Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | REXAHN PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 0001228627 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 20,690,919 | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 4,019,141 |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 9,219,547 | $ 8,744,301 |
Marketable securities | 2,997,220 | 5,981,520 |
Prepaid expenses and other current assets | 447,206 | 1,173,847 |
Total Current Assets | 12,663,973 | 15,899,668 |
Security Deposits | 25,681 | 30,785 |
Operating Lease Right-of-Use Assets | 203,348 | |
Equipment, Net | 75,770 | 112,473 |
Total Assets | 12,968,772 | 16,042,926 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,265,731 | 3,152,550 |
Deferred revenue | 1,500,000 | |
Operating lease liabilities, current | 139,765 | |
Total Current Liabilities | 2,905,496 | 3,152,550 |
Operating Lease Liabilities, non-current | 63,605 | |
Warrant Liabilities | 41,717 | 2,307,586 |
Other Liabilities | 19,900 | |
Total Liabilities | 3,010,818 | 5,480,036 |
Commitments and Contingencies (note 14) | ||
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 authorized shares, 4,019,141 and 3,122,843 issued and outstanding | 402 | 312 |
Additional paid-in capital | 173,278,144 | 165,267,656 |
Accumulated other comprehensive income (loss) | 2,084 | (17,836) |
Accumulated deficit | (163,322,676) | (154,687,242) |
Total Stockholders' Equity | 9,957,954 | 10,562,890 |
Total Liabilities and Stockholders' Equity | $ 12,968,772 | $ 16,042,926 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 75,000,000 |
Common Stock, Shares, Issued | 4,019,141 | 3,122,843 |
Common Stock, Shares, Outstanding | 4,019,141 | 3,122,843 |
Statement Of Operations
Statement Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Operations [Abstract] | ||
Revenues: | ||
Expenses: | ||
General and administrative | 5,738,227 | 7,428,615 |
Research and development | 5,476,776 | 13,109,058 |
Total Expenses | 11,215,003 | 20,537,673 |
Loss from Operations | (11,215,003) | (20,537,673) |
Other Income | ||
Interest income | 313,700 | 254,344 |
Other income | 368,750 | |
Unrealized gain on fair value of warrants | 2,265,869 | 5,546,049 |
Total Other Income | 2,579,569 | 6,169,143 |
Net Loss Before Provision for Income Taxes | (8,635,434) | (14,368,530) |
Provision for income taxes | ||
Net Loss | $ (8,635,434) | $ (14,368,530) |
Net loss per share, basic and diluted | $ (2.18) | $ (5.25) |
Weighted average number of shares outstanding, basic and diluted | 3,960,163 | 2,738,506 |
Statement Of Comprehensive Loss
Statement Of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Comprehensive Loss [Abstract] | ||
Net Loss | $ (8,635,434) | $ (14,368,530) |
Unrealized gain on available-for-sale securities | 19,920 | 39,050 |
Comprehensive Loss | $ (8,615,514) | $ (14,329,480) |
Statement Of Stockholders' Equi
Statement Of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2017 | $ 264 | $ 157,143,930 | $ (140,318,712) | $ (56,886) | $ 16,768,596 |
Balance, shares at Dec. 31, 2017 | 2,639,319 | ||||
Issuance of common stock and units, net of issuance costs | $ 48 | 6,872,741 | 6,872,789 | ||
Issuance of common stock and units, net of issuance costs, Shares | 480,770 | ||||
Common stock issued in exchange for services | 22,650 | 22,650 | |||
Common stock issued in exchange for services, shares | 1,250 | ||||
Common stock issued from vested restricted stock units, shares | 1,504 | ||||
Stock-based compensation | 1,228,335 | 1,228,335 | |||
Net Loss | (14,368,530) | (14,368,530) | |||
Other Comprehensive income | 39,050 | 39,050 | |||
Balance at Dec. 31, 2018 | $ 312 | 165,267,656 | (154,687,242) | (17,836) | $ 10,562,890 |
Balance, shares at Dec. 31, 2018 | 3,122,843 | 3,122,843 | |||
Issuance of common stock and units, net of issuance costs | $ 90 | 7,553,738 | $ 7,553,828 | ||
Issuance of common stock and units, net of issuance costs, Shares | 895,834 | ||||
Common stock issued from vested restricted stock units, shares | 464 | ||||
Stock-based compensation | 456,750 | 456,750 | |||
Net Loss | (8,635,434) | (8,635,434) | |||
Other Comprehensive income | 19,920 | 19,920 | |||
Balance at Dec. 31, 2019 | $ 402 | $ 173,278,144 | $ (163,322,676) | $ 2,084 | $ 9,957,954 |
Balance, shares at Dec. 31, 2019 | 4,019,141 | 4,019,141 |
Statement Of Cash Flows
Statement Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (8,635,434) | $ (14,368,530) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Compensatory stock | 22,650 | |
Depreciation and amortization | 40,992 | 48,211 |
Loss on sale of equipment | 9,594 | |
Amortization of premiums and discounts on marketable securities, net | (108,214) | 39,251 |
Stock-based compensation | 456,750 | 1,228,335 |
Amortization and termination of deferred research and development arrangement | (375,000) | |
Unrealized gain on fair value of warrants | (2,265,869) | (5,546,049) |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | 608,143 | 230,694 |
Accounts payable and accrued expenses | (1,886,819) | (81,376) |
Deferred revenue | 1,500,000 | |
Other, net | 3,724 | (36,824) |
Net Cash Used in Operating Activities | (10,277,133) | (18,838,638) |
Cash Flows from Investing Activities: | ||
Purchase of equipment | (19,383) | (39,224) |
Sale of equipment | 5,500 | |
Purchase of marketable securities | (8,887,566) | |
Redemption of marketable securities | 12,000,000 | 11,950,220 |
Net Cash Provided by Investing Activities | 3,098,551 | 11,910,996 |
Cash Flows from Financing Activities: | ||
Issuance of common stock and units, net of issuance costs | 7,653,828 | 6,872,789 |
Payment of deferred offering costs | (100,000) | |
Net Cash Provided by Financing Activities | 7,653,828 | 6,772,789 |
Net Increase (Decrease) in Cash and Cash Equivalents | 475,246 | (154,853) |
Cash and Cash Equivalents - beginning of period | 8,744,301 | 8,899,154 |
Cash and Cash Equivalents - end of period | 9,219,547 | 8,744,301 |
Supplemental Cash Flow Information | ||
Operating cash flows paid for amounts included in the measurement of lease liabilities | 197,224 | |
Non-cash financing and investing activties: | ||
Warrants issued | 4,735,913 | $ 4,841,830 |
Operating lease right-of-use assets obtained in exchange for lease obligations: | $ 380,935 |
Operations And Organization
Operations And Organization | 12 Months Ended |
Dec. 31, 2019 | |
