Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001213809 | ||
Entity Registrant Name | DYADIC INTERNATIONAL INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-55264 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-0486747 | ||
Entity Address, Address Line One | 140 Intracoastal Pointe Drive, Suite 404 | ||
Entity Address, City or Town | Jupiter | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33477 | ||
City Area Code | 561 | ||
Local Phone Number | 743-8333 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | DYAI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 83,800,000 | ||
Entity Common Stock, Shares Outstanding | 28,264,157 | ||
Auditor Name | Mayer Hoffman McCann P.C | ||
Auditor Location | St. Petersburg, FL | ||
Auditor Firm ID | 199 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 15,748,480 | $ 20,637,045 |
Short-term investment securities | 4,511,780 | 8,457,452 |
Interest receivable | 94,375 | 112,247 |
Accounts receivable | 277,831 | 294,199 |
Prepaid expenses and other current assets | 375,830 | 280,555 |
Total current assets | 21,008,296 | 29,781,498 |
Non-current assets: | ||
Investment in Alphazyme | 284,709 | 284,709 |
Other assets | 6,117 | 6,225 |
Total assets | 21,299,122 | 30,072,432 |
Current liabilities: | ||
Accounts payable | 1,547,953 | 1,013,099 |
Accrued expenses | 709,560 | 489,756 |
Deferred research and development obligations | 151,147 | 123,016 |
Deferred license revenue, current portion | 147,059 | 0 |
Total current liabilities | 2,555,719 | 1,625,871 |
Deferred license revenue, net of current portion | 352,941 | 0 |
Total liabilities | 2,908,660 | 1,625,871 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding | 0 | 0 |
Common stock, $.001 par value:Authorized shares - 100,000,000; issued shares - 40,332,659 and 39,747,659, outstanding shares - 28,079,157 and 27,494,157 as of June 30, 2021, and December 31, 2020, respectively | 40,483 | 39,748 |
Additional paid-in capital | 101,026,496 | 98,013,079 |
Treasury stock, shares held at cost - 12,253,502 | (18,929,915) | (18,929,915) |
Accumulated deficit | (63,746,602) | (50,676,351) |
Total stockholders’ equity | 18,390,462 | 28,446,561 |
Total liabilities and stockholders’ equity | $ 21,299,122 | $ 30,072,432 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 40,482,659 | 39,747,659 |
Common stock, shares outstanding (in shares) | 28,229,157 | 27,494,157 |
Treasury stock (in shares) | 12,253,502 | 12,253,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Research and development revenue | $ 2,403,831 | $ 1,601,921 |
Costs and expenses: | ||
Costs of research and development revenue | 1,944,438 | 1,424,931 |
Provision for contract losses | 0 | 187,388 |
Research and development | 8,392,370 | 3,868,121 |
General and administrative | 6,697,617 | 6,084,799 |
Foreign currency exchange loss | 96,893 | 62,345 |
Total costs and expenses | 17,131,318 | 11,627,584 |
Loss from operations | (14,727,487) | (10,025,663) |
Other income: | ||
Interest income | 51,704 | 446,999 |
Gain from the sale of investments in BDI | 1,605,532 | 0 |
Unrealized gain from investment in Alphazyme | 0 | 284,709 |
Total other income | 1,657,236 | 731,708 |
Loss before income taxes | (13,070,251) | (9,293,955) |
Provision for income taxes | 0 | 31,318 |
Net loss | $ (13,070,251) | $ (9,325,273) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.47) | $ (0.34) |
Basic and diluted weighted-average common shares outstanding (in shares) | 27,838,047 | 27,471,587 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 39,612,659 | (12,253,502) | ||||
Balance at Dec. 31, 2019 | $ 39,613 | $ (18,929,915) | $ 96,105,851 | $ (41,351,078) | $ 35,864,471 | |
Stock-based compensation expenses | $ 0 | $ 0 | 1,651,893 | 0 | $ 1,651,893 | |
Issuance of common stock upon exercise of stock options (in shares) | 135,000 | 0 | 135,000 | |||
Issuance of common stock upon exercise of stock options | $ 135 | $ 0 | 255,335 | 0 | $ 255,470 | |
Net loss | $ 0 | $ 0 | 0 | (9,325,273) | (9,325,273) | |
Balance (in shares) at Dec. 31, 2020 | 39,747,659 | (12,253,502) | ||||
Balance at Dec. 31, 2020 | $ 39,748 | $ (18,929,915) | 98,013,079 | (50,676,351) | 28,446,561 | |
Stock-based compensation expenses | $ 0 | $ 0 | 1,784,102 | 0 | $ 1,784,102 | |
Issuance of common stock upon exercise of stock options (in shares) | 735,000 | 0 | 735,000 | [1] | ||
Issuance of common stock upon exercise of stock options | $ 735 | $ 0 | 1,229,315 | 0 | $ 1,230,050 | |
Net loss | $ 0 | $ 0 | 0 | (13,070,251) | (13,070,251) | |
Balance (in shares) at Dec. 31, 2021 | 40,482,659 | (12,253,502) | ||||
Balance at Dec. 31, 2021 | $ 40,483 | $ (18,929,915) | $ 101,026,496 | $ (63,746,602) | $ 18,390,462 | |
[1] | Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net loss | $ (13,070,251) | $ (9,325,273) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense | 1,784,102 | 1,651,893 | |
Amortization of held-to-maturity securities, net | 329,612 | 331,277 | |
Unrealized gain from investment in Alphazyme | 0 | (284,709) | |
Gain from the sale of investment in BDI | (1,605,532) | 0 | |
Foreign currency exchange loss | 96,893 | 62,345 | |
Changes in operating assets and liabilities: | |||
Interest receivable | 17,872 | 217,464 | |
Accounts receivable | (31,792) | 363,365 | |
Income tax receivable | 0 | 500,616 | |
Prepaid expenses and other current assets | (95,366) | (2,410) | |
Accounts payable | 549,562 | (53,200) | |
Accrued expenses | 219,824 | (80,132) | |
Deferred license revenue | 500,000 | 0 | |
Deferred research and development obligations | 28,131 | 44,372 | |
Net cash used in operating activities | (11,276,945) | (6,574,392) | |
Cash flows from investing activities | |||
Purchases of held-to-maturity investment securities | (11,283,940) | (17,638,947) | |
Proceeds from maturities of investment securities | 14,900,000 | 39,761,000 | |
Proceeds from the sale of investment in BDI | 1,605,532 | 0 | |
Net cash provided by investing activities | 5,221,592 | 22,122,053 | |
Cash flows from financing activities | |||
Proceeds from exercise of options | 1,230,050 | 255,470 | |
Net cash provided by financing activities | 1,230,050 | 255,470 | |
Effect of exchange rate changes on cash | (63,262) | 10,370 | |
Net (decrease) increase in cash and cash equivalents | (4,888,565) | 15,813,501 | |
Cash and cash equivalents at beginning of period | 20,637,045 | 4,823,544 | |
Cash and cash equivalents at end of period | 15,748,480 | 20,637,045 | $ 4,823,544 |
Supplemental cash flow information | |||
