GeoVax Labs (GOVX) 10-Q 27 Apr 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Document Information [Line Items]
Entity Central Index Key	0000832489
Entity Registrant Name	GeoVax Labs, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39563
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0455038
Entity Address, Address Line One	1900 Lake Park Drive, Suite 380
Entity Address, City or Town	Smyrna
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30080
City Area Code	678
Local Phone Number	384-7220
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,449,025
Warrants to Purchase Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock
Trading Symbol	GOVXW
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	GOVX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 16,257,716	$ 11,423,870
Grant funds and other receivables	99,526	49,006
Prepaid expenses and other current assets	279,648	156,240
Total current assets	16,636,890	11,629,116
Property and equipment, net	206,855	156,938
Deposits	11,010	11,010
Total assets	16,854,755	11,797,064
Current liabilities:
Accounts payable	426,103	2,057,534
Accrued expenses	3,075,000	3,377,826
Total current liabilities	3,501,103	5,435,360
Accrued expenses - noncurrent	2,000,000	2,000,000
Total liabilities	5,501,103	7,435,360
Commitments (Note 7)
Stockholders’ equity:
Common stock, $.001 par value: Authorized shares – 600,000,000 Issued and outstanding shares – 9,449,025 and 6,381,541 at March 31, 2022 and December 31, 2021, respectively	9,449	6,382
Additional paid-in capital	78,147,616	68,731,220
Accumulated deficit	(66,803,413)	(64,375,898)
Total stockholders’ equity	11,353,652	4,361,704
Total liabilities and stockholders’ equity	$ 16,854,755	$ 11,797,064

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	9,449,025	6,381,541
Common stock, outstanding (in shares)	9,449,025	6,381,541

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Grant revenues	$ 81,526	$ 110,417
Operating expenses:
Research and development	1,330,544	602,783
General and administrative	1,179,024	1,071,710
Total operating expenses	2,509,568	1,674,493
Loss from operations	(2,428,042)	(1,564,076)
Other income (expense):
Interest income	527	2,053
Interest expense	0	(755)
Total other income (expense)	527	1,298
Net loss	$ (2,427,515)	$ (1,562,778)
Basic and diluted:
Net loss per common share (in dollars per share)	$ (0.34)	$ (0.29)
Weighted average shares outstanding (in shares)	7,109,473	5,332,058

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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
Common stock issued (in shares)	0	835,900
Issuance of common stock upon warrant exercise	$ 0	$ 836	3,173,320	0	3,174,156
Stock option expense			56,190		56,190
Net loss	$ 0	$ 0	0	(1,562,778)	(1,562,778)
Sale of common stock for cash (in shares)	0	1,644,000
Sale of common stock for cash	$ 0	$ 1,644	9,407,276	0	9,408,920
Issuance of common stock for services (in shares)	0	1,472
Issuance of common stock for services	$ 0	$ 1	5,999	0	6,000
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
Balance (in shares) at Dec. 31, 2021	0	6,381,541
Balance at Dec. 31, 2021	$ 0	$ 6,382	68,731,220	(64,375,898)	4,361,704
Sale of common stock and warrants for cash (in shares)	0	707,484
Sale of common stock and warrants for cash	$ 0	$ 707	9,228,541	0	$ 9,229,248
Common stock issued (in shares)	0	2,360,000			145,866
Issuance of common stock upon warrant exercise	$ 0	$ 2,360	(2,336)	0	$ 24
Stock option expense	0	0	190,191	0	190,191
Net loss	$ 0	$ 0	0	(2,427,515)	(2,427,515)
Balance (in shares) at Mar. 31, 2022	0	9,449,025
Balance at Mar. 31, 2022	$ 0	$ 9,449	$ 78,147,616	$ (66,803,413)	$ 11,353,652

