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 |