model, which uses as inputs the fair value of its Common Stock and estimates for the equity volatility and volume volatility of its Common Stock, the time to expiration (i.e., expected term) of the note, the risk-free interest rate for a period that approximates the time to expiration, and probability of default. Therefore, the Company estimate its expected future equity and volume volatility based on the historical volatility of both its Common Stock price and Common Stock trading volume utilizing a lookback period consistent with the time to expiration. The time to expiration is based on the contractual maturity date, giving consideration to the mandatory and potential accelerated redemptions beginning six December 31, 2023, June 30, 2024, 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. The Company accounts for forfeitures as they occur. 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 estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The Company estimates the fair value of restricted stock award grants using the closing trading price of the Company’s Common Stock on the date of issuance. All stock-based compensation costs are recorded in general and administrative or research and development costs in the condensed consolidated statements of operations and comprehensive loss based upon the underlying individual’s role at the Company. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity ASC 480 815, Derivatives and Hedging ASC 815 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not 9 11 Modification of Warrants A change in any of the terms or conditions of warrants is accounted for as a modification. The accounting for incremental fair value of warrants is based on the specific facts and circumstances related to the modification which may Preferred Stock In accordance with ASC 480, not 815 40, Derivatives and Hedging Contracts in an Entity s Own Equity not not 815. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ASC 740 not not 740. not not Loss Per Share The Company applies the two two no two not Basic loss per share of Common Stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if stock options, restricted stock awards and warrants were to vest and be exercised. Diluted earnings per share excludes, when applicable, the potential impact of stock options, Common Stock warrant shares, convertible notes, and other dilutive instruments because their effect would be anti-dilutive in the periods in which the Company incurs a net loss. The following outstanding shares of Common Stock equivalents were excluded from the computation of the diluted net loss per share attributable to Common Stock for the periods in which a net loss is presented because their effect would have been anti-dilutive. Six months ended June 30, 2024 2023 Stock options 161,437 254,885 Restricted stock awards 66,666 100,000 Common stock warrants 4,069,240 3,002,159 Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date. For the six June 30, 2024 no |
Note 4 - Prepaid Expense and Ot
Note 4 - Prepaid Expense and Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | 4. Prepaid Expense and Other Current Assets Prepaid expense and other current assets consisted of the following at the dates indicated (in thousands): June 30, 2024 December 31, 2023 (Unaudited) Prepaid expense and other current assets: Prepaid insurance $ 1,500 $ 1,078 Prepaid clinical development costs 830 871 Other prepaid expense 646 334 Other current receivables 6 6 Total prepaid expense and other current assets $ 2,982 $ 2,289 |
Note 5 - Accrued and Other Curr
Note 5 - Accrued and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 5. Accrued and other current liabilities consisted of the following at the dates indicated (in thousands): June 30, 2024 December 31, 2023 (Unaudited) Accrued and other current liabilities: Refund liability (see Note 6) $ 3,826 $ — Professional services 3,593 2,686 Accrued employee costs 1,062 835 Accrued research and development expense 900 1,112 Other accrued expense 213 81 Total accrued and other current liabilities $ 9,594 $ 4,714 |
Note 6 - Alvogen Licensing Agre
Note 6 - Alvogen Licensing Agreement | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 6. In June 2023, 101, first 2b/3 First Milestone Payment February 2024, June 30, 2024). three 9 second first 2 first not September 3, 2024, not not Termination Under the License Agreement, as amended, Alvogen was granted early termination rights. On June 21, 2024, not June 30, 2024. Upon termination of the License Agreement, the intellectual property rights licensed to Alvogen under the License Agreement reverted to the Company, and all other rights and obligations of each of the parties immediately ceased, except for outstanding amounts owed as of the time of such expiration or termination. As of June 30, 2024, June 30, 2024, not |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Convertible Note On November 4, 2022, Note Streeterville The initial terms of the Note included the following provisions, certain of which have subsequently been modified as described below. The Company has the option to prepay the Note during the term by paying an amount equal to 110% of the principal, interest, and fees owed as of the prepayment date. The noteholder has the right to redeem up to $1.0 million of the outstanding balance of the Note per month starting six Maximum Monthly Redemption Amount may Redemption Premium Redemption Conversion Price two ten May 1, 2023, fifty 50% ten 10 thirty 30% ten 10 The Note contains certain Trigger Events (as defined in the Note) that generally, if uncured within five may Event of Default may may Due to these embedded features within the Note, the Company elected to account for the Note at fair value at inception. Subsequent changes in fair value are recorded as a component of other income (loss) in the consolidated statements of operations. Convertible Note Amendments On March 30, 2023, First Amendment On July 7, 2023, #2 Second Amendment July 10, 2023, July 10, 2023. July 31, 2023, December 31, 2023 ( may not July 31, 2023 December 31, 2023. may On February 9, 2024, #3 Third Amendment February 12, 2024, February 12, 2024. February 29, 2024, July 31, 2024, first three may not After April 30, 2024, July 31, 2024, may July 31, 2024, July 31, 2024, August 31, 2024. not three June 30, 2024. During the Minimum Payment Period (defined in the Note, as amended), the Company is permitted to pay the Redemption Amounts in the form of shares of Common Stock of the Company (the “ Redemption Conversion Shares Both the Second Amendment and the Third Amendment (considered cumulatively with the Second Amendment) were deemed to be debt modifications in accordance with FASB ASC Topic 470, Debt not Convertible Note Fair Value Measurements The Company estimates the fair value of the Note using a Monte Carlo simulation model, which uses as inputs the fair value of its Common Stock and estimates for the equity volatility and volume volatility of its Common Stock, the time to expiration of the Note, the risk-free interest rate for a period that approximates the time to expiration, and probability of default. Therefore, the Company estimates its expected future volatility based on the actual volatility of its Common Stock and historical volatility of its Common Stock utilizing a lookback period consistent with the time to expiration. The time to expiration is based on the contractual maturity date, giving consideration to the mandatory and potential accelerated