Cash received from income tax refund | $ 0 | $ 500,616 | $ 500,000 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1: Description of Business Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) is a global biotechnology platform company based in Jupiter, Florida with operations in the United States and a satellite office in the Netherlands, and it utilizes a number of third two third Thermothelomyces heterothallica Myceliophthora thermophila C1. C1 On December 31, 2015, C1 C1 may After the DuPont Transaction, the Company has primarily been focused on the animal and human biopharmaceutical industries, specifically in further improving and applying the proprietary C1 C1 C1 Impact of COVID- 19 The outbreak of COVID- 19 The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19 Liquidity and Capital Resources We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flow to provide the working capital needs for our operations. We believe that our existing cash position and investment in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not may the C1 no may, Summary of Significant Accounting Policies Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% Since concluding the DuPont Transaction, the Company has conducted business in one operating segment, which is identified by the Company based on how resources are allocated, and operating decisions are made. Management evaluates performance and allocates resources based on the Company as a whole. Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For each of the years ended December 31, 2021 2020 December 31, 2021 2020 one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the years ended December 31, 2021 2020 December 31, 2021 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020 Cash and Cash Equivalents We treat highly liquid investments with original maturities of three Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 As of December 31, 2021 2020 not December 31, 2021 2020 Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2021 2020 Accounts receivable consist of the following: December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 294,199 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555 Accounts Payable Accounts payable consist of the following: December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099 Accrued Expenses Accrued expenses consist of the following: December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 489,756 Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input method, revenue will be recognized based on the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not 19 not third 2 Revenue related to sublicensing agreements: Customer options: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are related to the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, during the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121 Provision for Contract Losses The Company assesses the profitability of our collaboration agreements to provide research services to our contracted business partners and identifies those contracts where current operating results or forecasts indicate probable future losses. If an anticipated contract cost exceeds anticipated contract revenue, a provision for the entire estimated loss on the contract is recorded and then accreted into the statement of operations over the remaining term of the contract. The provision for contract losses is based on judgment and estimates, including revenues and costs, where applicable, the consideration of our business partners’ reimbursement, and when such loss is deemed probable to occur and is reasonable to estimate. Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately-held companies, which usually do not may may may no may not may may not may not For the year ended December 31, 2021, For the year ended December 31, 2020, third December 31, 2021, not Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under U.S. GAAP. The Company does not not Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our Board of Directors (the “Board”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2021 2020 Recently Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019 , No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not |
Note 2 - Cash, Cash Equivalent,
Note 2 - Cash, Cash Equivalent, and Investments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2: The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, and its investments in money market funds are classified as cash equivalents. The following table shows the Company’s cash, available-for-sale securities, and short-term and long-term investment securities by major security type as of December 31, 2021 2020 December 31, 2021 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,377,094 $ — $ — $ 1,377,094 Money Market Funds 1 14,371,386 — — $ 14,371,386 Subtotal 15,748,480 — — 15,748,480 Short-Term Investment Securities (2) Corporate Bonds (3) 2 4,509,285 — (2,495 ) $ 4,511,780 Total $ 20,257,765 $ — $ (2,495 ) $ 20,260,260 December 31, 2020 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 149,015 $ — $ — $ 149,015 Money Market Funds 1 20,488,030 — — $ 20,488,030 Subtotal 20,637,045 — — 20,637,045 Short-Term Investment Securities (2) Corporate Bonds (3) 2 8,473,461 22,473 (6,463 ) $ 8,457,451 Total $ 29,110,506 $ 22,473 $ (6,463 ) $ 29,094,496 Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 12 ( 3 $283,940 December 31, 2021 2020 The Company considers declines in market value of its investment portfolio to be temporary in nature. The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not December 31, 2021 not |
Note 3 - Research and Collabora
Note 3 - Research and Collaboration Agreements, Sublicense Agreements and Investments in Privately Held Companies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3: Janssen On December 16, 2021, C1 one C1 C1 €1.6 C1 seven C1 one C1 C1 seven seven nine C1 Janssen may no 90 Accounting Treatment The Company applied ASC 808, 808 not 606, 606 The Company identified the following promises under the Janssen Agreement: ( 1 C1 2 3 4 5 C1 6 7 The Company concluded that the research and development services under the R&D Funding represents a separate unit of account, because it is a prerequisite to the license agreement and a third not Other promises including the reservation of targets and tech transfer are not not not not not Based on management’s assessment, the Company concluded two performance obligations should be accounted for separately: ( 1 2 C1 €1.6 1 As noted above, the Company received a non-refundable upfront payment of $0.5 million to reserve the initial protein targets until Janssen decides to exercise an option to license in the future, which represents a right to access the C1 The Company also excluded option exercise fees and future milestone payments that the Company was eligible to receive under the Janssen Agreement, from the initial transaction price. The Company will not At December 31, 2021, IDBiologics, Inc. On July 8, 2020, 2017 2, Pursuant to the term of the IDBiologics Agreement, on July 8, 2021, C1 2 not The Company evaluated the nature of its equity interest in IDBiologics and determined that IDBiologics is a VIE due to the capital structure of the entity. However, the Company is not not not On April 25, 2021, December 31, 2021, y $194,000 of r Alphazyme On May 5, 2019, December 31, 2015, tary C1 On June 24, 2020, greement (the “Amended Sub-License Agreement”) with Alphazyme to amend and restate the Alphazyme