GeoVax Labs (GOVX) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Document Information [Line Items]
Entity Registrant Name	GeoVax Labs, Inc.
Entity Central Index Key	0000832489
Trading Symbol	govx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		6,316,702
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock $0.001 par value, Warrants to Purchase Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 20,842,782	$ 9,883,796
Grant funds and other receivables		182,663
Prepaid expenses and other current assets	118,430	168,689
Total current assets	20,961,212	10,235,148
Property and equipment, net	143,224	147,741
Deposits	11,010	11,010
Total assets	21,115,446	10,393,899
Current liabilities:
Accounts payable	232,482	267,702
Accrued expenses	36,623	359,281
Current portion of notes payable	182,844	183,326
Total current liabilities	451,949	810,309
Note payable, net of current portion	12,157	14,738
Total liabilities	464,106	825,047
Commitments (Note 8)
Stockholders’ equity:
Common stock, $.001 par value; Authorized shares – 600,000,000; Issued and outstanding shares – 6,315,467 and 3,834,095 at March 31, 2021 and December 31, 2020, respectively	6,315	3,834
Additional paid-in capital	67,937,289	55,294,504
Accumulated deficit	(47,368,359)	(45,805,581)
Total stockholders’ equity	20,651,340	9,568,852
Total liabilities and stockholders’ equity	21,115,446	10,393,899
Series B Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, $.01 par value: Authorized shares – 10,000,000: Series B convertible preferred stock, $1,000 stated value; Authorized shares – 10,000,000; 100 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	$ 76,095	$ 76,095

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, stated 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)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	6,315,467	3,834,095
Common stock, outstanding (in shares)	6,315,467	3,834,095
Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, stated 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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Grant and collaboration revenues	$ 110,417	$ 715,977
Operating expenses:
Research and development	602,783	808,936
General and administrative	1,071,710	502,345
Total operating expenses	1,674,493	1,311,281
Loss from operations	(1,564,076)	(595,304)
Other income (expense):
Interest income	2,053	752
Interest expense	(755)	(1,142)
Total other income (expense)	1,298	(390)
Net loss	$ (1,562,778)	$ (595,694)
Basic and diluted:
Net loss per common share (in dollars per share)	$ (0.29)	$ (2.54)
Weighted average shares outstanding (in shares)	5,332,058	234,395

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficiency) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	2,486	14,992
Balance at Dec. 31, 2019	$ 1,932,433	$ 15	$ 39,340,509	$ (42,847,513)	$ (1,574,556)
Issuance of common stock for services (in shares)		521
Issuance of common stock for services		$ 1	5,999		6,000
Net loss				(595,694)	(595,694)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares)	300
Sale of convertible preferred stock for cash and cancellation of note payable	$ 300,000				300,000
Conversion of preferred stock to common stock (in shares)	(2,386)	674,068
Conversion of preferred stock to common stock	$ (1,856,338)	$ 674	1,855,664
Balance (in shares) at Mar. 31, 2020	400	689,581
Balance at Mar. 31, 2020	$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Balance (in shares) at Dec. 31, 2020	100	3,834,095
Balance at Dec. 31, 2020	$ 76,095	$ 3,834	55,294,504	(45,805,581)	9,568,852
Sale of common stock for cash (in shares)		1,644,000
Sale of common stock for cash		$ 1,644	9,407,276		9,408,920
Common stock issued (in shares)		835,900
Issuance of common stock upon warrant exercise		$ 836	3,173,320		$ 3,174,156
Issuance of common stock for services (in shares)		1,472			1,472
Issuance of common stock for services		$ 1	5,999		$ 6,000
Stock option expense			56,190		56,190
Net loss				(1,562,778)	(1,562,778)
Balance (in shares) at Mar. 31, 2021	100	6,315,467
Balance at Mar. 31, 2021	$ 76,095	$ 6,315	$ 67,937,289	$ (47,368,359)	$ 20,651,340

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,562,778)	$ (595,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,517	994
Stock-based compensation expense	76,790	6,000
Changes in assets and liabilities:
Grant funds and other receivables	182,663	(451,906)
Prepaid expenses and other current assets	35,659	27,425
Accounts payable and accrued expenses	(357,878)	654,561
Total adjustments	(58,249)	237,074
Net cash used in operating activities	(1,621,027)	(358,620)
Cash flows from investing activities
Cash flows from financing activities:
Net proceeds from sale of common stock	9,408,920
Net proceeds from sale of preferred stock		300,000
Net proceeds from warrant exercises	3,174,156
Principal repayment of note payable	(3,063)	(2,914)
Net cash provided by financing activities	12,580,013	297,086
Net increase (decrease) in cash and cash equivalents	10,958,986	(61,534)
Cash and cash equivalents at beginning of period	9,883,796	283,341
Cash and cash equivalents at end of period	$ 20,842,782	$ 221,807

