Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | VolitionRx Limited | |
Entity Central Index Key | 0000093314 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 82,815,121 | |
Entity File Number | 001-36833 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 91-1949078 | |
Entity Address Address Line 1 | 1489 West Warm Springs Road | |
Entity Address Address Line 2 | Suite 110 | |
Entity Address City Or Town | Henderson | |
Entity Address State Or Province | NV | |
Entity Address Postal Zip Code | 89014 | |
City Area Code | 646 | |
Local Phone Number | 650–1351 | |
Security 12b Title | Common Stock, par value $0.001 | |
Trading Symbol | VNRX | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 11,772,163 | $ 20,729,983 |
Accounts receivable | 133,500 | 242,617 |
Prepaid expenses | 1,094,287 | 521,370 |
Other current assets | 470,103 | 360,125 |
Total Current Assets | 13,470,053 | 21,854,095 |
Property and equipment, net | 5,180,551 | 5,523,013 |
Operating lease right-of-use assets | 569,163 | 549,504 |
Intangible assets, net | 215,133 | 23,886 |
Total Assets | 19,434,900 | 27,950,498 |
Current Liabilities | ||
Accounts payable | 3,527,673 | 3,211,287 |
Accrued liabilities | 3,305,316 | 3,928,761 |
Deferred revenue | 23,000,000 | 23,000,000 |
Management and directors' fees payable | 60,246 | 59,625 |
Current portion of long-term debt | 1,149,944 | 1,207,007 |
Current portion of finance lease liabilities | 47,875 | 48,570 |
Current portion of operating lease liabilities | 201,047 | 199,323 |
Current portion of grant repayable | 54,700 | 55,855 |
Warrant liability | 145,571 | 126,649 |
Total Current Liabilities | 31,492,372 | 31,837,077 |
Long-term debt, net of current portion | 3,372,568 | 3,624,860 |
Finance lease liabilities, net of current portion | 379,667 | 400,022 |
Operating lease liabilities, net of current portion | 396,376 | 378,054 |
Grant repayable, net of current portion | 413,968 | 422,707 |
Total Long-Term Liabilities | 4,562,579 | 4,825,643 |
Total Liabilities | 36,054,951 | 36,662,720 |
Stockholders' Deficit | ||
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value per share Issued and outstanding: 82,108,972 shares and 81,898,321 shares, respectively | 82,109 | 81,898 |
Additional paid-in capital | 194,997,353 | 194,448,414 |
Accumulated other comprehensive income | 258,966 | 243,940 |
Accumulated deficit | (210,943,895) | (202,576,507) |
Total VolitionRx Limited Stockholders' Deficit | (15,605,467) | (7,802,255) |
Non-controlling interest | (1,014,584) | (909,967) |
Total Stockholders' Deficit | (16,620,051) | (8,712,222) |
Total Liabilities and Stockholders' Deficit | $ 19,434,900 | $ 27,950,498 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Condensed Consolidated Balance Sheets | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Issued | 82,108,972 | 81,898,321 |
Common Stock, Shares Outstanding | 82,108,972 | 81,898,321 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Service | $ 39,776 | $ 5,356 |
Product | 131,759 | 144,452 |
Total Revenues | 171,535 | 149,808 |
Operating Expenses | ||
Research and development | 4,629,527 | 4,905,678 |
General and administrative | 2,253,743 | 2,581,703 |
Sales and marketing | 1,672,769 | 1,707,457 |
Total Operating Expenses | 8,556,039 | 9,194,838 |
Operating Loss | (8,384,504) | (9,045,030) |
Other Income (Expenses) | ||
Grant income | 0 | 165,795 |
Interest income | 8,654 | 57,648 |
Interest expense | (77,233) | (51,322) |
Loss on change in fair value of warrant liability | (18,922) | 0 |
Total Other Income (Expenses) | (87,501) | 172,121 |
Net Loss | (8,472,005) | (8,872,909) |
Net Loss attributable to Non-Controlling Interest | 104,617 | 93,361 |
Net Loss attributable to VolitionRx Stockholders | (8,367,388) | (8,779,548) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustments | 15,026 | (56,478) |
Net Comprehensive Loss | $ (8,456,979) | $ (8,929,387) |
Net Loss Per Share - Basic and Diluted attributable to VolitionRx Stockholders | $ (0.10) | $ (0.15) |
Weighted Average Shares Outstanding - Basic and Diluted | 81,956,660 | 60,176,975 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($) | Total | Common stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interest |
Balance, shares at Dec. 31, 2022 | 57,873,379 | |||||
Balance, amount at Dec. 31, 2022 | $ (3,126,962) | $ 57,873 | $ 164,397,468 | $ 227,097 | $ (167,257,429) | $ (551,971) |
Common stock issued for cash, shares | 5,224,703 | |||||
Common stock issued for cash, amount | 8,427,655 | $ 5,225 | 8,422,430 | 0 | 0 | 0 |
Common stock issued for settlement of RSUs, shares | 26,978 | |||||
Common stock issued for settlement of RSUs, amount | 0 | $ 27 | (27) | 0 | 0 | 0 |
Common stock repurchased, shares | (13,294) | |||||
Common stock repurchased, amount | (31,772) | $ (13) | (31,759) | |||
Stock-based compensation | 693,657 | 0 | 693,657 | 0 | 0 | 0 |
Tax withholdings paid related to stock-based compensation | (14,336) | 0 | (14,336) | 0 | 0 | 0 |
Foreign currency translation | (56,478) | 0 | 0 | (56,478) | 0 | 0 |
Net loss for the period | (8,872,909) | $ 0 | 0 | 0 | (8,779,548) | (93,361) |
Balance, shares at Mar. 31, 2023 | 63,111,766 | |||||
Balance, amount at Mar. 31, 2023 | (2,981,145) | $ 63,112 | 173,467,433 | 170,619 | (176,036,977) | (645,332) |
Balance, shares at Dec. 31, 2023 | 81,898,321 | |||||
Balance, amount at Dec. 31, 2023 | (8,712,222) | $ 81,898 | 194,448,414 | 243,940 | (202,576,507) | (909,967) |
Common stock issued for settlement of RSUs, shares | 68,169 | |||||
Common stock issued for settlement of RSUs, amount | 0 | $ 69 | (69) | 0 | 0 | 0 |
Stock-based compensation | 411,220 | 0 | 411,220 | 0 | 0 | 0 |
Tax withholdings paid related to stock-based compensation | (3,062) | 0 | (3,062) | 0 | 0 | 0 |
Foreign currency translation | 15,026 | 0 | 0 | 15,026 | 0 | 0 |
Net loss for the period | (8,472,005) | $ 0 | 0 | 0 | (8,367,388) | (104,617) |
Common stock issued for cash, net of issuance costs, shares | 13,350 | |||||
Common stock issued for cash, net of issuance costs, amount | 15,734 | $ 13 | 15,721 | 0 | 0 | 0 |
Common stock issued in lieu of license fee, shares | 129,132 | |||||
Common stock issued in lieu of license fee, amount | 125,258 | $ 129 | 125,129 | 0 | 0 | 0 |
Balance, shares at Mar. 31, 2024 | 82,108,972 | |||||
Balance, amount at Mar. 31, 2024 | $ (16,620,051) | $ 82,109 | $ 194,997,353 | $ 258,966 | $ (210,943,895) | $ (1,014,584) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net loss | $ (8,472,005) | $ (8,872,909) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 263,207 | 271,990 |
Amortization of operating lease right-of-use assets | 58,866 | 62,585 |
Stock-based compensation | 411,220 | 693,657 |
Loss on change in fair value of warrant liability | 18,922 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (572,917) | (253,447) |
Accounts receivable | 106,325 | (118,592) |
Other current assets | (109,978) | (269,344) |
Accounts payable and accrued liabilities | 11,755 | (206,562) |
Management and directors' fees payable | 621 | 9,019 |
Right-of-use assets operating leases liabilities | (58,400) | (61,141) |
Net Cash Used In Operating Activities | (8,342,384) | (8,744,744) |
Investing Activities | ||
Purchases of property and equipment | (28,809) | (200,592) |
Purchase of License | (50,000) | 0 |
Net Cash Used In Investing Activities | (78,809) | (200,592) |
Financing Activities | ||
Net proceeds from issuances of common stock | 15,733 | 8,427,655 |
Tax withholdings paid related to stock-based compensation | (3,062) | (14,336) |
Common stock repurchased | 0 | (31,772) |
Payments on long-term debt | (210,183) | (223,340) |
Payments on finance lease obligations | (11,886) | (11,445) |
Net Cash (Used In) Provided By Financing Activities | (209,398) | 8,146,762 |
Effect of foreign exchange on cash | (327,229) | (57,598) |
Net change in cash and cash equivalents | (8,957,820) | (856,172) |
Cash and cash equivalents - beginning of the period | 20,729,983 | 10,867,050 |
Cash and cash equivalents - End of Period | 11,772,163 | 10,010,878 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 77,233 | 51,322 |
Non-Cash Financing Activities | ||
Common stock issued upon cashless exercises of stock options and settlement of vested RSUs | 197 | 27 |
Offering costs from issuance of common stock | 0 | 195,892 |
Common stock issued for License rights | 125,258 | 0 |
