Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 28, 2023 | Jun. 30, 2022 | |
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 | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 60,900,000 | ||
Entity Common Stock, Shares Outstanding | 28,811,061 | ||
Auditor Firm ID | 199 | ||
Auditor Name | Mayer Hoffman McCann P.C. | ||
Auditor Location | St. Peterburg, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,794,272 | $ 15,748,480 |
Short-term investment securities | 6,847,270 | 4,511,780 |
Interest receivable | 58,285 | 94,375 |
Accounts receivable | 330,001 | 277,831 |
Prepaid expenses and other current assets | 392,236 | 375,830 |
Total current assets | 13,422,064 | 21,008,296 |
Non-current assets: | ||
Investment in Alphazyme | 284,709 | 284,709 |
Other assets | 6,045 | 6,117 |
Total assets | 13,712,818 | 21,299,122 |
Current liabilities: | ||
Accounts payable | 1,276,313 | 1,547,953 |
Accrued expenses | 955,081 | 709,560 |
Deferred research and development obligations | 40,743 | 151,147 |
Deferred license revenue, current portion | 176,471 | 147,059 |
Total current liabilities | 2,448,608 | 2,555,719 |
Deferred license revenue, net of current portion | 176,471 | 352,941 |
Total liabilities | 2,625,079 | 2,908,660 |
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 | 40,817 | 40,483 |
Additional paid-in capital | 103,458,697 | 101,026,496 |
Treasury stock, shares held at cost - 12,253,502 | (18,929,915) | (18,929,915) |
Accumulated deficit | (73,481,860) | (63,746,602) |
Total stockholders’ equity | 11,087,739 | 18,390,462 |
Total liabilities and stockholders’ equity | $ 13,712,818 | $ 21,299,122 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 40,816,602 | 40,482,659 |
Common stock, shares outstanding (in shares) | 28,563,100 | 28,229,157 |
Treasury stock (in shares) | 12,253,502 | 12,253,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||
Total revenue | $ 2,930,303 | $ 2,403,831 |
Costs and expenses: | ||
Costs of research and development revenue | 2,123,193 | 1,944,438 |
Research and development | 4,501,365 | 8,392,370 |
General and administrative | 6,421,505 | 6,697,617 |
Foreign currency exchange loss | 49,918 | 96,893 |
Total costs and expenses | 13,095,981 | 17,131,318 |
Loss from operations | (10,165,678) | (14,727,487) |
Other income: | ||
Interest income | 180,420 | 51,704 |
Other income | 250,000 | 1,605,532 |
Total other income | 430,420 | 1,657,236 |
Net loss | $ (9,735,258) | $ (13,070,251) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.34) | $ (0.47) |
Basic and diluted weighted-average common shares outstanding (in shares) | 28,364,482 | 27,838,047 |
Research and Development [Member] | ||
Revenues: | ||
Total revenue | $ 2,683,244 | $ 2,403,831 |
License [Member] | ||
Revenues: | ||
Total revenue | $ 247,059 | $ 0 |
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, 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 | |||
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 | |
Stock-based compensation expenses | $ 0 | $ 0 | 1,888,944 | 0 | $ 1,888,944 | |
Issuance of common stock upon exercise of stock options (in shares) | 333,943 | 0 | 333,943 | [1] | ||
Issuance of common stock upon exercise of stock options | $ 334 | $ 0 | 543,257 | 0 | $ 543,591 | |
Net loss | $ 0 | $ 0 | 0 | (9,735,258) | (9,735,258) | |
Balance (in shares) at Dec. 31, 2022 | 40,816,602 | (12,253,502) | ||||
Balance at Dec. 31, 2022 | $ 40,817 | $ (18,929,915) | $ 103,458,697 | $ (73,481,860) | $ 11,087,739 | |
[1]Represents the following stock options exercised: • 150,000 stock options exercised at $1.87, 40,000 stock options exercised at $1.63, 8,943 stock options exercised at $1.57, and 50,000 stock options exercised at $1.44, 50,000 stock options exercised at $1.39, and 35,000 stock options exercised at $1.21. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (9,735,258) | $ (13,070,251) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,888,944 | 1,784,102 |
Amortization of held-to-maturity securities, net | 33,790 | 329,612 |
Gain on investment in BDI | 0 | (1,605,532) |
Foreign currency exchange loss | 49,918 | 96,893 |
Changes in operating assets and liabilities: | ||
Interest receivable | 36,090 | 17,872 |
Accounts receivable | (83,265) | (31,792) |
Prepaid expenses and other current assets | (13,925) | (95,366) |
Accounts payable | (248,128) | 549,562 |
Accrued expenses | 245,521 | 219,824 |
Deferred license revenue | (147,058) | 500,000 |
Deferred research and development obligations | (110,404) | 28,131 |
Net cash used in operating activities | (8,083,775) | (11,276,945) |
Cash flows from investing activities | ||
Purchases of held-to-maturity investment securities | (9,869,280) | (11,283,940) |
Proceeds from maturities of investment securities | 7,500,000 | 14,900,000 |
Proceeds from the sale of investment in BDI | 0 | 1,605,532 |
Net cash (used in) provided by investing activities | (2,369,280) | 5,221,592 |
Cash flows from financing activities | ||
Proceeds from exercise of options | 543,591 | 1,230,050 |
Net cash provided by financing activities | 543,591 | 1,230,050 |
Effect of exchange rate changes on cash | (44,744) | (63,262) |
Net decrease in cash and cash equivalents | (9,954,208) | (4,888,565) |
Cash and cash equivalents at beginning of period | 15,748,480 | 20,637,045 |
