Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | GeoVax Labs, Inc. | |
Entity Central Index Key | 832,489 | |
Trading Symbol | govx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 58,718,567 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 166,749 | $ 454,030 |
Grant funds receivable | 21,514 | 28,074 |
Prepaid expenses and other current assets | 52,124 | 62,275 |
Total current assets | 240,387 | 544,379 |
Property and equipment, net | 52,280 | 54,828 |
Deposits | 11,010 | 11,010 |
Total assets | 303,677 | 610,217 |
Current liabilities: | ||
Accounts payable | 150,912 | 75,607 |
Accrued expenses (Note 6) | 396,989 | 294,240 |
Total current liabilities | 547,901 | 369,847 |
Commitments (Note 7) | ||
Stockholders’ equity (deficiency): | ||
Common stock, $.001 par value: Authorized shares – 300,000,000 Issued and outstanding shares – 56,218,567 and 55,235,233 at March 31, 2017 and December 31, 2016, respectively | 56,219 | 55,235 |
Additional paid-in capital | 34,977,726 | 34,914,963 |
Accumulated deficit | (36,294,969) | (35,746,628) |
Total stockholders’ equity (deficiency) | (244,224) | 240,370 |
Total liabilities and stockholders’ equity (deficiency) | 303,677 | 610,217 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | 76,095 | 76,095 |
Series C Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | $ 940,705 | $ 940,705 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 56,218,567 | 55,235,233 |
Common stock, shares outstanding (in shares) | 56,218,567 | 55,235,233 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 100 | 100 |
Preferred stock, shares outstanding (in shares) | 100 | 100 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 2,868 | 2,868 |
Preferred stock, shares outstanding (in shares) | 2,868 | 2,868 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Grant revenues | $ 295,735 | $ 47,600 |
Operating expenses: | ||
Research and development | 551,795 | 438,004 |
General and administrative | 292,667 | 906,505 |
Total operating expenses | 844,462 | 1,344,509 |
Loss from operations | (548,727) | (1,296,909) |
Other income: | ||
Interest income | 386 | 630 |
Total other income | 386 | 630 |
Net loss | $ (548,341) | $ (1,296,279) |
Basic and diluted: | ||
Loss per common share (in dollars per share) | $ (0.01) | $ (0.04) |
Weighted average shares outstanding (in shares) | 55,350,974 | 34,599,625 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (548,341) | $ (1,296,279) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,898 | 7,195 |
Stock-based compensation expense | 14,580 | 483,485 |
Changes in assets and liabilities: | ||
Grant funds receivable | 6,560 | 119,978 |
Prepaid expenses and other current assets | 10,151 | 17,102 |
Accounts payable and accrued expenses | 178,054 | 39,455 |
Total adjustments | 216,243 | 667,215 |
Net cash used in operating activities | (332,098) | (629,064) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (4,350) | |
Net cash used in investing activities | (4,350) | |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 49,167 | 238,198 |
Net cash provided by financing activities | 49,167 | 238,198 |
Net decrease in cash and cash equivalents | (287,281) | (390,866) |
Cash and cash equivalents at beginning of period | 454,030 | 1,060,348 |
Cash and cash equivalents at end of period | $ 166,749 | $ 669,482 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - Series C Convertible Preferred Stock [Member] | 3 Months Ended |
Mar. 31, 2016shares | |
Convertible preferred stock (in shares) | 132 |
Common stock conversion (in shares) | 1,400,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing human vaccines using our novel vaccine platform. Our current development programs are focused on preventive vaccines against Human Immunodeficiency Virus (HIV), Zika Virus, hemorrhagic fever viruses, and malaria, as well as therapeutic vaccines for chronic Hepatitis B infections and cancers. We believe our technology and vaccine development expertise are well-suited for a variety of human infectious diseases and we intend to pursue further expansion of our product pipeline. Our vaccine development activities have been, and continue to be, financially supported by the U.S. government. This support has been both in the form of research grants and contracts awarded directly to us, as well as indirect support for the conduct of preclinical animal studies and human clinical trials. We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may one GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in Smyrna, Georgia (metropolitan Atlanta area). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accompanying condensed consolidated financial statements at March 31, 2017 three March 31, 2017 2016 10 December 31, 2016. Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve We believe that our existing cash resources and government funding commitments will be sufficient to continue our planned operations into through the end of 2017. may |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. We disclosed in Note 2 10 December 31, 2016 10 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09”), 718, 2016 09 2016 09 January 1, 2017; There have been no other recent accounting pronouncements or changes in accounting pronouncements during the three March 31, 2017, 10 December 31, 2016, |