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Conversion of Series H Preferred Stock Into Common Stock [Member]
Convertible preferred stock (in shares)	1,686
Conversion of stock, shares issued (in shares)	469,697
Conversion of Series I Preferred Stock Into Common Stock [Member]
Convertible preferred stock (in shares)	700
Conversion of stock, shares issued (in shares)	204,371
Stock Purchase Warrants First Issuance [Member]
Common stock issued (in shares)	145,866
Stock purchase warrants exercised (in shares)	188,688

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Nature of Operations [Text Block]	1. Description of Business GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using a novel vector vaccine platform (Modified Vaccinia Ankara (MVA) Virus-Like Particle, or “GV-MVA-VLP TM Our current development programs are focused on preventive vaccines against novel coronavirus (COVID- 19 Our corporate strategy is to advance, protect and exploit our differentiated vaccine immunotherapy platform leading to the successful development of preventive and therapeutic vaccines against infectious diseases and various cancers. With our design and development capabilities, we are progressing and validating an array of cancer and infectious disease immunotherapy and vaccine product candidates. Our goal is to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage third Certain of 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 the metropolitan Atlanta, Georgia area.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation The accompanying condensed consolidated financial statements at March 31, 2021 three March 31, 2021 2020 not 10 December 31, 2020. not We enacted reverse stock splits of our common stock on September 25, 2020 ( 1 20 January 21, 2020 ( 1 2,000 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 2023. We expect to incur future net losses and require substantial funds as we continue our research and development activities. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We may may no

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Significant Accounting Policies and Recent Accounting Pronouncements We disclosed in Note 2 10 December 31, 2020 three March 31, 2021, no 10 no

Note 4 - Basic and Diluted Loss

Note 4 - Basic and Diluted Loss Per Common Share	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Basic and Diluted Loss Per Common Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents consist of common shares issuable upon conversion of convertible preferred stock, and upon exercise of stock options and stock purchase warrants. All common share equivalents are excluded from the computation of diluted loss per share since the effect would be anti-dilutive. The weighted average number of common share equivalents which were excluded from the computation of diluted loss per share, totaled 3,055,097 48,529 March 31, 2021 2020,

Note 5 - Property and Equipment

Note 5 - Property and Equipment	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. Property and Equipment Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of March 31, 2021 December 31, 2020: March 31, 2021 December 31, 2020 Laboratory equipment $ 532,100 $ 532,100 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 11,736 11,736 Total property and equipment 659,441 659,441 Accumulated depreciation and amortization (516,217 ) (511,700 ) Property and equipment, net $ 143,224 $ 147,741

Note 6 - Accrued Expenses

Note 6 - Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. Accrued Expenses Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets are composed of the following as of March 31, 2021 December 31, 2020: March 31, 2021 December 31, 2020 Accrued salaries and directors' fees $ - $ 279,696 Other accrued expenses 36,623 79,585 Total accrued expenses $ 36,623 $ 359,281

Note 7 - Notes Payable

Note 7 - Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Notes Payable GRA Note February 28, 2018, five $50,000. 5%. $9,423 2021, $13,126 2022, $2,252 2023. three March 31, 2021 2020 $336 $485, CARES Act Paycheck Protection Program Loan April 17, 2020, $170,200 one April 17, 2022. $1,623. October 2020, not three March 31, 2021 2020 $420 0

Note 8 - Commitments

Note 8 - Commitments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments Disclosure [Text Block]	8. Commitments Lease Agreement We lease approximately 8,400 December 31, 2022. three March 31, 2021 2020 $42,803 $41,539, $128,410 2021 $176,356 2022, may ninety Other Commitments In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of March 31, 2021, $800,000 2021. $211,326

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Preferred Stock [Text Block]	9. Stockholders Equity Public Offering February 11, 2021, 1,644,000 204,000 $6.25 $9.4 72,000 $6.875 180 three Stock Options “2020 may 1,000,000 2020 three March 31, 2021, no 2020 March 31, 2021, 602,000 $2.79 9.7 Stock Purchase Warrants three March 31, 2021, 188,688 145,866 690,034 690,034 $3,174,156. March 31, 2021, 2,793,635 $5.07 4.4 Other Common Stock Transactions three March 31, 2021, 1,472 $6,000

Note 10 - Stock-Based Compensat

Note 10 - Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	10. Stock-Based Compensation Expense Stock-based compensation expense related to our stock option plan was $56,190 0 three March 31, 2021 2020, March 31, 2021, $599,320 2.7 Additionally, during the three March 31, 2021 2020 $20,600 $6,000, March 31, 2021, $34,067 one 2021

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes Because of our historically significant net operating losses, we have not 382

Note 12 - Grants and Collaborat

Note 12 - Grants and Collaboration Revenue	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Government Grants and Contracts [Text Block]	12. Grants and Collaboration Revenue We receive payments from government entities under grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. During the three March 31, 2021 2020, $110,417 $654,021, three March 31, 2020, $61,956 March 31, 2021, $355,010 2021.