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (2,427,515)	$ (1,562,778)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	12,269	4,517
Stock-based compensation expense	205,151	76,790
Changes in assets and liabilities:
Grant funds and other receivables	(50,520)	182,663
Prepaid expenses and other current assets	(138,368)	35,659
Accounts payable and accrued expenses	(1,934,257)	(357,878)
Total adjustments	(1,905,725)	(58,249)
Net cash used in operating activities	(4,333,240)	(1,621,027)
Cash flows from investing activities:
Purchase of equipment	(62,186)	0
Net cash used in investing activities	(62,186)	0
Cash flows from financing activities:
Net proceeds from sale of common stock and warrants	9,229,248	9,408,920
Net proceeds from warrant exercise	24	3,174,156
Principal repayment of note payable	0	(3,063)
Net cash provided by financing activities	9,229,272	12,580,013
Net increase in cash and cash equivalents	4,833,846	10,958,986
Cash and cash equivalents at beginning of period	11,423,870	9,883,796
Cash and cash equivalents at end of period	$ 16,257,716	$ 20,842,782

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals)	3 Months Ended
	Mar. 31, 2022shares
Common stock issued (in shares)	145,866
Warrant exercised (in shares)	188,668

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Mar. 31, 2022
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 novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials in COVID- 19 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, 2022
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation The accompanying condensed consolidated financial statements at March 31, 2022 three March 31, 2022 2021 not 10 December 31, 2021. not 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 at least the twelve may may no

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
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, 2021 three March 31, 2022, no 10 no

Note 4 - Basic and Diluted Loss

Note 4 - Basic and Diluted Loss Per Common Share	3 Months Ended
	Mar. 31, 2022
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. The Company’s potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The potentially dilutive securities excluded from the computation of diluted net loss per share totaled 6,846,415 and 3,395,635 shares at March 31, 2022 2021,

Note 5 - Property and Equipment

Note 5 - Property and Equipment	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021: March 31, 2022 December 31, 2021 Equipment and furnishings $ 653,740 $ 591,554 Leasehold improvements 115,605 115,605 Total property and equipment 769,345 707,159 Accumulated depreciation and amortization (562,490 ) (550,221 ) Property and equipment, net $ 206,855 $ 156,938

Note 6 - Accrued Expenses

Note 6 - Accrued Expenses	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021: March 31, 2022 December 31, 2021 Accrued license fees – current $ 3,000,000 $ 3,000,000 Accrued license fees – noncurrent 2,000,000 2,000,000 Accrued payroll - 269,000 Other accrued expenses 75,000 108,826 Total accrued expenses $ 5,075,000 $ 5,377,826

Note 7 - Commitments

Note 7 - Commitments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments Disclosure [Text Block]	7. Commitments Operating Lease We lease approximately 8,400 square feet of office and laboratory space pursuant to an operating lease which expires on December 31, 2022. three March 31, 2022 2021 2022, may ninety License Agreements We have entered into license agreements with City of Hope, PNP Therapeutics, Inc., University of Alabama at Birmingham, Southern Research Institute, Emory University, and with the U.S. Department of Health and Human Services (HHS), as represented by National Institute of Allergy and Infectious Diseases (NIAID), an institute of the National Institutes of Health (NIH), for various technologies and patent rights associated with our product development activities. These agreements may 2022, 2023, 2024, 2025 2026. 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 clinical trials and preclinical research studies, and other activities. As of March 31, 2022, 2022.