Non-cash note payable | $ 294,603 | $ 356,258 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation and Summary of Significant Accounting Policies | No te 1 – Basis of Presentation Basis of Presentation The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited (the “Company” or “VolitionRx”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements but do not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 25, 2024 (the “Annual Report”). The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Annual Report. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Reclassifications Certain reclassifications within operating expenses have been made to the prior period’s financial statements to conform to the current period financial statement presentation. There is no impact in total to the results of operations and cash flows in all periods presented. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its condensed consolidated financial statements. Fair Value Measurements Pursuant to ASC 820, “ Fair Value Measurements and Disclosures,” Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The financial instruments of the Company consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and a warrant liability. These items are considered Level 1 due to their short-term nature and their market interest rates, except for the warrant liability, which is considered Level 2 and is recorded at fair value at the end of each reporting period. Included in the following table are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024. Fair Value Measurements at March 31, 2024 Description Level 1 Level 2 Level 3 Total $ $ $ $ Liabilities Warrant liability - 145,571 - 145,571 As of December 31, 2023, the warrant liability was $126,649. The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis for the three months ended March 31, 2024, as follows: Warrant Liability Total $ Balance at December 31, 2023 126,649 Loss on change in fair value of warrant liability 18,922 Balance at March 31, 2024 145,571 Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, “ Earnings Per Share,” |
Liquidity and Going Concern Ass
Liquidity and Going Concern Assessment | 3 Months Ended |
Mar. 31, 2024 | |
Liquidity and Going Concern Assessment | |
Liquidity and Going Concern Assessment | Note 2 – Liquidity and Going Concern Assessment The Company's condensed consolidated financial statements are prepared using GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Management assesses liquidity and going concern uncertainty in the Company’s consolidated financial statements to determine whether there is sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued, which is referred to as the “look-forward period,” as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management considered various scenarios, forecasts, projections, estimates and made certain key assumptions, including the timing and nature of projected cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among other factors. For the three months ended March 31, 2024, the Company incurred a net loss of $8.5 million and used cash flows in operating activities of $8.3 million. As of March 31, 2024, the Company had cash and cash equivalents of $11.8 million and an accumulated deficit of $210.9 million. The Company has generated operating losses and has experienced negative cash flows from operations since inception. The Company has not generated significant revenues and expects to incur further losses in the future, particularly from continued development of its clinical-stage diagnostic tests, and initiation of additional clinical trials to seek regulatory approval. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions, financing and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by, (a) securing additional grant funds, (b) obtaining additional financing through debt or equity transactions; (c) granting licenses and/or distribution rights to third parties in exchange for specified up-front and/or back-end payments, and (d) developing and commercializing its products in an efficient manner. Management continues to exercise tight cost controls to conserve cash. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and to eventually attain profitable operations. Management assessed the mitigating effect of its plans to determine if it is probable that the plans would be effectively implemented within one year after the condensed consolidated financial statements are issued and when implemented, would mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. These plans are subject to market conditions and reliance on third parties, and there is no assurance that effective implementation of the Company’s plans will result in the necessary funding to continue current operations and satisfy current and expected debt obligations. The Company has implemented short-term cash preservation and cost-saving initiatives to conserve cash. The Company concluded that these plans do not alleviate the substantial doubt about the Company’s ability to continue as a going concern beyond one year from the date the condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property and Equipment | |
Property And Equipment | Note 3 - Property and Equipment The Company’s property and equipment consisted of the following amounts as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Useful Life Cost $ Cost $ Computer hardware and software 3 years 723,899 724,534 Laboratory equipment 5 years 4,695,842 4,753,253 Office furniture and equipment 5 years 375,815 378,800 Buildings 30 years 2,069,344 2,113,031 Building improvements 5-15 years 1,576,729 1,610,016 Land Not amortized 129,729 132,468 Total property and equipment 9,571,358 9,712,102 Less accumulated depreciation 4,390,807 4,189,089 Total property and equipment net 5,180,551 5,523,013 During the three-month periods ended March 31, 2024 and March 31, 2023, the Company recognized $277,501 and $250,861, respectively, in depreciation expense. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets | |
Intangible Assets | Note 4 - Intangible Assets The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. March 31, 2024 December 31, 2023 Cost $ Cost $ Patents 1,110,005 1,130,936 Licenses 176,220 - Total Patents and Licenses 1,286,225 1,130,936 Less accumulated amortization 1,071,092 1,107,050 Total patents and Licenses, net 215,133 23,886 During the three-month periods ended March 31, 2024 and March 31, 2023, the Company recognized $(14,294) and $21,129, respectively, in amortization expense. The Company amortizes the patents on a straight-line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: Amount $ 2024 12,887 2025 17,183 2026 17,183 2027 17,183 2028 17,183 Greater than 5 years 133,514 Total Intangible Assets 215,133 The Company periodically reviews its long-lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 “ Property, Plant and Equipment, |
RelatedParty Transactions
RelatedParty Transactions | 3 Months Ended |
Mar. 31, 2024 | |
RelatedParty Transactions | |
Related-Party Transactions | Note 5 - Related-Party Transactions See Note 6, Common Stock Stock-Based Compensation, |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock | |
Common Stock | No te 6 - Common Stock As of March 31, 2024, the Company was authorized to issue 100 million shares of common stock, par value $0.001 per share, of which 82,108,972 and 81,898,321 shares were issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. Stock Option Exercises During the three months ended March 31, 2024, no shares of common stock were issued pursuant to the exercise of stock options. Stock Options Expired / Cancelled During the three months ended March 31, 2024, no stock options to purchase shares of common stock expired or were cancelled. RSU Settlements Below is a table summarizing the RSUs vested and settled during the three months ended March 31, 2024, all of which were issued pursuant to the 2015 Plan. Equity Incentive Plan RSUs Vested (#) Vest Date Shares issued (#) Shares Withheld for Taxes (#) 2015 21,582 Feb 8, 2024 21,582 - 2015 9,000 Mar 1, 2024 6,057 2,943 2015 44,217 Mar 27, 2024 40,530 3,687 74,799 68,169 6,630 Warrants Issued in Equity Capital Raise In connection with the June 2023 underwritten public offering of the Company’s common stock pursuant to the underwriting agreement with Prime Executions, Inc. dba Freedom Capital Markets (“Freedom”) dated June 1, 2023, the Company issued Freedom warrants to purchase an aggregate of 448,500 shares of Company common stock at an exercise price of $2.00 per share. The Company evaluated the warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815-40. The Company determined the warrants issued to Freedom failed the indexation guidance under ASC 815-40, specifically, the warrants provide for a Black-Scholes value calculation in the event of certain transactions (“Fundamental Transactions”), which includes a floor on volatility utilized in the value calculation at 100% or greater. The Company has determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815-40, the Company has classified the fair value of the warrants as a liability upon issuance and marked to market each reporting period in the Company’s consolidated statement of operations until their exercise or expiration. Warrants Issued in Equity Capital Raise (continued) The fair value of the warrants as of December 31, 2023, and March 31, 2024, were $126,649 and $145,571, respectively. The warrant liability was estimated using the Black-Scholes pricing model with the following assumptions. March 31, 2024 December 31, 2023 Risk-free interest rate 4.3 % 3.89 % Expected volatility 