Sub-License Agreement. Pursuant to the Amended Sub-License Agreement and in consideration of Dyadic’s transfer of its C1 C1 On December 1, 2020, The Company evaluated the nature of its equity interest investment in Alphazyme and determined that Alphazyme is a VIE due to the capital structure of the entity. However, the Company is not not not not For the year ended December 31, 2020, $284,709 its investment in Alphazyme resulting from a third December 31, 2021, not no BDI On June 30, 2017, The Company paid EUR €1.0 C1 C1 €936,000 two The Company concluded that BDI is not not not not not The Company performed a valuation analysis of the components of the transaction and concluded that the fair value of BDI equity interest was considered immaterial, the RSA Initial Payment of approximately USD $1.1 million (EUR €1.0 On July 26, 2021, $1.6 m August 2021. In connection with the BDI Sale, the Company also entered into an amendment to the Service Framework Agreement (the “Amended SFA”) with BDI Pharma. Under the Amended SFA, the Company maintains the right to engage in research and development projects at BDI Pharma until June 30, 2025, June 30, 2030, Novovet and Luina Bio On April 26, 2019, December 31, 2015, C1 In consideration of the license granted pursuant to the Luina Bio Sub-License Agreement, Dyadic received a 20% equity interest in Novovet (“Novovet Up-Front Consideration”) in accordance with the terms of Novovet’s Shareholder Agreement (“Shareholders Agreement”) and will receive a percentage of royalties on future net sales and non-sales revenue, if any, which incorporates Dyadic’s proprietary C1 The Company evaluated the nature of its equity interest investment in Novovet and determined that Novovet is a VIE, because Novovet does not third not not not not To date Novovet has not not C1 not 606. On February 15, 2022, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4: The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017 January 1, 2018. 35% 21% no December 31, 2019. The TCJA repealed the corporate AMT but permitted unused AMT credit carryforwards to be used to reduce the regular tax obligation in future years. Any AMT credit carryforwards that do not 50% 2018 2020, 100% 2021. March 2020, 2021 2018 2019, Accordingly, we reclassified the balance of the AMT credit from the deferred tax asset to an income tax receivable in 2018. 2019, 50% 2018. 2020, 50% 2019. For the year ended December 31, 2021, no The significant components of gain (loss) before income taxes are as follows: Years Ended December 31, 2021 2020 U.S. operations $ (13,115,869 ) $ (9,246,122 ) Foreign operations 45,618 (47,833 ) Total loss before provision for income taxes $ (13,070,251 ) $ (9,293,955 ) The Company has no current or deferred income tax for the years ended December 31, 2021 2020 The income tax provision differs from the expense amount that would result from applying the federal statutory rates to income before income taxes due to permanent differences, state income taxes and a change in the deferred tax valuation allowance. The reconciliation between the statutory tax rate and the Company’s actual effective tax rate is as follows: Years Ended December 31, 2021 2020 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.52 ) (3.60 ) Non-deductible items (0.84 ) (0.45 ) Change in valuation allowance 28.09 24.19 True-up adjustment 0.06 1.33 Foreign operations 0.09 (0.13 ) Change in tax rate (1.88 ) — Other — (0.34 ) Effective income tax rate — % — % The significant components of the Company’s net deferred income tax assets are as follows: December 31, 2021 2020 Stock option expense $ 947,400 $ 689,600 NOL carryforward 10,509,900 7,080,600 Research and development credits 1,656,500 1,656,500 Unrealized gain from investment in Alphazyme (72,100 ) (69,800 ) Other (6,100 ) 7,900 Deferred tax asset, net of deferred tax liabilities 13,035,600 9,364,800 Valuation allowance (13,035,600 ) (9,364,800 ) Net deferred tax asset $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, Management evaluates whether it is more likely than not not December 31, 2021 2020. The Company had net operating loss (“NOL”) carryforwards available as of December 31, 2021 2020, 2040. Indian Tax Income generated in India is subject to Tax Deducted at Source (“TDS”), which is a means of collecting income tax at the source when income is generated rather than at later by the Indian government. The TDS amount paid can be used as foreign tax credit for US tax purposes. However, we do not December 31, 2020. December 31, 2021. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5: Leases Jupiter, Florida Headquarters The Company’s corporate headquarters are located in Jupiter, Florida. The Company occupies approximately 2,000 square feet with a monthly rental rate and common area maintenance charges of approximately $4,400. The lease will expire on September 1, 2022. The Netherlands Office The Company maintains a small satellite office in Wageningen, The Netherlands. The Company occupies a flexible office space for an annual rental rate of approximately $4,000. The lease expires on January 31, 2023, VTT Research Contract Extension On June 28, 2019, June 2022 €2.52 three C1 C1 third €350,000 November 9, 2021, €191,700 90 Purchase Obligations The following table provides a schedule of commitments related to agreements to purchase certain services in the ordinary course of business, as of December 31, 2021 2022 $ 2,617,601 2023 374,689 2024 327,041 Total $ 3,319,331 The purchase obligations in the table above are primarily related to our contracts with the Company’s contract research organizations to provide certain research services. The contracts set forth the Company’s minimum purchase requirements that are subject to adjustments based on certain performance conditions. All contracts expire in or prior to 2024. Legal Proceedings We are not one |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 6: Description of Equity Plans The 2021 “2021 April 9, 2021, June 11, 2021. 2021 2011 “2011 2021 2021 no 2011 2021 2011 April 16, 2021. As of December 31, 2021 nal share 2021 December 31, 2020 2011 Stock Options Options are granted to purchase common stock at prices that are equal to the fair value of the common stock on the date the option is granted. Vesting is determined by the Board of Directors at the time of grant. The term of any stock option awards under the Company’s 2011 2021 ten one three The grant-date fair value of each option grant is estimated using the Black-Scholes option pricing model and amortized on a straight-line basis over the requisite service period, which is generally the vesting period, for each separately vesting portion of the award as if the award was, in substance, multiple awards. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including the following: Risk-free interest rate Expected dividend yield not Expected stock price volatility. 