Note 4 - Basic and Diluted Loss
Note 4 - Basic and Diluted Loss Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled approximately 91.7 85.2 March 31, 2017 2016, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Laboratory equipment $ 530,306 $ 525,956 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 670,246 Accumulated depreciation and amortization (622,316 ) (615,418 ) Property and equipment, net $ 52,280 $ 54,828 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Accrued salaries $ 276,220 $ 201,170 Accrued directors’ fees 105,769 78,070 Other 15,000 15,000 Total accrued expenses $ 396,989 $ 294,240 |
Note 7 - Commitments
Note 7 - Commitments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 7. Lease Agreement We lease approximately 8,400 December 31, 2017. March 31, 2017, $113,995 2017. Other Commitments In the normal course of business, we may March 31, 2017, $225,159 2017. 10). |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Common Stock Transactions During March 2017, 983,334 $49,167. Stock Options The following table presents a summary of our stock option transactions during the three March 31, 2017: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 3,499,475 $ 1.21 Granted -- -- Exercised -- -- Forfeited or expired (115,200 ) 17.75 Outstanding at March 31, 2017 3,384,275 $ 0.64 Exercisable at March 31, 2017 2,191,281 $ 1.69 Stock Purchase Warrants The following table presents a summary of stock purchase warrant transactions during the three March 31, 2017: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 32,751,578 $ 0.07 Granted -- -- Exercised (983,334 ) 0.05 Forfeited or expired (1,112,001 ) 0.57 Outstanding at March 31, 2017 30,656,243 $ 0.05 Exercisable at March 31, 2017 30,656,243 $ 0.05 Stock-Based Compensation Expense Stock-based compensation expense related to our stock option plans was $14,580 $13,686 three March 31, 2017 2016, March 31, 2017, $117,404 2.3 In addition to the expense associated with our stock option plans, during the three March 31, 2016 $469,799 Common Stock Reserved A summary of our common stock reserved for future issuance as of March 31, 2017 Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 57,363,520 Common Stock Purchase Warrants 30,656,243 Equity Incentive Plans 4,590,300 Total 92,895,777 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Because of our historically significant net operating losses, we have no 382 |
Note 10 - Government Grants and
Note 10 - Government Grants and Contracts | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Government Grants and Contracts [Text Block] | 10. We receive ongoing payments from government entities under our grants and contracts with the National Institute of Allergy and Infectious Diseases in support of our vaccine research and development efforts. We record revenue associated with government grants and contracts as the reimbursable costs are incurred. During the three March 31, 2017 2016, $295,735 $47,600, March 31, 2017, $867,911 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. During April 2017, 2,500,000 $100,000. During May 2017, 1,000 $1,000,000. 66,666.67 66,666,667 |
Note 5 - Property and Equipme18
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2017 December 31, 2016 Laboratory equipment $ 530,306 $ 525,956 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 670,246 Accumulated depreciation and amortization (622,316 ) (615,418 ) Property and equipment, net $ 52,280 $ 54,828 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2017 December 31, 2016 Accrued salaries $ 276,220 $ 201,170 Accrued directors’ fees 105,769 78,070 Other 15,000 15,000 Total accrued expenses $ 396,989 $ 294,240 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 3,499,475 $ 1.21 Granted -- -- Exercised -- -- Forfeited or expired (115,200 ) 17.75 Outstanding at March 31, 2017 3,384,275 $ 0.64 Exercisable at March 31, 2017 2,191,281 $ 1.69 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 32,751,578 $ 0.07 Granted -- -- Exercised (983,334 ) 0.05 Forfeited or expired (1,112,001 ) 0.57 Outstanding at March 31, 2017 30,656,243 $ 0.05 Exercisable at March 31, 2017 30,656,243 $ 0.05 |
Schedule of Stock by Class [Table Text Block] | Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 57,363,520 Common Stock Purchase Warrants 30,656,243 Equity Incentive Plans 4,590,300 Total 92,895,777 |