81.35 % 76.30 % Expected life (years) 4.19 4.44 Expected dividend yield - - Total fair value $ 145,571 $ 126,649 The fair value of the warrants deemed to be a liability, due to certain contingent put features, was determined using the Black-Scholes option pricing model, which was deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. Common Stock Issued for EpiCypher License Agreement On March 12, 2024, the Company issued 129,132 shares of restricted common stock to EpiCypher, Inc. at a price of $0.97 per share as partial consideration for license rights in connection with a License Agreement between EpiCypher and Belgian Volition. Equity Distribution Agreement On May 20, 2022, the Company entered into an equity distribution agreement (the “2022 EDA”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the Company’s 2021 Form S-3 through Jefferies acting as the Company’s agent and/or principal. The Company is not obligated to sell any shares under the 2022 EDA. During the three months ended March 31, 2024, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $15,733 under the 2022 EDA through the sale of 13,350 shares of its common stock. As of March 31, 2024, the Company has raised aggregate net proceeds (net of broker commissions and fees) of approximately $1.5 million under the 2022 EDA through the sale of 643,882 shares of its common stock. See Note 9, Subsequent Events |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation | |
Stock-based Compensation | Note 7 – Stock-Based Compensation a ) Warrants The following table summarizes the changes in warrants outstanding of the Company during the three-month period ended March 31, 2024. Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2023 862,500 3.05 Granted - - Expired/Cancelled - - Outstanding at March 31, 2024 862,500 3.05 Exercisable at March 31, 2024 835,500 3.05 Below is a table summarizing the warrants issued and outstanding as of March 31, 2024, which have an aggregate weighted average remaining contractual life of 3.58 years. Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 448,500 448,500 2.00 4.21 897,000 54,000 27,000 3.05 4.51 164,700 50,000 50,000 3.45 1.92 172,500 125,000 125,000 3.95 2.76 493,750 185,000 185,000 4.90 2.84 906,500 862,500 835,500 2,634,450 Stock-based compensation expense related to warrants of $5,071 and $14,920 was recorded in the three months ended March 31, 2024 and March 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $167 and is expected to be recognized over a period of 0.01 years. As of March 31, 2024, the total intrinsic value of warrants outstanding was $nil. b) Options The following table summarizes the changes in options outstanding of the Company during the three-month period ended March 31, 2024. Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2023 4,699,569 3.87 Expired/Cancelled - - Outstanding at March 31, 2024 4,699,569 3.87 Exercisable at March 31, 2024 4,699,569 3.87 Below is a table summarizing the options issued and outstanding as of March 31, 2024, all of which were issued pursuant to the Company’s 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option and RSU issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 3.98 years. As of March 31, 2024, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 642,693 shares of common stock remained available for future issuance thereunder. Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 585,000 585,000 3.25 0.87 1,901,250 981,569 981,569 3.40 7.35 3,337,335 740,000 740,000 3.60 6.11 2,664,000 1,607,837 1,607,837 4.00 2.49 6,431,348 89,163 89,163 4.38 3.82 390,534 50,000 50,000 4.80 2.76 240,000 646,000 646,000 5.00 2.99 3,230,000 4,699,569 4,699,569 18,194,467 Stock-based compensation expense related to stock options of $0 and $117,034 was recorded in the three months ended March 31, 2024 and March 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is nil. As of March 31, 2024, the total intrinsic value of stock options outstanding was $nil. c ) Restricted Stock Units Below is a table summarizing the RSUs issued and outstanding as of March 31, 2024, all of which were issued pursuant to the 2015 Plan. Number of RSUs Weighted Average Grant Date Fair Value Share Price ($) Outstanding at December 31, 2023 3,634,952 1.01 Granted 14,000 0.97 Vested/Settled (74,799 ) 1.74 Cancelled / Forfeited (41,873 ) 1.05 Outstanding at March 31, 2024 3,532,280 0.99 Below is a table summarizing the RSUs granted during the three months ended March 31, 2024, all of which were issued pursuant to the 2015 Stock Incentive Plan. The RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the RSU compensation expense stated. Equity Incentive Plan RSUs (#) Grant Date Vesting Period First Vesting Date Second Vesting Date Third Vesting Date RSU Expense ($) 2015 14,000 Feb 22, 2024 36 Months Feb 22, 2025 Feb 22, 2026 Feb 22, 2027 13,589 14,000 13,589 Below is a table summarizing the RSUs vested and settled during the three months ended March 31, 2024, all of which were issued pursuant to the 2015 Plan. Equity Incentive Plan RSUs Vested (#) Vest Date Shares issued (#) Shares Withheld for Taxes (#) 2015 21,582 Feb 8, 2024 21,582 - 2015 9,000 Mar 1, 2024 6,057 2,943 2015 44,217 Mar 27, 2024 40,530 3,687 74,799 68,169 6,630 Below is a table summarizing the RSUs cancelled during the three months ended March 31, 2024, all of which were originally issued pursuant to the 2015 Plan. Equity Incentive Plan RSUs (#) Cancellation Date Vest Date RSUs Cancelled (#) 2015 8,000 Jan 16, 2024 Sep 28, 2024 8,000 2015 6,000 Jan 16, 2024 Oct 4, 2024 6,000 2015 8,000 Jan 16, 2024 Sep 28, 2025 8,000 2015 6,000 Jan 16, 2024 Oct 4, 2025 6,000 2015 8,000 Jan 16, 2024 Sep 28, 2026 8,000 2015 667 Feb 9, 2024 Jun 15, 2024 667 2015 667 Feb 9, 2024 Jun 15, 2025 667 2015 666 Feb 9, 2024 Jun 15, 2026 666 2015 1,775 Mar 25, 2024 Mar 27, 2024 1,775 2015 2,098 Mar 25, 2024 Jun 15, 2024 2,098 41,873 41,873 Below is a table summarizing the RSUs issued and outstanding as of March 31, 2024 and which have an aggregate weighted average remaining contractual life of 1.59 years. Number Outstanding Weighted Average Grant Date Fair Value Share Price ($) Weighted Average Remaining Contractual Life (Years) 40,000 0.58 1.62 450,000 0.68 3.05 450,000 0.69 2.01 1,545,000 0.70 1.50 14,000 0.97 1.90 34,000 1.31 1.45 14,000 1.32 1.28 707,987 1.46 1.01 32,294 1.58 0.96 12,500 1.69 0.48 56,333 1.72 1.42 29,000 2.01 0.38 666 2.15 1.17 11,500 2.45 0.17 85,000 2.95 0.26 50,000 3.31 0.08 3,532,280 Stock-based compensation expense related to RSUs of $406,149 and $561,703 was recorded in the three months ended March 31, 2024 and March 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,489,205. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Commitments And Contingencies | Note 8 – Commitments and Contingencies a) Finance Lease Obligations The following is a schedule showing the future minimum lease payments under finance leases by years and the present value of the minimum payments as of March 31, 2024. For the Three Months Ending March 31, 2024 Amount $ 2024 - remaining 43,610 2025 58,147 2026 58,148 2027 58,148 2028 58,147 Greater than 5 years 196,233 Total 472,433 Less: Amount representing interest (44,891 ) Present value of minimum lease payments 427,542 b) Operating Lease Right-of-Use Obligations Operating leases as of March 31, 2024, and December 31, 2023, consisted of the following: March 31, 2024 December 31, 2023 $ $ Operating right-of-use assets 569,163 549,504 Operating lease liabilities, current portion 201,047 199,323 Operating lease liabilities, long term 396,376 378,054 Total operating lease liabilities 597,423 577,377 Weighted average remaining lease (months) 36 33 Weighted average discount rate 3.26 % 3.02 % During the three months ended March 31, 2024, cash paid for amounts included for the measurement of lease liabilities was $65,166 and the Company recorded operating lease expense of $65,660. The following is a schedule showing the future minimum lease payments under operating leases by years and the present value of the minimum payments as of March 31, 2024. For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 177,094 2025 192,151 2026 165,104 2027 92,786 2028 10,295 Total 637,430 Less: imputed interest (40,007 ) Total Operating Lease Liabilities 597,423 The Company’s office space leases are short-term and the Company has elected under the short-term recognition exemption not to recognize them on the balance sheet. During the three months ended March 31, 2024, the Company recognized $29,961 in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows: For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 78,085 2025 7,186 Total Operating Lease Liabilities 85,271 c) Grants Repayable As of March 31, 2024, the total grant balance repayable was $468,668 and the payments remaining were as follows: For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 54,700 2025 36,661 2026 44,187 2027 49,056 2028 52,461 Greater than 5 years 231,603 Total Grants Repayable 468,668 d) Long-Term