2016, Expected life of option. The assumptions used in the Black-Scholes option pricing model for stock options granted for the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Risk-free interest rate 0.05% - 1.24% 0.25% - 1.72% Expected dividend yield —% —% Expected stock price volatility 54.52% - 60.80% 39.94% - 51.22% Expected life of options 0.5 - 6.25 Years 1.75 - 6.25 Years The following table summarizes the combined stock option activity under the Company’s Equity Compensation Plans: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2019 3,860,390 $ 1.76 5.69 $ 13,287,932 Granted 913,000 5.24 Exercised (135,000 ) 1.89 Expired — — Canceled — — Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 870,825 5.11 Exercised (2) (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Exercisable at December 31, 2021 3,384,516 $ 2.45 5.21 $ 7,674,636 Notes: ( 1 • Annual share-based compensation awards on January 4, 2021, one four one four one • One-time award on January 8, 2021, one • One-time award on January 21, 2021, one • One-time award on March 22, 2021, one • One-time award on August 24, 2021, one • One-time award on November 1, 2021, one • One-time award on November 9, 2021, December 31, 2021. not ( 2 • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. The weighted average grant-date fair market value of stock options granted for the years ended December 31, 2021 2020 December 31, 2021 2020 As of December 31, 2021 2020 , total unrecognized compensation cost related to non-vested stock options granted under the Company’s equity compensation plans was $856,982 and $477,232, respectively, which is expected to be recognized over a weighted average period of 3.07 years and 2.84 years, respectively. The Company will adjust unrecognized compensation cost for actual forfeitures as they occur. Compensation Expenses We recognize all share-based payments to employees, consultants, and our Board, as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations, and these charges had no For performance-based awards, the Company recognizes related stock-based compensation expenses based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. There was no performance-based award recognized during the years ended December 31, 2021 2020 Total non-cash stock option compensation expense was allocated among the following expense categories: Years Ended December 31, 2021 2020 General and administrative $ 1,571,328 $ 1,466,461 Research and development 212,774 185,432 Total $ 1,784,102 $ 1,651,893 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7: Issuances of Common Stock For the years ended December 31, 2021 2020 Treasury Stock As of December 31, 2021 2020 Open Market Sale Agreement℠ On August 13, 2020, may We have not not may 415 4 1933, We will pay Jefferies a commission equal to 3.0% of the gross proceeds from each sale of shares of our common stock sold through Jefferies under the sale agreement and will provide Jefferies with customary indemnification and contribution rights. In addition, we agreed to reimburse certain legal expenses and fees by Jefferies in connection with the offering up to a maximum of $50,000, in addition to certain ongoing disbursements of Jefferies’ counsel, if required. The sale agreement will terminate upon the sale of all $50.0 million of shares under the sale agreement, unless earlier terminated by either party as permitted therein. The issuance and sale, if any, of shares of our common stock by us under the sale agreement will be made pursuant to a registration statement on Form S- 3 August 13, 2020 August 25, 2020 no no |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8: For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through March 29, 2022 not Stock Option Grant On January 3, 2022, one four On January 3, 2022, On January 3, 2022, one On January 3, 2022, four On January 3, 2022, one Termination of a Material Definitive Agreement On March 17, 2022, August 11, 2021 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Impact of COVID-19, Policy [Policy Text Block] | Impact of COVID- 19 The outbreak of COVID- 19 The extent to which the COVID- 19 may 2 2 2 third 19 may may 19 not 19 |
Liquidity and Capital Resources, Policy [Policy Text Block] | Liquidity and Capital Resources We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flow to provide the working capital needs for our operations. We believe that our existing cash position and investment in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not may the C1 no may, |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% Since concluding the DuPont Transaction, the Company has conducted business in one operating segment, which is identified by the Company based on how resources are allocated, and operating decisions are made. Management evaluates performance and allocates resources based on the Company as a whole. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For each of the years ended December 31, 2021 2020 December 31, 2021 2020 one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the years ended December 31, 2021 2020 December 31, 2021 2020 The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We treat highly liquid investments with original maturities of three |
Investment, Policy [Policy Text Block] | Investment Securities The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 As of December 31, 2021 2020 not December 31, 2021 2020 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2021 2020 Accounts receivable consist of the following: December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 294,199 |
Prepaid Expenses and Other Current Assets, Policy [Policy Text Block] | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555 |
Accounts Payable, Policy [Policy Text Block] | Accounts Payable Accounts payable consist of the following: December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099 |
Accrued Expenses, Policy [Policy Text Block] | Accrued Expenses Accrued expenses consist of the following: December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 489,756 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input method, revenue will be recognized based on the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not 19 not third 2 Revenue related to sublicensing agreements: Customer options: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are related to the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, during the years ended December 31, 2021 2020 Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121 |