Cash and cash equivalents at end of period | $ 5,794,272 | $ 15,748,480 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant 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 several third two third Thermothelomyces heterothallica Myceliophthora thermophila C1. On December 31, 2015, C1 C1 may After the DuPont Transaction, the Company has been focused on building innovative microbial platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable, and accessible biopharmaceutical products for human and animal health and for other biologic products for use in non-pharmaceutical applications. The C1 C1 C1 The Company also developed the Dapibus™ thermophilic filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. Liquidity and Capital Resources We rely on our existing cash and cash equivalents, investments in debt securities, and operating cash flows to provide the working capital needs for our operations. We believe that our existing cash position and investments in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not 19 100, February 2023 1 C1 not 100 2023 In January 2023, 8 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% The Company conducts business in one 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, 2022 2021 December 31, 2022 2021 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, 2022 2021 December 31, 2022 2021 The Company uses several contract research organizations (“CROs”) to conduct its research projects and manage its clinical trial. For the years ended December 31, 2022 2021 December 31, 2022 December 31, 2021 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, 2022 2021 not December 31, 2022 2021 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 our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2022 2021 Accounts receivable consist of the following: December 31, 2022 2021 Billed receivable $ 115,469 $ 101,175 Unbilled receivable 214,532 176,656 $ 330,001 $ 277,831 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2022 2021 Prepaid insurance $ 265,429 $ 326,712 Prepaid expenses - various 124,273 45,839 Prepaid taxes 2,534 3,279 $ 392,236 $ 375,830 Accounts Payable Accounts payable consist of the following: December 31, 2022 2021 Research and development expenses $ 1,067,958 $ 1,363,889 Legal expenses 56,514 27,675 Other 151,841 156,389 $ 1,276,313 $ 1,547,953 Accrued Expenses Accrued expenses consist of the following: December 31, 2022 2021 Employee wages and benefits $ 580,264 $ 405,758 Research and development expenses 343,457 194,250 Other 31,360 109,552 $ 955,081 $ 709,560 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, 2022 2021 Years Ended December 31, 2022 2021 Outside contracted services $ 3,707,269 $ 7,607,035 Personnel related costs 743,051 773,823 Facilities, overhead and other 51,045 11,512 $ 4,501,365 $ 8,392,370 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 On January 18, 2023, US$1.27 8 For the year ended December 31, 2021, 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 stock outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock, restricted stock units and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2022 2021 Recently Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13 first 2023. not 2016 13 Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not not |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents, and Investments | 12 Months Ended |
Dec. 31, 2022 | |
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 investment securities by major security type as of December 31, 2022 2021 December 31, 2022 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ 26,782 Money Market Funds 1 5,767,490 — — 5,767,490 Subtotal 5,794,272 — — 5,794,272 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,800,062 — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ (47,208 ) $ 12,641,542 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 Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 12 ( 3 December 31, 2022 2021 283,940 to purchase held-to-maturity investment securities, 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, 2022 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, 2022 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3: A Global Food Ingredient Company On May 10, 2022, Under the terms of the JDA, Dyadic is to develop its proprietary production cell lines for the manufacture of animal free ingredient product candidates. The research collaboration will be fully funded by the GFIC in an amount approximating $4.1 million over two eight The JDA can be terminated in its entirety along with any sublicense granted, with or without cause by either party, within 90 Accounting Treatment The Company considered the guidance in ASC 808, 808 not 606, 606 The Company identified the following promises under the JDA: ( 1 2 two 3 4 The Company concluded that, while participation on the joint steering committee was capable of being distinct from other promises, such participation is considered to be part of the research and development services and does not not not Based on management’s assessment, the Company concluded the agreed-upon research and development services and the R&D license under the R&D plan should be combined and accounted for as one 1 Under the JDA, the Company is also eligible to receive Success Fees upon certain milestones, a Commercialization Fee upon commercialization, and future sales-based royalty payments. The Success Fees are considered constrained variable considerations and excluded from the transaction price at inception. The Company will re-evaluate the Success Fees and estimate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company will not For the year ended December 31, 2022 Phibro/Abic On February 10, 2022, July 1, 2020. April 2022. July 2022, Phibro/Abic may 90 Accounting Treatment The Company considered the guidance in ASC 808, 808 not 606, 606 The Company identified the following obligations under the Phibro/Abic Agreement: ( 1 C1 2 3 Based on management’s assessment, the Company concluded two performance obligations should be accounted for separately: ( 1 2 C1 Accordingly, the Company records the R&D services as research and development revenue using the cost-based input method in accordance with the Company’s policy (Note 1 Under the Phibro/Abic Agreement, the Company has received an exclusivity payment in April 2022 not 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 As of December 31, 2022 $176,000 December 31, 2022 2021, $0, December 31, 2022 