Debt As of March 31, 2024, the total balance for long-term debt payable was $4,522,512 and the payments remaining were as follows: For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 1,212,648 2025 903,830 2026 678,239 2027 443,116 2028 1,879,108 Greater than 5 years 317,107 Total 5,434,048 Less: amount representing interest (911,536 ) Total Long-Term Debt 4,522,512 e) Collaborative Agreement Obligations In 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a three-year research period for a cost to the Company of up to $2.55 million payable over such period. As of March 31, 2024, $510,000 is still to be paid by the Company under this agreement. In 2022, the Company entered into a sponsored research agreement with The University of Texas MD Anderson Cancer Center to evaluate the role of neutrophil extracellular traps ("NETs") in cancer patients with sepsis for a cost to the Company of $449,406 which is still to be paid by the Company under this agreement. As of March 31, 2024, $449,406 is due by the Company under this agreement. In August 2023, the Company entered into a project research agreement with Guy’s and St Thomas’ NHS Foundation Trust to evaluate the practical clinical utility of the NuQ ® In July 2023, the Company entered into a research agreement with Xenetic Biosciences Inc and CLS Therapeutics Ltd to evaluate the anti-tumoral effects of Nu.Q ® In January 2024, the Company entered into an agreement with the University Medical Centre Amsterdam (“UMC”). UMC will perform a retrospective study to evaluate the diagnostic potential of H3.1 nucleosomes as diagnostic, prognostic and phenotyping biomarkers in sepsis for a cost to the Company of $139,965. As of March 31, 2024, $139,965 is still to be paid by the Company under this agreement. As of March 31, 2024, $139,965 is due by the Company under this agreement. The project is expected to be completed by the end of 2024. As of March 31, 2024, the total amount to be paid for future research and collaboration commitments was approximately $1,344,784 and the payments remaining were as follows: Total Amount Remaining 2024 - Remaining 2025 $ $ $ National Universty of Taiwan 510,000 510,000 - MD Anderson Cancer Center 449,406 285,860 163,546 Guys and St Thomas 163,966 163,966 - Xentic Bioscience 81,447 81,447 - UMC 139,965 139,965 - Total Collaborative Obligations 1,344,784 1,181,238 163,546 f) Other Commitments Volition Vet On October 25, 2019, the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet with an additional 5%, vesting in a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest as of such date. As of March 31, 2024, TAMU has a 12.5% equity interest in Volition Vet. Volition Germany As of March 31, 2024, $211 is payable under the royalty agreement with the founder of Volition Germany based on sales to date towards the Company’s aggregate minimum royalty obligation of $118,918. Volition America Effective February 10, 2024 the Company and Diagnostic Oncology CRO, LLC (“DXOCRO”) further amended and restated August 2022 amended and restated Master Agreement to expand the scope of DXOCRO’s consultant services provided thereunder (the “Second A&R Master Agreement”). The Second A&R Master Agreement requires DXOCRO to conduct a prospective optimization/range finding study of Volition’s Nu.Q ® VolitionRx On February 5, 2024, the Company entered into a 9-month loan agreement with First Insurance Funding for a maximum of $294,603 with fixed interest rate of 8.42%, maturing in November 2024. As of March 31, 2024, the maximum has been drawn down under this agreement and the principal balance payable was $261,869. The agreement is in relation to the directors and officers insurance policy. g) Legal Proceedings In the ordinary course of business, the Company may be subject to claims, counter-claims, lawsuits and other litigation of the type that generally arise from the conduct of its business. The Company knows of no legal proceedings which the Company believes will have a material adverse effect on its financial position. h) Commitments in Respect of Corporate Goals and Performance-Based Awards As of March 31, 2024, the Company has recognized total compensation expense of $1,184,860 of which $527,940 is in relation to RSUs from grants in 2022 that will vest in 2023, $388,561 is in relation to RSUs from such grants that will vest in 2024, and $268,359 is in relation to RSUs from such grants that will vest in 2025. The Company has unrecognized compensation expense of $392,093 in relation to such RSUs, based on the outcomes related to the prescribed performance targets on the outstanding awards. Total Amortized Amortized Amortized Award Vesting 2024 2023 2022 Un-Amortized $ Year $ $ $ $ 527,940 2023 - 393,853 134,087 - 455,003 2024 63,355 260,119 65,088 129,796 486,567 2025 44,090 177,584 46,686 262,297 1,469,510 107,445 831,556 245,861 392,093 In September 2023, the Compensation Committee of the Board of Directors approved the granting of cash bonuses, payable upon achievement of various corporate goals focused around revenue, operations and regulatory, to various personnel including directors, executives, members of management, consultants and employees of the Company and/or its subsidiaries. Conditional upon the achievement by December 31, 2023 and June 30, 2024 of specified corporate goals as set forth in the minutes of the Compensation Committee, as well as continued service by the award recipients, the Company at the sole discretion of the Chief Executive Officer and the Chief Financial Officer would pay a cash bonus to such award recipients. As of March 31, 2024, the Company has accrued compensation expense of $536,535 in relation to the cash bonuses to be paid upon achievement of the specified corporate goals based on the expected outcomes related to the prescribed performance targets. As of March 31, 2024, the Company had recognized total compensation expense of $335,437. The Company has unrecognized compensation expense of $746,063 in relation to the RSUs from grants in 2023, of which $177,800 is in relation to RSUs that will vest in 2024, $268,899 in relation to RSUs that will vest in 2025, and $299,364 in relation to RSUs that will vest in 2026 based on the outcomes related to the prescribed performance targets on the outstanding awards. Total Amortized Amortized Un-Amortized Award Vesting 2024 2023 2024 $ Year $ $ $ 272,570 2024 87,942 94,770 177,800 316,412 2025 44,090 47,513 268,899 331,067 2026 29,419 31,703 299,364 920,049 161,451 173,986 746,063 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
Subsequent Events | Note 9 – Subsequent Events Cancellation of Stock Options On April 16 2024, 36,821 vested stock options previously granted to an employee were cancelled and returned as authorized shares under the 2015 Plan on the expiration of the exercise period following the resignation of such employee. Settlement of RSUs On April 4, 2024, 51,000 RSUs previously granted to various employees vested and resulted in the issuance of 32,337 shares of common stock. 18,663 shares of common stock were withheld for taxes and returned to the 2015 Plan. On May 1, 2024, 50,000 RSUs previously granted to an employee vested and resulted in the issuance of 34,496 shares of common stock. 15,504 shares of common stock were withheld for taxes and returned to the 2015 Plan. Sales Pursuant to Equity Distribution Agreement During the period from April 1, 2024 through May 6, 2024, the Company sold and settled 639,316 shares of common stock for aggregate net proceeds (net of broker commissions and fees) of approximately $515,775 under the 2022 EDA. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis Of Presentation | The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited (the “Company” or “VolitionRx”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements but do not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 25, 2024 (the “Annual Report”). The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Annual Report. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
Reclassification | Certain reclassifications within operating expenses have been made to the prior period’s financial statements to conform to the current period financial statement presentation. There is no impact in total to the results of operations and cash flows in all periods presented. |
Recently Issued Accounting Pronouncements | In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its condensed consolidated financial statements. |