redemptions beginning six The discount to the principal amount is included in the carrying value of the Note. During 2022, three six June 30, 2024, three six June 30, 2023, During the three six June 30, 2024 three six June 30, 2023 As of June 30, 2024 December 31, 2023 11 Alleged Default On April 24, 2024, Notice Spin-Off April 8, 2024, April 3, 2024 Streeterville also filed a complaint (the “ Complaint no On July 29, 2024, 14 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Sarah Herzog Memorial Hospital License Agreement The Company is required to make certain payments related to the development of NRX- 101 Licensed Product SHMH SHMH License Agreement Milestone Payments End of Phase I Clinical Trials of Licensed Product (completed) $ 100,000 End of Phase II Clinical Trials of Licensed Product (completed) $ 250,000 End of Phase III Clinical Trials of Licensed Product $ 250,000 First Commercial Sale of Licensed Product in U.S. $ 500,000 First Commercial Sale of Licensed Product in Europe $ 500,000 Annual Revenues Reach $100,000,000 $ 750,000 The milestone payments due above may three six June 30, 2024 2023 Royalties A royalty in an amount equal to: (a) 1% of revenues from the sale of any product incorporating a Licensed Product when at least one not one not may not Royalties shall also apply to any revenues generated by sub-licensees from sale of Licensed Products subject to a cap of 8.5% of the payments received by us from sub-licensees in connection with such sales. During the three six June 30, 2023 Annual Maintenance Fee A fixed amount of $100,000 was paid on April 16, 2021 Exclusive License Agreement The Company has entered into a License Agreement with Apkarian Technologies to in-license US Patent 8,653,120 101 three six June 30, 2024 2023 no Legal Proceedings The Company is a defendant in litigation filed by Streeterville in the Third Judicial District Court of Salt Lake County, Utah. See Note 7, no On July 29, 2024, June 30, 2024. On August 12, 2024, 14 The Company is currently involved in and may not |
Note 9 - Equity
Note 9 - Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. Common Stock Reverse Stock Split On March 21, 2024, 1 March 28, 2024, Amendment 4:30 April 1, 2024 ( Effective Time ten one At the Effective Time of April 1, 2024, one No one Preferred Stock Pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company has 50,000,000 shares of preferred stock with a par value of $0.001, of which 12,000,000 were designated Series A Convertible Preferred Stock ( "Series A Preferred" August 2023, March 2024 June 30, 2024 Common Stock Pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company has authorized 500,000,000 shares of Common Stock with a par value of $0.001. On January 2, 2024, From February 20, 2024 April 15, 2024, ATM Purchase Agreements April 15, 2024, August 14, 2023 ( Offering Agreemen Current Prospectus Supplement June 30, 2024, On February 29, 2024, February February 2024 February February 2024 4 2 1933, Securities Act February 2024 June 30, 2024 not On February 27, 2024, February Representative February February 2024 February February February February 45 February February February 2024 February February 28, 2024, February 2024 February February 2024 March 5, 2024, February February February 27, 2024, February February March 6, 2024. February On April 18, 2024, April April April 2024 A pril Shares April 45 April April April 2024 April April 19, 2024, April April 2024 May 23, 2024, April April April 18, 2024, April April May 23, 2024. April Common Stock Warrants Substitute Warrants In connection with the Merger in 2021, "BRPA" Substitute Warrants 815, 820, The Company recognized a loss on the change in fair value of the Substitute Warrants for the three June 30, 2024 2023 six June 30, 2024 2023 11 Assumed Public Warrants Prior to the Merger, the Company had 3,450,000 warrants outstanding (the “ Public Warrants one tenth five During the three six June 30, 2024 2023 no June 30, 2024 December 31, 2023 Assumed Private Placement Warrants Prior to the Merger, the Company had outstanding 136,250 Private Placement Warrants (the “ Private Placement Warrants not 815 40 15 not June 30, 2024 December 31, 2023 The Company recognized a loss on the change in fair value of the Private Placement Warrants for the three June 30, 2024 2023 six June 30, 2024 2023 11 Investor Warrants As discussed above, on February 28, 2024, February February six five February On February 28, 2024, February six five On March 5, 2024 February On April 19, 2024, April April April six five April On May 23, 2024 April Alvogen Warrants In conjunction with the amended Alvogen licensing agreement discussed in Note 6, February 7, 2024 three may no may not 61 March 31, 2024. June 21, 2024, Weighted Average Weighted Aggregate Total Remaining Average Intrinsic Value Warrant Shares Term Exercise Price (in thousands) Outstanding as of December 31, 2023 3,321,499 3.91 $ 23.01 $ 180 Issued 718,348 Expired (5,510 ) Outstanding as of March 31, 2024 4,034,337 3.68 19.61 807 Issued 34,903 Outstanding as of June 30, 2024 4,069,240 3.44 $ 19.47 $ — |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. 20 16 Prior to the Merger, NRx maintained its 2016 2016 2016 In connection with the Merger, each option of NeuroRx that was outstanding and unexercised immediately prior to the Effective Time (whether vested or unvested) was assumed by BRPA and converted into an option to acquire an adjusted number of shares of Common Stock at an adjusted exercise price per share, based on the Exchange Ratio (of 0.316:1 Upon the closing of the Merger, the outstanding and unexercised NeuroRx stock options became options to purchase an aggregate 289,542 shares of the Company’s Common Stock at an average exercise price of $51.00 per share. 2021 As of June 30, 2024 2021 2021 January 1, 2024 2021 January 1, 2022 January 1, 2031, December 28, 2023 first 2021 may 100% June 30, 2024 2021 2021 Option Awards The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company is a public company and has limited company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the limited company-specific historical volatility and implied volatility. The expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not NRX‑101, The Company issued no stock options during the three six June 30, 2024 The following table summarizes the Company’s employee and non-employee stock option activity under the 2021 Number of shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value (in thousands) Outstanding as of December 31, 2023 264,983 $ 18.30 7.7 $ 75 Expired/Forfeited (89,546 ) Outstanding as of March 31, 2024 175,437 $ 18.60 8.4 $ 40 Expired/Forfeited (14,000 ) Outstanding as of June 30, 2024 161,437 $ 21.18 7.5 $ — Options vested and exercisable as of June 30, 2024 126,882 $ 25.18 7.0 $ — Stock-based compensation expense related to stock options was $0.1 million and $0.3 million for the three six June 30, 2024 At June 30, 2024 Restricted Stock Awards The following table presents the Company’s Restricted Stock Activity: Awards Weighted Average Grant Date Fair Value Balance as of December 31, 2023 (unvested) 124,166 $ 5.20 Vested (57,500 ) 4.64 Balance as of March 31, 2024 (unvested) 66,666 5.66 Vested — — Balance as of June 30, 2024 (unvested) 66,666 $ 5.66 On July 12, 2022, RSAs three On December 28, 2023, six September 4, 2023, Stock-based compensation expense related to RSAs was less than $0.1 million for the three six June 30, 2024 As of June 30, 2024 The following