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, For the years ended December 31, 2022 2021 y $109,000 and $194,000 December 31, 2022 2021 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, its investment in Alphazyme resulting from a third December 31, 2021, not no On January 18, 2023, The Amended Sublicense Agreement between Dyadic and Alphazyme, which was previously entered on June 24, 2020, C1 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, For the years ended December 31, 2022 2021, 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, On June 29, 2022, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4: For the year ended December 31, 2022 no The significant components of gain (loss) before income taxes are as follows: Years Ended December 31, 2022 2021 U.S. operations $ (9,828,427 ) $ (13,115,869 ) Foreign operations 93,169 45,618 Total loss before provision for income taxes $ (9,735,258 ) $ (13,070,251 ) The Company has no December 31, 2022 2021 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, 2022 2021 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.35 ) (4.52 ) Non-deductible items — (0.84 ) Change in valuation allowance 24.77 28.09 True-up adjustment 0.34 0.06 Foreign operations 0.24 0.09 Change in tax rate — (1.88 ) Other — — Effective income tax rate — % — % The significant components of the Company’s net deferred income tax assets are as follows: December 31, 2022 2021 Stock option expense $ 1,341,900 $ 947,400 NOL carryforward 11,524,900 10,509,900 Research and development credits 1,623,100 1,656,500 Section 174 - R&D expenses 1,046,400 — Unrealized gain from investment in Alphazyme — (72,100 ) Other (78,200 ) (6,100 ) Deferred tax asset, net of deferred tax liabilities 15,458,100 13,035,600 Valuation allowance (15,458,100 ) (13,035,600 ) 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, 2022 2021. The Company had net operating loss (“NOL”) carryforwards available as of December 31, 2022, 2021, 2037. The Tax Cuts and Jobs Act eliminated the current year deduction election for research and experimental expenditures. Instead, a taxpayer must charge such expenditures to a capital account and is allowed to amortize such expenditures ratably over a five fifteen |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 $4,500. The lease will expire on September 1, 2023. 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, 2024, lign with the future operations of the Company. VTT Research Contract Extension On September 12, 2022, December 2023 €1.1 fifteen C1 C1 third 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, 2022 2023 $ 2,912,761 2024 164,794 2025 40,951 Total $ 3,118,506 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, 2022 | |
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 2021 2011 April 16, 2021. As of December 31, 2022 nal share 2021 December 31, 2021 2021 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. Expected life of option. 5 10 1 3 The assumptions used in the Black-Scholes option pricing model for stock options granted for the years ended December 31, 2022 2021 Years Ended December 31, 2022 2021 Risk-free interest rate 1.40% - 3.24% 0.05% - 1.24% Expected dividend yield —% —% Expected stock price volatility 61.30% - 61.58% 54.52% - 60.80% Expected life of options (in years) 5.5 - 6.25 0.5 - 6.25 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, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted 870,825 5.11 Exercised (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14. $ 8,413,444 Granted (1) 865,825 4.43 Exercised (2) (333,943 ) 1.63 Expired (3) (200,000 ) 5.47 Canceled (4) (75,000 ) 4.81 Outstanding at December 31, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Exercisable at December 31, 2022 3,655,280 $ 2.80 4.75 $ 13,000 Notes: ( 1 • Annual share-based compensation awards on January 3, 2022, one four $4.81 $4.81 one four one • One-time award on June 10, 2022, one ( 2 • 150,000 stock options exercised at $1.87, 40,000 stock options exercised at $1.63, 8,943 stock options exercised at $1.57, and 50,000 stock options exercised at $1.44, 50,000 stock options exercised at $1.39, and 35,000 stock options exercised at $1.21. ( 3 ( 4 April 22, 2022. The weighted average grant-date fair market value of stock options granted for the years ended December 31, 2022 2021 was $2.49 and $2.49, respectively, bas December 31, 2022 2021 As of December 31, 2022 2021 , total unrecognized compensation cost related to non-vested stock options granted under the Company’s equity compensation plans was $919,000 and $857,000, respectively, which is expected to be recognized over a weighted average period of 2.76 3.07 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 December 31, 2022 2021 Total non-cash stock option compensation expense was allocated among the following expense categories: Years Ended December 31, 2022 2021 General and administrative $ 1,661,025 $ 1,571,328 Research and development 227,919 212,774 Total $ 1,888,944 $ 1,784,102 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7: Issuances of Common Stock For the years ended December 31, 2022 2021 Treasury Stock As of December 31, 2022 2021 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, 2022 | |
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, 2023 not Stock Option Grant On January 3, 2023, one four one four one On January 3, 2023, 2022. one 2023. November 2022. Sale of Equity Interest in Alphazyme On January 18, 2023, The Amended and Restated Non-Exclusive Sublicense Agreement between Dyadic and Alphazyme, which was previously entered on June 24, 2020, C1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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 flows to provide the working capital needs for our operations. We believe that our existing cash position and investments in investment grade securities will be adequate to meet our operational, business, and other liquidity requirements for at least the next twelve 12 not 19 100, February 2023 1 C1 not 100 2023 In January 2023, 8 |
