Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 07, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Registrant Name | REXAHN PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 1,228,627 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | rnn | ||
Entity Public Float | $ 44,699,663 | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 48,282,995 |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 8,744,301 | $ 8,899,154 |
Marketable securities | 5,981,520 | 17,931,941 |
Prepaid expenses and other current assets | 1,173,847 | 1,304,541 |
Total Current Assets | 15,899,668 | 28,135,636 |
Security Deposits | 30,785 | 30,785 |
Equipment, Net | 112,473 | 121,460 |
Total Assets | 16,042,926 | 28,287,881 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 3,152,550 | 3,233,926 |
Deferred Research and Development Arrangement | 375,000 | |
Other Liabilities | 19,900 | 56,724 |
Warrant Liabilities | 2,307,586 | 7,853,635 |
Total Liabilities | 5,480,036 | 11,519,285 |
Commitments and Contingencies (note 15) | ||
Stockholders' Equity: | ||
Preferred stock, par value $0.0001, 10,000,000 authorized shares, none issued and outstanding | ||
Common stock, par value $0.0001, 75,000,000 and 50,000,000 authorized shares, 37,527,420 and 31,725,114 issued and outstanding | 3,753 | 3,173 |
Additional paid-in capital | 165,264,215 | 157,141,021 |
Accumulated other comprehensive loss | (17,836) | (56,886) |
Accumulated deficit | (154,687,242) | (140,318,712) |
Total Stockholders' Equity | 10,562,890 | 16,768,596 |
Total Liabilities and Stockholders' Equity | $ 16,042,926 | $ 28,287,881 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 75,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 37,527,420 | 31,725,114 |
Common Stock, Shares, Outstanding | 37,527,420 | 31,725,114 |
Statement Of Operations
Statement Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Operations [Abstract] | ||
Revenues: | ||
Expenses: | ||
General and administrative | 7,428,615 | 6,639,421 |
Research and development | 13,109,058 | 10,715,296 |
Total Expenses | 20,537,673 | 17,354,717 |
Loss from Operations | (20,537,673) | (17,354,717) |
Other Income (Expense) | ||
Interest income | 254,344 | 207,003 |
Other income | 368,750 | |
Unrealized gain (loss) on fair value of warrants | 5,546,049 | (7,594,162) |
Financing expense | (552,627) | |
Total Other Income (Expense) | 6,169,143 | (7,939,786) |
Net Loss Before Provision for Income Taxes | (14,368,530) | (25,294,503) |
Provision for income taxes | ||
Net Loss | $ (14,368,530) | $ (25,294,503) |
Net loss per share, basic and diluted | $ (0.44) | $ (0.92) |
Weighted average number of shares outstanding, basic and diluted | 32,915,377 | 27,390,527 |
Statement Of Comprehensive Loss
Statement Of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Loss [Abstract] | ||
Net Loss | $ (14,368,530) | $ (25,294,503) |
Unrealized gain (loss) on available-for-sale securities | 39,050 | (50,764) |
Comprehensive Loss | $ (14,329,480) | $ (25,345,267) |
Statement Of Stockholders' Equi
Statement Of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2016 | $ 2,374 | $ 132,086,419 | $ (115,024,209) | $ (6,122) | $ 17,058,462 |
Balance, shares at Dec. 31, 2016 | 23,736,878 | ||||
Issuance of common stock and units, net of issuance costs | $ 630 | 10,495,217 | 10,495,847 | ||
Issuance of common stock and units, net of issuance costs, Shares | 6,295,613 | ||||
Common stock issued in exchange for services | $ 2 | 31,198 | $ 31,200 | ||
Common stock issued in exchange for services, shares | 15,000 | 15,000 | |||
Stock based compensation | 1,044,167 | $ 1,044,167 | |||
Stock options exercised | $ 2 | 77,498 | $ 77,500 | ||
Stock options exercised, shares | 25,000 | 25,000 | |||
Stock warrants exercised | $ 165 | 13,406,522 | $ 13,406,687 | ||
Stock warrants exercised, shares | 1,652,623 | 1,652,623 | |||
Net Loss | (25,294,503) | $ (25,294,503) | |||
Other Comprehensive gain (loss) | (50,764) | (50,764) | |||
Balance at Dec. 31, 2017 | $ 3,173 | 157,141,021 | (140,318,712) | (56,886) | $ 16,768,596 |
Balance, shares at Dec. 31, 2017 | 31,725,114 | 31,725,114 | |||
Issuance of common stock and units, net of issuance costs | $ 577 | 6,872,212 | $ 6,872,789 | ||
Issuance of common stock and units, net of issuance costs, Shares | 5,769,231 | ||||
Common stock issued in exchange for services | $ 1 | 22,649 | $ 22,650 | ||
Common stock issued in exchange for services, shares | 15,000 | 15,000 | |||
Stock based compensation | 1,228,335 | $ 1,228,335 | |||
Common stock issued from vested restricted stock | $ 2 | (2) | |||
Common stock issued from vested restricted stock, shares | 18,075 | ||||
Net Loss | (14,368,530) | (14,368,530) | |||
Other Comprehensive gain (loss) | 39,050 | 39,050 | |||
Balance at Dec. 31, 2018 | $ 3,753 | $ 165,264,215 | $ (154,687,242) | $ (17,836) | $ 10,562,890 |
Balance, shares at Dec. 31, 2018 | 37,527,420 | 37,527,420 |
Statement Of Cash Flows
Statement Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (14,368,530) | $ (25,294,503) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Compensatory stock | 22,650 | 31,200 |
Depreciation and amortization | 48,211 | 42,358 |
Amortization of premiums and discounts on marketable securities, net | 39,251 | 52,012 |
Stock-based compensation | 1,228,335 | 1,044,167 |
Amortization and termination of deferred research and development arrangement | (375,000) | (75,000) |
Unrealized gain (loss) on fair value of warrants | 5,546,049 | (7,594,162) |
Financing expense | 552,627 | |
Amortization of deferred lease incentive | (12,443) | (12,444) |
Deferred rent | (24,381) | (10,036) |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | 230,694 | (696,024) |
Accounts payable and accrued expenses | (81,376) | 1,351,426 |
Net Cash Used in Operating Activities | (18,838,638) | (15,420,055) |
Cash Flows from Investing Activities: | ||
Purchase of equipment | (39,224) | (75,168) |
Purchase of marketable securities | (21,017,610) | |
Redemption of marketable securities | 11,950,220 | 11,720,000 |
Net Cash Provided by (Used In) Investing Activities | 11,910,996 | (9,372,778) |
Cash Flows from Financing Activities: | ||
Issuance of common stock and units, net of issuance costs | 6,872,789 | 16,681,921 |
Payment of deferred offering costs | (100,000) | |
Proceeds from exercise of stock warrants | 5,354,093 | |
Proceeds from exercise of stock options | 77,500 | |
Net Cash Provided by Financing Activities | 6,772,789 | 22,113,514 |
Net Decrease in Cash and Cash Equivalents | (154,853) | (2,679,319) |
Cash and Cash Equivalents - beginning of period | 8,899,154 | 11,578,473 |
Cash and Cash Equivalents - end of period | 8,744,301 | 8,899,154 |
Non-cash financing and investing activties: | ||
Warrants issued | $ 4,841,830 | 6,738,701 |
Warrant liability extinguishment from exercise of warrants | $ 8,052,594 |
Operations And Organization
Operations And Organization | 12 Months Ended |
Dec. 31, 2018 | |
Operations And Organization [Abstract] | |
Operations And Organization | 1. Operations and Organization Rexahn Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, is a biopharmaceutical company whose principal operations are the development of innovative treatments for cancer. The Company had an accumulated deficit of $ 154,687,242 at December 31, 2018 and anticipates incurring losses through fiscal year 2019 and beyond. The Company has not yet generated commercial revenues and has funded its operati ons to date through the sale of shares of its common stock and warrants , exercises of stock warrants, interest income from cash, cash equivalents and marketable securities, and proceeds from reimbursed research and development costs. The Company believes that its cash, cash equivalents and marketable securities, including the proceeds from its underwritten public offering in January 2019 as described in Note 18, will be sufficient to cover its cash flow requirements for its current activities for at least for the next 12 months from the date these financial statements were issued. Management believes it has the capability of managing the Company’s operations within existing cash available by focusing on select research and development activities, selecting projects in conjunction with potential financings and milestones, and efficiently managing its general and administrative affairs. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from these estimates. These estimates are reviewed periodically and as adjustments become necessary, they are reported in earnings in the period in which they become available. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short ‑term investments purchased with remaining maturities of three months or less at acquisition. Marketable Securities Marketable securities are considered “available-for-sale” in accordance with Financial Statement Accounting Board (“FASB”) Accounting Standards Codification (“ASC”) 320, “Debt and Equity Securities,” and thus are reported at fair value in the Company’s accompanying balance sheet, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity. Amounts reclassified out of accumulated other comprehensive loss into realized gains and losses are accounted for on the basis of specific identification and are included in other income or expense in the statement of operations. The Company classifies such investments as current on the balance sheet as the investments are readily marketable and available for use in the Company’s current operations. Equipment Equipment is stated at cost less accumulated depreciation. Depreciation, based on the lesser of the term of the lease or the estimated useful life of the assets, is provided as follows: Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line Fair Value of Financial Instruments The carrying amounts reported in the accompanying financial statements for cash and cash equivalents and accounts payable and accrued expenses approximate fair value because of the short ‑term maturity of these financial instruments. The fair value of warrant liabilities is discussed in Note 12, and the fair value of marketable securities and certain other assets and liabilities is discussed in Note 16. Warrants The Company classifies its stock warrants as either liability or equity instruments in accordance with ASC 480, “Distinguishing Liabilities from Equity” (ASC 480), depending on the specific terms of the warrant agreement. Warrants that the Company may be required to redeem through payment of cash or other assets outside its control are classified as liabilities pursuant to ASC 480 and are initially and subsequently measured at their estimated fair values. Stock warrants are also classified as warrant liabilities in accordance with ASC 815, “Derivatives and Hedging” (ASC 815) if the warrant contains terms that could require “net cash settlement” and therefore, do not meet the conditions necessary for equity classification according to ASC 815. Warrant instruments that could require “net cash settlement” in the absence of express language precluding such settlement are initially classified as warrant liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to record liability-classified warrants at fair value until the warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. For additional discussion on warrants, see Note 12. Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of third party service costs under research and development agreements, salaries and related personnel costs, including stock-based compensation, costs to acquire pharmaceutical products and product rights for development and amounts paid to contract research organizations, hospitals and laboratories for the provision of services and materials for drug development and clinical trials. Costs incurred in obtaining the licensing rights to technology in the research and development stage that have no alternative future uses and are for unapproved product compounds are expensed as incurred. Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. ASC 740 requires that a valuation allowance be established when it is more likely than not that all portions of a deferred tax asset will not be realized. A review of all positive and negative evidence needs to be considered, including a company’s current and past performance, the market environment in which the company operates, length of carryback and carryforward periods and existing contracts that will result in future profits. Income tax expense is recorded for the amount of income tax payable or refundable for the period, increased or decreased by the change in deferred tax assets and liabilities during the period. As a result of the Company’s significant cumulative losses, the Company determined that it was appropriate to establish a valuation allowance for the full amount of net deferred tax assets. The calculation of the Company’s tax liabilities involves the inherent uncertainty associated with the application of complex tax laws. The Company is subject to examination by various taxing authorities. The Company believes that, as a result of its loss carryforward sustained to date, any examination would result in a reduction of its net operating losses rather than a tax liability. As such, the Company has not provided for any additional taxes that would be estimated under ASC 740. Stock-Based Compensation In accordance with ASC 718, “Stock Compensation,” compensation costs related to share-based payment transactions, including employee stock options, are to be recognized in the financial statements. In addition, the Company adheres to the guidance set forth within U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, which provides the Staff’s views regarding the interaction between ASC 718 and certain SEC rules and regulations, and provides interpretations with respect to the valuation of share-based payments for public companies. For additional discussion on stock-based compensation, see Note 11. Concentration of Credit Risk ASC 825, “Financial Instruments,” requires disclosure of any significant off balance sheet risk and credit risk concentration. The Company does not have significant off ‑balance sheet risk or credit concentration . The Company maintains cash and cash equivalents with major financial institutions. From time to time the Company has funds on deposit with commercial banks that exceed federally insured limits. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2018, the Company’s uninsured cash balance was $ 8,494,301 . Management does not consider this to be a significant credit risk as the banks are large, established financial institutions. Reclassification Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year presentation with no material impact on the financial statements. Recent Accounting Pronouncements Affecting the Company Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting standards. The standard’s core principle is that a company should recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services and provides a revenue recognition framework in accordance with this principle. On August 12, 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date and interim periods therein. The Company adopted this guidance for the quarterly reporting period ended March 31, 2018, using the modified retrospective method. As the Company does not have revenue contracts, the adoption of this guidance did not have a material impact on the operating results of the Company, there were no significant changes to disclosures and there was no cumulative adjustment to the opening balance of retained earnings as of January 1, 2018. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company elected not to early adopt the standard, and therefore, will adopt the standard on January 1, 2019. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. We are not electing the hindsight practical expedient. We will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities, after the effect of the lease modifications discussed in Note 18, the amount of both of which will not be material, , and there will be no impact on the accumulated deficit. We do not believe the new standard will have a notable impact on our liquidity. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following table shows the Company’s marketable securities’ adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of December 31, 2018 and 2017: December 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Corporate Bonds $ 5,999,356 $ - $ (17,836) $ 5,981,520 December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 3,241,005 $ - $ (2,505) $ 3,238,500 Corporate Bonds 14,747,822 - (54,381) 14,693,441 Total Marketable Securities $ 17,988,827 $ - $ (56,886) $ 17,931,941 The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. As of Decemb er 31, 2018, the Company had six corporate bonds with a n aggregate fair value of $5,981,520 and unrealized losses of $ 17,836 , all of which have been unrealized losses for greater than 12 months. The Company does not intend to sell its marketable securities in an unrealized loss position. Based upon the Company’s securities’ fair value relative to the cost, high ratings and volatility of fair value, the Company considers the declines in market value of its marketable securities to be temporary in nature and does not consider any of its investments other-than-temporarily impaired, and anticipates that it will recover the entire amortized cost basis. As of December 31, 2018, all of the Company’s marketable securities are due to mature in less than one year. |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | 4. Prepaid Expenses and Other Current Assets December 31, December 31, 2018 2017 Deposits on contracts $ 618,417 $ 793,940 Prepaid expenses and other current assets 555,430 510,601 $ 1,173,847 $ 1,304,541 Deposits on contracts consist of deposits on research and development contracts for services that had not been incurred as of the balance sheet date. Prepaid expenses and other assets include prepaid general and administrative expenses, such as insurance, rent, investor relations fees and compensatory stock issued for services not yet incurred as of the balance sheet date. |
Equipment, Net
Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Equipment, Net [Abstract] | |
Equipment, Net | 5. Equipment, Net December 31, December 31, 2018 2017 Furniture and fixtures $ 82,686 $ 82,686 Office and computer equipment 159,489 171,724 Lab equipment 447,653 445,134 Leasehold improvements 131,762 133,762 Total equipment 821,590 833,306 Less: Accumulated depreciation and amortization (709,117) (711,846) Net carrying amount $ 112,473 $ 121,460 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 6. Accounts Payable and Accrued Expenses December 31, December 31, 2018 2017 Trade payables $ 547,519 $ 895,638 Accrued expenses 140,637 95,416 Accrued research and development contract costs 1,782,131 1,435,109 Payroll liabilities 682,263 807,763 $ 3,152,550 $ 3,233,926 |
Deferred Research And Developme
Deferred Research And Development Arrangement | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Research And Development Arrangement [Abstract] | |
Deferred Research And Development Arrangement | 7. Deferred Research and Development Arrangement Rexgene Biotech Co., Ltd. In 2003, the Company entered into a collaborative research agreement with Rexgene Biotech Co., Ltd. (“Rexgene”), which agreed to assist the Company with the research, development and clinical trials necessary for registration of the Company’s product candidate RX-0201 in Asia. In accordance with the agreement, Rexgene paid the Company a one-time fee of $ 1, 500,000 in 2003. The agreement provided that it would expire upon the later of (i) 20 years after the date of the agreement or (ii) the expiration of the patents relating to RX-0201. The amortization reduces research and development expenses for the periods presented. The payment from Rexgene was used in the cooperative funding of the costs of development of RX-0201. On February 5, 2018, the Company and NEXT BT Co. Ltd. (“Next BT”), the successor in interest to Rexgene, terminated the agreement. In exchange for Next BT terminating its rights to RX-0201 in Asia, the Company agreed to pay Next BT a royalty in the low single digits of any net sales of RX-0201 the Company makes in Asia and 50% of the Company’s licensing revenue related to the licensing of RX-0201 in Asia, up to an aggregate of $5,000,000 . Upon termination of the agreement, the unamortized deferred research and development arrangement liability of $368,750 was eliminated and recognized as other income. The Company historically used 20 years as its basis for recognition and accordingly research and development expenses were reduced by $6,250 for the period beginning January 1, 2018 up to the agreement’s termination. For the year ended December 31, 2017, $75,000 was reduced from research and development expenses. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities [Abstract] | |
Other Liabilities | 8. Other Liabilities Deferred Lease Incentive In accordance with the Company’s office lease agreement, as amended and further discussed in Note 15, the Company has been granted leasehold improvement allowances from the lessor to be used for the construction cost of improvements to the leased property. The Company accounted for the benefit of the leasehold improvement allowance as a reduction of rental expense over the term of the office lease. The following table sets forth the cumulative deferred lease incentive: December 31, December 31, 2018 2017 Deferred lease incentive $ 154,660 $ 154,660 Less accumulated amortization (148,438) (135,995) Balance $ 6,222 $ 18,665 Deferred Rent The lease agreement, as amended, provided for an initial annual base rent with annual increases over the lease term. The Company recognizes rental expense on a straight-line basis over the term of the lease, which resulted in a deferred rent liability of $13,678 and $38,059 as of December 31, 2018 and 2017, respectively. |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Net Loss Per Common Share [Abstract] | |
Net Loss Per Common Share | 9. Net Loss per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Diluted loss per common share is computed by dividing net loss by the weig hted average number of shares of common stock outstanding, plus the number of common share equivalents that would be dilutive. As of December 31, 2018 and 2017, there were stock options, restricted stock units and warrants to acquire, in the aggregate, 15,871,708 and 8 ,961,140 shares of the Company’s common stock, respectively, that are potentially dilutive. However, diluted loss per share for all periods presented is the same as basic loss per share for those periods because the inclusion of common share equivalents would be anti-dilutive. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock [Abstract] | |