table summarizes the Company’s recognition of stock-based compensation for the following periods (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (Unaudited) Stock-based compensation expense General and administrative $ 72 $ 443 $ 283 $ 1,034 Research and development 25 101 56 205 Total stock-based compensation expense $ 97 $ 544 $ 339 $ 1,239 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three six June 30, 2024 2023 Fair Value on a Recurring Basis The Company follows the guidance in ASC 820 1 3 June 30, 2024 December 31, 2023 Description Level June 30, 2024 December 31, 2023 Assets: (Unaudited) Money Market Account 1 $ 475 $ 3,874 Liabilities: Warrant liabilities (Note 9) 3 $ 8 $ 17 Convertible note payable (Note 7) 3 $ 7,651 $ 9,161 Convertible Note Payable The significant inputs used in the Monte Carlo simulation to measure the convertible note liability that is categorized within Level 3 June 30, 2024 2023 Stock price on valuation date $ 2.44 $ 4.84 Time to expiration 0.17 0.84 Note market interest rate 20.6 % 8.9 % Equity volatility 145.0 % 100.0 % Volume volatility 560.0 % 455.0 % Risk-free rate 5.48 % 5.42 % Probability of default 50.0 % 6.5 % The following table sets forth a summary of the changes in the fair value of the Note categorized within Level 3 Fair value of the Note as of December 31, 2023 $ 9,161 Conversions and repayments of principal and interest (shares and cash) (2,700 ) Fair value adjustment through earnings 318 Fair value adjustment through accumulated other comprehensive loss — Fair value of the Note as of March 31, 2024 6,779 Conversions and repayments of principal and interest (shares and cash) — Fair value adjustment through earnings 23 Default penalty 849 Fair value adjustment through accumulated other comprehensive loss — Fair value of the Note as of June 30, 2024 $ 7,651 Convertible note payable - current portion $ 7,651 Convertible note payable, net of current portion $ — Fair value of the Note as of December 31, 2022 $ 10,525 Conversions and repayments of principal and interest (shares and cash) — Fair value adjustment through earnings 1,770 Fair value adjustment through accumulated other comprehensive loss (106 ) Fair value of the Note as of March 31, 2023 12,189 Conversions and repayments of principal and interest (shares and cash) (288 ) Fair value adjustment through earnings 665 Fair value adjustment through accumulated other comprehensive loss 128 Fair value of the Note as of June 30, 2023 $ 12,694 Convertible note payable - current portion $ 12,694 Convertible note payable, net of current portion $ — Warrant Liabilities The Company utilizes a Black-Scholes model approach to value the Private Placement Warrants and Substitute Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liabilities is determined using Level 3 no zero The significant inputs used in the Black-Scholes model to measure the warrant liabilities that are categorized within Level 3 June 30, 2024 2023 Stock price on valuation date $ 2.44 $ 6.60 Exercise price per share $ 115.00 $ 115.00 Expected life 1.90 3.15 Volatility 176.9 % 175.1 % Risk-free rate 4.8 % 5.3 % Dividend yield 0.0 % 0.0 % Fair value of warrants $ 0.60 $ 7.93 A reconciliation of warrant liabilities is included below (in thousands): Balance as of December 31, 2023 $ 17 Loss upon re-measurement 9 Balance as of March 31, 2024 26 Gain upon re-measurement (18 ) Balance as of June 30, 2024 $ 8 Balance as of December 31, 2022 $ 37 Gain upon re-measurement (12 ) Balance as of March 31, 2023 25 Loss upon re-measurement 11 Balance as of June 30, 2023 $ 36 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company recorded no provision or benefit for income tax expense for the six June 30, 2024 2023 For all periods presented, the pretax losses incurred by the Company received no not The Company has no June 30, 2024 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Glytech Agreement The Company licenses patents that are owned by Glytech, LLC (“ Glytech Glytech Agreement three June 30, 2024 2023 six June 30, 2024 2023 The Fourth Amendment to the Glytech Agreement, effective as of December 31, 2020, not NRX‑100 NRX‑101. November 6, 2022 no March 31, 2024, ( Glytech Equity twenty 20 no twenty not March 31, 2024. Consulting Agreement with Dr. Jonathan Javitt The Chief Scientist of the Company, Dr. Jonathan Javitt, is a major shareholder in the Company and is the Chairman of the Board of Directors. Therefore, the services provided to the Company are deemed to be a related party transaction. He served the Company on a full-time basis as CEO under an employment agreement with the Company until March 8, 2022 three June 30, 2024 2023 six June 30, 2024 2023 On March 29, 2023, March 8, 2022 March 8, 2024 one Javitt Amendment 2023, may 2024 March 2024, June 30, 2024 December 31, 2023 The Javitt Amendment also provides, subject to the approval of the Board of Directors, for a grant of 50,000 shares of restricted stock of the Company under the Company’s 2021 June 30, 2024 not The term “New Drug Application Date” means the date upon which the FDA files the Company’s new drug application for the Antidepressant Drug Regimen (as defined below) for review. The term “New Drug Approval Date” means date upon which the FDA has both approved the Company’s Antidepressant Drug Regimen and listed the Company’s Antidepressant Drug Regimen in the FDA’s “Orange Book”. The term “Antidepressant Drug Regimen” means NRX- 101, 100 Consulting Agreement with Zachary Javitt Zachary Javitt is the son of Dr. Jonathan Javitt. Zachary Javitt provides services related to website, IT, and marketing support under the supervision of the Company’s CEO who is responsible for assuring that the services are provided on financial terms that are at market. The Company paid this family member a total of less than $0.1 million during the three six June 30, 2024 2023 Included in accounts payable were less than $0.1 million due to the above related parties as of June 30, 2024 December 31, 2023 |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. At-The Market Offering Agreement From July 11, 2024 July 30, 2024, ATM Purchase Agreements June 30, 2024, Nasdaq Listing Compliance On August 6, 2024, Letter Nasdaq June 14, 2024 August 5, 2024, MVLS $35 5550 2 MVLS Requirement 5810 3 180 February 3, 2024 Securities Purchase Agreement On August 12, 2024, SPA three $16.3 Notes 1.4 Warrants first The Notes bear interest at the rate of 6% per annum and mature in 15 months following their date of issuance. The Notes may may not may $2.4168 seven The Warrants have a term of 5 years, and exercise price of $2.42 Settlement Agreement On August 12, 2024 ( Effective Date Agreement two first five second 60 not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. None 10b5 1 10b5 1 June 30, 2024 408 not 10b5–1 June 30, 2024 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 FASB ASC SEC not not may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in its consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to the fair value of the convertible note payable, fair value of stock options and warrants, and the utilization of deferred tax assets. 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 may |