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% The Company conducts business in one |
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, 2022 2021 December 31, 2022 2021 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, 2022 2021 December 31, 2022 2021 The Company uses several contract research organizations (“CROs”) to conduct its research projects and manage its clinical trial. For the years ended December 31, 2022 2021 December 31, 2022 December 31, 2021 |
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, 2022 2021 not December 31, 2022 2021 |
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 our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2022 2021 Accounts receivable consist of the following: December 31, 2022 2021 Billed receivable $ 115,469 $ 101,175 Unbilled receivable 214,532 176,656 $ 330,001 $ 277,831 |
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, 2022 2021 Prepaid insurance $ 265,429 $ 326,712 Prepaid expenses - various 124,273 45,839 Prepaid taxes 2,534 3,279 $ 392,236 $ 375,830 |
Accounts Payable, Policy [Policy Text Block] | Accounts Payable Accounts payable consist of the following: December 31, 2022 2021 Research and development expenses $ 1,067,958 $ 1,363,889 Legal expenses 56,514 27,675 Other 151,841 156,389 $ 1,276,313 $ 1,547,953 |
Accrued Expenses, Policy [Policy Text Block] | Accrued Expenses Accrued expenses consist of the following: December 31, 2022 2021 Employee wages and benefits $ 580,264 $ 405,758 Research and development expenses 343,457 194,250 Other 31,360 109,552 $ 955,081 $ 709,560 |
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, 2022 2021 Years Ended December 31, 2022 2021 Outside contracted services $ 3,707,269 $ 7,607,035 Personnel related costs 743,051 773,823 Facilities, overhead and other 51,045 11,512 $ 4,501,365 $ 8,392,370 |
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 On January 18, 2023, US$1.27 8 For the year ended December 31, 2021, |
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 stock outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock, restricted stock units and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2022 2021 |
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 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, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 Billed receivable $ 115,469 $ 101,175 Unbilled receivable 214,532 176,656 $ 330,001 $ 277,831 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2022 2021 Prepaid insurance $ 265,429 $ 326,712 Prepaid expenses - various 124,273 45,839 Prepaid taxes 2,534 3,279 $ 392,236 $ 375,830 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2022 2021 Research and development expenses $ 1,067,958 $ 1,363,889 Legal expenses 56,514 27,675 Other 151,841 156,389 $ 1,276,313 $ 1,547,953 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 2021 Employee wages and benefits $ 580,264 $ 405,758 Research and development expenses 343,457 194,250 Other 31,360 109,552 $ 955,081 $ 709,560 |
Schedule of Research and Development Costs [Table Text Block] | Years Ended December 31, 2022 2021 Outside contracted services $ 3,707,269 $ 7,607,035 Personnel related costs 743,051 773,823 Facilities, overhead and other 51,045 11,512 $ 4,501,365 $ 8,392,370 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31, 2022 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ 26,782 Money Market Funds 1 5,767,490 — — 5,767,490 Subtotal 5,794,272 — — 5,794,272 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,800,062 — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ (47,208 ) $ 12,641,542 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 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2022 2021 U.S. operations $ (9,828,427 ) $ (13,115,869 ) Foreign operations 93,169 45,618 Total loss before provision for income taxes $ (9,735,258 ) $ (13,070,251 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2022 2021 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.35 ) (4.52 ) Non-deductible items — (0.84 ) Change in valuation allowance 24.77 28.09 True-up adjustment 0.34 0.06 Foreign operations 0.24 0.09 Change in tax rate — (1.88 ) Other — — Effective income tax rate — % — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Stock option expense $ 1,341,900 $ 947,400 NOL carryforward 11,524,900 10,509,900 Research and development credits 1,623,100 1,656,500 Section 174 - R&D expenses 1,046,400 — Unrealized gain from investment in Alphazyme — (72,100 ) Other (78,200 ) (6,100 ) Deferred tax asset, net of deferred tax liabilities 15,458,100 13,035,600 Valuation allowance (15,458,100 ) (13,035,600 ) Net deferred tax asset $ — $ — |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Long-Term Purchase Commitment [Table Text Block] | 2023 $ 2,912,761 2024 164,794 2025 40,951 Total $ 3,118,506 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2022 2021 Risk-free interest rate 1.40% - 3.24% 0.05% - 1.24% Expected dividend yield —% —% Expected stock price volatility 61.30% - 61.58% 54.52% - 60.80% Expected life of options (in years) 5.5 - 6.25 0.5 - 6.25 |
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, 2020 4,638,390 $ 2.44 5.64 $ 13,701,610 Granted 870,825 5.11 Exercised (735,000 ) 1.67 Expired — — Canceled — — Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14. $ 8,413,444 Granted (1) 865,825 4.43 Exercised (2) (333,943 ) 1.63 Expired (3) (200,000 ) 5.47 Canceled (4) (75,000 ) 4.81 Outstanding at December 31, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Exercisable at December 31, 2022 3,655,280 $ 2.80 4.75 $ 13,000 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Years Ended December 31, 2022 2021 General and administrative $ 1,661,025 $ 1,571,328 Research and development 227,919 212,774 Total $ 1,888,944 $ 1,784,102 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Jan. 31, 2023 USD ($) | Jan. 18, 2023 USD ($) | Jan. 03, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,930,303 | $ 2,403,831 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,031,097 | 4,774,215 | |||