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 $ 163,322,676 at December 31, 2019 and anticipates incurring losses in the foreseeable future. In September 2019, the Company commenced a process to explore and evaluate strategic alternatives to enhance shareholder value and engaged a financial advisory firm to assist in the process. The Company believes that its cash, cash equivalents and marketable securities of approximately $12.2 million as of December 31, 2019 will be sufficient to cover its cash flow requirements for its current activities for at least the next 12 months from the date these financial statements were issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 (“U.S. GAAP”) 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 oratory 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, 201 9 , the Company’s uninsured cash balance was $ 8,969,547 . 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 Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the standard on January 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows carryforward of the historical lease classification. The Company did not elect the hindsight practical expedient. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. The Company r ecognize s those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Adoption of this standard resulted in recognition of additional net right-of-use assets and lease liabilities, both of which were not quantitatively material to the Company’s financial statements, and there was no impact to the Company’s accumulated deficit. Adoption of this standard did not have a notable impact on the Company’s liquidity. See Note 8 for additional discussion on the Company’s leases and the adoption of ASU 2016-02. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: December 31, 2019 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 1,996,216 $ 1,184 $ - $ 1,997,400 Corporate Bonds 998,920 900 - 999,820 Total Marketable Securities $ 2,995,136 $ 2,084 $ - $ 2,997,220 December 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Corporate Bonds $ 5,999,356 $ - $ (17,836) $ 5,981,520 The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. As of December 31, 2019, 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, 2019 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | 4. Prepaid Expenses and Other Current Assets December 31, December 31, 2019 2018 Deposits on contracts $ - $ 618,417 Prepaid expenses and other current assets 447,206 555,430 $ 447,206 $ 1,173,847 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 not yet incurred as of the balance sheet date. |
Equipment, Net
Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Equipment, Net [Abstract] | |
Equipment, Net | 5. Equipment, Net December 31, December 31, 2019 2018 Furniture and fixtures $ 67,650 $ 82,686 Office and computer equipment 163,440 159,489 Laboratory equipment - 447,653 Leasehold improvements 116,403 131,762 Total equipment 347,493 821,590 Less: Accumulated depreciation and amortization (271,723) (709,117) Net carrying amount $ 75,770 $ 112,473 During the year ended December 31 , 2019, the Company sold its lab oratory equipment prior to terminating its laboratory lease. The Company recorded a loss of $9,594 on the sale, which is included in general and administrative expense in the Company’s statement of operations. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 6. Accounts Payable and Accrued Expenses December 31, December 31, 2019 2018 Trade payables $ 488,285 $ 547,519 Accrued expenses 471,700 140,637 Accrued research and development contract costs 221,170 1,782,131 Payroll liabilities 84,576 682,263 $ 1,265,731 $ 3,152,550 |
Collaboration and License Agree
Collaboration and License Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Collaboration and License Agreements[Abstract] | |
Collaboration and License Agreements | 7. Collaboration and License Agreements BioSense Global LLC On February 25, 2019, the Company entered into a collaboration and license agreement (as amended, the “Collaboration and License Agreement”) with BioSense Global LLC (“BioSense”) to advance the development and commercialization of RX-3117 for pancreatic and other cancers in the Republic of Singapore, China, Hong Kong, Macau, and Taiwan (the “Territory”). Under the terms of the Collaboration and License Agreement, the Company will grant BioSense an exclusive license to develop and commercialize pharmaceutical products containing RX-3117 as a single agent for the prevention or treatment of metastatic pancreatic cancer and other forms of cancer in the Territory that is effective upon payment in full of an upfront payment. The upfront payment consists of an aggregate of $3,000,000 . Under the Collaboration and License Agreement, the Company is also eligible to receive milestone payments (i) in an aggregate of up to $126,000,000 for the achievement of development and regulatory goals in China and (ii) in an aggregate of up to $100,000,000 for the achievement of annual sales goals in the Territory with respect to each pharmaceutical product containing RX-3117 as a single agent. The Company will also be eligible to receive tiered royalties in the low double digits to mid-teens on annual net sales in the Territory. The Company has evaluated the Collaboration and License Agreement under ASC 606, “Revenue from Contracts with Customers,” to determine the appropriate amount of revenue to be recognized as the Company fulfills its obligations under the Collaboration and License Agreement. The Company identified the exclusive license to develop RX-3117 and the supply of RX-3117 clinical material for clinical trials as the distinct performance obligations in the contract. The Company has determined that it will recognize revenue related to the exclusive license to develop RX-3117 and the supply of RX-3117 clinical material transfers to BioSense at a point in time when the exclusive license is conveyed and RX-3117 clinical material is delivered to BioSense, respectively. The Company has determined the transaction price contains both fixed and variable consideration. The fixed consideration is equal to the upfront payment of $3,000,000 . The variable consideration relates to the milestone payments and future sales-based royalty payments. The Company estimates the variable consideration in the contract using the most likely amount method. The Company determined at the contract outset and as of December 31, 2019 that all milestone payments should be fully constrained, as it is not probable that a significant reversal of revenue will not occur in a future period, given the significance of the milestone payments and that the payments are earned based upon the achievement of events that are highly susceptible to factors outside of the Company’s control. Future sales-based royalties related to the exclusive license to develop RX-3117 will be recognized in the period the underlying sales transaction occurs. The $3,000,000 upfront payment has been allocated to the performance obligations on the basis of the relative standalone selling price estimated for each performance obligation. The Company has determined the standalone selling price of the exclusive license to develop RX-3117 using the adjusted market approach, which represents the price the market will bear based on the license rights granted and the state of the intellectual property, and has determined the standalone selling price of the supply of RX-3117 clinical material using a cost plus a margin approach. Accordingly, the Company has allocated $2,500,000 of the upfront transaction price to the exclusive license to develop RX-3117 and $500,000 to the supply of RX-3117 clinical material. Additional transaction price recognized in future periods related to milestone payments and royalties will be allocated solely to the exclusive license to develop RX-3117, as these amounts relate to efforts associated with the development and commercialization of products related to the exclusive license to develop RX-3117. As of December 31, 2019, $1,500,000 of the upfront payment had been paid, and the remaining $1,500,000 which was due on September 23, 2019 remained unpaid. The Company has not terminated the Collaboration and License Agreement nor amended its performance obligations. As neither performance obligation has been satisfied as of December 31, 2019, no revenue has been recognized for the year ended December 31, 2019. The Company has recorded the $1,500,000 of transaction consideration received as of December 31, 2019 as deferred revenue on the Company’s balance sheet. 