Risks and Uncertainties [Policy Text Block] | Certain Risks and Uncertainties The Company’s activities are subject to significant risks and uncertainties including the risk of failure to secure additional funding to properly execute the Company’s business plan. The Company is subject to risks that are common to companies in the pharmaceutical industry, including, but not third |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements ASC 820 The accounting guidance classifies fair value measurements in one three Level 1: Level 2: 1 Level 3: no 11 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are occasionally invested in certificates of deposit. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not may, June 30, 2024 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company accounts for revenue under FASB ASC Topic 606, Revenue for Contract with Customers ASC 606 not may may The Company enters into contractual arrangements that may 606, may The License Agreement (the “ License Agreement Alvogen 6 606. 606, 606, five i. identify the contract(s) with a customer; ii. identify the performance obligations in the contract; iii. determine the transaction price; iv. allocate the transaction price to the performance obligations within the contract; and v. recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five At contract inception, once the contract is determined to be within the scope of ASC 606, may not The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may not The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue. The Company’s revenue arrangements may Milestone Payments: At the inception of an agreement that includes milestone payments, the Company evaluates each milestone to determine when and how much of the milestone to include in the transaction price. The Company first not Royalties: For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Research Services: The Company incurred research costs in association with the License Agreement. After the First Milestone Payment (as defined in Note 6 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development expense consists primarily of costs associated with the Company’s clinical trials, salaries, payroll taxes, employee benefits, and stock-based compensation charges for those individuals involved in ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received. |
Deferred Charges, Policy [Policy Text Block] | Non-cancellable Contracts The Company may may |
Debt, Policy [Policy Text Block] | Convertible Note Payable and Fair Value Election As permitted under FASB ASC Topic 825, ASC 825 The Company estimates the fair value of the note payable using a Monte Carlo simulation model, which uses as inputs the fair value of its Common Stock and estimates for the equity volatility and volume volatility of its Common Stock, the time to expiration (i.e., expected term) of the note, the risk-free interest rate for a period that approximates the time to expiration, and probability of default. Therefore, the Company estimate its expected future equity and volume volatility based on the historical volatility of both its Common Stock price and Common Stock trading volume utilizing a lookback period consistent with the time to expiration. The time to expiration is based on the contractual maturity date, giving consideration to the mandatory and potential accelerated redemptions beginning six December 31, 2023, June 30, 2024, |
Share-Based Payment Arrangement [Policy Text Block] | 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. The Company accounts for forfeitures as they occur. 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 estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The Company estimates the fair value of restricted stock award grants using the closing trading price of the Company’s Common Stock on the date of issuance. All stock-based compensation costs are recorded in general and administrative or research and development costs in the condensed consolidated statements of operations and comprehensive loss based upon the underlying individual’s role at the Company. |
Derivatives, Policy [Policy Text Block] | Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity ASC 480 815, Derivatives and Hedging ASC 815 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not 9 11 Modification of Warrants A change in any of the terms or conditions of warrants is accounted for as a modification. The accounting for incremental fair value of warrants is based on the specific facts and circumstances related to the modification which may |
Stockholders' Equity, Policy [Policy Text Block] | Preferred Stock In accordance with ASC 480, not 815 40, Derivatives and Hedging Contracts in an Entity s Own Equity not not 815. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ASC 740 not not 740. not not |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share The Company applies the two two no two not Basic loss per share of Common Stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if stock options, restricted stock awards and warrants were to vest and be exercised. Diluted earnings per share excludes, when applicable, the potential impact of stock options, Common Stock warrant shares, convertible notes, and other dilutive instruments because their effect would be anti-dilutive in the periods in which the Company incurs a net loss. The following outstanding shares of Common Stock equivalents were excluded from the computation of the diluted net loss per share attributable to Common Stock for the periods in which a net loss is presented because their effect would have been anti-dilutive. Six months ended June 30, 2024 2023 Stock options 161,437 254,885 Restricted stock awards 66,666 100,000 Common stock warrants 4,069,240 3,002,159 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date. For the six June 30, 2024 no |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Six months ended June 30, 2024 2023 Stock options 161,437 254,885 Restricted stock awards 66,666 100,000 Common stock warrants 4,069,240 3,002,159 |
Note 4 - Prepaid Expense and _2
Note 4 - Prepaid Expense and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2024 December 31, 2023 (Unaudited) Prepaid expense and other current assets: Prepaid insurance $ 1,500 $ 1,078 Prepaid clinical development costs 830 871 Other prepaid expense 646 334 Other current receivables 6 6 Total prepaid expense and other current assets $ 2,982 $ 2,289 |
Note 5 - Accrued and Other Cu_2
Note 5 - Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2024 December 31, 2023 (Unaudited) Accrued and other current liabilities: Refund liability (see Note 6) $ 3,826 $ — Professional services 3,593 2,686 Accrued employee costs 1,062 835 Accrued research and development expense 900 1,112 Other accrued expense 213 81 Total accrued and other current liabilities $ 9,594 $ 4,714 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Milestone Payments [Table Text Block] | End of Phase I Clinical Trials of Licensed Product (completed) $ 100,000 End of Phase II Clinical Trials of Licensed Product (completed) $ 250,000 End of Phase III Clinical Trials of Licensed Product $ 250,000 First Commercial Sale of Licensed Product in U.S. $ 500,000 First Commercial Sale of Licensed Product in Europe $ 500,000 Annual Revenues Reach $100,000,000 $ 750,000 |
Note 9 - Equity (Tables)