Common Stock | 10. Common Stock The following transactions occurred during the years ended December 31, 2018 and 2017: Reverse Stock Split On May 5, 2017, the Company effected a one-for- ten reverse stock split of the outstanding shares of the Company’s common stock, together with a corresponding proportional reduction in the number of authorized shares of the Company’s capital stock. All share and per share amounts of common stock, stock options, stock warrants and restricted stock units have been restated for periods to give retroactive effect to the reverse stock split. Authorized Shares On August 30, 2018, the Company’s stockholders approved an increase in the Company’s authorized shares of stock from 50,000,000 to 75,000,000 . Public Offerings June 2017 On June 12, 2017 the Company closed a registered direct public offering of 3,030,304 shares of common stock and warrants to purchase up to 1,515,152 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.30 per unit, with an exercise price for the warrants of $4.00 per share . The total gross proceeds of the offering were $10,000,003 . The warrants issued became exercisable December 12, 2017, and will remain exercisable until December 12, 2022 and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 10,000,003 Allocated to warrant liabilities 3,673,168 Allocated to common stock and additional paid-in capital 6,326,835 Total allocated gross proceeds: $ 10,000,003 The Company also issued warrants to purchase up to an aggregate 181,818 shares of common stock to the placement agent in the offering. The closing costs for the offering of $1,193,052 included $434,320 for the placement agent warrants and $758,732 for placement agent and other fees. Based on the estimated fair value of the stock and warrants in the units, the Company allocated $333,050 to financing expense for the warrants and $860,002 as stock issuance costs. October 2017 On October 17, 2017 the Company closed a registered direct public offering of 3,265,309 shares of common stock and warrants to purchase up to 1,632,654 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $2.45 per unit, with an exercise price for the warrants of $2.85 per share . The total gross proceeds of the offering were $8,000,007 . The warrants issued became exercisable April 17, 2018 and will remain exercisable until April 17, 2023 and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 8,000,007 Allocated to warrant liabilities 2,360,459 Allocated to common stock and additional paid-in capital 5,639,548 Total allocated gross proceeds: $ 8,000,007 The Company also issued warrants to purchase up to an aggregate 195,919 shares of common stock to the placement agent in the offering. The closing costs for the offering of $830,111 included $270,754 for the placement agent warrants and $559,357 for placement agent and other fees. Based on the estimated fair value of the stock and warrants in the units, the Company allocated $219,577 to financing expense for the warrants and $610,534 as stock issuance costs. October 2018 On October 19, 2018, the Company closed a registered direct offering of 5,769,231 shares of common stock and warrants to purchase up to 5,769,231 shares of common stock, resulting in gross proceeds to the Company of approximately $7,500,000 . The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase a share of common stock, at a price of $1.30 per unit, with an exercise price for the warrants of $1.67 per share . The warrants will become exercisable April 19, 2019 and will remain exercisable through April 19, 2024. The Company also issued warrants to purchase up to 346,154 shares of the Company’s common stock, at an exercise price of $1.625 per share, to designees of the placement agent in the offering. The warrants issued to the investors and to the placement agent are classified as equity instruments. The closing costs of this offering of $896,117 included $286,906 for the placement agent warrants and $627,211 in placement agent and other fees that are recorded as a reduction of the gross proceeds of the offering. Compensatory Shares The Company issued restricted shares to a vendor in exchange for services. The table below summarizes the shares issued and related market value: For the Year Ended December 31, 2018 2017 Compensatory shares issued 15,000 15,000 Aggregate market value $ 22,650 $ 31,200 Stock Warrant and Stock Option Exercises During the year ended December 31, 2017, warrant holders exercised warrants to purchase shares of the Company’s common stock for cash of $ 5,354,093 and the Company issued 1,652,623 shares. During the year ended December 31, 2017, a stock option holder exercised options to purchase shares of the Company’s common stock for cash of $ 77,500 and the Company issued 25,000 shares. Restricted Stock Units During the year ended December 31, 2018, the Company issued 18,075 shares resulting from the vesting of restricted stock units (“RSUs”). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation As of December 31, 2018, the Company had 3,071,721 options to purchase common stock and 16,725 RSUs outstanding. On June 10, 2013, the Company’s stockholders voted to approve the Rexahn Pharmaceuticals, Inc. 2013 Stock Option Plan (the “2013 Plan”). Under the 2013 Plan, the Company grants equity awards to key employees, directors and consultants of the Company. On June 9, 2016, the Company’s stockholders voted to approve an amendment and restatement of the 2013 Plan, including to provide for awards of restricted stock and restricted stock units. The Company initially reserved 1,700,000 shares of common stock for issuance pursuant to the 2013 Plan, and on April 11, 2017, the Company’s stockholders approved an increase of 1,700,000 shares of common stock reserved for issuance pursuant to the 2013 Plan. As of December 31, 2018, there were 2,790,721 options and 16,725 RSUs outstanding under the 2013 Plan, and 573,72 9 shares were available for issuance. On August 5, 2003, the Company established a stock option plan (the “2003 Plan”). Under the 2003 Plan, the Company granted stock options to key employees, directors and consultants of the Company. With the adoption of the 2013 Plan, no new stock options may be issued under the 2003 Plan, but previously issued options under the 2003 Plan remain outstanding until their expiration. As of December 31, 2018, there were 269,000 outstanding options under the 2003 Plan. In March 2016, the Company granted to a third party an option to purchase up to 12,000 shares of the Company’s common stock. Of the Company’s outstanding options as of December 31, 2018, these were the only options that were not issued pursuant to the 2013 Plan or the 2003 Plan. Accounting for Awards Stock-based compensation expense is the estimated fair value of options and RSUs granted amortized on a straight-line basis over the requisite vesting service period for the entire portion of the award. Total stock-based compensation recognized by the Company for the years ended December 31, 2018 and 2017 is as follows: For the Year Ended December 31, 2018 2017 Statement of operations line item: General and administrative $ 883,855 $ 765,726 Research and development 344,480 278,441 Total $ 1,228,335 $ 1,044,167 N o income tax benefit has been recognized in the statement of operations for stock-based compensation arrangements as the Company has provided for a 100% valuation allowance on its net deferred tax assets. Summary of Stock Option Transactions There were 1,483,185 stock options granted at exercise prices ranging from $1.09 to $2.29, with an aggregate fair value of $1,540,866, during the year ended December 31, 2018. There were 483,260, stock options granted at exercise prices ranging from $1.84 to $6.18, with an aggregate fair value of $738,937 during the year ended December 31, 2017. For the majority of the grants to employees, the vesting period is 25% on the first anniversary of the grant date and, thereafter, one thirty-sixth of the remaining option vests in equal installments on the first business day of each month until fully vested. Options generally expire ten years from the date of grant . For the majority of grants to non-employee consultants of the Company, the vesting period is between one and three years, subject to the fulfillment of certain conditions in the individual stock agreements, or 100% upon the occurrence of certain events specified in the individual stock agreements. The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The Company took into consideration guidance under ASC 718 and SAB 107 when reviewing and updating assumptions. Significant assumptions are determined as follows: Expected Term . The expected term is estimated using the simplified method whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Volatility . Volatility is based on the historical trading volatility of the Company’s stock on the date of grant for a period consistent with the expected term. Risk-Free Interest Rate . The risk-free interest rate is based on the zero-coupon U.S. Treasury instruments on the date of grant with a maturity date consistent with the expected term of the Company’s stock option grants. Expected Dividend . To date, the Company has not declared or paid any cash dividends and do not have any plans to do so in the future. Therefore, the Company used an expected dividend yield of zero. The assumptions made in calculating the fair values of options are as follows: For the Year Ended December 31, 2018 2017 Black-Scholes assumptions Expected dividend yield 0 % 0 % Expected volatility 69-73 % 69-79 % Risk-free interest rate 2.3 -2.9 % 1.7 -2.0 % Expected term (in years) 5.5 -6 years 5.5 -6 years The following table summarizes share-based transactions: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2018 1,814,231 $ 5.33 7.1 years $ 53,883 Granted 1,483,185 $ 1.60 Exercised - $ - Expired (56,000) $ 14.04 Cancelled (169,695) $ 3.14 Outstanding, December 31, 2018 3,071,721 $ 3.49 7.8 years $ - Exercisable, December 31, 2018 1,493,365 $ 5.39 6.2 years $ - There were no stock options exercised during the year ended December 31, 2018. The total intrinsic value of options exercised was $97,872 for the year ended December 31, 2017. The weighted average fair value of options granted was $1.04 and $1.53 for the years ended December 31, 2018 and 2017, respectively. A summary of the Company’s unvested options as of December 31, 2018 and changes during the year ended December 31, 2018 is presented below: 2018 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2018 727,543 $ 2.39 Granted 1,483,185 $ 1.04 Vested (513,177) $ 2.67 Cancelled (119,195) $ 1.49 Unvested at December 31, 2018 1,578,356 $ 1.10 As of December 31, 2018, there was $1,393,837 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average vesting period of 2.9 years. Summary of Restricted Stock Unit Transactions The fair value of an RSU award is the closing price of the Company’s common stock on the date of grant. A summary of RSU activity for the year ended December 31, 2018 is as follows: Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2018 47,300 $ 1.84 Granted - $ - Vested and Released (18,075) $ 1.84 Cancelled (12,500) $ 1.84 Outstanding, December 31, 2018 16,725 $ 1.84 As of December 31, 2018, there was $21,774 of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average vesting period of 2. 2 years. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2018 | |
Warrants [Abstract] | |