Provision for Contract Losses, Policy [Policy Text Block] | Provision for Contract Losses The Company assesses the profitability of our collaboration agreements to provide research services to our contracted business partners and identifies those contracts where current operating results or forecasts indicate probable future losses. If an anticipated contract cost exceeds anticipated contract revenue, a provision for the entire estimated loss on the contract is recorded and then accreted into the statement of operations over the remaining term of the contract. The provision for contract losses is based on judgment and estimates, including revenues and costs, where applicable, the consideration of our business partners’ reimbursement, and when such loss is deemed probable to occur and is reasonable to estimate. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Non-Marketable Investments The Company also holds investments in non-marketable equity securities of privately-held companies, which usually do not may may may no may not may may not may not For the year ended December 31, 2021, For the year ended December 31, 2020, third December 31, 2021, not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under U.S. GAAP. The Company does not not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our Board of Directors (the “Board”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2021 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 In December 2019 , No. 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021, 2019 12 not Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 Billed receivable $ 101,175 $ 130,532 Unbilled receivable 176,656 163,667 $ 277,831 $ 294,199 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2021 2020 Prepaid insurance $ 326,712 $ 204,988 Prepaid expenses - various 45,839 72,403 Prepaid taxes 3,279 3,164 $ 375,830 $ 280,555 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Research and development expenses $ 1,363,889 $ 904,572 Legal expenses 27,675 24,496 Other 156,389 84,031 $ 1,547,953 $ 1,013,099 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Employee wages and benefits $ 405,758 $ 447,881 Research and development expenses 194,250 28,508 Other 109,552 13,367 $ 709,560 $ 489,756 |
Schedule of Research and Development Costs [Table Text Block] | Years Ended December 31, 2021 2020 Outside contracted services $ 7,607,035 $ 3,302,034 Personnel related costs 669,328 531,405 Facilities, overhead and other 116,007 34,682 $ 8,392,370 $ 3,868,121 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalent, and Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31, 2021 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 1,377,094 $ — $ — $ 1,377,094 Money Market Funds 1 14,371,386 — — $ 14,371,386 Subtotal 15,748,480 — — 15,748,480 Short-Term Investment Securities (2) Corporate Bonds (3) 2 4,509,285 — (2,495 ) $ 4,511,780 Total $ 20,257,765 $ — $ (2,495 ) $ 20,260,260 December 31, 2020 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 149,015 $ — $ — $ 149,015 Money Market Funds 1 20,488,030 — — $ 20,488,030 Subtotal 20,637,045 — — 20,637,045 Short-Term Investment Securities (2) Corporate Bonds (3) 2 8,473,461 22,473 (6,463 ) $ 8,457,451 Total $ 29,110,506 $ 22,473 $ (6,463 ) $ 29,094,496 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2021 2020 U.S. operations $ (13,115,869 ) $ (9,246,122 ) Foreign operations 45,618 (47,833 ) Total loss before provision for income taxes $ (13,070,251 ) $ (9,293,955 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.52 ) (3.60 ) Non-deductible items (0.84 ) (0.45 ) Change in valuation allowance 28.09 24.19 True-up adjustment 0.06 1.33 Foreign operations 0.09 (0.13 ) Change in tax rate (1.88 ) — Other — (0.34 ) Effective income tax rate — % — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Stock option expense $ 947,400 $ 689,600 NOL carryforward 10,509,900 7,080,600 Research and development credits 1,656,500 1,656,500 Unrealized gain from investment in Alphazyme (72,100 ) (69,800 ) Other (6,100 ) 7,900 Deferred tax asset, net of deferred tax liabilities 13,035,600 9,364,800 Valuation allowance (13,035,600 ) (9,364,800 ) Net deferred tax asset $ — $ — |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Long-term Purchase Commitment [Table Text Block] | 2022 $ 2,617,601 2023 374,689 2024 327,041 Total $ 3,319,331 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2021 2020 Risk-free interest rate 0.05% - 1.24% 0.25% - 1.72% Expected dividend yield —% —% Expected stock price volatility 54.52% - 60.80% 39.94% - 51.22% Expected life of options 0.5 - 6.25 Years 1.75 - 6.25 Years |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2019 3,860,390 $ 1.76 5.69 $ 13,287,932 Granted 913,000 5.24 Exercised (135,000 ) 1.89 Expired — — Canceled — — Outstanding at December 31, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted (1) 870,825 5.11 Exercised (2) (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Exercisable at December 31, 2021 3,384,516 $ 2.45 5.21 $ 7,674,636 |
Share-based Payment Arrangement, Activity [Table Text Block] | Years Ended December 31, 2021 2020 General and administrative $ 1,571,328 $ 1,466,461 Research and development 212,774 185,432 Total $ 1,784,102 $ 1,651,893 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | |
Number of Operating Segments | 1 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,403,831 | $ 1,601,921 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 4,774,215 | 4,638,390 | |
Alphazyme [Member] | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 284,709 | ||
BDI Holdings [Member] | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,600,000 | $ 1,600,000 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Number of Customers | 14 | 14 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | |||
Concentration Risk, Number of Customers | 8 | 7 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,716,000 | $ 796,000 | |
Concentration Risk, Percentage | 71.30% | 49.70% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Number of Customers | 8 | 9 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member] | |||
Concentration Risk, Number of Customers | 4 | 7 | |
Concentration Risk, Percentage | 56.40% | 41.60% | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 157,000 | $ 123,000 | |
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | |||
Concentration Risk, Number of Suppliers | 3 | 1 | |
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member] | |||
Concentration Risk, Percentage | 95.10% | ||
Research Services Purchased | $ 9,061,000 | ||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | One CRO [Member] | |||
Concentration Risk, Percentage | 91.60% | ||
Research Services Purchased | $ 4,576,000 | ||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||
Concentration Risk, Number of Suppliers | 2 | 1 | |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | One CRO [Member] | |||
Concentration Risk, Percentage | 68.10% | ||
Accounts Payable, Total | $ 690,000 | ||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Two CROs [Member] | |||
Concentration Risk, Percentage | 84.80% | ||
Accounts Payable, Total | $ 1,312,000 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable | $ 277,831 | $ 294,199 |
Billed Revenues [Member] | ||
Accounts receivable | 101,175 | 130,532 |
Unbilled Revenues [Member] | ||
Accounts receivable | $ 176,656 | $ 163,667 |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid insurance | $ 326,712 | $ 204,988 |
Prepaid expenses - various | 45,839 | 72,403 |
Prepaid taxes | $ 3,279 | $ 3,164 |
Note 1 - Organization and Sum_6