Note 9 - Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Weighted Aggregate Total Remaining Average Intrinsic Value Warrant Shares Term Exercise Price (in thousands) Outstanding as of December 31, 2023 3,321,499 3.91 $ 23.01 $ 180 Issued 718,348 Expired (5,510 ) Outstanding as of March 31, 2024 4,034,337 3.68 19.61 807 Issued 34,903 Outstanding as of June 30, 2024 4,069,240 3.44 $ 19.47 $ — |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value (in thousands) Outstanding as of December 31, 2023 264,983 $ 18.30 7.7 $ 75 Expired/Forfeited (89,546 ) Outstanding as of March 31, 2024 175,437 $ 18.60 8.4 $ 40 Expired/Forfeited (14,000 ) Outstanding as of June 30, 2024 161,437 $ 21.18 7.5 $ — Options vested and exercisable as of June 30, 2024 126,882 $ 25.18 7.0 $ — |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Awards Weighted Average Grant Date Fair Value Balance as of December 31, 2023 (unvested) 124,166 $ 5.20 Vested (57,500 ) 4.64 Balance as of March 31, 2024 (unvested) 66,666 5.66 Vested — — Balance as of June 30, 2024 (unvested) 66,666 $ 5.66 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (Unaudited) Stock-based compensation expense General and administrative $ 72 $ 443 $ 283 $ 1,034 Research and development 25 101 56 205 Total stock-based compensation expense $ 97 $ 544 $ 339 $ 1,239 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Level June 30, 2024 December 31, 2023 Assets: (Unaudited) Money Market Account 1 $ 475 $ 3,874 Liabilities: Warrant liabilities (Note 9) 3 $ 8 $ 17 Convertible note payable (Note 7) 3 $ 7,651 $ 9,161 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, 2024 2023 Stock price on valuation date $ 2.44 $ 4.84 Time to expiration 0.17 0.84 Note market interest rate 20.6 % 8.9 % Equity volatility 145.0 % 100.0 % Volume volatility 560.0 % 455.0 % Risk-free rate 5.48 % 5.42 % Probability of default 50.0 % 6.5 % June 30, 2024 2023 Stock price on valuation date $ 2.44 $ 6.60 Exercise price per share $ 115.00 $ 115.00 Expected life 1.90 3.15 Volatility 176.9 % 175.1 % Risk-free rate 4.8 % 5.3 % Dividend yield 0.0 % 0.0 % Fair value of warrants $ 0.60 $ 7.93 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair value of the Note as of December 31, 2023 $ 9,161 Conversions and repayments of principal and interest (shares and cash) (2,700 ) Fair value adjustment through earnings 318 Fair value adjustment through accumulated other comprehensive loss — Fair value of the Note as of March 31, 2024 6,779 Conversions and repayments of principal and interest (shares and cash) — Fair value adjustment through earnings 23 Default penalty 849 Fair value adjustment through accumulated other comprehensive loss — Fair value of the Note as of June 30, 2024 $ 7,651 Convertible note payable - current portion $ 7,651 Convertible note payable, net of current portion $ — Fair value of the Note as of December 31, 2022 $ 10,525 Conversions and repayments of principal and interest (shares and cash) — Fair value adjustment through earnings 1,770 Fair value adjustment through accumulated other comprehensive loss (106 ) Fair value of the Note as of March 31, 2023 12,189 Conversions and repayments of principal and interest (shares and cash) (288 ) Fair value adjustment through earnings 665 Fair value adjustment through accumulated other comprehensive loss 128 Fair value of the Note as of June 30, 2023 $ 12,694 Convertible note payable - current portion $ 12,694 Convertible note payable, net of current portion $ — Balance as of December 31, 2023 $ 17 Loss upon re-measurement 9 Balance as of March 31, 2024 26 Gain upon re-measurement (18 ) Balance as of June 30, 2024 $ 8 Balance as of December 31, 2022 $ 37 Gain upon re-measurement (12 ) Balance as of March 31, 2023 25 Loss upon re-measurement 11 Balance as of June 30, 2023 $ 36 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 12, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,898 | $ 4,595 | |
Streetervile Complaint [Member] | Subsequent Event [Member] | Convertible Debt [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 5,600 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Apr. 01, 2024 $ / shares shares | Apr. 30, 2024 shares | Jun. 30, 2024 USD ($) $ / shares | Dec. 31, 2023 $ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | shares | 0 | 73,040 | ||
Money Market Funds [Member] | ||||
Cash, Uninsured Amount | $ | $ 1.3 | |||
Stockholders' Equity, Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 161,437 | 254,885 |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 66,666 | 100,000 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 4,069,240 | 3,002,159 |
Note 4 - Prepaid Expense and _3
Note 4 - Prepaid Expense and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid insurance | $ 1,500 | $ 1,078 |
Prepaid clinical development costs | 830 | 871 |
Other prepaid expense | 646 | 334 |
Other current receivables | 6 | 6 |
Total prepaid expense and other current assets | $ 2,982 | $ 2,289 |
Note 5 - Accrued and Other Cu_3
Note 5 - Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Refund liability (see Note 6) | $ 3,826 | $ 0 |
Professional services | 3,593 | 2,686 |
Accrued employee costs | 1,062 | 835 |
Accrued research and development expense | 900 | 1,112 |
Other accrued expense | 213 | 81 |
Total accrued and other current liabilities | $ 9,594 | $ 4,714 |
Note 6 - Alvogen Licensing Ag_2
Note 6 - Alvogen Licensing Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2024 | Feb. 29, 2024 | Feb. 07, 2024 | Dec. 31, 2023 | Jun. 02, 2023 | |
Customer Refund Liability, Current | $ 3,826 | $ 0 | |||
Alvogen and Lotus Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 419,598 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4 | ||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||
Warrants and Rights Outstanding | $ 1,300 | ||||
Alvogen Licensing Agreement [Member] | |||||
License Agreement, Initial Payment | $ 4,000 | $ 9,000 | |||
License Agreement, Accelerating Payment | $ 5,000 | ||||
Customer Refund Liability, Current | 3,800 | ||||
Stock Subscriptions Receivable, Write Off | $ 1,300 | ||||
Alvogen Licensing Agreement [Member] | Alvogen and Lotus Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 419,598 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4 | ||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||
Warrants and Rights Outstanding | $ 1,300 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||
Jul. 29, 2024 | Apr. 24, 2024 | Feb. 09, 2024 | Jul. 10, 2023 | Jul. 07, 2023 | Nov. 04, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loss on Contract Termination for Default | $ 849,000 | $ 0 | $ 849,000 | $ 0 | |||||||
Streetervile Complaint [Member] | |||||||||||
Loss Contingency, Damages Sought, Value | $ 6,537,027 | ||||||||||
Streetervile Complaint [Member] | Subsequent Event [Member] | |||||||||||
Stockholders Equity Note Spinoff Transaction, Percentage | 49% | ||||||||||
Convertible Debt [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | ||||||||||
Debt Instrument, Face Amount | $ 11,000,000 | ||||||||||
Debt Instrument, Term (Month) | 18 months | ||||||||||
Debt Instrument, Unamortized Discount | $ 1,000,000 | ||||||||||
Proceeds from Issuance of Debt | $ 10,000,000 | ||||||||||
Debt Instrument, Prepayment Percentage | 110% | ||||||||||
Debt Instrument, Redemption Amount | $ 1,000,000 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 10% | ||||||||||
Debt Instrument, Redemption Conversion Price, Percentage | 85% | ||||||||||
Debt Instrument, Conditional Default Interest Rate | 18% | ||||||||||
Debt Instrument, Convertible, Maximum Percentage of Equity Issuable | 9.99% | ||||||||||
Repayments of Debt | 100,000 | ||||||||||
Debt Instrument, Periodic Payment | $ 400,000 | ||||||||||
Liabilities, Fair Value Adjustment | 100,000 | $ 300,000 | 700,000 | $ 2,400,000 | |||||||
Interest Expense, Debt | 100,000 | ||||||||||
Redemption Premium | 200,000 | ||||||||||
Debt Conversion, Converted Instrument, Amount | 100,000 | 200,000 | |||||||||