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 agreed to develop RX-0301, a nano-liposomal formulation of RX-0201, using its proprietary QTsome™ technology and to conduct certain preclinical and clinical activities through completion of a Phase 2a proof-of-concept clinical trial in hepatocellular carcinoma in China. The Company accounts for this contract under ASC 606. The Company has determined the sole performance obligation under the contract with HaiChang relates to the license of intellectual property in exchange for variable, non-cash consideration in the form of the rights to the enhanced intellectual property developed by HaiChang under the contract. Revenue associated with this license is recognized at a point in time. At the outset of the contract, the value of the license was determined to be de minimis given the early stage of clinical development of the intellectual property. Because the consideration in the contract varies based upon the success of the research and development efforts of HaiChang, the Company has determined that the non-cash consideration in the contract represents variable consideration. The Company estimates variable consideration under the contract using the expected value method. Given the early stage and the uncertain success of the development work to be performed by HaiChang, as of December 31, 2019 and 2018, the Company has determined that the variable consideration in the contract should be fully constrained at the contract outset and as of December 31, 2019 and 2018. The Company has not recorded revenue for this contract for the years ended December 31, 2019 and 2018. As further described in Note 16, on February 8, 2020, the Company entered into an exclusive license with HaiChang (the “HaiChang License Agreement”). In connection with entering into the HaiChang License Agreement, the parties terminated the research and development collaboration agreement with HaiChang. 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 under the agreement 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. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 8. Leases The Company adopted ASU 2016-02 on January 1, 2019. Upon adoption, leases classified as operating leases under previous U.S. GAAP are recognized as right of use lease assets and lease liabilities. The classification criteria for distinguishing between finance leases and operating leases pursuant to ASU 2016-02 are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. Upon adoption, the Company did not have any finance leases, and the Company’s operating leases were as follows: Office Space Lease The Company leases 5,466 square feet of office space in Rockville, Maryland, with a lease term ending June 30, 2024. Prior to the amendment of this lease on March 18, 2019, the lease covered 7,193 square feet and had a lease term ending June 30, 2019. Under the lease agreement, the Company pays its allocable portion of real estate taxes and common area operating charges. The lease has escalating rent payments for which the Company records lease expense on a straight-line basis over the lease term, and an option to terminate the leased premises, without penalty, on June 30, 2021. The Company is reasonably certain that it will not remain in these leased premises after the optional termination date, and therefore, is using the optional termination date in assessing the lease term. Laboratory Lease The Company previously leased 2,552 square feet of laboratory space with a lease term due to end on June 30, 2020. The Company terminated its laboratory lease agreement on February 4, 2019 and surrendered the premises on February 28, 2019. The following table summarizes the right of use lease assets and lease liabilities as of December 31, 2019: Right-of-Use Assets $ 203,348 Operating Lease Liabilities Current $ 139,765 Long Term 63,605 Total Operating Lease Liabilities $ 203,370 Lease expense for the year ended December 31, 2019 was $229,701 , which includes $200,948 in operating lease costs and $28,753 in variable lease costs. The right-of-use asset and lease liability were calculated using an estimated incremental borrowing rate of 11% . At December 31, 2019, the weighted average lease term was 1.5 years. The table below summarizes the Company’s scheduled future minimum lease payments recorded on the balance sheet, as of December 31, 2019: Year Ending December 31: 2020 $ 155,280 2021 65,364 Minimum lease payments 220,644 Less: Imputed interest (17,274) Present value of minimum lease payments 203,370 Less: current maturities of lease obligations (139,765) Long-term lease obligations $ 63,605 |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
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, 201 9 and 201 8 , there were stock options, restricted stock units (“RSUs”) and warrants to acquire, in the aggregate, 2,126,063 and 1,322,602 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, 2019 | |
Common Stock [Abstract] | |
Common Stock | 10. Common Stock The following transactions occurred during the years ended December 31, 2019 and 2018: Reverse Stock Split On April 12, 2019 the Company effected a 1-for- 12 reverse stock split of the outstanding shares of the Company’s common stock. Each 12 shares of the Company’s common stock, par value $0.0001 per share, issued and outstanding at the effective time of the reverse stock split were reclassified and combined into one share of common stock par value $0.0001 per share. The number of shares of common stock and preferred stock the Company is authorized to issue remained unchanged at 75,000,000 and 10,000,000 , respectively. All share and per share amounts have been restated for all periods to give retroactive effect to the reverse stock split. Accordingly, an amount equal to the par value of the decreased shares resulting from the reverse stock split was reclassified from “Common stock” to “Additional paid-in capital.” 