Warrants | 12. Warrants The following table summarizes the Company’s outstanding warrants to purchase common stock as of December 31, 2018 and 2017: Number of Warrants: Warrant Issuance December 31, 2018 December 31, 2017 Exercise Price Expiration Date Liability-classified Warrants July 2013 Investor Warrants - 200,000 $ 5.90 July 2018 October 2013 Investor Warrants - 231,732 $ 5.75 Oct. 2018 January 2014 Investor Warrants 476,193 476,193 $ 12.80 Jan. 2019 November 2015 Investor Warrants 1,250,001 1,250,001 $ 5.30 May 2021 November 2015 Placement Agent Warrants 3,334 3,334 $ 5.30 Nov. 2020 March 2016 Investor Warrants 607,806 607,806 $ 4.20 Sept. 2021 September 2016 Investor Warrants 805,000 805,000 $ 3.00 Mar. 2022 June 2017 Investor Warrants 1,515,152 1,515,152 $ 4.00 Dec. 2022 June 2017 Placement Agent Warrants 181,818 181,818 $ 4.13 Jun. 2022 October 2017 Investor Warrants 1,632,654 1,632,654 $ 2.85 Apr. 2023 October 2017 Placement Agent Warrants 195,919 195,919 $ 3.06 Oct. 2022 Total liability classified warrants 6,667,877 7,099,609 Equity-classified Warrants October 2018 Investor Warrants 5,769,231 - $ 1.67 Apr. 2024 October 2018 Placement Agent Warrants 346,154 - $ 1.63 Oct. 2023 Total equity-classified warrants 6,115,385 - Total outstanding warrants 12,783,262 7,099,609 The following table summarizes the Company’s warrant activity for the year ended December 31, 2018: Number of Warrants Liability-classified Equity- classified Total Weighted average exercise price Balance, January 1 7,099,609 - 7,099,609 $ 4.55 Issued during the period - 6,115,385 6,115,385 $ 1.67 Exercised during the period - - - $ - Expired during the period (431,732) - (431,732) $ 5.82 Balance, December 31 6,667,877 6,115,385 12,783,262 $ 4.55 At December 31, 201 8 , the weighted average remaining contractual life of the outstanding warrants was 4.2 years. Accounting for Liability-classified Warrants The warrants issued to investors in the November 2015, March 2016 and September 2016 offerings contain a provision for net cash settlement in the event of a fundamental transaction (contractually defined to include a merger, sale of substantially all assets, tender offer or share exchange). Pursuant to the November 2015, March 2016, and September 2016 warrants, if a fundamental transaction occurs, then the warrant holder has the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant. In addition, the warrants from these three offerings and the June 2017 and October 2017 warrants contain a cashless exercise provision that is exercisable only in the event that a registration statement is not effective. That provision may not be operative if an effective registration statement is not available because an exemption under the U.S. securities laws may not be available to issue unregistered shares. As a result, net cash settlement may be required, and these warrants require liability classification. ASC 820 provides requirements for disclosure of liabilities that are measured at fair value on a recurring basis in periods subsequent to the initial recognition. Fair values for warrants were determined using the Binomial Lattice (“Lattice”) valuation technique. The Lattice model provides for dynamic assumptions regarding volatility and risk-free interest rates within the total period to maturity. Accordingly, within the contractual term, the Company provided multiple date intervals over which multiple volatilities and risk-free interest rates were used. These intervals allow the Lattice model to project outcomes along specific paths that consider volatilities and risk-free rates that would be more likely in an early exercise scenario. Significant assumptions are determined as follows: Trading market values —Published trading market values; Exercise price —Stated exercise price; Term —Remaining contractual term of the warrant; Volatility —Historical trading volatility for periods consistent with the remaining terms; and Risk-free rate —Yields on zero coupon government securities with remaining terms consistent with the remaining terms of the warrants. Due to the fundamental transaction provision, which could provide for early redemption of the warrants, the model also considered the probability the Company would enter into a fundamental transaction during the remaining term of the warrant. Because the Company is not yet achieving positive cash flow, management believes the probability of a fundamental transaction occurring over the term of the warrant is unlikely and therefore estimates the probability of entering into a fundamental transaction to be 5% . For valuation purposes, the Company also assumed that if such a transaction did occur, it was more likely to occur towards the end of the term of the warrants. The significant unobservable inputs used in the fair value measurement of the warrants include management’s estimate of the probability that a fundamental transaction may occur in the future. Significant increases (decreases) in the probability of occurrence would result in a significantly higher (lower) fair value measurement. The following table summarizes the fair value of the warrants as of the respective balance sheet dates: Fair Value as of: Warrant Issuance: December 31, 2018 December 31, 2017 July 2013 Investor Warrants $ - $ 8,762 October 2013 Investor Warrants - 26,288 January 2014 Investor Warrants - 29,257 November 2015 Investor Warrants 234,918 1,260,050 November 2015 Placement Agent Warrants 435 2,936 March 2016 Investor Warrants 160,099 697,554 September 2016 Investor Warrants 333,834 1,054,083 June 2017 Investor Warrants 623,324 1,981,864 June 2017 Placement Agent Warrants 65,149 221,591 October 2017 Investor Warrants 801,551 2,305,552 October 2017 Placement Agent Warrants 88,276 265,698 Total: $ 2,307,586 $ 7,853,635 The assumptions used in calculating the fair values of the warrants are as follows: December 31, 2018 December 31, 2017 Trading market prices $ 0.93 $ 2.02 Estimated future volatility 105 % 104 % Dividend - - Estimated future risk-free rate 2.35 -2.53 % 2.14 -2.45 % Equivalent volatility 99-104 % 85-104 % Equivalent risk-free rate 2.51 -2.55 % 1.30 -1.89 % Changes in the fair value of the warrant liabilities, carried at fair value, as reported as “unrealized gain (loss) on fair value of warrants” in the statement of operations: For the Year Ended December 31, 2018 2017 Expired and Fully Exercised Warrants $ - $ (855,000) July 2013 Investor Warrants 8,762 (6,702) October 2013 Investor Warrants 26,288 (22,580) January 2014 Investor Warrants 29,257 (28,543) November 2015 Investor Warrants 1,025,132 (999,550) November 2015 Placement Agent Warrants 2,501 (365,748) March 2016 Investor Warrants 537,455 (2,708,163) September 2016 Investor Warrants 720,249 (4,571,872) June 2017 Investor Warrants 1,358,540 1,691,304 June 2017 Placement Agent Warrants 156,442 212,729 October 2017 Investor Warrants 1,504,001 54,907 October 2017 Placement Agent Warrants 177,422 5,056 Total: $ 5,546,049 $ (7,594,162) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes No provision for federal and state income taxes was required for the years ended December 31, 2018 and 2017 due to the Company’s operating losses and increased deferred tax asset valuation allowance. At December 31, 2018 and 2017, the Company had unused net operating loss carry-forwards of approximately $147,086,000 and $127,877,000 respectively, portions of which expire at various dates beginning in 2021 . Some of this amount may be subject to annual limitations under certain provisions of the Internal Revenue Code related to “changes in ownership.” As of December 31, 2018 and 2017, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, because significant utilization of such amounts is not presently expected in the foreseeable future. Deferred tax assets and valuation allowances consist of: December 31, December 31, 2018 2017 Net Operating Loss Carryforwards $ 41,184,000 $ 35,805,000 Stock Compensation Expense 1,608,000 1,458,000 Book tax differences on assets and liabilities 195,000 365,000 Valuation Allowance (42,987,000) (37,628,000) Net Deferred Tax Assets $ - $ - The Company files income tax returns in the U.S. federal and Maryland state jurisdictions. Tax years for fiscal 2015 through 2018 are open and potentially subject to examination by the federal and Maryland state taxing authorities. |
Collaboration Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Collaboration Agreements [Abstract] | |
Collaboration Agreements | 14. Collaboration Agreements Merck Sharp & Dohme B.V. On August 16, 2018, the Company entered into a clinical trial collaboration and supply agreement (the “Collaboration Agreement”) with Merck Sharp & Dohme B.V. (“Merck”) to conduct a Phase 2 clinical trial to evaluate the safety and efficacy of the combination of RX-5902 with Merck’s anti-PD ‑1 therapy, KEYTRUDA (pembrolizumab), in patients with metastatic triple negative breast cancer (TNBC). Under the terms of the Collaboration Agreement, the Company will sponsor the clinical trial and Merck will supply the Company with KEYTRUDA for use in the trial at no cost to the Company. The Collaboration Agreement provides that the Company and Merck will jointly own clinical data generated from the clinical trial. The Company is currently evaluating the development strategy for RX-5902 and may or may not proceed with this trial. Zhejiang Haichang Biotechnology Co., Ltd. On February 8, 2018, the Company entered into a research and development collaboration agreement with Zhejiang Haichang Biotechnology Co., Ltd. (“Haichang”) under which Haichang will develop RX-0301, a nano-liposomal formulation of RX-0201, using its proprietary QTsome™ technology and will conduct certain preclinical and clinical activities through completion of a Phase 2a proof-of-concept clinical trial in hepatocellular carcinoma in China. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. Commitments and Contingencies a) The Company has contracted with various vendors for research and development services, with terms that require payments over the term of the agreements, usually ranging from two to 36 months. The costs to be incurred are estimated and are subject to revision. As of December 31, 2018, the total estimated cost to complete these agreements was approximately $ 6,340,000 . All of these agreements may be terminated by either party upon appropriate notice as stipulated in the respective agreements. b) On June 22, 2009, the Company entered into a License Agreement with Korea Research Institute of Chemical Technology (“KRICT”) to acquire the rights to all intellectual property related to quinoxaline-piperazine derivatives that were synthesized under a Joint Research Agreement. The initial license fee was $ 100,000 , all of which was paid as of December 31, 2009. The agreement with KRICT calls for a one-time milestone payment of $ 1,000,000 within 30 days after the first achievement of marketing approval of the first commercial product arising out of or in connection with the use of KRICT’s intellectual property. As of December 31, 2018, the milestone has not occurred. c) Office Space Lease On June 5, 2009, the Company entered into a commercial lease agreement for 5,466 square feet of office space in Rockville, Maryland. The lease was amended on June 7, 2013 to extend the term until June 30, 2019. On July 26, 2014, the lease was amended to add 1,727 square feet of office space, for a term beginning on September 1, 2014 and ending on August 31, 2015. The lease of additional space was subsequently renewed through June 30, 2019. Under the lease agreement, the Company pays its allocable portion of real estate taxes and common area operating charges. Rent paid under the Company’s lease during the years ended December 31, 2018 and 2017 was $213,321 and $206,667 , respectively. Laboratory Lease On April 20, 2015, the Company signed a five -year lease agreement for 2,552 square feet of laboratory space commencing on July 1, 2015 and ending on June 30, 2020. Under the lease agreement, the Company pays its allocable portion of real estate taxes and common area operating charges. Rent paid under this lease during the years ended December 31, 2018 and 2017 was $65,953 and $64,032 , respectively . Future rental payments over the next five years for all leases are as follows: For the year ending December 31: 2019 176,080 2020 34,468 Total $ 210,548 d) The Company has established a 401(k) plan for its employees. The Company has elected to match 100% of the first 3% of an employee’s compensation plus 50% of an additional 2% of the employee’s deferral. Expense related to this matching contribution aggregated to $120,558 and $123,145 , for the years ended December 31, 2018 and 2017 respectively. e) In July 2013, the Company entered into an exclusive license agreement with the University of Maryland, Baltimore for a novel drug delivery platform. The agreement required the Company to make payments to the University of Maryland if any products from the licensed delivery platform would have achieved development milestones. In December 2018, the Company terminated the license agreement. At the time of termination, no development milestones had occurred. f) In October 2013, the Company signed an exclusive license agreement with the Ohio State Innovation Foundation, for a novel oligonucleotide drug delivery platform. The agreement required the Company to make payments to the Ohio State Innovation Foundation if any products from the licensed delivery platform would have achieved development milestones. In December 2018, the Company terminated the license agreement. At the time of termination, no development milestones had occurred. g) On February 5, 2018, the Company and Next BT terminated the research collaboration agreement between the Company and Rexgene. In exchange for Next BT terminating its rights to RX-0201 in Asia, the Company agreed to pay Next BT a royalty in the low single digits of any net sales of RX-0201 the Company makes in Asia and 50% of the Company’s licensing revenue related to licensing of RX-0201 in Asia, up to an aggregate of $5,000,000 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 16. Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are described below: Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company; Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. The following tables present assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. There have been no changes in the methodologies used at December 31, 2018 and 2017. Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Corporate Bonds $ 5,981,520 $ - $ 5,981,520 $ - Liabilities: Warrant Liabilities $ 2,307,586 $ - $ - $ 2,307,586 Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Commercial Paper 3,238,500 - 3,238,500 - Corporate Bonds 14,693,441 - 14,693,441 - Total Assets: $ 17,931,941 $ - $ 17,931,941 $ - Liabilities: Warrant Liabilities $ 7,853,635 $ - $ - $ 7,853,635 The fair value of the Company’s Level 2 marketable securities is determined by using quoted prices from independent pricing services that use market data for comparable securities in active or inactive markets. A variety of data inputs, including benchmark yields, interest rates, known historical trades and broker dealer quotes are used with pricing models to determine the quoted prices. The fair value methodology for the warrant liabilities is disclosed in Note 12. The carrying amounts reported in the financial statements for cash and cash equivalents (Level 1), and accounts payable and accrued expenses approximate fair value because of the short-term maturity of these financial instruments. The following table sets forth a reconciliation of changes in the years ended December 31, 2018 and 2017 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy: Warrant Liabilities Balance at January 1, 2018 $ 7,853,635 Additions - Unrealized gains, net (5,546,049) Transfers out of level 3 - Balance at December 31, 2018 $ 2,307,586 Warrant Liabilities Balance at January 1, 2017 $ 1,573,366 Additions 6,738,701 Unrealized losses, net 7,594,162 Transfers out of level 3 (8,052,594) Balance at December 31, 2017 $ 7,853,635 Additions consist of the fair value of warrant liabilities upon issuance. Transfers out of Level 3 for warrant liabilities consist of warrant exercises, where the liability is converted to additional paid-in capital upon exercise. The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or change in circumstance that caused the transfer. |
Select Quarterly Data
Select Quarterly Data | 12 Months Ended |
Dec. 31, 2018 | |
Select Quarterly Data [Abstract] | |
Select Quarterly Data | 17. Select Quarterly Data (Unaudited) 2018 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 5,885,855 5,001,441 4,683,907 4,966,470 Loss from Operations (5,885,855) (5,001,441) (4,683,907) (4,966,470) Other Income (Expense), net 3,810,982 1,163,173 (654,912) 1,849,900 Net Loss $ (2,074,873) $ (3,838,268) $ (5,338,819) $ (3,116,570) Net Loss per share, basic and diluted $ (0.07) $ (0.12) $ (0.17) $ (0.09) 2017 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 3,953,241 4,283,925 4,219,322 4,898,229 Loss from Operations (3,953,241) (4,283,925) (4,219,322) (4,898,229) Other Income (Expense), net (17,657,783) 5,230,981 3,181,250 1,305,766 Net Income (Loss) $ (21,611,024) $ 947,056 $ (1,038,072) $ (3,592,463) Net Income (Loss) per share, basic $ (0.91) $ 0.04 $ (0.04) $ (0.12) Net Income (Loss) per share, diluted $ (0.91) $ 0.03 $ (0.04) $ (0.12) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On January 25, 2019, the Company closed an underwritten public offering of 10,750,000 shares of common stock and warrants to purchase up to 10,750,000 shares of common stock, resulting in gross proceeds to the Company of approximately $8,600,000 . The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase a share of common stock, at a price of $0.80 per unit, with an exercise price for the warrants of $0.80 per share . The warrants were immediately exercisable and will remain exercisable until January 25, 2024. Since December 31, 2018, the Company granted 374,968 stock options to officers and other employees. The Company terminated its laboratory lease agreement on February 4, 2019 and surrendered the premises on February 28, 2019. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from these estimates. These estimates are reviewed periodically and as adjustments become necessary, they are reported in earnings in the period in which they become available. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short ‑term investments purchased with remaining maturities of three months or less at acquisition. |
Marketable Securities | Marketable Securities Marketable securities are considered “available-for-sale” in accordance with Financial Statement Accounting Board (“FASB”) Accounting Standards Codification (“ASC”) 320, “Debt and Equity Securities,” and thus are reported at fair value in the Company’s accompanying balance sheet, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity. Amounts reclassified out of accumulated other comprehensive loss into realized gains and losses are accounted for on the basis of specific identification and are included in other income or expense in the statement of operations. The Company classifies such investments as current on the balance sheet as the investments are readily marketable and available for use in the Company’s current operations. |
Equipment | Equipment Equipment is stated at cost less accumulated depreciation. Depreciation, based on the lesser of the term of the lease or the estimated useful life of the assets, is provided as follows: Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the accompanying financial statements for cash and cash equivalents and accounts payable and accrued expenses approximate fair value because of the short ‑term maturity of these financial instruments. The fair value of warrant liabilities is discussed in Note 12, and the fair value of marketable securities and certain other assets and liabilities is discussed in Note 16. |
Warrants | Warrants The Company classifies its stock warrants as either liability or equity instruments in accordance with ASC 480, “Distinguishing Liabilities from Equity” (ASC 480), depending on the specific terms of the warrant agreement. Warrants that the Company may be required to redeem through payment of cash or other assets outside its control are classified as liabilities pursuant to ASC 480 and are initially and subsequently measured at their estimated fair values. Stock warrants are also classified as warrant liabilities in accordance with ASC 815, “Derivatives and Hedging” (ASC 815) if the warrant contains terms that could require “net cash settlement” and therefore, do not meet the conditions necessary for equity classification according to ASC 815. Warrant instruments that could require “net cash settlement” in the absence of express language precluding such settlement are initially classified as warrant liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to record liability-classified warrants at fair value until the warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. For additional discussion on warrants, see Note 12. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of third party service costs under research and development agreements, salaries and related personnel costs, including stock-based compensation, costs to acquire pharmaceutical products and product rights for development and amounts paid to contract research organizations, hospitals and laboratories for the provision of services and materials for drug development and clinical trials. Costs incurred in obtaining the licensing rights to technology in the research and development stage that have no alternative future uses and are for unapproved product compounds are expensed as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. ASC 740 requires that a valuation allowance be established when it is more likely than not that all portions of a deferred tax asset will not be realized. A review of all positive and negative evidence needs to be considered, including a company’s current and past performance, the market environment in which the company operates, length of carryback and carryforward periods and existing contracts that will result in future profits. Income tax expense is recorded for the amount of income tax payable or refundable for the period, increased or decreased by the change in deferred tax assets and liabilities during the period. As a result of the Company’s significant cumulative losses, the Company determined that it was appropriate to establish a valuation allowance for the full amount of net deferred tax assets. The calculation of the Company’s tax liabilities involves the inherent uncertainty associated with the application of complex tax laws. The Company is subject to examination by various taxing authorities. The Company believes that, as a result of its loss carryforward sustained to date, any examination would result in a reduction of its net operating losses rather than a tax liability. As such, the Company has not provided for any additional taxes that would be estimated under ASC 740. |
Stock-Based Compensation | Stock-Based Compensation In accordance with ASC 718, “Stock Compensation,” compensation costs related to share-based payment transactions, including employee stock options, are to be recognized in the financial statements. In addition, the Company adheres to the guidance set forth within U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, which provides the Staff’s views regarding the interaction between ASC 718 and certain SEC rules and regulations, and provides interpretations with respect to the valuation of share-based payments for public companies. For additional discussion on stock-based compensation, see Note 11. |
Concentration of Credit Risk | Concentration of Credit Risk ASC 825, “Financial Instruments,” requires disclosure of any significant off balance sheet risk and credit risk concentration. The Company does not have significant off ‑balance sheet risk or credit concentration . The Company maintains cash and cash equivalents with major financial institutions. From time to time the Company has funds on deposit with commercial banks that exceed federally insured limits. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2018, the Company’s uninsured cash balance was $8,494,301 . Management does not consider this to be a significant credit risk as the banks are large, established financial institutions. |
Reclassification | Reclassification Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year presentation with no material impact on the financial statements. |