BDI Holdings [Member] | |||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,600,000 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Number of Customers | 14 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 6 | 8 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 586,000 | $ 1,716,000 | |||
Concentration Risk, Percentage | 21.80% | 71.30% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 6 | 8 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member] | |||||
Concentration Risk, Number of Customers | 4 | 4 | |||
Concentration Risk, Percentage | 27.40% | 56.40% | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 91,000 | $ 157,000 | |||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | |||||
Concentration Risk, Number of Customers | 3 | ||||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member] | |||||
Concentration Risk, Percentage | 97.90% | 95.10% | |||
Research Services Purchased | $ 5,575,000 | $ 9,061,000 | |||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||||
Concentration Risk, Number of Customers | 3 | ||||
Concentration Risk, Number of Suppliers | 2 | ||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Two CROs [Member] | |||||
Concentration Risk, Percentage | 79.70% | 84.80% | |||
Accounts Payable, Total | $ 1,018,000 | $ 1,312,000 | |||
Alphazyme [Member] | Subsequent Event [Member] | |||||
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 1,270,000 | $ 1,270,000 | $ 1.27 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable | $ 330,001 | $ 277,831 |
Billed Revenues [Member] | ||
Accounts receivable | 115,469 | 101,175 |
Unbilled Revenues [Member] | ||
Accounts receivable | $ 214,532 | $ 176,656 |
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, 2022 | Dec. 31, 2021 |
Prepaid insurance | $ 265,429 | $ 326,712 |
Prepaid expenses - various | 124,273 | 45,839 |
Prepaid taxes | 2,534 | 3,279 |
Prepaid Expense and Other Assets, Current | $ 392,236 | $ 375,830 |
Note 1 - Organization and Sum_6
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Research and development expenses | $ 1,067,958 | $ 1,363,889 |
Legal expenses | 56,514 | 27,675 |
Other | 151,841 | 156,389 |
Accounts Payable, Current, Total | $ 1,276,313 | $ 1,547,953 |
Note 1 - Organization and Sum_7
Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Employee wages and benefits | $ 580,264 | $ 405,758 |
Research and development expenses | 343,457 | 194,250 |
Other | 31,360 | 109,552 |
Accrued Liabilities, Current, Total | $ 955,081 | $ 709,560 |
Note 1 - Organization and Sum_8
Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Outside contracted services | $ 3,707,269 | $ 7,607,035 |
Personnel related costs | 743,051 | 773,823 |
Facilities, overhead and other | 51,045 | 11,512 |
Research And Development Expense, Including Related Party | $ 4,501,365 | $ 8,392,370 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents, and Investments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Premium Paid on Purchase | $ 6,280 | $ 283,940 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents, and Investments - Major Security Type (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash and cash equivalent, fair value | $ 5,794,272 | $ 15,748,480 | |||
Cash, adjusted cost | 26,782 | 1,377,094 | |||
Money Market Funds, adjusted cost | 5,767,490 | 14,371,386 | |||
Cash and cash equivalents, adjusted cost | 5,794,272 | 15,748,480 | |||
Corporate Bonds, gross unrealized holding losses | (47,208) | (2,495) | |||
Short-term investment securities | 6,847,270 | 4,511,780 | |||
Total, fair value | 12,594,334 | 20,257,765 | |||
Total, adjusted | 12,641,542 | 20,260,260 | |||
Total, fair value | 12,594,334 | 20,257,765 | |||
Short-term Corporate Bonds [Member] | |||||
Short-term investment securities | [1],[2] | 6,847,270 | |||
Corporate Bond Securities [Member] | |||||
Short-term investment securities | [3] | 4,511,780 | |||
Cash [Member] | |||||
Cash and cash equivalent, fair value | 26,782 | 1,377,094 | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Cash and cash equivalent, fair value | 5,767,490 | 14,371,386 | [4] | ||
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Corporate Bonds, fair value | 6,800,062 | [1],[2] | 4,509,285 | [3] | |
Corporate Bonds, gross unrealized holding losses | $ (47,208) | [1],[2] | $ (2,495) | [3] | |
[1]Short-term investment securities will mature within 12 months or less, from the applicable reporting date.[2]The premiums paid to purchase held-to-maturity investment securities was $20,850 and $283,940 for the three months ended March 31, 2022, and 2021 , respectively. The premiums paid to purchase held-to-maturity investment securities was $283,940 for the year ended December 31, 2021.[3]The premiums paid to purchase held-to-maturity investment securities was $20,850 and $283,940 for the three months ended March 31, 2022, and 2021, respectively. The premiums paid to purchase held-to-maturity investment securities was $283,940 for the year ended December 31, 2021.[4]Long-term investment securities will mature longer than 12 months from the applicable reporting date. |
Note 3 - Research and Collabo_2
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies (Details Textual) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 31, 2023 USD ($) | Jan. 18, 2023 USD ($) | Jan. 03, 2023 USD ($) | May 10, 2022 USD ($) | Jun. 24, 2020 | Jun. 30, 2017 USD ($) | Jun. 30, 2017 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 10, 2022 | Dec. 16, 2021 USD ($) | Dec. 16, 2021 EUR (€) | Jul. 26, 2021 | Jul. 08, 2021 shares | Dec. 31, 2020 USD ($) | Dec. 01, 2020 | Apr. 26, 2019 | |