Fair Value Measurements | Pursuant to ASC 820, “ Fair Value Measurements and Disclosures,” Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The financial instruments of the Company consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and a warrant liability. These items are considered Level 1 due to their short-term nature and their market interest rates, except for the warrant liability, which is considered Level 2 and is recorded at fair value at the end of each reporting period. Included in the following table are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024. Fair Value Measurements at March 31, 2024 Description Level 1 Level 2 Level 3 Total $ $ $ $ Liabilities Warrant liability - 145,571 - 145,571 As of December 31, 2023, the warrant liability was $126,649. The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis for the three months ended March 31, 2024, as follows: Warrant Liability Total $ Balance at December 31, 2023 126,649 Loss on change in fair value of warrant liability 18,922 Balance at March 31, 2024 145,571 |
Basic And Diluted Net Loss Per Share | The Company computes net loss per share in accordance with ASC 260, “ Earnings Per Share,” |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Schedule Of assets and liabilities measured at fair value on a recurring basis | Fair Value Measurements at March 31, 2024 Description Level 1 Level 2 Level 3 Total $ $ $ $ Liabilities Warrant liability - 145,571 - 145,571 |
Schedule Of warrant liability measured at fair value | Warrant Liability Total $ Balance at December 31, 2023 126,649 Loss on change in fair value of warrant liability 18,922 Balance at March 31, 2024 145,571 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property and Equipment | |
Schedule Of Property And Equipment | March 31, 2024 December 31, 2023 Useful Life Cost $ Cost $ Computer hardware and software 3 years 723,899 724,534 Laboratory equipment 5 years 4,695,842 4,753,253 Office furniture and equipment 5 years 375,815 378,800 Buildings 30 years 2,069,344 2,113,031 Building improvements 5-15 years 1,576,729 1,610,016 Land Not amortized 129,729 132,468 Total property and equipment 9,571,358 9,712,102 Less accumulated depreciation 4,390,807 4,189,089 Total property and equipment net 5,180,551 5,523,013 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets | |
Schedule Of Intangible Assets | March 31, 2024 December 31, 2023 Cost $ Cost $ Patents 1,110,005 1,130,936 Licenses 176,220 - Total Patents and Licenses 1,286,225 1,130,936 Less accumulated amortization 1,071,092 1,107,050 Total patents and Licenses, net 215,133 23,886 |
Schedule Of Annual Estimated Amortization | Amount $ 2024 12,887 2025 17,183 2026 17,183 2027 17,183 2028 17,183 Greater than 5 years 133,514 Total Intangible Assets 215,133 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock | |
Summary of RSUs vested and settled during period | Equity Incentive Plan RSUs Vested (#) Vest Date Shares issued (#) Shares Withheld for Taxes (#) 2015 21,582 Feb 8, 2024 21,582 - 2015 9,000 Mar 1, 2024 6,057 2,943 2015 44,217 Mar 27, 2024 40,530 3,687 74,799 68,169 6,630 |
Schedule of fair value of the warrants | March 31, 2024 December 31, 2023 Risk-free interest rate 4.3 % 3.89 % Expected volatility 81.35 % 76.30 % Expected life (years) 4.19 4.44 Expected dividend yield - - Total fair value $ 145,571 $ 126,649 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation | |
Summary Of Changes In Warrants Outstanding | Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2023 862,500 3.05 Granted - - Expired/Cancelled - - Outstanding at March 31, 2024 862,500 3.05 Exercisable at March 31, 2024 835,500 3.05 |
Summarizing The Warrants Issued And Outstanding | Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 448,500 448,500 2.00 4.21 897,000 54,000 27,000 3.05 4.51 164,700 50,000 50,000 3.45 1.92 172,500 125,000 125,000 3.95 2.76 493,750 185,000 185,000 4.90 2.84 906,500 862,500 835,500 2,634,450 |
Summarizes The Changes In Options Outstanding | Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2023 4,699,569 3.87 Expired/Cancelled - - Outstanding at March 31, 2024 4,699,569 3.87 Exercisable at March 31, 2024 4,699,569 3.87 |
Summarizing The Options Issued And Outstanding | Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 585,000 585,000 3.25 0.87 1,901,250 981,569 981,569 3.40 7.35 3,337,335 740,000 740,000 3.60 6.11 2,664,000 1,607,837 1,607,837 4.00 2.49 6,431,348 89,163 89,163 4.38 3.82 390,534 50,000 50,000 4.80 2.76 240,000 646,000 646,000 5.00 2.99 3,230,000 4,699,569 4,699,569 18,194,467 |
Summarizing The Rsus Issued And Outstanding | Number of RSUs Weighted Average Grant Date Fair Value Share Price ($) Outstanding at December 31, 2023 3,634,952 1.01 Granted 14,000 0.97 Vested/Settled (74,799 ) 1.74 Cancelled / Forfeited (41,873 ) 1.05 Outstanding at March 31, 2024 3,532,280 0.99 |
Schedule of RSUs granted during period | Equity Incentive Plan RSUs (#) Grant Date Vesting Period First Vesting Date Second Vesting Date Third Vesting Date RSU Expense ($) 2015 14,000 Feb 22, 2024 36 Months Feb 22, 2025 Feb 22, 2026 Feb 22, 2027 13,589 14,000 13,589 |
Schedule of RSUs vested and settled during period | Equity Incentive Plan RSUs Vested (#) Vest Date Shares issued (#) Shares Withheld for Taxes (#) 2015 21,582 Feb 8, 2024 21,582 - 2015 9,000 Mar 1, 2024 6,057 2,943 2015 44,217 Mar 27, 2024 40,530 3,687 74,799 68,169 6,630 |
Schedule of RSUs cancelled | Equity Incentive Plan RSUs (#) Cancellation Date Vest Date RSUs Cancelled (#) 2015 8,000 Jan 16, 2024 Sep 28, 2024 8,000 2015 6,000 Jan 16, 2024 Oct 4, 2024 6,000 2015 8,000 Jan 16, 2024 Sep 28, 2025 8,000 2015 6,000 Jan 16, 2024 Oct 4, 2025 6,000 2015 8,000 Jan 16, 2024 Sep 28, 2026 8,000 2015 667 Feb 9, 2024 Jun 15, 2024 667 2015 667 Feb 9, 2024 Jun 15, 2025 667 2015 666 Feb 9, 2024 Jun 15, 2026 666 2015 1,775 Mar 25, 2024 Mar 27, 2024 1,775 2015 2,098 Mar 25, 2024 Jun 15, 2024 2,098 41,873 41,873 |
Schedule of RSUs issued and outstanding and average contractual life | Number Outstanding Weighted Average Grant Date Fair Value Share Price ($) Weighted Average Remaining Contractual Life (Years) 40,000 0.58 1.62 450,000 0.68 3.05 450,000 0.69 2.01 1,545,000 0.70 1.50 14,000 0.97 1.90 34,000 1.31 1.45 14,000 1.32 1.28 707,987 1.46 1.01 32,294 1.58 0.96 12,500 1.69 0.48 56,333 1.72 1.42 29,000 2.01 0.38 666 2.15 1.17 11,500 2.45 0.17 85,000 2.95 0.26 50,000 3.31 0.08 3,532,280 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Schedule of future minimum lease payments under financing leases | For the Three Months Ending March 31, 2024 Amount $ 2024 - remaining 43,610 2025 58,147 2026 58,148 2027 58,148 2028 58,147 Greater than 5 years 196,233 Total 472,433 Less: Amount representing interest (44,891 ) Present value of minimum lease payments 427,542 |
Schedule of operating lease | March 31, 2024 December 31, 2023 $ $ Operating right-of-use assets 569,163 549,504 Operating lease liabilities, current portion 201,047 199,323 Operating lease liabilities, long term 396,376 378,054 Total operating lease liabilities 597,423 577,377 Weighted average remaining lease (months) 36 33 Weighted average discount rate 3.26 % 3.02 % |
Schedule Of Future Minimum Lease Payments Under Operating Leases | For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 177,094 2025 192,151 2026 165,104 2027 92,786 2028 10,295 Total 637,430 Less: imputed interest (40,007 ) Total Operating Lease Liabilities 597,423 |
Schedule Of Recognized In Short-term Lease Costs | For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 78,085 2025 7,186 Total Operating Lease Liabilities 85,271 |
Schedule Of Grants Repayable | For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 54,700 2025 36,661 2026 44,187 2027 49,056 2028 52,461 Greater than 5 years 231,603 Total Grants Repayable 468,668 |
Schedule Of Long-term Debt Payable | For the Three Months Ending March 31, 2024 Amount $ 2024 - Remaining 1,212,648 2025 903,830 2026 678,239 2027 443,116 2028 1,879,108 Greater than 5 years 317,107 Total 5,434,048 Less: amount representing interest (911,536 ) Total Long-Term Debt 4,522,512 |
Schedule of annual payments Of Collaborative Agreement Obligations | Total Amount Remaining 2024 - Remaining 2025 $ $ $ National Universty of Taiwan 510,000 510,000 - MD Anderson Cancer Center 449,406 285,860 163,546 Guys and St Thomas 163,966 163,966 - Xentic Bioscience 81,447 81,447 - UMC 139,965 139,965 - Total Collaborative Obligations 1,344,784 1,181,238 163,546 |
Schedule of commitments in respect of corporate goals and performance based awards | Total Amortized Amortized Amortized Award Vesting 2024 2023 2022 Un-Amortized $ Year $ $ $ $ 527,940 2023 - 393,853 134,087 - 455,003 2024 63,355 260,119 65,088 129,796 486,567 2025 44,090 177,584 46,686 262,297 1,469,510 107,445 831,556 245,861 392,093 Total Amortized Amortized Un-Amortized Award Vesting 2024 2023 2024 $ Year $ $ $ 272,570 2024 87,942 94,770 177,800 316,412 2025 44,090 47,513 268,899 331,067 2026 29,419 31,703 299,364 920,049 161,451 173,986 746,063 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Warrant liability | $ 145,571 | $ 126,649 |
Fair Value Inputs Level 2 [Member] | ||
Warrant liability | 145,571 | |
Fair Value Inputs Level 3 [Member] | ||
Warrant liability | 0 | |
Fair Value Inputs Level 1 [Member] | ||
Warrant liability | $ 0 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details 1) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Warrant Liability beginning balance | $ 126,649 |
Loss on change in fair value of warrant liability | 18,922 |