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2021 December 31, 2020 Laboratory equipment $ 532,100 $ 532,100 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 11,736 11,736 Total property and equipment 659,441 659,441 Accumulated depreciation and amortization (516,217 ) (511,700 ) Property and equipment, net $ 143,224 $ 147,741

Note 6 - Accrued Expenses (Tabl

Note 6 - Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2021 December 31, 2020 Accrued salaries and directors' fees $ - $ 279,696 Other accrued expenses 36,623 79,585 Total accrued expenses $ 36,623 $ 359,281

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual)	Sep. 25, 2020	Jan. 21, 2020
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20	2,000

Note 4 - Basic and Diluted Lo_2

Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3,055,097	48,529

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 01, 2020
Property and equipment, gross	$ 659,441		$ 659,441
Accumulated depreciation and amortization	(516,217)		(511,700)
Property and equipment, net	143,224	$ 147,741	147,741
Laboratory Equipment [Member]
Property and equipment, gross	532,100		532,100
Leasehold Improvements [Member]
Property and equipment, gross	115,605		115,605
Other Furniture Fixtures And Equipment [Member]
Property and equipment, gross	$ 11,736		$ 11,736

Note 6 - Accrued Expenses - Sch

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accrued salaries and directors’ fees		$ 279,696
Other accrued expenses	36,623	79,585
Total accrued expenses	$ 36,623	$ 359,281

Note 7 - Notes Payable (Details

Note 7 - Notes Payable (Details Textual) - USD ($)	Apr. 17, 2020	Feb. 28, 2018	Mar. 31, 2021	Mar. 31, 2020
Long-Term Debt, Maturity, Year One			$ 9,423
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total	$ 170,200
Interest Expense, Debt, Total	$ 1,623		420	$ 0
Senior Notes [Member]
Proceeds from Notes Payable, Total		$ 50,000
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Long-Term Debt, Maturity, Year One			13,126
Long-Term Debt, Maturity, Year Two			2,252
Interest Expense, Debt, Total			$ 336	$ 485

Note 8 - Commitments (Details T

Note 8 - Commitments (Details Textual)	3 Months Ended
	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)
Unrecorded Unconditional Purchase Obligation, Total	$ 800,000
Unrecorded Unconditional Purchase Obligation Reimbursable, Amount	$ 211,326
Office and Laboratory Lease Agreement [Member]
Area of Real Estate Property (Square Foot) | ft²	8,400
Operating Lease, Expense	$ 42,803	$ 41,539
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	128,410
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 176,356

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Details Textual) - USD ($)	Feb. 11, 2021	Sep. 24, 2020	Mar. 31, 2021	Mar. 31, 2020
Stock Issued During Period, Shares, New Issues (in shares)	1,644,000
Shares Issued, Price Per Share (in dollars per share)	$ 6.25
Proceeds from Issuance of Common Stock	$ 9,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)			602,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)			$ 2.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)			9 years 255 days
Proceeds from Warrant Exercises			$ 3,174,156
Stock Issued During Period, Shares, Issued for Services (in shares)			1,472
Stock Issued During Period, Value, Issued for Services			$ 6,000	$ 6,000
Stock Incentive Plan 2020 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			1,000,000
Representative Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	72,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 6.875
Class of Warrant or Right, Period for Warrants or Rights Exercisable (Day)		180 days
Warrants and Rights Outstanding, Term (Year)		3 years
Stock Purchase Warrants First Issuance [Member]
Class of Warrant or Right, Exercised During Period (in shares)			188,688
Stock Issued During Period, Shares, Warrants Exercised (in shares)			145,866
Stock Purchase Warrants Second Issuance [Member]
Class of Warrant or Right, Exercised During Period (in shares)			690,034
Stock Issued During Period, Shares, Warrants Exercised (in shares)			690,034
Stock Purchase Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 5.07
Warrants and Rights Outstanding, Term (Year)			4 years 146 days
Class of Warrant or Right, Outstanding (in shares)			2,793,635
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)	204,000

Note 10 - Stock-Based Compens_2

Note 10 - Stock-Based Compensation Expense (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 599,320
Stock Issued During Period, Value Expensed During the Period, Issued for Services	20,600	$ 6,000
Prepaid Expense, Value of Stock Issued for Services During Period	34,067
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 56,190	$ 0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 255 days

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Income Taxes Paid	$ 0

Note 12 - Grants and Collabor_2

Note 12 - Grants and Collaboration Revenue (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer, Including Assessed Tax	$ 110,417	$ 715,977
Unused Grant Funds	355,010
NIH Grants [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 110,417	654,021
Leidos, Inc. Research Collaborative Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 61,956