Loss on Contract Termination for Default | 800,000 | ||||||||||
Long-Term Debt, Gross | $ 6,500,000 | $ 6,500,000 | $ 8,300,000 | ||||||||
Convertible Debt [Member] | Convertible Note Amendment 2 [Member] | |||||||||||
Repayments of Debt | $ 1,800,000 | ||||||||||
Debt Instrument, Periodic Payment | $ 400,000 | ||||||||||
Convertible Debt [Member] | Convertible Note Amendment 2 [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Periodic Payment | $ 1,000,000 | ||||||||||
Convertible Debt [Member] | Convertible Note Amendment 3 [Member] | |||||||||||
Repayments of Debt | 1,100,000 | ||||||||||
Debt Instrument, Periodic Payment | $ 400,000 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Aug. 12, 2024 | Jul. 29, 2024 | Apr. 24, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 16, 2022 | Apr. 16, 2021 | |
Streetervile Complaint [Member] | ||||||||
Loss Contingency, Damages Sought, Value | $ 6,537,027 | |||||||
Streetervile Complaint [Member] | Subsequent Event [Member] | ||||||||
Stockholders Equity Note Spinoff Transaction, Percentage | 49% | |||||||
Streetervile Complaint [Member] | Subsequent Event [Member] | Convertible Debt [Member] | ||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 5,600,000 | |||||||
Sarah Herzog Memorial Hospital License Agreement [Member] | ||||||||
License Agreements, Milestone Payments, Conditional Reduction Percentage | 25% | |||||||
License Agreement, Milestone Payment | $ 0 | $ 0 | ||||||
Payments for Royalties | $ 0 | $ 0 | ||||||
License Agreement, Maintenance Fee | $ 150,000 | $ 100,000 | ||||||
Sarah Herzog Memorial Hospital License Agreement [Member] | Maximum [Member] | ||||||||
Royalty Percentage | 8.50% | |||||||
Sarah Herzog Memorial Hospital License Agreement [Member] | Products Covered By Licensed Patents [Member] | ||||||||
Royalty Percentage | 1% | |||||||
Sarah Herzog Memorial Hospital License Agreement [Member] | Products Covered by Valid Claims [Member] | ||||||||
Royalty Percentage | 2.50% |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Schedule of Milestone Payments (Details) - Sarah Herzog Memorial Hospital License Agreement [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
End of Phase I Clinical Trials of Licensed Product (completed) | $ 0 | $ 0 |
End of Phase I Clinical Trials of Licensed Product [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | 100,000 | |
End of Phase II Clinical Trials of Licensed Product [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | 250,000 | |
End of Phase III Clinical Trials of Licensed Product [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | 250,000 | |
First Commercial Sale of Licensed Product in U.S. [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | 500,000 | |
First Commercial Sale of Licensed Product in Europe [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | 500,000 | |
Annual Revenue Threshold [Member] | ||
End of Phase I Clinical Trials of Licensed Product (completed) | $ 750,000 |
Note 9 - Equity (Details Textua
Note 9 - Equity (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||
May 23, 2024 USD ($) $ / shares shares | Apr. 18, 2024 USD ($) $ / shares shares | Apr. 01, 2024 $ / shares shares | Mar. 06, 2024 USD ($) | Feb. 29, 2024 USD ($) $ / shares shares | Feb. 28, 2024 USD ($) $ / shares shares | Feb. 27, 2024 USD ($) $ / shares shares | Jan. 02, 2024 USD ($) shares | Aug. 14, 2023 USD ($) | Apr. 30, 2024 shares | Mar. 31, 2024 shares | Aug. 31, 2023 USD ($) shares | Apr. 15, 2024 USD ($) shares | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Apr. 19, 2024 USD ($) shares | Mar. 28, 2024 shares | Mar. 11, 2024 $ / shares | Mar. 05, 2024 USD ($) shares | Feb. 07, 2024 USD ($) $ / shares shares | Dec. 31, 2023 $ / shares shares | May 24, 2021 $ / shares shares | |
Common Stock, Shares, Issued (in shares) | 9,600,000 | 10,791,630 | 10,791,630 | 95,700,000 | 8,391,940 | ||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 0 | 73,040 | |||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | |||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 0 | ||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 1,027 | $ 8,122 | |||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 4,034,337 | 4,069,240 | 4,034,337 | 4,069,240 | 3,321,499 | ||||||||||||||||||||
Fair Value Adjustment of Warrants | $ | $ (18) | $ 11 | $ (9) | (1) | |||||||||||||||||||||
Common Stock, Shares, Outstanding (in shares) | 9,600,000 | 10,791,630 | 10,791,630 | 95,700,000 | 8,391,940 | ||||||||||||||||||||
February Warrants [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 500 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.59 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.8 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.781 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0426 | ||||||||||||||||||||||||
February Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||||||||||||||||||||
Substitute Warrants [Member] | |||||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ | $ 100 | 100 | $ 100 | 100 | |||||||||||||||||||||
Substitute Warrants [Member] | Neuro Rx [Member] | |||||||||||||||||||||||||
Foreign Currency Exchange Rate, Remeasurement | 0.316 | ||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 3,792,970 | ||||||||||||||||||||||||
Public Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 344,886 | 345,000 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 115 | ||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 3,448,856 | 3,448,856 | 3,450,000 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.1 | ||||||||||||||||||||||||
Private Placement Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 13,625 | 13,625 | |||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 136,250 | 136,250 | |||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ | $ 100 | $ 100 | $ 100 | $ 100 | |||||||||||||||||||||
February Underwriter Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 25,000 | ||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 100 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.05 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.3 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.781 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0426 | ||||||||||||||||||||||||
February Underwriter Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,750 | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 100 | $ 100 | |||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.62 | 3.04 | 3.05 | ||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.63 | 3.63 | 3.3 | ||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | 5 | 5 | ||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.781 | 1.781 | 1.781 | ||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0452 | 0.0466 | 0.0412 | ||||||||||||||||||||||
Underwriter Overallotment Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 | ||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 419,598 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4 | ||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 1,300 | ||||||||||||||||||||||||
Class of Warrant or Right, Beneficial Ownership Limitation | 4.99% | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 4.1 | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 4 | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3 | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.38 | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.042 | ||||||||||||||||||||||||