Warrant Liability ending balance | $ 145,571 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Warrant Liability | $ 145,571 | $ 126,649 |
Warrants And Options [Member] | ||
Potentially Dilutive Securities Excluded From The Computation Of Eps | 9,094,349 |
Liquidity and Going Concern A_2
Liquidity and Going Concern Assessment (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accumulated deficit | $ (210,943,895) | $ (202,576,507) | |
Cash and cash equivalents | 11,772,163 | $ 20,729,983 | |
Cash flows from operating activities | (8,342,384) | $ (8,744,744) | |
Net Loss | (8,472,005) | $ (8,872,909) | |
Liquidity and Going Concern Assessment [Member] | |||
Accumulated deficit | (210,900,000) | ||
Cash and cash equivalents | 11,800,000 | ||
Cash flows from operating activities | 8,300,000 | ||
Net Loss | $ (8,500,000) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Total property and equipment | $ 9,571,358 | $ 9,712,102 |
Less accumulated depreciation | 4,390,807 | 4,189,089 |
Total property and equipment net | 5,180,551 | 5,523,013 |
Computer Hardware And Software [Member] | ||
Total property and equipment | $ 723,899 | 724,534 |
Estimated useful life | 3 years | |
Laboratory Equipment [Member] | ||
Total property and equipment | $ 4,695,842 | 4,753,253 |
Estimated useful life | 5 years | |
Office Furniture and Equipment [Member] | ||
Total property and equipment | $ 375,815 | 378,800 |
Estimated useful life | 5 years | |
Buildings [Member] | ||
Total property and equipment | $ 2,069,344 | 2,113,031 |
Estimated useful life | 30 years | |
Building Improvements [Member] | ||
Total property and equipment | $ 1,576,729 | 1,610,016 |
Building Improvements [Member] | Minimum [Member] | ||
Estimated useful life | 5 years | |
Building Improvements [Member] | Maximum [Member] | ||
Estimated useful life | 15 years | |
Land [Member] | ||
Total property and equipment | $ 129,729 | $ 132,468 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property and Equipment | ||
Depreciation Expense | $ 277,501 | $ 250,861 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Total Patents and Licenses | $ 1,286,225 | $ 1,130,936 |
Less accumulated amortization | 1,071,092 | 1,107,050 |
Total patents and Licenses, net | 215,133 | 23,886 |
Patents [Member] | ||
Total Patents and Licenses | 1,110,005 | 1,130,936 |
Licenses [Member] | ||
Total Patents and Licenses | $ 176,220 | $ 0 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible Assets | ||
2024 | $ 12,887 | |
2025 | 17,183 | |
2026 | 17,183 | |
2027 | 17,183 | |
2028 | 17,183 | |
Greater than 5 years | 133,514 | |
Total Intangible Assets | $ 215,133 | $ 23,886 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization Expense | $ 14,294 | $ 21,129 |
Minimum [Member] | Patents And Intellectual Property [Member] | ||
Amortization Of Patents On Straight Line Basis | 8 years | |
Maximum [Member] | Patents And Intellectual Property [Member] | ||
Amortization Of Patents On Straight Line Basis | 20 years |
Common Stock (Details)
Common Stock (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Equity Incentive RSU | 74,799 |
Incentive RSU Issued | 68,169 |
RSUs Held for Taxes | $ | $ 6,630 |
Equity Incentive Plan One [Member] | |
Incentive Plan | 2015 |
Equity Incentive RSU | 21,582 |
Incentive Vest Date | Feb. 08, 2024 |
Incentive RSU Issued | 21,582 |
RSUs Held for Taxes | $ | $ 0 |
Equity Incentive Plan Two [Member] | |
Incentive Plan | 2015 |
Equity Incentive RSU | 9,000 |
Incentive Vest Date | Mar. 01, 2024 |
Incentive RSU Issued | 6,057 |
RSUs Held for Taxes | $ | $ 2,943 |
Equity Incentive Plan Three [Member] | |
Incentive Plan | 2015 |
Equity Incentive RSU | 44,217 |
Incentive Vest Date | Mar. 27, 2024 |
Incentive RSU Issued | 40,530 |
RSUs Held for Taxes | $ | $ 3,687 |
Common Stock (Details 1)
Common Stock (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Common Stock | ||
Risk-free interest rate | 4.30% | 3.89% |
Expected term (years) | 4 years 2 months 8 days | 4 years 5 months 8 days |
Expected volatility | 81.35% | 76.30% |
Expected dividends | 0% | 0% |
Total fair value | $ 145,571 | $ 126,649 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 12, 2024 | Jun. 30, 2023 | May 20, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Common stock, shares outstanding | 82,108,972 | 81,898,321 | |||
Common stock, shares issued | 82,108,972 | 81,898,321 | |||
Total fair value | $ 145,571 | $ 126,649 | |||
Common stock price per share | $ 0.001 | ||||
Common stock, shares authorized | 100,000,000 | ||||
Underwriting Agreement [Member] | |||||
Total fair value | $ 145,571 | $ 126,649 | |||
Warrants issued to purchase shares of common stock | 448,500 | ||||
Exercise price | $ 2 | ||||
Equity Distribution Agreement [Member] | |||||
Common stock shares sold | 13,350 | ||||
Aggeregate share of common stock offering price | $ 25,000,000 | ||||
Aggregate net proceeds | $ 15,733 | ||||
2022 EDA [Member] | |||||
Common stock shares sold | 643,882 | ||||
Commissions and fee | $ 1,500,000 | ||||
EpiCypher License Agreement [Member] | |||||
Issuance of restricted common stock | 129,132 | ||||
Common stock price per share | $ 0.97 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Warrants [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of warrants Outstanding beginning balance | shares | 862,500 |
Number of warrants outstanding ending balance | shares | 862,500 |
Number of Warrants Exercisable | shares | 835,500 |
Weighted Average Exercise Price Outstanding balance | $ 3.05 |
Weighted Average Exercise Price, Granted | 0 |
Weighted Average Exercise Price, Expired/Cancelled | 0 |
Weighted Average Exercise Price, ending balance | 3.05 |
Weighted Average Exercise Price, exercisable | $ 3.05 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Warrants [Member] | |
Number Exercisable | 835,500 |
Proceeds to Company if Exercised | $ | $ 2,634,450 |
Number Outstanding | 862,500 |
Warrant Two [Member] | |
Number Exercisable | 27,000 |
Exercise Price | $ / shares | $ 3.05 |
Proceeds to Company if Exercised | $ | $ 164,700 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months 3 days |
Number Outstanding | 54,000 |
Warrant Three [Member] | |
Number Exercisable | 50,000 |
Exercise Price | $ / shares | $ 3.45 |
Proceeds to Company if Exercised | $ | $ 172,500 |
Weighted Average Remaining Contractual Life (Years) | 1 year 11 months 1 day |
Number Outstanding | 50,000 |
Warrants Four [Member] | |
Number Exercisable | 125,000 |
Exercise Price | $ / shares | $ 3.95 |
Proceeds to Company if Exercised | $ | $ 493,750 |
Weighted Average Remaining Contractual Life (Years) | 2 years 9 months 3 days |
Number Outstanding | 125,000 |
Warrants Five [Member] | |
Number Exercisable | 185,000 |
Exercise Price | $ / shares | $ 4.90 |
Proceeds to Company if Exercised | $ | $ 906,500 |
Weighted Average Remaining Contractual Life (Years) | 2 years 10 months 2 days |
Number Outstanding | 185,000 |
Warrant One [Member] | |
Number Exercisable | 448,500 |
Exercise Price | $ / shares | $ 2 |
Proceeds to Company if Exercised | $ | $ 897,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 2 months 15 days |
Number Outstanding | 448,500 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) - Option [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Number of options outstanding beginning balance | shares | 4,699,569 |
Number of options, Expired/Cancelled | $ | $ 0 |
Number of option outstanding ending balance | shares | 4,699,569 |
Number of options, exercisable | shares | 4,699,569 |
Weighted Average Exercise Price Outstanding balance | $ 3.87 |
Weighted Average Exercise Price expires/cancelled | 0 |
Weighted Average Exercise Price ending balance | 3.87 |
Weighted Average Exercise Price exercisable balance | $ 3.87 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details 3) | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Option Six [Member] | |
Number Exercisable, shares | 50,000 |
Exercise Price | $ / shares | $ 4.80 |
Weighted Average Remaining Contractual Life (years) | 2 years 9 months 3 days |
Proceeds to Company if Exercised | $ | $ 240,000 |
Number Outstanding, shares | 50,000 |
Option Seven [Member] | |
Number Exercisable, shares | 646,000 |
Exercise Price | $ / shares | $ 5 |
Weighted Average Remaining Contractual Life (years) | 2 years 11 months 26 days |
Proceeds to Company if Exercised | $ | $ 3,230,000 |
Number Outstanding, shares | 646,000 |
Options One [Member] | |
Number Exercisable, shares | 585,000 |
Exercise Price | $ / shares | $ 3.25 |
Weighted Average Remaining Contractual Life (years) | 10 months 13 days |
Proceeds to Company if Exercised | $ | $ 1,901,250 |
Number Outstanding, shares | 585,000 |
Option Two [Member] | |
Number Exercisable, shares | 981,569 |
Exercise Price | $ / shares | $ 3.40 |
Weighted Average Remaining Contractual Life (years) | 7 years 4 months 6 days |
Proceeds to Company if Exercised | $ | $ 3,337,335 |
Number Outstanding, shares | 981,569 |
Option Three [Member] | |