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 October 2018 On October 19, 2018, the Company closed a registered direct offering of 480,770 shares of common stock and warrants to purchase up to 480,771 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 $15.60 per unit, with an exercise price for the warrants of $20.04 per share . The warrants bec a me exercisable April 19, 2019 and will remain exercisable through April 19, 2024. The Company also issued warrants to purchase up to 28,848 shares of the Company’s common stock, at an exercise price of $19.50 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. January 2019 On January 25, 2019, the Company closed an underwritten public offering of 895,834 shares of common stock and warrants to purchase up to 895,886 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 $9.60 per unit, with an exercise price for the warrants of $9.60 per share . The warrants were immediately exercisable and will remain exercisable until January 25, 2024. The warrants issued are classified as equity instruments. The closing costs of this offering were $1,046,172 in underwriter’s and other professional fees that are recorded as a reduction in the gross proceeds of the offering. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation As of December 31, 2019, the Company had 204,574 options outstanding. The Company grants equity awards to key employees, directors and consultants of the Company under the Rexahn Pharmaceuticals, Inc. 2013 Stock Option Plan (the “2013 Plan”). The Company has reserved 283,333 shares of common stock for issuance pursuant to the 2013 Plan. As of December 31, 2019, there were 187,420 options outstanding under the 2013 Plan, and 93,882 shares were available for issuance . In addition, as of December 31, 2019, there were 17,154 options outstanding under a previously established stock option plan under which no new stock options may be granted. 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, 201 9 and 201 8 is as follows: For the Year Ended December 31, 2019 2018 Statement of operations line item: General and administrative $ 393,483 $ 883,855 Research and development 63,267 344,480 Total $ 456,750 $ 1,228,335 No 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 52,465 stock options granted at exercise prices ranging from $5.23 to $7.45 with an aggregate fair value of $220,540 during the year ended December 31, 2019. There were 123,587 stock options granted at exercise prices ranging from $13.08 to $27.48 , with an aggregate fair value of $1,540,866 , during the year ended December 31, 2018. 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 grants to non-employee directors and 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. Forfeitures - The Company recognizes forfeitures as they occur. The assumptions made in calculating the fair values of options are as follows: For the Year Ended December 31, 2019 2018 Black-Scholes assumptions Expected dividend yield 0 % 0 % Expected volatility 74-75 % 69-73 % Risk-free interest rate 1.9 -2.6 % 2.3 -2.9 % 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, 2019 255,922 $ 41.88 7.8 years $ - Granted 52,465 $ 6.41 Exercised - $ - Expired (2,080) $ 97.78 Cancelled (101,733) $ 34.99 Outstanding, December 31, 2019 204,574 $ 35.60 7.3 years $ - Exercisable, December 31, 2019 123,263 $ 51.15 6.2 years $ - There were no stock options exercised during the years ended December 31, 2019 and 2018. The weighted average fair value of options granted was $4.20 and $12.48 for the years ended December 31, 201 9 and 201 8 , respectively. A summary of the Company’s unvested options as of December 31, 2019 and changes during the year ended December 31, 2019 is presented below: 2019 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2019 131,531 $ 13.19 Granted 52,465 $ 4.20 Vested (51,386) $ 14.12 Cancelled (51,299) $ 11.47 Unvested at December 31, 2019 81,311 $ 7.90 As of December 31, 2019, there was $577,976 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average vesting period of 2.0 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, 2019 is as follows: Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 1,394 $ 22.08 Granted - $ - Vested and Released (464) $ 22.08 Cancelled (930) $ 22.08 Outstanding, December 31, 2019 - $ - |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Warrants [Abstract] | |
Warrants | 12. Warrants The following table summarizes the Company’s outstanding warrants to purchase common stock as of December 31, 2019 and 2018 Number of Warrants: Warrant Issuance December 31, 2019 December 31, 2018 Exercise Price Expiration Date Liability-classified Warrants January 2014 Investors - 39,683 $ 153.60 Jan. 2019 November 2015 Investors 104,168 104,168 $ 63.60 May 2021 November 2015 Placement Agent 279 279 $ 63.60 Nov. 2020 March 2016 Investors 50,651 50,651 $ 50.40 Sept. 2021 September 2016 Investors 67,084 67,084 $ 36.00 Mar. 2022 June 2017 Investors 126,264 126,264 $ 48.00 Dec. 2022 June 2017 Placement Agent 15,153 15,153 $ 49.50 June 2022 October 2017 Investors 136,058 136,058 $ 34.20 Apr. 2023 October 2017 Placement Agent 16,327 16,327 $ 36.72 Oct. 2022 Total liability classified warrants 515,984 555,667 Equity-classified Warrants October 2018 Investors 480,771 480,771 $ 20.04 Apr. 2024 October 2018 Placement Agent 28,848 28,848 $ 19.50 Oct. 2023 January 2019 Investors 895,886 - $ 9.60 Jan. 2024 Total equity-classified warrants 1,405,505 509,619 Total outstanding warrants 1,921,489 1,065,286 The following table summarizes the Company’s warrant activity for the year ended December 31, 2019: Number of Warrants Liability-classified Equity- classified Total Weighted average exercise price Balance, January 1, 2019 555,667 509,619 1,065,286 $ 37.52 Issued during the period - 895,886 895,886 $ 9.60 Exercised during the period - - - $ - Expired during the period (39,683) - (39,683) $ 153.60 Balance, December 31, 2019 515,984 1,405,505 1,921,489 $ 22.10 At December 31, 201 9 , the weighted average remaining contractual life of the outstanding warrants was 3.7 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). The warrant holder would have 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 and the June 2017 and October 2017 offerings 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. Historically, the Company has considered the probability of a fundamental transaction occurring to be remote, however, in September 2019, the Company commenced a process to explore and evaluate strategic alternatives to enhance shareholder value, which could result in a fundamental transaction as defined by the warrant agreements. Therefore, the Company adjusted the likelihood and timing of its fundamental transaction assumptions when calculating the fair values of the liability-classified warrants as of December 31, 2019. 