Recent Accounting Pronouncements Affecting the Company | Recent Accounting Pronouncements Affecting the Company Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting standards. The standard’s core principle is that a company should recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services and provides a revenue recognition framework in accordance with this principle. On August 12, 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date and interim periods therein. The Company adopted this guidance for the quarterly reporting period ended March 31, 2018, using the modified retrospective method. As the Company does not have revenue contracts, the adoption of this guidance did not have a material impact on the operating results of the Company, there were no significant changes to disclosures and there was no cumulative adjustment to the opening balance of retained earnings as of January 1, 2018. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company elected not to early adopt the standard, and therefore, will adopt the standard on January 1, 2019. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. We are not electing the hindsight practical expedient. We will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities, after the effect of the lease modifications discussed in Note 18, the amount of both of which will not be material, , and there will be no impact on the accumulated deficit. We do not believe the new standard will have a notable impact on our liquidity. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives | Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule Of Cost And Fair Value Of Marketable Securities | December 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Corporate Bonds $ 5,999,356 $ - $ (17,836) $ 5,981,520 December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 3,241,005 $ - $ (2,505) $ 3,238,500 Corporate Bonds 14,747,822 - (54,381) 14,693,441 Total Marketable Securities $ 17,988,827 $ - $ (56,886) $ 17,931,941 |
Prepaid Expenses And Other Cu_2
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | December 31, December 31, 2018 2017 Deposits on contracts $ 618,417 $ 793,940 Prepaid expenses and other current assets 555,430 510,601 $ 1,173,847 $ 1,304,541 |
Equipment, Net (Tables)
Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equipment, Net [Abstract] | |
Schedule Of Equipment, Net | December 31, December 31, 2018 2017 Furniture and fixtures $ 82,686 $ 82,686 Office and computer equipment 159,489 171,724 Lab equipment 447,653 445,134 Leasehold improvements 131,762 133,762 Total equipment 821,590 833,306 Less: Accumulated depreciation and amortization (709,117) (711,846) Net carrying amount $ 112,473 $ 121,460 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | December 31, December 31, 2018 2017 Trade payables $ 547,519 $ 895,638 Accrued expenses 140,637 95,416 Accrued research and development contract costs 1,782,131 1,435,109 Payroll liabilities 682,263 807,763 $ 3,152,550 $ 3,233,926 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities [Abstract] | |
Schedule Of Deferred Lease Incentive | December 31, December 31, 2018 2017 Deferred lease incentive $ 154,660 $ 154,660 Less accumulated amortization (148,438) (135,995) Balance $ 6,222 $ 18,665 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Issuances | For the Year Ended December 31, 2018 2017 Compensatory shares issued 15,000 15,000 Aggregate market value $ 22,650 $ 31,200 |
June 12, 2017 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 10,000,003 Allocated to warrant liabilities 3,673,168 Allocated to common stock and additional paid-in capital 6,326,835 Total allocated gross proceeds: $ 10,000,003 |
October 17, 2017 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 8,000,007 Allocated to warrant liabilities 2,360,459 Allocated to common stock and additional paid-in capital 5,639,548 Total allocated gross proceeds: $ 8,000,007 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Summary Of Stock Compensation Expense | For the Year Ended December 31, 2018 2017 Statement of operations line item: General and administrative $ 883,855 $ 765,726 Research and development 344,480 278,441 Total $ 1,228,335 $ 1,044,167 |
Schedule Of Assumptions Made In Calculating The Fair Value Of Options | For the Year Ended December 31, 2018 2017 Black-Scholes assumptions Expected dividend yield 0 % 0 % Expected volatility 69-73 % 69-79 % Risk-free interest rate 2.3 -2.9 % 1.7 -2.0 % Expected term (in years) 5.5 -6 years 5.5 -6 years |
Summary Of Share-Based Transactions | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2018 1,814,231 $ 5.33 7.1 years $ 53,883 Granted 1,483,185 $ 1.60 Exercised - $ - Expired (56,000) $ 14.04 Cancelled (169,695) $ 3.14 Outstanding, December 31, 2018 3,071,721 $ 3.49 7.8 years $ - Exercisable, December 31, 2018 1,493,365 $ 5.39 6.2 years $ - |
Summary Of Unvested Shares | 2018 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2018 727,543 $ 2.39 Granted 1,483,185 $ 1.04 Vested (513,177) $ 2.67 Cancelled (119,195) $ 1.49 Unvested at December 31, 2018 1,578,356 $ 1.10 |
Summary Of RSU Activity | Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2018 47,300 $ 1.84 Granted - $ - Vested and Released (18,075) $ 1.84 Cancelled (12,500) $ 1.84 Outstanding, December 31, 2018 16,725 $ 1.84 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Warrants [Abstract] | |
Summary Of Warrants Outstanding | Number of Warrants: Warrant Issuance December 31, 2018 December 31, 2017 Exercise Price Expiration Date Liability-classified Warrants July 2013 Investor Warrants - 200,000 $ 5.90 July 2018 October 2013 Investor Warrants - 231,732 $ 5.75 Oct. 2018 January 2014 Investor Warrants 476,193 476,193 $ 12.80 Jan. 2019 November 2015 Investor Warrants 1,250,001 1,250,001 $ 5.30 May 2021 November 2015 Placement Agent Warrants 3,334 3,334 $ 5.30 Nov. 2020 March 2016 Investor Warrants 607,806 607,806 $ 4.20 Sept. 2021 September 2016 Investor Warrants 805,000 805,000 $ 3.00 Mar. 2022 June 2017 Investor Warrants 1,515,152 1,515,152 $ 4.00 Dec. 2022 June 2017 Placement Agent Warrants 181,818 181,818 $ 4.13 Jun. 2022 October 2017 Investor Warrants 1,632,654 1,632,654 $ 2.85 Apr. 2023 October 2017 Placement Agent Warrants 195,919 195,919 $ 3.06 Oct. 2022 Total liability classified warrants 6,667,877 7,099,609 Equity-classified Warrants October 2018 Investor Warrants 5,769,231 - $ 1.67 Apr. 2024 October 2018 Placement Agent Warrants 346,154 - $ 1.63 Oct. 2023 Total equity-classified warrants 6,115,385 - Total outstanding warrants 12,783,262 7,099,609 |
Summary Of Changes In Warrants Outstanding During The Period | Number of Warrants Liability-classified Equity- classified Total Weighted average exercise price Balance, January 1 7,099,609 - 7,099,609 $ 4.55 Issued during the period - 6,115,385 6,115,385 $ 1.67 Exercised during the period - - - $ - Expired during the period (431,732) - (431,732) $ 5.82 Balance, December 31 6,667,877 6,115,385 12,783,262 $ 4.55 |
Schedule Of Fair Value Of Warrants Issued | Fair Value as of: Warrant Issuance: December 31, 2018 December 31, 2017 July 2013 Investor Warrants $ - $ 8,762 October 2013 Investor Warrants - 26,288 January 2014 Investor Warrants - 29,257 November 2015 Investor Warrants 234,918 1,260,050 November 2015 Placement Agent Warrants 435 2,936 March 2016 Investor Warrants 160,099 697,554 September 2016 Investor Warrants 333,834 1,054,083 June 2017 Investor Warrants 623,324 1,981,864 June 2017 Placement Agent Warrants 65,149 221,591 October 2017 Investor Warrants 801,551 2,305,552 October 2017 Placement Agent Warrants 88,276 265,698 Total: $ 2,307,586 $ 7,853,635 |
Schedule Of Assumptions Used In Calculating Fair Value Of Warrants | December 31, 2018 December 31, 2017 Trading market prices $ 0.93 $ 2.02 Estimated future volatility 105 % 104 % Dividend - - Estimated future risk-free rate 2.35 -2.53 % 2.14 -2.45 % Equivalent volatility 99-104 % 85-104 % Equivalent risk-free rate 2.51 -2.55 % 1.30 -1.89 % |
Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants | For the Year Ended December 31, 2018 2017 Expired and Fully Exercised Warrants $ - $ (855,000) July 2013 Investor Warrants 8,762 (6,702) October 2013 Investor Warrants 26,288 (22,580) January 2014 Investor Warrants 29,257 (28,543) November 2015 Investor Warrants 1,025,132 (999,550) November 2015 Placement Agent Warrants 2,501 (365,748) March 2016 Investor Warrants 537,455 (2,708,163) September 2016 Investor Warrants 720,249 (4,571,872) June 2017 Investor Warrants 1,358,540 1,691,304 June 2017 Placement Agent Warrants 156,442 212,729 October 2017 Investor Warrants 1,504,001 54,907 October 2017 Placement Agent Warrants 177,422 5,056 Total: $ 5,546,049 $ (7,594,162) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets And Valuation Allowance | December 31, December 31, 2018 2017 Net Operating Loss Carryforwards $ 41,184,000 $ 35,805,000 Stock Compensation Expense 1,608,000 1,458,000 Book tax differences on assets and liabilities 195,000 365,000 Valuation Allowance (42,987,000) (37,628,000) Net Deferred Tax Assets $ - $ - |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Rental Payments | For the year ending December 31: 2019 176,080 2020 34,468 Total $ 210,548 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Corporate Bonds $ 5,981,520 $ - $ 5,981,520 $ - Liabilities: Warrant Liabilities $ 2,307,586 $ - $ - $ 2,307,586 Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Commercial Paper 3,238,500 - 3,238,500 - Corporate Bonds 14,693,441 - 14,693,441 - Total Assets: $ 17,931,941 $ - $ 17,931,941 $ - Liabilities: Warrant Liabilities $ 7,853,635 $ - $ - $ 7,853,635 |
Reconciliation Of Changes In The Fair Value Of Liabilities | Warrant Liabilities Balance at January 1, 2018 $ 7,853,635 Additions - Unrealized gains, net (5,546,049) Transfers out of level 3 - Balance at December 31, 2018 $ 2,307,586 Warrant Liabilities Balance at January 1, 2017 $ 1,573,366 Additions 6,738,701 Unrealized losses, net 7,594,162 Transfers out of level 3 (8,052,594) Balance at December 31, 2017 $ 7,853,635 |
Select Quarterly Data (Tables)
Select Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Select Quarterly Data [Abstract] | |
Schedule Of Select Quarterly Data | 2018 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 5,885,855 5,001,441 4,683,907 4,966,470 Loss from Operations (5,885,855) (5,001,441) (4,683,907) (4,966,470) Other Income (Expense), net 3,810,982 1,163,173 (654,912) 1,849,900 Net Loss $ (2,074,873) $ (3,838,268) $ (5,338,819) $ (3,116,570) Net Loss per share, basic and diluted $ (0.07) $ (0.12) $ (0.17) $ (0.09) 2017 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 3,953,241 4,283,925 4,219,322 4,898,229 Loss from Operations (3,953,241) (4,283,925) (4,219,322) (4,898,229) Other Income (Expense), net (17,657,783) 5,230,981 3,181,250 1,305,766 Net Income (Loss) $ (21,611,024) $ 947,056 $ (1,038,072) $ (3,592,463) Net Income (Loss) per share, basic $ (0.91) $ 0.04 $ (0.04) $ (0.12) Net Income (Loss) per share, diluted $ (0.91) $ 0.03 $ (0.04) $ (0.12) |
Operations And Organization (De
Operations And Organization (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Operations And Organization [Abstract] | ||
Accumulated deficit | $ 154,687,242 | $ 140,318,712 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 15, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Uninsured cash balance | $ 8,494,301 | ||
Accumulated deficit | $ (154,687,242) | $ (140,318,712) | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accumulated deficit | $ 0 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 7 years |
Depreciation Method | straight line |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Depreciation Method | straight line |
Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Minimum [Member] | Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 3 years |
Maximum [Member] | Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 7 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - Corporate Bonds [Member] | Dec. 31, 2018USD ($)item |
Schedule of Available-for-sale Securities [Line Items] | |
Securities in a loss position, greater than one year | item | 6 |
Fair value, greater than one year | $ 5,981,520 |
Unrealized losses, greater than one year | $ 17,836 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Cost And Fair Value Of Marketable Securities) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 17,988,827 | |
Gross Unrealized Losses | (56,886) | |
Fair Value | 17,931,941 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 3,241,005 | |
Gross Unrealized Losses | (2,505) | |
Fair Value | 3,238,500 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 5,999,356 | 14,747,822 |
Gross Unrealized Losses | (17,836) | (54,381) |
Fair Value | $ 5,981,520 | $ 14,693,441 |
Prepaid Expenses And Other Cu_3
Prepaid Expenses And Other Current Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Deposits on contracts | $ 618,417 | $ 793,940 |
Prepaid expenses and other current assets | 555,430 | 510,601 |
Total prepaid expenses and other current assets | $ 1,173,847 | $ 1,304,541 |
Equipment, Net (Details)
Equipment, Net (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 821,590 | $ 833,306 |
Less: Accumulated depreciation and amortization | (709,117) | (711,846) |
Net carrying amount | 112,473 | 121,460 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 82,686 | 82,686 |
Office And Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 159,489 | 171,724 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 447,653 | 445,134 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 131,762 | $ 133,762 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade payables | $ 547,519 | $ 895,638 |
Accrued expenses | 140,637 | 95,416 |
Accrued research and development contract costs | 1,782,131 | 1,435,109 |
Payroll liabilities | 682,263 | 807,763 |
Total accounts payable and accrued expenses | $ 3,152,550 | $ 3,233,926 |
Deferred Research And Develop_2
Deferred Research And Development Arrangement (Details) - USD ($) | Feb. 05, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2003 |
Deferred Research And Development Arrangement [Abstract] | ||||
Research and development arrangement, one-time fee | $ 1,500,000 | |||
Reduction of research and development expenses | $ 6,250 | $ 75,000 | ||
Research and development period | 20 years | |||
Other income | $ 368,750 | $ 368,750 | ||
Percentage of licensing revenue | 50.00% | |||
Licensing revenue agreement | $ 5,000,000 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities [Abstract] | ||
Accrued Rent | $ 13,678 | $ 38,059 |
Other Liabilities (Schedule Of
Other Liabilities (Schedule Of Deferred Lease Incentive) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities [Abstract] | ||
Deferred lease incentive | $ 154,660 | $ 154,660 |
Less accumulated amortization | (148,438) | (135,995) |
Balance | $ 6,222 | $ 18,665 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options, Restricted Stock Units And Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 15,871,708 | 8,961,140 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | Oct. 19, 2018USD ($)$ / sharesshares | Oct. 17, 2017USD ($)$ / sharesshares | Jun. 12, 2017USD ($)$ / sharesshares | May 05, 2017 | Dec. 31, 2018shares | Dec. 31, 2017USD ($)shares | Aug. 30, 2018shares |
Common Stock [Abstract] | |||||||
Common Stock, Shares Authorized | shares | 75,000,000 | 50,000,000 | 75,000,000 | ||||
Reverse stock split | 0.1 | ||||||
Shares issued | shares | 5,769,231 | 3,265,309 | 3,030,304 | ||||
Warrants issued | shares | 5,769,231 | 1,632,654 | 1,515,152 | 6,115,385 | |||
Warrants issued per share of stock issued in unit offering | $ / shares | $ 1 | $ 0.5 | $ 0.5 | ||||
Proceeds from issuance | $ 7,500,000 | $ 8,000,007 | $ 10,000,003 | ||||
Share price | $ / shares | $ 1.30 | $ 2.45 | $ 3.30 | ||||
Exercise price | $ / shares | $ 1.67 | $ 2.85 | $ 4 | ||||
Restricted stock issued | shares | 18,075 | ||||||
Warrants issued included in closing costs | shares | 346,154 | 195,919 | 181,818 | ||||
Warrants exercise price | $ / shares | $ 1.625 | ||||||
Public offering closing costs | $ 896,117 | $ 830,111 | $ 1,193,052 | ||||
Fair value of placement agent warrants | 286,906 | 270,754 | 434,320 | ||||
Cash paid in exchange for legal services | $ 627,211 | 559,357 | 758,732 | ||||
Proceeds allocated to financing expense | 219,577 | 333,050 | |||||
Issuance cost incurred | $ 610,534 | $ 860,002 | |||||
Proceeds from warrants exercised | $ 5,354,093 | ||||||
Stock warrants exercised, shares | shares | 1,652,623 | ||||||
Stock options exercised | $ 77,500 | ||||||
Stock options exercised, shares | shares | 25,000 |
Common Stock (Summary Of Alloca
Common Stock (Summary Of Allocation Of Proceeds From Offering) (Details) - USD ($) | Oct. 19, 2018 | Oct. 17, 2017 | Jun. 12, 2017 |
Common Stock [Abstract] | |||
Allocated to warrant liabilities | $ 2,360,459 | $ 3,673,168 | |
Allocated to Common stock and additional paid-in capital | 5,639,548 | 6,326,835 | |
Gross Proceeds: | $ 7,500,000 | $ 8,000,007 | $ 10,000,003 |
Common Stock (Summary Of Issuan
Common Stock (Summary Of Issuances) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock [Abstract] | ||
Compensatory shares issued | 15,000 | 15,000 |
Aggregate market value | $ 22,650 | $ 31,200 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Apr. 11, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income tax benefit from share-based compensation | $ 0 | |||
Valuation allowance on deferred tax assets | 100.00% | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options outstanding | 3,071,721 | 1,814,231 | ||
Percentage of Event Occurence to Vest | 100.00% | |||
Stock options granted | 1,483,185 | |||
Stock option exercise price | $ 1.60 | |||
Intrinsic value of options exercised | $ 0 | $ 97,872 | ||
Weighted average fair value at grant date, Vested | $ 1.04 | $ 1.53 | ||
Unrecognized compensation cost | $ 1,393,837 | |||
Weighted average vesting period, years | 2 years 10 months 24 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of RSUs outstanding | 16,725 | 47,300 | ||
Unrecognized compensation cost | $ 21,774 | |||
Weighted average vesting period, years | 2 years 2 months 12 days | |||
The 2013 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options authorized for issuance | 1,700,000 | |||
Additional options authorized for issuance | 1,700,000 | |||
Shares available for issuance | 573,729 | |||
The 2013 Plan [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options outstanding | 2,790,721 | |||
The 2013 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of RSUs outstanding | 16,725 | |||
The 2003 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options authorized for issuance | 0 | |||
The 2003 Plan [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options outstanding | 269,000 | |||
Share-based Compensation Award, Tranche One [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 2.77% | |||
Minimum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Maximum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Expiration of options from grant date, years | 10 years | |||
Exercise Price Range $1.84 to $6.18 [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 483,260 | |||
Stock option grants fair value | $ 738,937 | |||
Exercise Price Range $1.84 to $6.18 [Member] | Minimum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercise price | $ 1.84 | |||
Exercise Price Range $1.84 to $6.18 [Member] | Maximum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercise price | $ 6.18 | |||
Exercise Price Range $1.09 to $2.29 [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 1,483,185 | |||
Stock option grants fair value | $ 1,540,866 | |||
Exercise Price Range $1.09 to $2.29 [Member] | Minimum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercise price | $ 1.09 | |||
Exercise Price Range $1.09 to $2.29 [Member] | Maximum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercise price | $ 2.29 | |||
Third Party [Member] | The 2013 Plan [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 12,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Compensation Expense) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | $ 1,228,335 | $ 1,044,167 |
General and administrative [Member] | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | 883,855 | 765,726 |
Research and development [Member] | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | $ 344,480 | $ 278,441 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Assumptions Made In Calculating The Fair Value Of Options) (Details) - Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 69.00% | 69.00% |
Expected volatility, maximum | 73.00% | 79.00% |
Risk free interest rate, minimum | 2.30% | 1.70% |
Risk free interest rate, maximum | 2.90% | 2.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 6 months | 5 years 6 months |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 6 years |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Share-Based Transactions ) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Options, Exercised | (25,000) | |
Aggregate Intrinsic Value, Outstanding | $ 53,883 | |
Stock Option [Member] | ||
Number of Options, Oustanding | 1,814,231 | |
Number of Options, Granted | 1,483,185 | |
Number of Options, Expired | (56,000) | |
Number of Options, Cancelled | (169,695) | |
Number of Options, Oustanding | 3,071,721 | 1,814,231 |
Weighted Average Exercise Price, Outstanding | $ 5.33 | |
Weighted Average Exercise Price, Granted | 1.60 | |
Weighted average exercise price, Expired | 14.04 | |
Weighted Average Exercise Price, Cancelled | 3.14 | |
Weighted Average Exercise Price, Outstanding | $ 3.49 | $ 5.33 |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 9 months 18 days | 7 years 1 month 6 days |
Number of Options, Exercisable | 1,493,365 | |
Weighted Average Exercise Price, Exercisable | $ 5.39 | |
Weighted Average Remaining Contractual Term, Exercisable | 6 years 2 months 12 days |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of Unvested Shares) (Details) - Stock Option [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Granted | 1,483,185 |
Nonvested Options [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Unvested | 727,543 |
Number of Options, Granted | 1,483,185 |
Number of Options, Vested | (513,177) |
Number of Options, Cancelled | (119,195) |
Number of Options, Unvested | 1,578,356 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 2.39 |
Weighted Average Fair Value at Grant Date, Granted | $ / shares | 1.04 |
Weighted Average Fair Value at Grant Date, Vested | $ / shares | 2.67 |
Weighted Average Fair Value at Grant Date, Cancelled | $ / shares | 1.49 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 1.10 |
Stock-Based Compensation (Sum_4
Stock-Based Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs, Outstanding | shares | 47,300 |
Number of RSUs, Granted | shares | |
Number of RSUs, Vested and Released | shares | (18,075) |
Number of RSUs, Cancelled | shares | (12,500) |
Number of RSUs, Outstanding | shares | 16,725 |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares | $ 1.84 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | |
Weighted Average Grant Date Fair Value, Vested and Released | $ / shares | 1.84 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 1.84 |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares | $ 1.84 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Warrants [Abstract] | |
Average remaining contractual life of warrants outstanding | 4 years 2 months 12 days |