Number Exercisable, shares | 740,000 |
Exercise Price | $ / shares | $ 3.60 |
Weighted Average Remaining Contractual Life (years) | 6 years 1 month 9 days |
Proceeds to Company if Exercised | $ | $ 2,664,000 |
Number Outstanding, shares | 740,000 |
Option Four [Member] | |
Number Exercisable, shares | 1,607,837 |
Exercise Price | $ / shares | $ 4 |
Weighted Average Remaining Contractual Life (years) | 2 years 5 months 26 days |
Proceeds to Company if Exercised | $ | $ 6,431,348 |
Number Outstanding, shares | 1,607,837 |
Option Five [Member] | |
Number Exercisable, shares | 89,163 |
Exercise Price | $ / shares | $ 4.38 |
Weighted Average Remaining Contractual Life (years) | 3 years 9 months 25 days |
Proceeds to Company if Exercised | $ | $ 390,534 |
Number Outstanding, shares | 89,163 |
Total Option [Member] | |
Number Exercisable, shares | 4,699,569 |
Proceeds to Company if Exercised | $ | $ 18,194,467 |
Number Outstanding, shares | 4,699,569 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details 4) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number Of Rsus Outstanding Begining Balance shares | shares | 3,634,952 |
Granted | shares | 14,000 |
Vested/Settled | shares | (74,799) |
Cancelled / Forfeited | shares | (41,873) |
Number Of Rsus Outstanding ending Balance | shares | 3,532,280 |
Share Price Beginning Balance shares | $ / shares | $ 1.01 |
Share Price Granted | $ / shares | 0.97 |
Share Price Vested/Settled | $ / shares | 1.74 |
Share Price Cancelled / Forfeited | $ / shares | 1.05 |
Share Price ending Balance | $ / shares | $ 0.99 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Details 5) | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Compensation Expense RSUs | shares | 14,000 |
RSU Expense | $ | $ 13,589 |
Compensation Expense One [Member] | |
Compensation Expense RSUs | shares | 14,000 |
Equity Incentive Plan | 2015 |
Compensation Expense grant date | Feb. 22, 2024 |
Compensation Expense Vesting Period | 36 Months |
First Vesting date | Feb. 22, 2025 |
Second vesting date | Feb. 22, 2026 |
Third vesting date | Feb. 22, 2027 |
RSU Expense | $ | $ 13,589 |
Stock-Based Compensation (Det_7
Stock-Based Compensation (Details 6) | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Equity Incentive RSU | 74,799 |
Incentive RSU Issued | 68,169 |
RSUs Held for Taxes | $ | $ 6,630 |
Equity Incentive Plan One [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 21,582 |
Incentive Vest Date | Feb. 08, 2024 |
Incentive RSU Issued | 21,582 |
RSUs Held for Taxes | $ | $ 0 |
Equity Incentive Plan Two [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 9,000 |
Incentive Vest Date | Mar. 01, 2024 |
Incentive RSU Issued | 6,057 |
RSUs Held for Taxes | $ | $ 2,943 |
Equity Incentive Plan Three [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 44,217 |
Incentive Vest Date | Mar. 27, 2024 |
Incentive RSU Issued | 40,530 |
RSUs Held for Taxes | $ | $ 3,687 |
Stock-Based Compensation (Det_8
Stock-Based Compensation (Details 7) | 3 Months Ended |
Mar. 31, 2024 shares | |
Equity Incentive RSU | 41,873 |
Equity Incentive RSU | 74,799 |
Incentive RSUs Cancelled | 41,873 |
RSUs Cancelled Plan One [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 8,000 |
Incentive Cancellation Date | Jan. 16, 2024 |
Incentive Vest Date | Sep. 28, 2024 |
Incentive RSUs Cancelled | 8,000 |
RSUs Cancelled Plan Two [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 6,000 |
Incentive Cancellation Date | Jan. 16, 2024 |
Incentive Vest Date | Oct. 04, 2024 |
Incentive RSUs Cancelled | 6,000 |
RSUs Cancelled Plan Three [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 8,000 |
Incentive Cancellation Date | Jan. 16, 2024 |
Incentive Vest Date | Sep. 28, 2025 |
Incentive RSUs Cancelled | 8,000 |
RSUs Cancelled Plan Four [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 6,000 |
Incentive Cancellation Date | Jan. 16, 2024 |
Incentive Vest Date | Oct. 04, 2025 |
Incentive RSUs Cancelled | 6,000 |
RSUs Cancelled Plan Five [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 8,000 |
Incentive Cancellation Date | Jan. 16, 2024 |
Incentive Vest Date | Sep. 28, 2026 |
Incentive RSUs Cancelled | 8,000 |
RSUs Cancelled Plan Six [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 667 |
Incentive Cancellation Date | Feb. 09, 2024 |
Incentive Vest Date | Jun. 15, 2024 |
Incentive RSUs Cancelled | 667 |
RSUs Cancelled Plan Seven [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 667 |
Incentive Cancellation Date | Feb. 09, 2024 |
Incentive Vest Date | Jun. 15, 2025 |
Incentive RSUs Cancelled | 667 |
RSUs Cancelled Plan Eight [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 666 |
Incentive Cancellation Date | Feb. 09, 2024 |
Incentive Vest Date | Jun. 15, 2026 |
Incentive RSUs Cancelled | 666 |
RSUs Cancelled Plan Nine [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 1,775 |
Incentive Cancellation Date | Mar. 25, 2024 |
Incentive Vest Date | Mar. 27, 2024 |
Incentive RSUs Cancelled | 1,775 |
RSUs Cancelled Plan Ten [Member] | |
Equity Incentive Plan | 2015 |
Equity Incentive RSU | 2,098 |
Incentive Cancellation Date | Mar. 25, 2024 |
Incentive Vest Date | Jun. 15, 2024 |
Incentive RSUs Cancelled | 2,098 |
Stock-Based Compensation (Det_9
Stock-Based Compensation (Details 8) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Option Ten [Member] | |
Number Of Stock Outstanding Balance | 12,500 |
Share Price | $ / shares | $ 1.69 |
Weighted Average Remaining Contractual Life (years) | 5 months 23 days |
Options One [Member] | |
Number Of Stock Outstanding Balance | 40,000 |
Share Price | $ / shares | $ 0.58 |
Weighted Average Remaining Contractual Life (years) | 1 year 7 months 13 days |
Option Two [Member] | |
Number Of Stock Outstanding Balance | 450,000 |
Share Price | $ / shares | $ 0.68 |
Weighted Average Remaining Contractual Life (years) | 3 years 18 days |
Option Three [Member] | |
Number Of Stock Outstanding Balance | 450,000 |
Share Price | $ / shares | $ 0.69 |
Weighted Average Remaining Contractual Life (years) | 2 years 3 days |
Option Four [Member] | |
Number Of Stock Outstanding Balance | 1,545,000 |
Share Price | $ / shares | $ 0.70 |
Weighted Average Remaining Contractual Life (years) | 1 year 6 months |
Option Five [Member] | |
Number Of Stock Outstanding Balance | 14,000 |
Share Price | $ / shares | $ 0.97 |
Weighted Average Remaining Contractual Life (years) | 1 year 10 months 24 days |
Total Option [Member] | |
Number Of Stock Outstanding Balance | 3,532,280 |
Option Six [Member] | |
Number Of Stock Outstanding Balance | 34,000 |
Share Price | $ / shares | $ 1.31 |
Weighted Average Remaining Contractual Life (years) | 1 year 5 months 12 days |
Option Seven [Member] | |
Number Of Stock Outstanding Balance | 14,000 |
Share Price | $ / shares | $ 1.32 |
Weighted Average Remaining Contractual Life (years) | 1 year 3 months 10 days |
Option Eight [Member] | |
Number Of Stock Outstanding Balance | 707,987 |
Share Price | $ / shares | $ 1.46 |
Weighted Average Remaining Contractual Life (years) | 1 year 3 days |
Option Nine [Member] | |
Number Of Stock Outstanding Balance | 32,294 |
Share Price | $ / shares | $ 1.58 |
Weighted Average Remaining Contractual Life (years) | 11 months 15 days |
Option Eleven [Member] | |
Number Of Stock Outstanding Balance | 56,333 |
Share Price | $ / shares | $ 1.72 |
Weighted Average Remaining Contractual Life (years) | 1 year 5 months 1 day |
Option Twelve [Member] | |
Number Of Stock Outstanding Balance | 29,000 |
Share Price | $ / shares | $ 2.01 |
Weighted Average Remaining Contractual Life (years) | 4 months 17 days |
Option Thirteen [Member] | |
Number Of Stock Outstanding Balance | 666 |
Share Price | $ / shares | $ 2.15 |
Weighted Average Remaining Contractual Life (years) | 1 year 2 months 1 day |
Option Fourteen [Member] | |
Number Of Stock Outstanding Balance | 11,500 |
Share Price | $ / shares | $ 2.45 |
Weighted Average Remaining Contractual Life (years) | 2 months 1 day |
Option Fifteen [Member] | |
Number Of Stock Outstanding Balance | 85,000 |
Share Price | $ / shares | $ 2.95 |
Weighted Average Remaining Contractual Life (years) | 3 months 3 days |
Option Sixteen [Member] | |
Number Of Stock Outstanding Balance | 50,000 |
Share Price | $ / shares | $ 3.31 |
Weighted Average Remaining Contractual Life (years) | 29 days |
Stock-Based Compensation (De_10
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Remaining Contractual Life | 3 years 6 months 29 days | |
Share-based Payment Arrangement, Noncash Expense | $ 411,220 | $ 693,657 |
Option [Member] | ||
Common Stock, Shares Authorized | 9,700,000 | |
Common Stock Shares Reserved For Future Issuance | 642,693 | |
Share-based Payment Arrangement, Noncash Expense | $ 0 | 117,034 |
Compensation Cost Related To Non-vested Warrants | $ 0 | |
Option [Member] | 2015 Equity Incentive Plan [Member] | ||
Weighted Average Remaining Contractual Life | 3 years 11 months 23 days | |
Share-based Payment Arrangement, Noncash Expense | $ 406,149 | 561,703 |