Collaborative Arrangement, Payment for Research and Development Agreement | $ 1,100,000 | € 1,000,000 | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,930,303 | $ 2,403,831 | ||||||||||||||||
Number of Performance Obligations | 2 | 2 | ||||||||||||||||
Upfront Payment Payable | $ 500,000 | |||||||||||||||||
Research and Development Expense, Related Party | 0 | |||||||||||||||||
Deferred License Revenue, Net of Current Portion | $ 176,471 | 176,471 | 352,941 | |||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 330,001 | 330,001 | 277,831 | |||||||||||||||
Cost of Goods and Services Sold, Total | 2,123,193 | 1,944,438 | ||||||||||||||||
Research and Development Expense, Total | 4,501,365 | 8,392,370 | ||||||||||||||||
Deferred License Revenue, Current | 176,471 | 176,471 | 147,059 | |||||||||||||||
BDI Holdings [Member] | ||||||||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 1,600,000 | |||||||||||||||||
Research Services Agreement [Member] | ||||||||||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | € | € 1,000,000 | |||||||||||||||||
Alphazyme [Member] | ||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 2.50% | |||||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 284,709 | |||||||||||||||||
Alphazyme [Member] | Subsequent Event [Member] | ||||||||||||||||||
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 1,270,000 | $ 1,270,000 | $ 1.27 | |||||||||||||||
Novovet [Member] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20% | |||||||||||||||||
Unbilled Revenues [Member] | ||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 214,532 | 214,532 | 176,656 | |||||||||||||||
ID Biologics Inc [Member] | ||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 129,661 | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.37% | |||||||||||||||||
Cost of Goods and Services Sold, Total | 109,000 | 194,000 | ||||||||||||||||
Alphazyme [Member] | ||||||||||||||||||
Ownership Percentage | 1.99% | |||||||||||||||||
BDI Holdings [Member] | ||||||||||||||||||
Ownership Percentage | 16.10% | |||||||||||||||||
Research and Development Expense, Total | 0 | |||||||||||||||||
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% | ||||||||||||||||
Research and Development [Member] | ||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,683,244 | 2,403,831 | ||||||||||||||||
A Global Food Ingredient Company [Member] | ||||||||||||||||||
Collaborative Arrangement, Payment for Research and Development Agreement | $ 4,100,000 | |||||||||||||||||
Collaborative Arrangement, Duration Of Agreement (Year) | 2 years | |||||||||||||||||
A Global Food Ingredient Company [Member] | Research and Development [Member] | ||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 790,000 | |||||||||||||||||
Abic Biolgical Latories Ltd. [Member] | ||||||||||||||||||
Number of Performance Obligations | 2 | |||||||||||||||||
Janssen Pharmaceutical Companies [Member] | ||||||||||||||||||
Non-refundable Upfront Payment, Received | $ 500,000 | |||||||||||||||||
Deferred License Revenue, Net of Current Portion | 176,000 | 176,000 | ||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 121,000 | 121,000 | 0 | |||||||||||||||
Deferred License Revenue, Current | 176,000 | 176,000 | ||||||||||||||||
Janssen Pharmaceutical Companies [Member] | Research and Development [Member] | ||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 539,000 | 0 | ||||||||||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | € | € 1,600,000 | |||||||||||||||||
ID Biologics Inc [Member] | Unbilled Revenues [Member] | ||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 0 | $ 0 | $ 27,000 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Current Income Tax Expense (Benefit), Total | $ 0 | |
Operating Loss Carryforwards | $ 39,900 | $ 44,000 |
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely | $ 41,100 | |
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely, Available to Offset Taxable Income, Percentage | 80% |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. operations | $ (9,828,427) | $ (13,115,869) |
Foreign operations | 93,169 | 45,618 |
Total loss before provision for income taxes | $ (9,735,258) | $ (13,070,251) |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation Between Statutory Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax at U.S. statutory rate | (21.00%) | (21.00%) |
State taxes, net of federal benefit | (4.35%) | (4.52%) |
Non-deductible items | 0% | (0.84%) |
Change in valuation allowance | 24.77% | 28.09% |
True-up adjustment | 0.34% | 0.06% |
Foreign operations | 0.24% | 0.09% |
Change in tax rate | 0% | (1.88%) |
Other | 0% | 0% |
Effective income tax rate | 0% | 0% |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Component of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Stock option expense | $ 1,341,900 | $ 947,400 |
NOL carryforward | 11,524,900 | 10,509,900 |
Research and development credits | 1,623,100 | 1,656,500 |
Section 174 - R&D expenses | 1,046,400 | 0 |
Unrealized gain from investment in Alphazyme | 0 | (72,100) |
Other | (78,200) | (6,100) |
Deferred tax asset, net of deferred tax liabilities | 15,458,100 | 13,035,600 |
Valuation allowance | (15,458,100) | (13,035,600) |
Net deferred tax asset | $ 0 | $ 0 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) a | Sep. 12, 2022 EUR (€) | |
Jupiter Florida Headqauarters Lease [Member] | ||
Area of Real Estate Property (Acre) | a | 2,000 | |
Operating Leases, Monthly Rental Rate | $ 4,500 | |
Netherlands Office Lease [Member] | ||
Operating Leases, Annual Rental Rate | $ 4,000 | |
Commitment To Pay | € | € 1.1 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Purchase Obligations (Details) | Dec. 31, 2022 USD ($) |
2023 | $ 2,912,761 |
2024 | 164,794 |
2025 | 40,951 |
Total | $ 3,118,506 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||||||