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Research and development expenses | $ 1,363,889 | $ 904,572 |
Legal expenses | 27,675 | 24,496 |
Other | 156,389 | 84,031 |
Accounts Payable, Current, Total | $ 1,547,953 | $ 1,013,099 |
Note 1 - Organization and Sum_7
Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Employee wages and benefits | $ 405,758 | $ 447,881 |
Research and development expenses | 194,250 | 28,508 |
Other | $ 109,552 | $ 13,367 |
Note 1 - Organization and Sum_8
Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Outside contracted services | $ 7,607,035 | $ 3,302,034 |
Personnel related costs | 669,328 | 531,405 |
Facilities, overhead and other | 116,007 | 34,682 |
Research And Development Expense, Including Related Party | $ 8,392,370 | $ 3,868,121 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalent, and Investments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Premium Paid on Purchase | $ 283,940 | $ 282,946 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalent, and Investments - Major Security Type (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalent, fair value | $ 15,748,480 | $ 20,637,045 | |
Cash, adjusted cost | 1,377,094 | 149,015 | |
Money Market Funds, adjusted cost | 14,371,386 | 20,488,030 | |
Cash and cash equivalents, adjusted cost | 15,748,480 | 20,637,045 | |
Gross Unrealized Holding Gains | 0 | 22,473 | |
Gross Unrealized Holding Losses | (2,495) | (6,463) | |
Short-term investment securities | 4,511,780 | 8,457,452 | |
Total, fair value | 20,257,765 | 29,110,506 | |
Total, adjusted | 20,260,260 | 29,094,496 | |
Corporate Bond Securities [Member] | |||
Short-term investment securities | [1],[2] | 4,511,780 | 8,457,451 |
Fair Value, Inputs, Level 2 [Member] | Short-term Corporate Bonds [Member] | |||
Gross Unrealized Holding Gains | [1],[2] | 0 | 22,473 |
Cash [Member] | |||
Cash and cash equivalent, fair value | 1,377,094 | 149,015 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalent, fair value | 14,371,386 | 20,488,030 | |
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Corporate Bonds, fair value | [1],[2] | 4,509,285 | 8,473,461 |
Gross Unrealized Holding Losses | [1],[2] | $ (2,495) | $ (6,463) |
[1] | For the three months ended September 30, 2021 and 2020, there was no premium paid to purchase held-to-maturity investment securities. The premium paid to purchase held-to-maturity investment securities was $283,940 and $221,156 for the nine months ended September 30, 2021, and 2020, respectively. The premium paid to purchase held-to-maturity investment securities was $282,946 for the year ended December 31, 2020. | ||
[2] | Short-term investment securities will mature within 12 months or less, from the applicable reporting date. |
Note 3 - Research and Collabo_2
Note 3 - Research and Collaboration Agreements, Sublicense Agreements and Investments in Privately Held Companies (Details Textual) | Jun. 24, 2020 | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Aug. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 16, 2021USD ($) | Dec. 16, 2021EUR (€) | Jul. 26, 2021 | Jul. 08, 2021shares | Dec. 01, 2020 | Apr. 26, 2019 |
Upfront Payment Payable | $ 500,000 | |||||||||||
Research and Development Expense, Related Party | $ 0 | |||||||||||
Number of Performance Obligations | 2 | 2 | ||||||||||
Cost of Goods and Services Sold, Total | 1,944,438 | $ 1,424,931 | ||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 277,831 | 294,199 | ||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | $ 1,100,000 | € 1,000,000 | ||||||||||
BDI Holdings [Member] | ||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,600,000 | 1,600,000 | ||||||||||
Research Services Agreement [Member] | ||||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | € | € 1 | |||||||||||
Alphazyme [Member] | ||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 2.50% | |||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 284,709 | |||||||||||
Novovet [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||||||
Unbilled Revenues [Member] | ||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 176,656 | $ 163,667 | ||||||||||
ID Biologics Inc [Member] | ||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 129,661 | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.37% | |||||||||||
Alphazyme [Member] | ||||||||||||
Ownership Percentage | 1.99% | |||||||||||
BDI Holdings [Member] | ||||||||||||
Ownership Percentage | 16.10% | |||||||||||
BDI Holdings [Member] | Research Services Agreement [Member] | ||||||||||||
Collaborative Arrangement, Equity Interest Acquired | 16.10% | 16.10% | ||||||||||
Collaborative Arrangement, Minimum Obligation For Research and Development | $ 936,000 | |||||||||||
VLPBio Member | ||||||||||||
Ownership Percentage | 3.30% | |||||||||||
VLPBio Member | Research Services Agreement [Member] | ||||||||||||
Collaborative Arrangement, Equity Interest Acquired | 3.30% | 3.30% | ||||||||||
Janssen Pharmaceutical Companies [Member] | ||||||||||||
Non-refundable Upfront Payment, Received | $ 500,000 | |||||||||||
Deferred License Revenue | 500,000 | |||||||||||
ID Biologics Inc [Member] | ||||||||||||
Cost of Goods and Services Sold, Total | 194,000 | |||||||||||
ID Biologics Inc [Member] | Unbilled Revenues [Member] | ||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 27,000 | |||||||||||
Research and Development [Member] | Janssen Pharmaceutical Companies [Member] | ||||||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | € | € 1,600,000 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Cuts and Jobs Act, Change In Alternative Minimum Tax, Income Tax Benefit | $ 1,001,233 | |||
Proceeds from Income Tax Refunds | 0 | $ 500,616 | $ 500,000 | $ 500,000 |
Current Income Tax Expense (Benefit), Total | 0 | 0 | ||
Operating Loss Carryforwards, Total | 39,900,000 | 27,300,000 | ||
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely | $ 37,100,000 | |||
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely, Available to Offset Taxable Income, Percentage | 80.00% | |||
Unrecognized Tax Benefits, Ending Balance | 0 | |||
Ministry of Finance, India [Member] | ||||
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | $ 0 | $ 31,000 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. operations | $ (13,115,869) | $ (9,246,122) |
Foreign operations | 45,618 | (47,833) |
Loss before income taxes | $ (13,070,251) | $ (9,293,955) |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation Between Statutory Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at U.S. statutory rate | (21.00%) | (21.00%) |
State taxes, net of federal benefit | (4.52%) | (3.60%) |
Non-deductible items | (0.84%) | (0.45%) |
Change in valuation allowance | 28.09% | 24.19% |
True-up adjustment | 0.06% | 1.33% |
Foreign operations | 0.09% | (0.13%) |
Change in tax rate | (1.88%) | 0.00% |
Other | 0.00% | (0.34%) |
Effective income tax rate | 0.00% | 0.00% |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Component of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Stock option expense | $ 947,400 | $ 689,600 |