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Preferred Stock [Text Block]	8. Stockholders Equity Private Placement January 19, 2022, March 2022, February 10, 2027. Stock Options “2020 may 2020 three March 31, 2022, 2020 March 31, 2022, Stock Purchase Warrants March 31, 2022, 4.2

Note 9 - Stock-based Compensati

Note 9 - Stock-based Compensation Expense	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	9. Stock-Based Compensation Expense Stock-based compensation expense related to stock option grants was $190,191 and $56,190 during the three March 31, 2022 2021, March 31, 2022, 2.1 During the three March 31, 2022 2021 March 31, 2022, 2022

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. Income Taxes Because of our historically significant net operating losses, we have not 382 may

Note 11 - Grant Revenue

Note 11 - Grant Revenue	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Government Grants and Contracts [Text Block]	11. Grant 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, 2022 2021,

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2022 December 31, 2021 Equipment and furnishings $ 653,740 $ 591,554 Leasehold improvements 115,605 115,605 Total property and equipment 769,345 707,159 Accumulated depreciation and amortization (562,490 ) (550,221 ) Property and equipment, net $ 206,855 $ 156,938

Note 6 - Accrued Expenses (Tabl

Note 6 - Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2022 December 31, 2021 Accrued license fees – current $ 3,000,000 $ 3,000,000 Accrued license fees – noncurrent 2,000,000 2,000,000 Accrued payroll - 269,000 Other accrued expenses 75,000 108,826 Total accrued expenses $ 5,075,000 $ 5,377,826

Note 4 - Basic and Diluted Lo_2

Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	6,846,415	3,395,635

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Property and equipment, gross	$ 769,345	$ 707,159
Accumulated depreciation and amortization	(562,490)	(550,221)
Property and equipment, net	206,855	156,938
Equipment and Furnishings [Member]
Property and equipment, gross	653,740	591,554
Leasehold Improvements [Member]
Property and equipment, gross	$ 115,605	$ 115,605

Note 6 - Accrued Expenses - Sch

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accrued license fees – current	$ 3,000,000	$ 3,000,000
Accrued license fees – noncurrent	2,000,000	2,000,000
Accrued payroll	0	269,000
Other accrued expenses	75,000	108,826
Total accrued expenses	$ 5,075,000	$ 5,377,826

Note 7 - Commitments (Details T

Note 7 - Commitments (Details Textual)	3 Months Ended
	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)
Licensing Agreement, Future Minimum Payments Receivable, Current	$ 149,000
Licensing Agreement, Future Minimum Payments Receivable, in Two Years	128,000
Licensing Agreement, Future Minimum Payments Receivable, in Three Years	128,000
Licensing Agreement, Future Minimum Payments Receivable, in Four Years	28,000
Licensing Agreement, Future Minimum Payments Receivable, in Five Years	28,000
Unrecorded Unconditional Purchase Obligation, Total	$ 2,200,000
Office and Laboratory Lease Agreement [Member]
Area of Real Estate Property (Square Foot) | ft²	8,400
Operating Lease, Expense	$ 44,089	$ 42,803
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 132,267

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Details Textual) - USD ($)	Jan. 19, 2022	Mar. 31, 2022	Mar. 31, 2021
Stock Issued During Period, Value, New Issues			$ 9,408,920
Stock Incentive Plan 2020 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,500,000
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)		962,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)		$ 3.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)		9 years 1 month 6 days
Pre-Funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,360,000
Common Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	3,067,484
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 3.26
Stock Purchase Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 4.23
Class of Warrant or Right, Outstanding (in shares)		5,884,115
Warrants and Rights Outstanding, Term (Year)		4 years 2 months 12 days
Private Placement [Member]
Stock Issued During Period, Value, New Issues	$ 707,484
Proceeds from Issuance or Sale of Equity, Total	$ 9,200,000

Note 9 - Stock-based Compensa_2

Note 9 - Stock-based Compensation Expense (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 1,229,953
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 1 month 6 days
Prepaid Expense, Value of Stock Issued for Services During Period	$ 4,987
Cost, Consulting and Financial Advisory Services [Member]
Share-based Payment Arrangement, Expense	14,960	$ 20,600
Share-Based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 190,191	$ 56,190

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Income Taxes Paid	$ 0

Note 11 - Grant Revenue (Detail

Note 11 - Grant Revenue (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer, Including Assessed Tax	$ 81,526	$ 110,417
NIAID Grant [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 81,526	$ 110,417