Jun. 10, 2022 | Jan. 03, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 16, 2021 | Dec. 31, 2020 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 5,031,097 | 4,774,215 | 4,638,390 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 865,825 | [1] | 870,825 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.43 | $ 5.11 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 333,943 | [2] | 735,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.63 | $ 1.67 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 200,000 | [3] | 0 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.47 | $ 0 | |||||
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 | $ 2.49 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 365,000 | $ 1,730,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 919,000 | $ 857,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 3 days | 3 years 25 days | |||||
Share-Based Payment Arrangement, Expense | $ 1,888,944 | $ 1,784,102 | |||||
Range 1 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 150,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.87 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 30,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 6.87 | ||||||
Range 2 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 40,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.63 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 90,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.27 | ||||||
Range 3 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 8,943 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.57 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 80,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.16 | ||||||
Range 4 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.44 | ||||||
Range 5 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.39 | ||||||
Range 6 [Member} | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 35,000 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.21 | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 6 months | 6 months | |||||
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 | ||||||
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) | 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 | ||||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Share-Based Payment Arrangement, Option [Member] | Employees [Member] | Minimum [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 | ||||||
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, 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 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Share-Based Payment Arrangement, Option [Member] | Non-executive Members of the Board [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) | $ 2.60 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (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 Shares [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 75,000 | ||||||
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) | 5,031,097 | 4,774,215 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,672,561 | 4,263,386 | |||||
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 3, 2022, including: (a)325,000 stock options with an exercise price of $4.81 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 75,000 performance-based stock option to a key personnel with an exercise price of $4.81 per share, vesting upon the achievement of specified performance conditions, (c) 277,500 stock options with an exercise price of $4.81 per share granted to members of the Board of Directors, vesting upon one year anniversary, (d) 23,325 stock options with an exercise price of $4.81 per share granted to employees, vesting annually in equal installments over four years and (e) 15,000 stock options with an exercise price of $4.81 per share granted to a consultant, vesting upon one year anniversary. • One-time award on June 10, 2022, 150,000 stock options with an exercise price of $2.60 per share granted to the Board of Directors, vesting in one year from the grant date as a result of a reduction in director cash compensation.[2]Represents the following stock options exercised: • 150,000 stock options exercised at $1.87, 40,000 stock options exercised at $1.63, 8,943 stock options exercised at $1.57, and 50,000 stock options exercised at $1.44, 50,000 stock options exercised at $1.39, and 35,000 stock options exercised at $1.21.[3]Represents the following stock options expired: 30,000 stock options with exercise price of $6.87, 90,000 stock options with exercise price of $5.27, 80,000 stock option with exercise price of $5.16. |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Black-Scholes Options Pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum [Member] | ||
Risk-Free interest rate, minimum | 1.40% | |
Risk-Free interest rate, maximum | 0.05% | |
Expected stock price volatility, minimum | 61.30% | |
Expected stock price volatility, maximum | 54.52% | |
Expected life of options (Year) | 5 years 6 months | 6 months |
Maximum [Member] | ||
Risk-Free interest rate, maximum | 3.24% | 1.24% |
Expected stock price volatility, maximum | 61.58% | 60.80% |
Expected life of options (Year) | 6 years 3 months | 6 years 3 months |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Outstanding, shares (in shares) | 4,774,215 | 4,638,390 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.04 | $ 2.44 | ||
Weighted-average remaining contractual term, outstanding (Year) | 5 years 7 months 20 days | 5 years 9 months | 6 years 1 month 20 days | |
Aggregate intrinsic value, outstanding | $ 13,701,610 | $ 13,000 | $ 8,413,444 | |
Granted, shares (in shares) | 865,825 | [1] | 870,825 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.43 | $ 5.11 | ||
Exercised, shares (in shares) | (333,943) | [2] | (735,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.63 | $ 1.67 | ||
Expired, shares (in shares) | (200,000) | [3] | 0 | |