Alvogen and Lotus Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||||||||||||||||||||
Maximum [Member] | Alvogen and Lotus Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Beneficial Ownership Limitation | 9.99% | ||||||||||||||||||||||||
ATM Offering [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 282,452 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 4,900 | $ 1,400 | $ 1,228 | $ 179 | |||||||||||||||||||||
ATM Offering [Member] | Minimum [Member] | |||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.643 | ||||||||||||||||||||||||
ATM Offering [Member] | Maximum [Member] | |||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 7.1 | ||||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 270,000 | 270,000 | |||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 1,027 | ||||||||||||||||||||||||
Private Placement, Premium Percentage | 26.70% | ||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 1,000 | ||||||||||||||||||||||||
Private Placement [Member] | February Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 270,000 | 270,000 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 3.8 | $ 3.8 | |||||||||||||||||||||||
February Underwriting Agreement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 500,000 | ||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 2.76 | ||||||||||||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 3 | ||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 200 | $ 1,300 | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 200 | $ 400 | |||||||||||||||||||||||
February Overallotment Option [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,000 | ||||||||||||||||||||||||
April Underwriter Agreement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 607,000 | ||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.3 | ||||||||||||||||||||||||
April Overallotment Agreement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 91,050 | 91,050 | |||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.3 | ||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 200 | ||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 100 | ||||||||||||||||||||||||
April 2024 Offering [Member] | |||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 400 | ||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,600 | ||||||||||||||||||||||||
April 2024 Offering [Member] | April Underwriter Warrants [Member] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,553 | 30,350 | |||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 6 years | ||||||||||||||||||||||||
April 2024 Offering [Member] | April Overallotment Warrants [Member] | |||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||||||
Streeterville Capital, LLC [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 143,648 | ||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 400 | ||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 0 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 0 | ||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 0 | ||||||||||||||||||||||||
Preferred Stock [Member] | ATM Offering [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | $ 0 | |||||||||||||||||||||||
Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | ||||||||||||||||||||||||
Conversion of Series A Preferred Stock to Preferred Stock [Member] | Preferred Stock [Member] | |||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 300,000 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 12,000,000 | 12,000,000 | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,000,000 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 1,200 | ||||||||||||||||||||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | |||||||||||||||||||||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | |||||||||||||||||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 0 | ||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 3,000,000 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | ATM Offering [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | $ 0 | |||||||||||||||||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | Conversion of Series A Preferred Stock to Preferred Stock [Member] | |||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 3,000,000 | ||||||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 |
Note 9 - Equity - Schedule of W
Note 9 - Equity - Schedule of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding as of December 31, 2023 (in shares) | 4,034,337 | 3,321,499 | |
Outstanding as of December 31, 2023 (Year) | 3 years 5 months 8 days | 3 years 8 months 4 days | 3 years 10 months 28 days |
Outstanding as of December 31, 2023 (in dollars per share) | $ 19.47 | $ 19.61 | $ 23.01 |
Outstanding as of December 31, 2023 | $ 0 | $ 807 | $ 180 |
Issued (in shares) | 34,903 | 718,348 | |
Expired (in shares) | (5,510) | ||
Outstanding as of March 31, 2024 (in shares) | 4,069,240 | 4,034,337 | 3,321,499 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 30 Months Ended | |||||||||
Jan. 01, 2024 shares | Dec. 28, 2023 USD ($) $ / shares shares | Jul. 12, 2022 shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares | Jan. 01, 2022 | May 24, 2021 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 161,437 | 161,437 | 161,437 | 175,437 | 264,983 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 21.18 | $ 21.18 | $ 21.18 | $ 18.6 | $ 18.3 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 97 | $ 544 | $ 339 | $ 1,239 | ||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||||
Share-Based Payment Arrangement, Expense | $ | 100 | $ 300 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | 100 | $ 100 | $ 100 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 57,500 | |||||||||||
Share-Based Payment Arrangement, Expense | $ | 100 | $ 100 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 200 | $ 200 | $ 200 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 6 months | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.6 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ | $ 300 | |||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
The 2016 Omnibus Incentive Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 347,200 | 347,200 | 347,200 | |||||||||
The 2016 Omnibus Incentive Plan [Member] | Neuro Rx [Member] | ||||||||||||
Foreign Currency Exchange Rate, Remeasurement | 0.316 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 289,542 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 51 | |||||||||||
The 2021 Omnibus Incentive Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 955,281 | 955,281 | 955,281 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 83,920 | 200,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Annual Percentage Increase in Authorized Shares | 1% | |||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 608,365 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 346,916 | 346,916 | 346,916 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Outstanding, balance (in shares) | 175,437 | 264,983 | 264,983 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 18.6 | $ 18.3 | $ 18.3 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 6 months | 8 years 4 months 24 days | 7 years 8 months 12 days | |
Outstanding, aggregate intrinsic value | $ 0 | $ 40 | $ 0 | $ 75 |
Expired/Forfeited (in shares) | (89,546) | (14,000) | ||
Outstanding, balance (in shares) | 161,437 | 175,437 | 161,437 | 264,983 |
Outstanding, weighted average exercise price (in dollars per share) | $ 21.18 | $ 18.6 | $ 21.18 | $ 18.3 |