NOL carryforward | 10,509,900 | 7,080,600 |
Research and development credits | 1,656,500 | 1,656,500 |
Unrealized gain from investment in Alphazyme | (72,100) | (69,800) |
Other | (6,100) | 7,900 |
Deferred tax asset, net of deferred tax liabilities | 13,035,600 | 9,364,800 |
Valuation allowance | (13,035,600) | (9,364,800) |
Net deferred tax asset | $ 0 | $ 0 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | Nov. 09, 2021EUR (€) | Jun. 28, 2019EUR (€) | Dec. 31, 2021USD ($)a |
VTT Technical Research Centre of Finland Ltd [Member] | |||
Commitment Development Period (Year) | 3 years | ||
Commitment Success Bonus Award | € 350,000 | ||
Commitment To Pay, Expanded | € 191,700 | ||
Commitment To Pay, Expanded, Period (Year) | 6 years | ||
Jupiter Florida Headqauarters Lease [Member] | |||
Area of Real Estate Property (Acre) | a | 2,000 | ||
Operating Leases, Monthly Rental Rate | $ | $ 4,400 | ||
Netherlands Office Lease [Member] | |||
Operating Leases, Annual Rental Rate | $ | $ 4,000 | ||
Commitment To Pay | € 2.52 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Purchase Obligations (Details) | Dec. 31, 2021USD ($) |
2022 | $ 2,617,601 |
2023 | 374,689 |
2024 | 327,041 |
Total | $ 3,319,331 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) | Nov. 09, 2021 | Nov. 01, 2021 | Aug. 24, 2021 | Mar. 22, 2021 | Jan. 21, 2021 | Jan. 08, 2021 | Jan. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 16, 2021 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 4,774,215 | 4,638,390 | 3,860,390 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 870,825 | [1] | 913,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.11 | [1] | $ 5.24 | |||||||||
Share-based Payment Arrangement, Expense | $ 1,784,102 | $ 1,651,893 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 735,000 | [2] | 135,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.67 | [2] | $ 1.89 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.49 | $ 2.09 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,729,850 | $ 481,139 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 856,982 | $ 477,232 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 25 days | 2 years 10 months 2 days | ||||||||||
Range 1 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 500,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.67 | |||||||||||
Range 2 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 150,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.63 | |||||||||||
Range 3 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 60,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.93 | |||||||||||
Range 4 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.39 | |||||||||||
Executives and Key Personnel [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 417,500 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.16 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | |||||||||||
Director [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 35,000 | 227,500 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.50 | $ 5.16 | ||||||||||
Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 23,325 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.16 | |||||||||||
Consultant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | 25,000 | 30,000 | 7,500 | 5,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.14 | $ 4.96 | $ 6.87 | $ 5.65 | $ 5.16 | |||||||
A New Executive [Member] | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.10 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,000 | |||||||||||
Share-based Payment Arrangement, Expense | $ 0 | |||||||||||
Share-based Payment Arrangement, Option [Member] | Director [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | ||||||||||
Share-based Payment Arrangement, Option [Member] | Employees [Member] | Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Share-based Payment Arrangement, Option [Member] | Consultant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | 1 year | 1 year | 1 year | |||||||
Share-based Payment Arrangement, Option [Member] | Share-based Compensation Award Tranche Two through Five [Member] | Executives and Key Personnel [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Performance Award [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | ||||||||||
The 2011 Plan [Member] | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,000,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 4,774,215 | 4,638,390 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,263,386 | 2,134,211 | ||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | Contractor [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 1 year | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Contractor [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||||
The 2011 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||||||||||
[1] | Represents the following stock options granted: • Annual share-based compensation awards on January 4, 2021, including: (a) 417,500 stock options with an exercise price of $5.16 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 227,500 stock options with an exercise price of $5.16 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,325 stock options with an exercise price of $5.16 per share granted to employees, vesting annually in equal installments over four years and (d) 5,000 stock options with an exercise price of $5.16 per share granted to a consultant, vesting upon one year anniversary. • One-time award on January 8, 2021, 35,000 stock options with an exercise price of $5.50 per share granted to a new member of the Board of Directors, vesting in one year from the grant date. • One-time award on January 21, 2021, 7,500 stock options with an exercise price of $5.65 per share granted to a consultant, vesting in one year from the grant date. • One-time award on March 22, 2021, 30,000 stock options with an exercise price of $6.87 per share granted to a consultant, vesting in one year from the grant date. • One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards. | |||||||||||
[2] | Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Black-Scholes Options Pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum [Member] | ||
Risk-Free interest rate, minimum | 0.05% | |
Risk-Free interest rate, maximum | 0.25% | |
Expected stock price volatility, minimum | 54.52% | |
Expected stock price volatility, maximum | 39.94% | |
Maximum [Member] | ||
Risk-Free interest rate, maximum | 1.24% | 1.72% |
Expected stock price volatility, maximum | 60.80% | 51.22% |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, shares (in shares) | 4,638,390 | 3,860,390 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 2.44 | $ 1.76 | ||
Weighted-average remaining contractual term, outstanding (Year) | 5 years 8 months 8 days | 6 years 1 month 20 days | 5 years 7 months 20 days | |
Aggregate intrinsic value, outstanding | $ 13,287,932 | $ 8,413,444 | $ 13,701,610 | |