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, 2019 December 31, 2018 November 2015 Investors $ 55 $ 234,918 November 2015 Placement Agent - 435 March 2016 Investor 439 160,099 September 2016 Investors 3,196 333,834 June 2017 Investors 11,736 623,324 June 2017 Placement Agent 845 65,149 October 2017 Investors 23,772 801,551 October 2017 Placement Agent 1,674 88,276 Total: $ 41,717 $ 2,307,586 The assumptions used in calculating the fair values of the warrants are as follows: December 31, 2019 December 31, 2018 Trading market prices $ 1.91 $ 11.16 Estimated future volatility 102 % 105 % Dividend - - Estimated future risk-free rate 1.57 -1.72 % 2.35 -2.53 % Equivalent volatility 85-94 % 99-104 % Equivalent risk-free rate 1.57 -1.59 % 2.51 -2.55 % Fundamental transaction likelihood 50 % 5 % Fundamental transaction timing April 2020 End of warrant term Changes in the fair value of the warrant liabilities, carried at fair value, as reported as “unrealized gain on fair value of warrants” in the statement of operations: For the Year Ended December 31, 2019 2018 Expired Warrants $ - $ 64,307 November 2015 Investors 234,863 1,025,132 November 2015 Placement Agent 435 2,501 March 2016 Investors 159,660 537,455 September 2016 Investors 330,638 720,249 June 2017 Investors 611,588 1,358,540 June 2017 Placement Agent 64,304 156,442 October 2017 Investors 777,779 1,504,001 October 2017 Placement Agent 86,602 177,422 Total: $ 2,265,869 $ 5,546,049 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes No provision for federal and state income taxes was required for the years ended December 31, 2019 and 2018 due to the Company’s operating losses and increased deferred tax asset valuation allowance. At December 31, 2019 and 2018, the Company had unused net operating loss carry-forwards of approximately $156, 586 ,000 and $147,086,000 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, 2019 and 2018, 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, 2019 2018 Net Operating Loss Carryforwards $ 43,844,000 $ 41,184,000 Stock Compensation Expense 1,191,000 1,608,000 Book Tax Differences on Assets and Liabilities 464,000 195,000 Valuation Allowance (45,499,000) (42,987,000) Net Deferred Tax Assets $ - $ - The Company files income tax returns in the U.S. federal and Maryland state jurisdictions. Tax years for fiscal 2016 through 2019 are open and potentially subject to examination by the federal and Maryland state taxing authorities. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 14. 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, 2019, the total estimated cost to complete these agreements was approximately $ 1,750,000 . 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 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, 2019, the milestone has not occurred. c) 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 $71,568 and $120,558 , for the years ended December 31, 201 9 and 201 8 respectively. d) 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 . As of December 31, 2019, the Company has not made any royalty payments to Next BT. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 15. 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. Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 1,997,400 $ - $ 1,997,400 $ - Corporate Bonds 999,820 - 999,820 - Total Assets: $ 2,997,220 $ - $ 2,997,220 $ - Liabilities: Warrant Liabilities $ 41,717 $ - $ - $ 41,717 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 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. There have been no changes in the methodologies used at December 31, 2019 and 2018 and no transfers between Level 1, 2 and 3 during the years ended December 31, 2019 and 2018. The following table sets forth a reconciliation of changes in the years ended December 31, 2019 and 2018 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy: Warrant Liabilities Balance at January 1, 2019 $ 2,307,586 Unrealized gains, net (2,265,869) Balance at December 31, 2019 $ 41,717 Warrant Liabilities Balance at January 1, 2018 $ 7,853,635 Unrealized gains, net (5,546,049) Balance at December 31, 2018 $ 2,307,586 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Abstract] | |
Subsequent Event | 16. Subsequent Event Exclusive License Agreement with HaiChang On February 8, 2020, the Company entered into the HaiChang License Agreement pursuant to which the Company granted HaiChang an exclusive (even as to the Company), royalty-bearing, sublicensable worldwide license to research, develop and commercialize pharmaceutical products comprising RX-0201 (subject to and limited by the exclusive rights of Next BT with respect to RX-0201 in Asia), the nano-liposomal formulation of RX-0201 known as RX-0301, and RX-0047, a proprietary compound currently in preclinical development. HaiChang has agreed to use commercially reasonable efforts to develop, seek regulatory approval for, and commercialize one product comprising or RX-0301 and one product comprising RX-0047. HaiChang will pay to the Company a one-time upfront payment in the amount of $250,000 for certain materials to be transferred by the Company to HaiChang. HaiChang will pay the Company development milestone payments in an aggr egate of up to $63,000,000 with respect to RX-0201 and RX-0301 and up to $33,000,000 with respect to RX-0047, and royalties based on percentages of net sales in the low tens with respect to RX-0201 and RX-0301 and the mid-single digits with respect to RX-0047. However, if HaiChang exclusively sublicenses its rights to a third party with respect to RX-0201 and RX-0301 or RX-0047 in a particular jurisdiction, instead of the foregoing milestones and royalties to the extent relating to such compound(s) and jurisdiction, HaiChang will pay the Company a percentage of any sublicensing revenue received by HaiChang, provided that in any event HaiChang will pay a milestone payment on initiation of a Phase 3 clinical trial that is subject to reduction by the amount of any sublicensing revenue paid with respect to the applicable compound(s) as of the time of initiation of the trial. In connection with entering into the HaiChang License Agreement, the parties terminated the previous research collaboration and license agreement with HaiChang. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 (“U.S. GAAP”) 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 oratory 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, 201 9 , the Company’s uninsured cash balance was $8,969,547 . 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 Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the standard on January 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows carryforward of the historical lease classification. The Company did not elect the hindsight practical expedient. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. The Company r ecognize s those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Adoption of this standard resulted in recognition of additional net right-of-use assets and lease liabilities, both of which were not quantitatively material to the Company’s financial statements, and there was no impact to the Company’s accumulated deficit. Adoption of this standard did not have a notable impact on the Company’s liquidity. See Note 8 for additional discussion on the Company’s leases and the adoption of ASU 2016-02. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 oratory 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, 2019 | |
Marketable Securities [Abstract] | |
Schedule Of Cost And Fair Value Of Marketable Securities | December 31, 2019 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 1,996,216 $ 1,184 $ - $ 1,997,400 Corporate Bonds 998,920 900 - 999,820 Total Marketable Securities $ 2,995,136 $ 2,084 $ - $ 2,997,220 December 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Corporate Bonds $ 5,999,356 $ - $ (17,836) $ 5,981,520 |
Prepaid Expenses And Other Cu_2