Options vested and exercisable (in shares) | 126,882 | 126,882 | ||
Options vested and exercisable, weighted average exercise price (in dollars per share) | $ 25.18 | $ 25.18 | ||
Options vested and exercisable, weighted average remaining contractual term (Year) | 7 years | |||
Options vested and exercisable, aggregate intrinsic value | $ 0 | $ 0 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Schedule of Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Balance (unvested) (in shares) | 66,666 | 124,166 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 5.66 | $ 5.66 | $ 5.2 |
Vested (in shares) | 0 | (57,500) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 4.64 | |
Vested (in shares) | 0 | 57,500 | |
Balance (unvested) (in shares) | 66,666 | 66,666 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Schedule of Stock-based compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based compensation expense | $ 97 | $ 544 | $ 339 | $ 1,239 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | 72 | 443 | 283 | 1,034 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | $ 25 | $ 101 | $ 56 | $ 205 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Schedule of Assets and Liabilities on A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Warrant liabilities (Note 9) | $ 8 | $ 17 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money Market Account | 475 | 3,874 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities (Note 9) | 8 | 17 |
Convertible note payable (Note 7) | $ 7,651 | $ 9,161 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Schedule of Significant Inputs (Details) | Jun. 30, 2024 $ / shares | Dec. 31, 2023 | Jun. 30, 2023 $ / shares |
Warrants [Member] | |||
Fair value of warrants (in dollars per share) | $ 0.6 | $ 7.93 | |
Measurement Input, Share Price [Member] | Convertible Debt [Member] | |||
Measurement input | 2.44 | 4.84 | |
Measurement Input, Share Price [Member] | Warrants [Member] | |||
Warrant measurement input | 2.44 | 6.6 | |
Measurement Input, Expected Term [Member] | Convertible Debt [Member] | |||
Measurement input | 0.17 | 0.84 | |
Measurement Input, Expected Term [Member] | Warrants [Member] | |||
Warrant measurement input | 1.9 | 3.15 | |
Measurement Input, Exercise Price [Member] | Warrants [Member] | |||
Warrant measurement input | 115 | 115 | |
Measurement Input, Market Rate [Member[ | Convertible Debt [Member] | |||
Measurement input | 0.206 | 0.089 | |
Measurement Input, Price Volatility [Member] | Convertible Debt [Member] | |||
Measurement input | 1.45 | 1 | |
Measurement Input, Price Volatility [Member] | Warrants [Member] | |||
Warrant measurement input | 1.769 | 1.751 | |
Measurement Input, Volume Volatility [Member] | Convertible Debt [Member] | |||
Measurement input | 5.60 | 4.55 | |
Measurement Input, Risk Free Interest Rate [Member] | Convertible Debt [Member] | |||
Measurement input | 0.0548 | 0.0542 | |
Measurement Input, Risk Free Interest Rate [Member] | Warrants [Member] | |||
Warrant measurement input | 0.048 | 0.053 | |
Measurement Input, Expected Dividend Rate [Member] | Warrants [Member] | |||
Warrant measurement input | 0 | 0 | |
Measurement Input, Probability of Default [Member] | Convertible Debt [Member] | |||
Measurement input | 0.50 | 0.065 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Schedule of Level 3 Fair Value Changes (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Convertible note payable - current portion | $ 7,651 | $ 12,694 | ||
Convertible note payable, net of current portion | 0 | 0 | ||
Convertible Debt [Member] | ||||
Fair value of the Note as of December 31, 2023 | 6,779 | $ 9,161 | 12,189 | $ 10,525 |
Conversions and repayments of principal and interest (shares and cash) | 0 | (2,700) | (288) | 0 |
Fair value adjustment through earnings | 23 | 318 | 665 | 1,770 |
Fair value adjustment through accumulated other comprehensive loss | 0 | 0 | 128 | (106) |
Default penalty | 849 | |||
Fair value of the Note as of March 31, 2024 | 7,651 | 6,779 | 12,694 | 12,189 |
Warrants [Member] | ||||
Fair value of the Note as of December 31, 2023 | 26 | 17 | 25 | 37 |
Fair value adjustment through earnings | (18) | 9 | 11 | (12) |
Fair value of the Note as of March 31, 2024 | $ 8 | $ 26 | $ 36 | $ 25 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Mar. 29, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Nov. 06, 2022 | |
Accounts Payable, Current | $ 5,015 | $ 5,015 | $ 4,632 | ||||
Glytech License Agreement [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 100 | $ 100 | 100 | $ 100 | |||
Glytech License Agreement [Member] | NRX Pharmaceuticals, Inc [Member] | Minimum [Member] | |||||||
Investment Owned, Fair Value | $ 50,000 | ||||||
Consultation Agreement with Dr. Jonathan Javitt [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 200 | 100 | 400 | $ 500 | |||
Consultation Agreement with Zachary Javitt [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 100 | $ 100 | |||||
Consulting Agreement, Annual Payment | $ 600 | ||||||
Consulting Agreement, Monthly Payment | 100 | ||||||
Consulting Agreement, Performance Bonus, Target Value | $ 300 | ||||||
Accrued Bonuses, Current | 300 | 300 | 200 | ||||
Accounts Payable, Current | $ 100 | $ 100 | $ 100 | ||||
Consultation Agreement with Zachary Javitt [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 50,000 | ||||||
Consultation Agreement with Zachary Javitt [Member] | Restricted Stock [Member] | Unrestricted Upon New Drug Application Date [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 25,000 | ||||||
Consultation Agreement with Zachary Javitt [Member] | Restricted Stock [Member] | Unrestricted Upon New Drug Approval Date [member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 25,000 |
Note 14 - Subsequent Event (Det
Note 14 - Subsequent Event (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Aug. 12, 2024 | Aug. 01, 2024 | Nov. 04, 2022 | Jul. 30, 2024 | |
Convertible Debt [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | |||
Debt Instrument, Term (Month) | 18 months | |||
Subsequent Event [Member] | Streetervile Complaint [Member] | Convertible Debt [Member] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 5.6 | |||
Litigation Settlement, Payment Installment One | 2.5 | |||
Litigation Settlement, Payment Installment Two | $ 3.1 | |||
Subsequent Event [Member] | Senior Secured Convertible Debt [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||
Debt Instrument, Term (Month) | 15 months | |||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.4168 | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 92% | |||
ATM Purchase Agreements [Member] | Subsequent Event [Member] | Unregistered Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 103,063 | |||
Proceeds from Issuance of Common Stock | $ 0.3 | |||
ATM Purchase Agreements [Member] | Subsequent Event [Member] | Unregistered Common Stock [Member] | Minimum [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.421 | |||
ATM Purchase Agreements [Member] | Subsequent Event [Member] | Unregistered Common Stock [Member] | Maximum [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.528 | |||
Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1 | |||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.42 | |||
Securities Purchase Agreement [Member] | Subsequent Event [Member] | Maximum [Member] | ||||
Proceeds from Issuance or Sale of Equity | $ 16.3 | |||
Proceeds from Convertible Debt | 16.3 | |||
Proceeds from Issuance of Warrants | $ 1.4 |