Granted, shares (in shares) | 870,825 | [1] | 913,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.11 | [1] | $ 5.24 | |
Exercised, shares (in shares) | (735,000) | [2] | (135,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.67 | [2] | $ 1.89 | |
Expired, shares (in shares) | 0 | 0 | ||
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | ||
Canceled, shares (in shares) | 0 | 0 | ||
Canceled, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | ||
Outstanding, shares (in shares) | 3,860,390 | 4,774,215 | 4,638,390 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.76 | $ 3.04 | $ 2.44 | |
Exercisable, shares (in shares) | 3,384,516 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.45 | |||
Weighted-average remaining contractual term, exercisable (Year) | 5 years 2 months 15 days | |||
Aggregate intrinsic value, exercisable | $ 7,674,636 | |||
[1] | Represents the following stock options granted: • Annual share-based compensation awards on January 4, 2021, including: (a) 417,500 stock options with an exercise price of $5.16 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 227,500 stock options with an exercise price of $5.16 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,325 stock options with an exercise price of $5.16 per share granted to employees, vesting annually in equal installments over four years and (d) 5,000 stock options with an exercise price of $5.16 per share granted to a consultant, vesting upon one year anniversary. • One-time award on January 8, 2021, 35,000 stock options with an exercise price of $5.50 per share granted to a new member of the Board of Directors, vesting in one year from the grant date. • One-time award on January 21, 2021, 7,500 stock options with an exercise price of $5.65 per share granted to a consultant, vesting in one year from the grant date. • One-time award on March 22, 2021, 30,000 stock options with an exercise price of $6.87 per share granted to a consultant, vesting in one year from the grant date. • One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards. | |||
[2] | Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation | $ 1,784,102 | $ 1,651,893 |
General and Administrative Expense [Member] | ||
Stock-based compensation | 1,571,328 | 1,466,461 |
Research and Development Expense [Member] | ||
Stock-based compensation | $ 212,774 | $ 185,432 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | Aug. 13, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 735,000 | [1] | 135,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.67 | [1] | $ 1.89 | |
Treasury Stock, Common, Shares (in shares) | 12,253,502 | 12,253,502 | ||
Treasury Stock, Value, Ending Balance | $ 18,929,915 | $ 18,929,915 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Open Market Sale Agreement [Member] | ||||
Sale of Stock, Authorized Offering Amount | $ 50,000,000 | |||
Sale of Stock, Percentage of Commissions Paid of Gross Proceeds From Sale Of Each Share | 3.00% | |||
Sale of Stock, Reimbursable Legal Expenses | $ 50,000 | |||
Sale of Stock, Termination Amount Under Agreement | $ 50,000,000 | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 735,000 | 135,000 | ||
[1] | Represents the following stock options exercised: • 500,000 stock options exercised at $1.67, 150,000 stock options exercised at $1.63, 60,000 stock options exercised at $1.93, and 25,000 stock options exercised at $1.39. |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - $ / shares | Jan. 03, 2022 | Nov. 01, 2021 | Aug. 24, 2021 | Mar. 22, 2021 | Jan. 21, 2021 | Jan. 08, 2021 | Jan. 04, 2021 | Dec. 31, 2021 | [1] | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 870,825 | 913,000 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.11 | $ 5.24 | ||||||||
Executives and Key Personnel [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 417,500 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.16 | |||||||||
Director [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 35,000 | 227,500 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.50 | $ 5.16 | ||||||||
Director [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | ||||||||
Consultant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | 25,000 | 30,000 | 7,500 | 5,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.14 | $ 4.96 | $ 6.87 | $ 5.65 | $ 5.16 | |||||
Consultant [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | 1 year | 1 year | 1 year | |||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 325,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Subsequent Event [Member] | A Key Personnel [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Other than Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 277,500 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||||
Subsequent Event [Member] | Director [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Subsequent Event [Member] | Nonexecutive Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 23,325 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||||
Subsequent Event [Member] | Nonexecutive Employees [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Subsequent Event [Member] | Consultant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||||
Subsequent Event [Member] | Consultant [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
[1] | Represents the following stock options granted: • Annual share-based compensation awards on January 4, 2021, including: (a) 417,500 stock options with an exercise price of $5.16 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 227,500 stock options with an exercise price of $5.16 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,325 stock options with an exercise price of $5.16 per share granted to employees, vesting annually in equal installments over four years and (d) 5,000 stock options with an exercise price of $5.16 per share granted to a consultant, vesting upon one year anniversary. • One-time award on January 8, 2021, 35,000 stock options with an exercise price of $5.50 per share granted to a new member of the Board of Directors, vesting in one year from the grant date. • One-time award on January 21, 2021, 7,500 stock options with an exercise price of $5.65 per share granted to a consultant, vesting in one year from the grant date. • One-time award on March 22, 2021, 30,000 stock options with an exercise price of $6.87 per share granted to a consultant, vesting in one year from the grant date. • One-time award on August 24, 2021, 25,000 stock options with an exercise price of $4.96 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 1, 2021, 25,000 stock options with an exercise price of $4.14 per share granted to a consultant, vesting in one year from the grant date. • One-time award on November 9, 2021, 75,000 performance-based stock options with an exercise price of $4.10 per share granted to a new executive, vesting upon the achievement of specific performance conditions. As of December 31, 2021. the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards. |