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | December 31, December 31, 2019 2018 Deposits on contracts $ - $ 618,417 Prepaid expenses and other current assets 447,206 555,430 $ 447,206 $ 1,173,847 |
Equipment, Net (Tables)
Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equipment, Net [Abstract] | |
Schedule Of Equipment, Net | December 31, December 31, 2019 2018 Furniture and fixtures $ 67,650 $ 82,686 Office and computer equipment 163,440 159,489 Laboratory equipment - 447,653 Leasehold improvements 116,403 131,762 Total equipment 347,493 821,590 Less: Accumulated depreciation and amortization (271,723) (709,117) Net carrying amount $ 75,770 $ 112,473 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | December 31, December 31, 2019 2018 Trade payables $ 488,285 $ 547,519 Accrued expenses 471,700 140,637 Accrued research and development contract costs 221,170 1,782,131 Payroll liabilities 84,576 682,263 $ 1,265,731 $ 3,152,550 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary Of Right Of Use Lease Assets And Lease Liabilities | Right-of-Use Assets $ 203,348 Operating Lease Liabilities Current $ 139,765 Long Term 63,605 Total Operating Lease Liabilities $ 203,370 |
Scheduled Future Minimum Lease Payments | Year Ending December 31: 2020 $ 155,280 2021 65,364 Minimum lease payments 220,644 Less: Imputed interest (17,274) Present value of minimum lease payments 203,370 Less: current maturities of lease obligations (139,765) Long-term lease obligations $ 63,605 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Summary Of Stock Compensation Expense | For the Year Ended December 31, 2019 2018 Statement of operations line item: General and administrative $ 393,483 $ 883,855 Research and development 63,267 344,480 Total $ 456,750 $ 1,228,335 |
Schedule Of Assumptions Made In Calculating The Fair Value Of Options | For the Year Ended December 31, 2019 2018 Black-Scholes assumptions Expected dividend yield 0 % 0 % Expected volatility 74-75 % 69-73 % Risk-free interest rate 1.9 -2.6 % 2.3 -2.9 % 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, 2019 255,922 $ 41.88 7.8 years $ - Granted 52,465 $ 6.41 Exercised - $ - Expired (2,080) $ 97.78 Cancelled (101,733) $ 34.99 Outstanding, December 31, 2019 204,574 $ 35.60 7.3 years $ - Exercisable, December 31, 2019 123,263 $ 51.15 6.2 years $ - |
Summary Of Unvested Shares | 2019 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2019 131,531 $ 13.19 Granted 52,465 $ 4.20 Vested (51,386) $ 14.12 Cancelled (51,299) $ 11.47 Unvested at December 31, 2019 81,311 $ 7.90 |
Summary Of RSU Activity | Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 1,394 $ 22.08 Granted - $ - Vested and Released (464) $ 22.08 Cancelled (930) $ 22.08 Outstanding, December 31, 2019 - $ - |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Warrants [Abstract] | |
Summary Of Warrants Outstanding | Number of Warrants: Warrant Issuance December 31, 2019 December 31, 2018 Exercise Price Expiration Date Liability-classified Warrants January 2014 Investors - 39,683 $ 153.60 Jan. 2019 November 2015 Investors 104,168 104,168 $ 63.60 May 2021 November 2015 Placement Agent 279 279 $ 63.60 Nov. 2020 March 2016 Investors 50,651 50,651 $ 50.40 Sept. 2021 September 2016 Investors 67,084 67,084 $ 36.00 Mar. 2022 June 2017 Investors 126,264 126,264 $ 48.00 Dec. 2022 June 2017 Placement Agent 15,153 15,153 $ 49.50 June 2022 October 2017 Investors 136,058 136,058 $ 34.20 Apr. 2023 October 2017 Placement Agent 16,327 16,327 $ 36.72 Oct. 2022 Total liability classified warrants 515,984 555,667 Equity-classified Warrants October 2018 Investors 480,771 480,771 $ 20.04 Apr. 2024 October 2018 Placement Agent 28,848 28,848 $ 19.50 Oct. 2023 January 2019 Investors 895,886 - $ 9.60 Jan. 2024 Total equity-classified warrants 1,405,505 509,619 Total outstanding warrants 1,921,489 1,065,286 |
Summary Of Changes In Warrants Outstanding During The Period | Number of Warrants Liability-classified Equity- classified Total Weighted average exercise price Balance, January 1, 2019 555,667 509,619 1,065,286 $ 37.52 Issued during the period - 895,886 895,886 $ 9.60 Exercised during the period - - - $ - Expired during the period (39,683) - (39,683) $ 153.60 Balance, December 31, 2019 515,984 1,405,505 1,921,489 $ 22.10 |
Schedule Of Fair Value Of Warrants Issued | Fair Value as of: Warrant Issuance: December 31, 2019 December 31, 2018 November 2015 Investors $ 55 $ 234,918 November 2015 Placement Agent - 435 March 2016 Investor 439 160,099 September 2016 Investors 3,196 333,834 June 2017 Investors 11,736 623,324 June 2017 Placement Agent 845 65,149 October 2017 Investors 23,772 801,551 October 2017 Placement Agent 1,674 88,276 Total: $ 41,717 $ 2,307,586 |
Schedule Of Assumptions Used In Calculating Fair Value Of Warrants | December 31, 2019 December 31, 2018 Trading market prices $ 1.91 $ 11.16 Estimated future volatility 102 % 105 % Dividend - - Estimated future risk-free rate 1.57 -1.72 % 2.35 -2.53 % Equivalent volatility 85-94 % 99-104 % Equivalent risk-free rate 1.57 -1.59 % 2.51 -2.55 % Fundamental transaction likelihood 50 % 5 % Fundamental transaction timing April 2020 End of warrant term |
Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants | For the Year Ended December 31, 2019 2018 Expired Warrants $ - $ 64,307 November 2015 Investors 234,863 1,025,132 November 2015 Placement Agent 435 2,501 March 2016 Investors 159,660 537,455 September 2016 Investors 330,638 720,249 June 2017 Investors 611,588 1,358,540 June 2017 Placement Agent 64,304 156,442 October 2017 Investors 777,779 1,504,001 October 2017 Placement Agent 86,602 177,422 Total: $ 2,265,869 $ 5,546,049 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets And Valuation Allowance | December 31, December 31, 2019 2018 Net Operating Loss Carryforwards $ 43,844,000 $ 41,184,000 Stock Compensation Expense 1,191,000 1,608,000 Book Tax Differences on Assets and Liabilities 464,000 195,000 Valuation Allowance (45,499,000) (42,987,000) Net Deferred Tax Assets $ - $ - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 1,997,400 $ - $ 1,997,400 $ - Corporate Bonds 999,820 - 999,820 - Total Assets: $ 2,997,220 $ - $ 2,997,220 $ - Liabilities: Warrant Liabilities $ 41,717 $ - $ - $ 41,717 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 |
Reconciliation Of Changes In The Fair Value Of Liabilities | Warrant Liabilities Balance at January 1, 2019 $ 2,307,586 Unrealized gains, net (2,265,869) Balance at December 31, 2019 $ 41,717 Warrant Liabilities Balance at January 1, 2018 $ 7,853,635 Unrealized gains, net (5,546,049) Balance at December 31, 2018 $ 2,307,586 |
Operations And Organization (De
Operations And Organization (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Operations And Organization [Abstract] | ||
Cash, cash equivalents and marketable securities | $ 12,200,000 | |
Accumulated deficit | $ 163,322,676 | $ 154,687,242 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | Dec. 31, 2019USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
Uninsured cash balance | $ 8,969,547 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 (Details)
Marketable Securities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 2,995,136 | |