Expired, weighted average exercise price (in dollars per share) | $ 5.47 | $ 0 | ||
Canceled, shares (in shares) | (75,000) | [4] | 0 | |
Canceled, weighted average exercise price (in dollars per share) | $ 4.81 | $ 0 | ||
Outstanding, shares (in shares) | 4,638,390 | 5,031,097 | 4,774,215 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.44 | $ 3.25 | $ 3.04 | |
Exercisable, shares (in shares) | 3,655,280 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.80 | |||
Weighted-average remaining contractual term, exercisable (Year) | 4 years 9 months | |||
Aggregate intrinsic value, exercisable | $ 13,000 | |||
[1]Represents the following stock options granted: • Annual share-based compensation awards on January 3, 2022, including: (a)325,000 stock options with an exercise price of $4.81 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 75,000 performance-based stock option to a key personnel with an exercise price of $4.81 per share, vesting upon the achievement of specified performance conditions, (c) 277,500 stock options with an exercise price of $4.81 per share granted to members of the Board of Directors, vesting upon one year anniversary, (d) 23,325 stock options with an exercise price of $4.81 per share granted to employees, vesting annually in equal installments over four years and (e) 15,000 stock options with an exercise price of $4.81 per share granted to a consultant, vesting upon one year anniversary. • One-time award on June 10, 2022, 150,000 stock options with an exercise price of $2.60 per share granted to the Board of Directors, vesting in one year from the grant date as a result of a reduction in director cash compensation.[2]Represents the following stock options exercised: • 150,000 stock options exercised at $1.87, 40,000 stock options exercised at $1.63, 8,943 stock options exercised at $1.57, and 50,000 stock options exercised at $1.44, 50,000 stock options exercised at $1.39, and 35,000 stock options exercised at $1.21.[3]Represents the following stock options expired: 30,000 stock options with exercise price of $6.87, 90,000 stock options with exercise price of $5.27, 80,000 stock option with exercise price of $5.16.[4]Represents the cancellation of performance-based stock options granted to the Company’s former Managing Director of Business Development and Licensing, who separated from the Company on April 22, 2022. |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based compensation | $ 1,888,944 | $ 1,784,102 |
General and Administrative Expense [Member] | ||
Stock-based compensation | 1,661,025 | 1,571,328 |
Research and Development Expense [Member] | ||
Stock-based compensation | $ 227,919 | $ 212,774 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Aug. 13, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 333,943 | [1] | 735,000 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.63 | $ 1.67 | ||
Treasury Stock, Common, Shares (in shares) | 12,253,502 | 12,253,502 | ||
Treasury Stock, Value, Total | $ 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% | |||
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) | 333,943 | 735,000 | ||
[1]Represents the following stock options exercised: • 150,000 stock options exercised at $1.87, 40,000 stock options exercised at $1.63, 8,943 stock options exercised at $1.57, and 50,000 stock options exercised at $1.44, 50,000 stock options exercised at $1.39, and 35,000 stock options exercised at $1.21. |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | 12 Months Ended | |||||||
Jan. 31, 2023 | Jan. 18, 2023 | Jan. 03, 2023 | Jan. 03, 2023 | Jan. 03, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.43 | $ 5.11 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 865,825 | [1] | 870,825 | |||||
Executives and Key Personnel [Member] | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 325,000 | |||||||
Director [Member] | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 277,500 | |||||||
Director [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.81 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Subsequent Event [Member] | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | |||||||
Subsequent Event [Member] | Alphazyme [Member] | ||||||||
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 1,270,000 | $ 1,270,000 | $ 1.27 | |||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 406,250 | |||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 1 year | ||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,961 | |||||||
Subsequent Event [Member] | Director [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 262,500 | |||||||
Subsequent Event [Member] | Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 163,044 | |||||||
Subsequent Event [Member] | Nonexecutive Employees [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 24,100 | |||||||
Subsequent Event [Member] | Consultant [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | |||||||
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 3, 2022, including: (a)325,000 stock options with an exercise price of $4.81 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 75,000 performance-based stock option to a key personnel with an exercise price of $4.81 per share, vesting upon the achievement of specified performance conditions, (c) 277,500 stock options with an exercise price of $4.81 per share granted to members of the Board of Directors, vesting upon one year anniversary, (d) 23,325 stock options with an exercise price of $4.81 per share granted to employees, vesting annually in equal installments over four years and (e) 15,000 stock options with an exercise price of $4.81 per share granted to a consultant, vesting upon one year anniversary. • One-time award on June 10, 2022, 150,000 stock options with an exercise price of $2.60 per share granted to the Board of Directors, vesting in one year from the grant date as a result of a reduction in director cash compensation. |