Remaining unrecognized compensation cost related to non-vested RSUs | $ 1,489,205 | |
Stock Options [Member] | ||
Weighted Average Remaining Contractual Life | 1 year 7 months 2 days | |
Warrants [Member] | ||
Share-based Payment Arrangement, Noncash Expense | $ 5,071 | $ 14,920 |
Compensation Cost Related To Non-vested Warrants | 167 | |
Intrinsic value | $ 0 | |
Vesting term | 3 days |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Finance Lease Obligations [Member] | Mar. 31, 2024 USD ($) |
2024 | $ 43,610 |
2025 | 58,147 |
2026 | 58,148 |
2027 | 58,148 |
2028 | 58,147 |
Greater than 5 years | 196,233 |
Total | 472,433 |
Less: Amount representing interest | (44,891) |
Present value of minimum lease payments | $ 427,542 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Operating right-of-use assets | $ 569,163 | $ 549,504 |
Operating lease liabilities, current portion | 201,047 | 199,323 |
Operating lease liabilities, long term | 396,376 | 378,054 |
Operating Lease Right of Use Obligations [Member] | ||
Operating right-of-use assets | $ 569,163 | $ 549,504 |
Weighted average remaining lease (months) | 36 months | 33 months |
Weighted average discount rate | 3.26% | 3.02% |
Operating lease liabilities, current portion | $ 201,047 | $ 199,323 |
Operating lease liabilities, long term | 396,376 | 378,054 |
Total operating lease liabilities | $ 597,423 | $ 577,377 |
Commitments and Contingencies_4
Commitments and Contingencies (Details 2) - Operating Lease Right of Use Obligations [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 177,094 | |
2025 | 192,151 | |
2026 | 165,104 | |
2027 | 92,786 | |
2028 | 10,295 | |
Total | 637,430 | |
Less: Amount representing interest | (40,007) | |
Total Operating Lease Liabilities | $ 597,423 | $ 577,377 |
Commitments and Contingencies_5
Commitments and Contingencies (Details 3) | Mar. 31, 2024 USD ($) |
Commitments and Contingencies | |
2024 | $ 78,085 |
2025 | 7,186 |
Total Operating Lease Liabilities | $ 85,271 |
Commitments and Contingencies_6
Commitments and Contingencies (Details 4) | Mar. 31, 2024 USD ($) |
Total Grants Repayable | $ 468,668 |
Grants Repayable [Member] | |
2024 | 54,700 |
2025 | 36,661 |
2026 | 44,187 |
2027 | 49,056 |
2028 | 52,461 |
Greater than 5 years | 231,603 |
Total Grants Repayable | $ 468,668 |
Commitments and Contingencies_7
Commitments and Contingencies (Details 5) | Mar. 31, 2024 USD ($) |
Commitments and Contingencies | |
2024 | $ 1,212,648 |
2025 | 903,830 |
2026 | 678,239 |
2027 | 443,116 |
2028 | 1,879,108 |
Greater than 5 years | 317,107 |
Total | 5,434,048 |
Less: Amount representing interest | (911,536) |
Total Long-Term Debt | $ 4,522,512 |
Commitments and Contingencies_8
Commitments and Contingencies (Details 6) | Mar. 31, 2024 USD ($) |
2024- Remaining | $ 1,181,238 |
2025 | 163,546 |
Total Collaborative Agreement Obligations | 1,344,784 |
National Universty of Taiwan | |
2024- Remaining | 510,000 |
2025 | 0 |
Total Collaborative Agreement Obligations | 510,000 |
MD Anderson Cancer Center | |
2024- Remaining | 285,860 |
2025 | 163,546 |
Total Collaborative Agreement Obligations | 449,406 |
Guys and St Thomas | |
2024- Remaining | 163,966 |
2025 | 0 |
Total Collaborative Agreement Obligations | 163,966 |
Xentic Bioscience | |
2024- Remaining | 81,447 |
2025 | 0 |
Total Collaborative Agreement Obligations | 81,447 |
UMC | |
2024- Remaining | 139,965 |
2025 | 0 |
Total Collaborative Agreement Obligations | $ 139,965 |
Commitments and Contingencies_9
Commitments and Contingencies (Details 7) - Restricted stock option | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Outstanding Award 3 | |
Outstanding award | $ 527,940 |
Amortized of outstanding award 2024 | 0 |
Amortized of outstanding award 2023 | 393,853 |
Amortized of outstanding award 2022 | $ 134,087 |
Vesting period | 2023 |
Unamortized of outstanding award | $ 0 |
Outstanding Award 5 | |
Outstanding award | 486,567 |
Amortized of outstanding award 2024 | 44,090 |
Amortized of outstanding award 2023 | 177,584 |
Amortized of outstanding award 2022 | $ 46,686 |
Vesting period | 2025 |
Unamortized of outstanding award | $ 262,297 |
Outstanding Award 4 | |
Outstanding award | 455,003 |
Amortized of outstanding award 2024 | 63,355 |
Amortized of outstanding award 2023 | 260,119 |
Amortized of outstanding award 2022 | $ 65,088 |
Vesting period | 2024 |
Unamortized of outstanding award | $ 129,796 |
Total Member | |
Outstanding award | 1,469,510 |
Amortized of outstanding award 2024 | 107,445 |
Amortized of outstanding award 2023 | 831,556 |
Amortized of outstanding award 2022 | 245,861 |
Unamortized of outstanding award | $ 392,093 |
Commitments and Contingencie_10
Commitments and Contingencies (Details 8) - Restricted Stock Options Vested [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Outstanding Award 1 | |
Outstanding award | $ 272,570 |
Vesting period | 2024 |
Amortized of outstanding award 2024 | $ 87,942 |
Amortized of outstanding award 2023 | 94,770 |
Unamortized of outstanding award | 177,800 |
Outstanding Award 2 | |
Outstanding award | $ 316,412 |
Vesting period | 2025 |
Amortized of outstanding award 2024 | $ 44,090 |
Amortized of outstanding award 2023 | 47,513 |
Unamortized of outstanding award | 268,899 |
Outstanding Award 3 | |
Outstanding award | $ 331,067 |
Vesting period | 2026 |
Amortized of outstanding award 2024 | $ 29,419 |
Amortized of outstanding award 2023 | 31,703 |
Unamortized of outstanding award | 299,364 |
Total Member | |
Outstanding award | 920,049 |
Amortized of outstanding award 2024 | 161,451 |
Amortized of outstanding award 2023 | 173,986 |
Unamortized of outstanding award | $ 746,063 |
Commitments and Contingencie_11
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 05, 2024 | Nov. 03, 2020 | Oct. 25, 2019 | Mar. 31, 2024 | |
Payments For Future Research And Collobration | $ 1,344,784 | |||
Total Grants Repayable | 468,668 | |||
Principal balance payable | 261,869 | |||
Aggerate Amount Payable, Description | under this Agreement will be completed by the end of the third quarter of 2024 at a total additional cost to the Company of up to $0.7 million | |||
Loan agreement, Description | a 9-month loan agreement with First Insurance Funding for a maximum of $294,603 with fixed interest rate of 8.42%, maturing in November 2024 | |||
Total Long-Term Debt | 4,522,512 | |||
Amount payable for services rendered | 130,883 | |||
Amount may be payable by Company in future periods for services rendered | 696,920 | |||
Accrued compensation expense | 536,535 | |||
Recognized total compensation expense | $ 335,437 | |||
Tamu [Member] | ||||
Debt conversion, Converted instrument, Rate | 7.50% | |||
Additional interest | 5% | |||
Equity Interest | 12.50% | 12.50% | ||
Restricted Stock Units [Member] | ||||
Recognized total compensation expense | $ 1,184,860 | |||
RSU Vested in 2024 | 388,561 | |||
RSU Vested in 2023 | 527,940 | |||
RSU Vested in 2025 | 268,359 | |||
Unrecognized compensation expense | 392,093 | |||
Two Thousand Twenty Two [Member] | Univercity Of Texas MD [Member] | ||||
Collaborative Obligations Amount Due | 449,406 | |||
Additional Cost Of Company | 449,406 | |||
August Two Thousand Twenty Three [Member] | Guy's and St Thomas' NHS Foundation Trust [Member] | ||||
Collaborative Obligations Amount Due | 40,992 | |||
Additional Cost Of Company | 40,992 | |||
Cost | 163,966 | |||
July Thirty One Thousand Twenty Three [Member] | Xenetic Biosciences Inc and CLS Therapeutics [Member] | ||||
Collaborative Obligations Amount Due | 26,142 | |||
Additional Cost Of Company | 81,447 | |||
Cost | 107,589 | |||
RSU 2026 [Member] | ||||
Unrecognized compensation expense | 299,364 | |||
January TwoThousand Twenty Four [Member] | University Medical Centre Amsterdam[Member] | ||||
Collaborative Obligations Amount Due | 139,965 | |||
Additional Cost Of Company | 139,965 | |||
Cost | 139,965 | |||
RSU 2025 [Member] | ||||
Unrecognized compensation expense | 268,899 | |||
RSU 2024 [Member] | ||||
Unrecognized compensation expense | 177,800 | |||
RSU 2023 [Member] | ||||
Unrecognized compensation expense | 746,063 | |||
Managing Director's Agreement [Member] | ||||
Amount payable | 211 | |||
Royalty Payment | 118,918 | |||
Clinical Study Research Agreement [Member] | University of Taiwan [Member] | In 2018 [Member] | ||||
Collaborative Obligations Amount Due | 510,000 | |||
Collaborative Obligations Amount | $ 2,550,000 | |||
Lease Agreement Expire Period | 3 years | |||
Operating Lease Right of Use Obligations [Member] | ||||
Payment Of Lease Liabilities | $ 65,166 | |||
Operating Lease Expense | 65,660 | |||
Short Term Lease Costs | $ 29,961 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |||
May 01, 2024 | Apr. 04, 2024 | May 06, 2024 | Apr. 16, 2024 | |
Common stock shares sold | 639,316 | |||
Aggregate net proceeds from common stock shares issued | $ 515,775 | |||
RSUs granted cancelled | 36,821 | |||
Common stock, shares withheld for taxes | 15,504 | 18,663 | ||
Common stock, shares issued | 34,496 | 32,337 | ||
RSUs, vested | 50,000 | 51,000 |