Gross Unrealized Gains | 2,084 | |
Fair Value | 2,997,220 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 1,996,216 | |
Gross Unrealized Gains | 1,184 | |
Fair Value | 1,997,400 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 998,920 | $ 5,999,356 |
Gross Unrealized Gains | 900 | |
Gross Unrealized Losses | (17,836) | |
Fair Value | $ 999,820 | $ 5,981,520 |
Prepaid Expenses And Other Cu_3
Prepaid Expenses And Other Current Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Deposits on contracts | $ 618,417 | |
Prepaid expenses and other current assets | $ 447,206 | 555,430 |
Total prepaid expenses and other current assets | $ 447,206 | $ 1,173,847 |
Equipment, Net (Narrative) (Det
Equipment, Net (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Equipment, Net [Abstract] | |
Loss on sale of equipment | $ (9,594) |
Equipment, Net (Schedule Of Equ
Equipment, Net (Schedule Of Equipment, Net) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 347,493 | $ 821,590 |
Less: Accumulated depreciation and amortization | (271,723) | (709,117) |
Net carrying amount | 75,770 | 112,473 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 67,650 | 82,686 |
Office And Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 163,440 | 159,489 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 447,653 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 116,403 | $ 131,762 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade payables | $ 488,285 | $ 547,519 |
Accrued expenses | 471,700 | 140,637 |
Accrued research and development contract costs | 221,170 | 1,782,131 |
Payroll liabilities | 84,576 | 682,263 |
Total accounts payable and accrued expenses | $ 1,265,731 | $ 3,152,550 |
Collaboration and License Agr_2
Collaboration and License Agreements (Details) - USD ($) | Feb. 05, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2003 |
Other income | $ 368,750 | |||
Upfront payment | $ 3,000,000 | |||
Revenue recognized | 0 | |||
Deferred revenue | 1,500,000 | |||
Amount due | 1,500,000 | |||
Fixed consideration | 3,000,000 | |||
RX-3117 License [Member] | ||||
Upfront payment | 2,500,000 | |||
RX-3117 Clinical Material [Member] | ||||
Upfront payment | $ 500,000 | |||
RX-0201 [Member] | ||||
Other income | $ 368,750 | |||
Research and development period | 20 years | |||
Reduction of research and development expenses | $ 6,250 | |||
Research and development arrangement, one-time fee | $ 1,500,000 | |||
Percentage of licensing revenue | 50.00% | |||
Licensing revenue agreement | $ 5,000,000 | |||
China [Member] | ||||
Milestone payment | $ 126,000,000 | |||
Republic of Singapore, China, Hong Kong, Macau and Taiwan [Member] | ||||
Milestone payment | $ 100,000,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)ft² | |
Lessee, Lease, Description [Line Items] | |
Lease expense | $ | $ 229,701 |
Operating lease costs | $ | 200,948 |
Variable lease costs | $ | $ 28,753 |
Discount rate | 11.00% |
Weighted average lease term | 1 year 6 months |
Prior Office Space Rental [Member] | |
Lessee, Lease, Description [Line Items] | |
Area | ft² | 7,193 |
Office Space Rental [Member] | |
Lessee, Lease, Description [Line Items] | |
Area | ft² | 5,466 |
Laboratory Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Area | ft² | 2,552 |
Leases (Summary Of Right Of Use
Leases (Summary Of Right Of Use Lease Assets And Lease Liabilities) (Details) | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Right-of-Use Assets | $ 203,348 |
Current | 139,765 |
Long Term | 63,605 |
Total Operating Lease Liabilities | $ 203,370 |
Leases (Scheduled Future Minimu
Leases (Scheduled Future Minimum Lease Payments) (Details) | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 155,280 |
2021 | 65,364 |
Minimum lease payments | 220,644 |
Less: Imputed interest | (17,274) |
Total Operating Lease Liabilities | 203,370 |
Less: current maturities of lease obligations | (139,765) |
Long-term lease obligations | $ 63,605 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options, Restricted Stock Units And Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 2,126,063 | 1,322,602 |
Common Stock (Details)
Common Stock (Details) | Apr. 12, 2019$ / sharesshares | Jan. 25, 2019USD ($)$ / sharesshares | Oct. 19, 2018USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Aug. 30, 2018shares | Aug. 29, 2018shares |
Class of Stock [Line Items] | |||||||
Reverse stock split | 0.083 | ||||||
Common Stock, Par Value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares Authorized | shares | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 50,000,000 | ||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Shares issued | shares | 895,834 | 480,770 | |||||
Warrants issued | shares | 895,886 | 480,771 | 895,886 | ||||
Warrants issued per share of stock issued in unit offering | $ / shares | $ 1 | $ 1 | |||||
Proceeds from issuance | $ | $ 8,600,000 | $ 7,500,000 | |||||
Share price | $ / shares | $ 9.60 | $ 15.60 | |||||
Warrants exercise price | $ / shares | $ 9.60 | $ 20.04 | |||||
Public offering closing costs | $ | $ 1,046,172 | $ 896,117 | |||||
Fair value of placement agent warrants | $ | 286,906 | ||||||
Cash paid in exchange for legal services | $ | $ 627,211 | ||||||
Placement Agent Warrant [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants exercise price | $ / shares | $ 19.50 | ||||||
Warrants issued included in closing costs | shares | 28,848 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 204,574 | 255,922 |
Percentage of Event Occurence to Vest | 100.00% | |
Stock options granted | 52,465 | |
Stock option exercise price | $ 6.41 | |
Intrinsic value of options exercised | $ 0 | $ 0 |
Weighted average fair value at grant date, Vested | $ 4.20 | $ 12.48 |
Unrecognized compensation cost | $ 577,976 | |
Weighted average vesting period, years | 2 years | |
The 2013 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance | 93,882 | |
The 2013 Plan [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding | 187,420 | |
Options authorized for issuance | 283,333 | |
The 2003 Plan [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding | 17,154 | |
Shares available for issuance | 0 | |
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 $5.23 to $7.45 [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 52,465 | |
Stock option grants fair value | $ 220,540 | |
Exercise Price Range $5.23 to $7.45 [Member] | Minimum [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option exercise price | $ 5.23 | |
Exercise Price Range $5.23 to $7.45 [Member] | Maximum [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option exercise price | $ 7.45 | |
Exercise Price Range $13.08 to $27.48 [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 123,587 | |
Stock option grants fair value | $ 1,540,866 | |
Exercise Price Range $13.08 to $27.48 [Member] | Minimum [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option exercise price | $ 13.08 | |
Exercise Price Range $13.08 to $27.48 [Member] | Maximum [Member] | Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option exercise price | $ 27.48 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Compensation Expense) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | $ 456,750 | $ 1,228,335 |