Note 4 - Basic and Diluted Lo21
Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 91.7 | 85.2 |
Note 5 - Property and Equipme22
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Property and equipment, gross | $ 674,596 | $ 670,246 |
Accumulated depreciation and amortization | (622,316) | (615,418) |
Property and equipment, net | 52,280 | 54,828 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 530,306 | 525,956 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 115,605 | 115,605 |
Other Furniture Fixtures And Equipment [Member] | ||
Property and equipment, gross | $ 28,685 | $ 28,685 |
Note 6 - Accrued Expenses - Sch
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued salaries | $ 276,220 | $ 201,170 |
Accrued directors’ fees | 105,769 | 78,070 |
Other | 15,000 | 15,000 |
Total accrued expenses | $ 396,989 | $ 294,240 |
Note 7 - Commitments (Details T
Note 7 - Commitments (Details Textual) | Mar. 31, 2017USD ($)ft² |
Area of Real Estate Property | ft² | 8,400 |
Operating Leases, Future Minimum Payments Due | $ 113,995 |
Unrecorded Unconditional Purchase Obligation | $ 225,159 |
Note 8 - Stockholders' Equity25
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Stock Issued During Period, Shares, Warrants Exercised | 983,334 | ||
Proceeds from Warrant Exercises | $ 49,167 | ||
General and Administrative Expense | $ 292,667 | $ 906,505 | |
Expense Associated with Warrant Modifications [Member] | |||
General and Administrative Expense | 469,799 | ||
2006 Equity Incentive Plan [Member] | |||
Allocated Share-based Compensation Expense | 14,580 | $ 13,686 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 117,404 | $ 117,404 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Activity of Stock Option Plan (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Outstanding, options (in shares) | shares | 3,499,475 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.21 |
Granted, options (in shares) | shares | |
Granted, weighted average exercise price, options (in dollars per share) | $ / shares | |
Forfeited or expired, options (in shares) | shares | (115,200) |
Forfeited or expired, weighted average exercise price, options (in dollars per share) | $ / shares | $ 17.75 |
Outstanding, options (in shares) | shares | 3,384,275 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.64 |
Exercisable, options (in shares) | shares | 2,191,281 |
Exercisable at March 31, 2016, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.69 |
Note 8 - Stockholders' Equity27
Note 8 - Stockholders' Equity - Outstanding Stock Purchase Warrants (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Outstanding, shares (in shares) | 32,751,578 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.07 |
Exercised, shares (in shares) | (983,334) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0.05 |
Forfeited or expired, shares (in shares) | (1,112,001) |
Forfeited or expired, weighted average exercise price (in shares) | 0.57 |
Outstanding, shares (in shares) | 30,656,243 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.05 |
Exercisable, shares (in shares) | 30,656,243 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0.05 |
Note 8 - Stockholders' Equity28
Note 8 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Mar. 31, 2017shares |
Common stock, reserved for future issuance (in shares) | 92,895,777 |
Series B Convertible Preferred Stock [Member] | |
Common stock, reserved for future issuance (in shares) | 285,714 |
Series C Convertible Preferred Stock [Member] | |
Common stock, reserved for future issuance (in shares) | 57,363,520 |
Warrant [Member] | |
Common stock, reserved for future issuance (in shares) | 30,656,243 |
Equity Incentive Plans [Member] | |
Common stock, reserved for future issuance (in shares) | 4,590,300 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) $ in Thousands | 189 Months Ended |
Mar. 31, 2017USD ($) | |
Income Tax Expense (Benefit) | $ 0 |
Note 10 - Government Grants a30
Note 10 - Government Grants and Contracts (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue from Grants | $ 295,735 | $ 47,600 |
NIH Grants [Member] | ||
Revenue from Grants | 295,735 | $ 47,600 |
Unused Grant Funds | $ 867,911 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | May 11, 2017 | Apr. 30, 2017 | Mar. 31, 2017 |
Stock Issued During Period, Shares, Warrants Exercised | 983,334 | ||
Proceeds from Warrant Exercises | $ 49,167 | ||
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, Warrants Exercised | 2,500,000 | ||
Proceeds from Warrant Exercises | $ 100,000 | ||
Subsequent Event [Member] | Series D Convertible Preferred Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,000 | ||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 66,666.67 | ||
Convertible Preferred Stock, Total Shares Issued upon Conversion | 66,666,667 |