Probability of entering into a fundamental transaction | 5.00% |
Warrants (Summary Of Warrants O
Warrants (Summary Of Warrants Outstanding) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Oct. 19, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 12,783,262 | 7,099,609 | |
Exercise Price | $ 1.625 | ||
Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 6,667,877 | 7,099,609 | |
Equity-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 6,115,385 | ||
July 2013 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 200,000 | ||
Exercise Price | $ 5.90 | ||
Expiration Date | 2018-07 | ||
October 2013 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 231,732 | ||
Exercise Price | $ 5.75 | ||
Expiration Date | 2018-10 | ||
January 2014 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 476,193 | 476,193 | |
Exercise Price | $ 12.80 | ||
Expiration Date | 2019-01 | ||
November 2015 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 1,250,001 | 1,250,001 | |
Exercise Price | $ 5.30 | ||
Expiration Date | 2021-05 | ||
November 2015 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 3,334 | 3,334 | |
Exercise Price | $ 5.30 | ||
Expiration Date | 2020-11 | ||
March 2016 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 607,806 | 607,806 | |
Exercise Price | $ 4.20 | ||
Expiration Date | 2021-09 | ||
September 2016 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 805,000 | 805,000 | |
Exercise Price | $ 3 | ||
Expiration Date | 2022-03 | ||
June 2017 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 1,515,152 | 1,515,152 | |
Exercise Price | $ 4 | ||
Expiration Date | 2022-12 | ||
June 2017 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 181,818 | 181,818 | |
Exercise Price | $ 4.13 | ||
Expiration Date | 2022-06 | ||
October 2017 Investor Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 1,632,654 | 1,632,654 | |
Exercise Price | $ 2.85 | ||
Expiration Date | 2023-04 | ||
October 2017 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 195,919 | 195,919 | |
Exercise Price | $ 3.06 | ||
Expiration Date | 2022-10 | ||
October 2018 Investor Warrants [Member] | Equity-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 5,769,231 | ||
Exercise Price | $ 1.67 | ||
Expiration Date | 2024-04 | ||
October 2018 Placement Agent Warrants [Member] | Equity-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of Warrants | 346,154 | ||
Exercise Price | $ 1.63 | ||
Expiration Date | 2023-10 |
Warrants (Summary Of Changes In
Warrants (Summary Of Changes In Warrants Outstanding During The Period) (Details) - $ / shares | Oct. 19, 2018 | Oct. 17, 2017 | Jun. 12, 2017 | Dec. 31, 2018 |
Class of Warrant or Right [Line Items] | ||||
Number of warrants, Outstanding | 7,099,609 | |||
Number of warrants, issued | 5,769,231 | 1,632,654 | 1,515,152 | 6,115,385 |
Number of warrants, Exercised | ||||
Number of warrants, Expired | (431,732) | |||
Number of warrants, Outstanding | 12,783,262 | |||
Weigted average exercise price, Outstanding | $ 4.55 | |||
Weighted average exercise price, Issued | 1.67 | |||
Weighted average exercise price, Exercised | ||||
Weighted average exercise price, Expired | 5.82 | |||
Weigted average exercise price, Outstanding | $ 4.55 | |||
Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants, Outstanding | 7,099,609 | |||
Number of warrants, issued | ||||
Number of warrants, Exercised | ||||
Number of warrants, Expired | (431,732) | |||
Number of warrants, Outstanding | 6,667,877 | |||
Equity-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants, Outstanding | ||||
Number of warrants, issued | 6,115,385 | |||
Number of warrants, Exercised | ||||
Number of warrants, Expired | ||||
Number of warrants, Outstanding | 6,115,385 |
Warrants (Schedule Of Fair Valu
Warrants (Schedule Of Fair Value Of Warrants Issued) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Warrant or Right [Line Items] | ||
Fair value | $ 2,307,586 | $ 7,853,635 |
July 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 8,762 | |
October 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 26,288 | |
January 2014 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 29,257 | |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 234,918 | 1,260,050 |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 435 | 2,936 |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 160,099 | 697,554 |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 333,834 | 1,054,083 |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 623,324 | 1,981,864 |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 65,149 | 221,591 |
October 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 801,551 | 2,305,552 |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | $ 88,276 | $ 265,698 |
Warrants (Schedule Of Assumptio
Warrants (Schedule Of Assumptions Used In Calculating Fair Value Of Warrants) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right [Line Items] | ||
Trading market prices | $ 0.93 | $ 2.02 |
Estimated future volatility | 105.00% | 104.00% |
Dividend | ||
Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 2.35% | 2.14% |
Equivalent volatility | 99.00% | 85.00% |
Equivalent risk-free rate | 2.51% | 1.30% |
Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 2.53% | 2.45% |
Equivalent volatility | 104.00% | 104.00% |
Equivalent risk-free rate | 2.55% | 1.89% |
Warrants (Schedule Of Unrealize
Warrants (Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | $ 5,546,049 | $ (7,594,162) |
Expired And Fully Exercised Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | (855,000) | |
July 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 8,762 | (6,702) |
October 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 26,288 | (22,580) |
January 2014 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 29,257 | (28,543) |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 1,025,132 | (999,550) |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 2,501 | (365,748) |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 537,455 | (2,708,163) |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 720,249 | (4,571,872) |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 1,358,540 | 1,691,304 |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 156,442 | 212,729 |
October 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | 1,504,001 | 54,907 |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain (loss) on fair value of warrants | $ 177,422 | $ 5,056 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | ||
Operating loss carry-forward | $ 147,086,000 | 127,877,000 |
Net operating loss carry-forwards expiration | Dec. 31, 2021 | |
Federal And State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | $ 0 | $ 0 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Valuation Allowance) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Net Operating Loss Carryforwards | $ 41,184,000 | $ 35,805,000 |
Stock Compensation Expense | 1,608,000 | 1,458,000 |
Book tax differences on assets and liabilities | 195,000 | 365,000 |
Valuation Allowance | (42,987,000) | (37,628,000) |
Net Deferred Tax Assets |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) | Jul. 26, 2014ft² | Jun. 07, 2013ft² | Jun. 22, 2009USD ($) | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2009USD ($) | Feb. 05, 2018USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Estimated cost to complete contracts | $ 6,340,000 | ||||||
License Costs | $ 100,000 | ||||||
One-time milestone payment | $ 1,000,000 | ||||||
First achievement of marketing approvals | 30 days | ||||||
Employer matching contribution | 100.00% | ||||||
Maximum percentage of employee's gross pay | 3.00% | ||||||
Employer matching contribution on deferral | 50.00% | ||||||
Percentage of employee's gross pay | 2.00% | ||||||
Expense related to matching contribution | $ 120,558 | $ 123,145 | |||||
Percentage of licensing revenue | 50.00% | ||||||
Licensing revenue agreement | $ 5,000,000 | ||||||
Royalty | 50.00% | ||||||
Licensing revenue | $ 5,000,000 | ||||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract term, months | 36 months | ||||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract term, months | 2 months | ||||||
Current Laboratory Lease [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease term | 5 years | ||||||
Size of lease space | ft² | 2,552 | ||||||
Rent expense | $ 65,953 | 64,032 | |||||
Office Space Rental [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Size of lease space | ft² | 5,466 | ||||||
Additional office space | ft² | 1,727 | ||||||
Rent expense | $ 213,321 | $ 206,667 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Future Rental Payments) (Details) | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2,019 | $ 176,080 |
2,020 | 34,468 |
Total | $ 210,548 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | $ 17,931,941 | |
Warrant Liabilities | $ 2,307,586 | 7,853,635 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 5,981,520 | 14,693,441 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 3,238,500 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 17,931,941 | |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 5,981,520 | 14,693,441 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 3,238,500 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant Liabilities | $ 2,307,586 | $ 7,853,635 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation Of Changes In The Fair Value Of Liabilities) (Details) - Warrant Liabilities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 7,853,635 | $ 1,573,366 |
Additions | 6,738,701 | |
Unrealized (gains) losses, net | (5,546,049) | 7,594,162 |
Transfers out of level 3 | (8,052,594) | |
Balance | $ 2,307,586 | $ 7,853,635 |
Select Quarterly Data (Details)
Select Quarterly Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Select Quarterly Data [Abstract] | ||||||||||
Revenues: | ||||||||||
Expenses | 4,966,470 | 4,683,907 | 5,001,441 | 5,885,855 | 4,898,229 | 4,219,322 | 4,283,925 | 3,953,241 | 20,537,673 | 17,354,717 |
Loss from Operations | (4,966,470) | (4,683,907) | (5,001,441) | (5,885,855) | (4,898,229) | (4,219,322) | (4,283,925) | (3,953,241) | (20,537,673) | (17,354,717) |
Other Income (Expense), net | 1,849,900 | (654,912) | 1,163,173 | 3,810,982 | 1,305,766 | 3,181,250 | 5,230,981 | (17,657,783) | 6,169,143 | (7,939,786) |
Net Income (Loss) | $ (3,116,570) | $ (5,338,819) | $ (3,838,268) | $ (2,074,873) | $ (3,592,463) | $ (1,038,072) | $ 947,056 | $ (21,611,024) | $ (14,368,530) | $ (25,294,503) |
Net Income (Loss) per share, basic | $ (0.12) | $ (0.04) | $ 0.04 | $ (0.91) | ||||||
Net income (loss) per share, diluted | $ (0.12) | $ (0.04) | $ 0.03 | $ (0.91) | ||||||
Net Loss per share, basic and diluted | $ (0.09) | $ (0.17) | $ (0.12) | $ (0.07) | $ (0.44) | $ (0.92) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 25, 2019 | Oct. 19, 2018 | Oct. 17, 2017 | Jun. 12, 2017 | Mar. 08, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Shares issued | 5,769,231 | 3,265,309 | 3,030,304 | |||
Number of warrants, issued | 5,769,231 | 1,632,654 | 1,515,152 | 6,115,385 | ||
Proceeds from issuance | $ 7,500,000 | $ 8,000,007 | $ 10,000,003 | |||
Share Price | $ 1.30 | $ 2.45 | $ 3.30 | |||
Stock Warrants, Exercise Price | $ 1.67 | $ 2.85 | $ 4 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares issued | 10,750,000 | |||||
Number of warrants, issued | 10,750,000 | |||||
Proceeds from issuance | $ 8,600,000 | |||||
Share Price | $ 0.80 | |||||
Stock Warrants, Exercise Price | $ 0.80 | |||||
Stock Option [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock options granted | 1,483,185 | |||||
Stock Option [Member] | The 2013 Plan [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock options granted | 374,968 |