General and administrative [Member] | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | 393,483 | 883,855 |
Research and development [Member] | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share Based Compensation | $ 63,267 | $ 344,480 |
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, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 74.00% | 69.00% |
Expected volatility, maximum | 75.00% | 73.00% |
Risk-free interest rate, minimum | 1.90% | 2.30% |
Risk-free interest rate, maximum | 2.60% | 2.90% |
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) - Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options, Oustanding | 255,922 | |
Number of Options, Granted | 52,465 | |
Number of Options, Expired | (2,080) | |
Number of Options, Cancelled | (101,733) | |
Number of Options, Oustanding | 204,574 | 255,922 |
Weighted Average Exercise Price, Outstanding | $ 41.88 | |
Weighted Average Exercise Price, Granted | 6.41 | |
Weighted Average Exercise price, Expired | 97.78 | |
Weighted Average Exercise Price, Cancelled | 34.99 | |
Weighted Average Exercise Price, Outstanding | $ 35.60 | $ 41.88 |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 9 months 18 days | 7 years 1 month 6 days |
Number of Options, Exercisable | 123,263 | |
Weighted Average Exercise Price, Exercisable | $ 51.15 | |
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, 2019$ / sharesshares | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Granted | 52,465 |
Nonvested Options [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Unvested | 131,531 |
Number of Options, Granted | 52,465 |
Number of Options, Vested | (51,386) |
Number of Options, Cancelled | (51,299) |
Number of Options, Unvested | 81,311 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 13.19 |
Weighted Average Fair Value at Grant Date, Granted | $ / shares | 4.20 |
Weighted Average Fair Value at Grant Date, Vested | $ / shares | 14.12 |
Weighted Average Fair Value at Grant Date, Cancelled | $ / shares | 11.47 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 7.90 |
Stock-Based Compensation (Sum_4
Stock-Based Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs, Outstanding | shares | 1,394 |
Number of RSUs, Granted | shares | |
Number of RSUs, Vested and Released | shares | (464) |
Number of RSUs, Cancelled | shares | (930) |
Number of RSUs, Outstanding | shares | |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares | $ 22.08 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | |
Weighted Average Grant Date Fair Value, Vested and Released | $ / shares | 22.08 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 22.08 |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Warrants [Abstract] | |
Average remaining contractual life of warrants outstanding | 3 years 8 months 12 days |
Warrants (Summary Of Warrants O
Warrants (Summary Of Warrants Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 25, 2019 | Dec. 31, 2018 | Oct. 19, 2018 | |
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 1,921,489 | 1,065,286 | ||
Exercise Price | $ 9.60 | $ 20.04 | ||
Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 515,984 | 555,667 | ||
Equity-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 1,405,505 | 509,619 | ||
January 2014 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 39,683 | |||
Exercise Price | $ 153.60 | |||
Expiration Date | 2019-01 | |||
November 2015 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 104,168 | 104,168 | ||
Exercise Price | $ 63.60 | |||
Expiration Date | 2021-05 | |||
November 2015 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 279 | 279 | ||
Exercise Price | $ 63.60 | |||
Expiration Date | 2020-11 | |||
March 2016 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 50,651 | 50,651 | ||
Exercise Price | $ 50.40 | |||
Expiration Date | 2021-09 | |||
September 2016 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 67,084 | 67,084 | ||
Exercise Price | $ 36 | |||
Expiration Date | 2022-03 | |||
June 2017 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 126,264 | 126,264 | ||
Exercise Price | $ 48 | |||
Expiration Date | 2022-12 | |||
June 2017 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 15,153 | 15,153 | ||
Exercise Price | $ 49.50 | |||
Expiration Date | 2022-06 | |||
October 2017 Investor Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 136,058 | 136,058 | ||
Exercise Price | $ 34.20 | |||
Expiration Date | 2023-04 | |||
October 2017 Placement Agent Warrants [Member] | Liability-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 16,327 | 16,327 | ||
Exercise Price | $ 36.72 | |||
Expiration Date | 2022-10 | |||
October 2018 Investor Warrants [Member] | Equity-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 480,771 | 480,771 | ||
Exercise Price | $ 20.04 | |||
Expiration Date | 2024-04 | |||
October 2018 Placement Agent Warrants [Member] | Equity-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 28,848 | 28,848 | ||
Exercise Price | $ 19.50 | |||
Expiration Date | 2023-10 | |||
January 2019 Investor Warrants [Member] | Equity-Classified Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants | 895,886 | |||
Exercise Price | $ 9.60 | |||
Expiration Date | 2024-01 |
Warrants (Summary Of Changes In
Warrants (Summary Of Changes In Warrants Outstanding During The Period) (Details) - $ / shares | Jan. 25, 2019 | Oct. 19, 2018 | Dec. 31, 2019 |
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding | 1,065,286 | ||
Number of warrants, issued | 895,886 | 480,771 | 895,886 |
Number of warrants, Exercised | |||
Number of warrants, Expired | (39,683) | ||
Number of warrants, Outstanding | 1,921,489 | ||
Weigted average exercise price, Outstanding | $ 37.52 | ||
Weighted average exercise price, Issued | 9.60 | ||
Weighted average exercise price, Exercised | |||
Weighted average exercise price, Expired | 153.60 | ||
Weigted average exercise price, Outstanding | $ 22.10 | ||
Liability-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding | 555,667 | ||
Number of warrants, issued | |||
Number of warrants, Exercised | |||
Number of warrants, Expired | (39,683) | ||
Number of warrants, Outstanding | 515,984 | ||
Equity-Classified Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding | 509,619 | ||
Number of warrants, issued | 895,886 | ||
Number of warrants, Exercised | |||
Number of warrants, Expired | |||
Number of warrants, Outstanding | 1,405,505 |
Warrants (Schedule Of Fair Valu
Warrants (Schedule Of Fair Value Of Warrants Issued) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Warrant or Right [Line Items] | ||
Fair value | $ 41,717 | $ 2,307,586 |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 55 | 234,918 |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 435 | |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 439 | 160,099 |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 3,196 | 333,834 |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 11,736 | 623,324 |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 845 | 65,149 |
October 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 23,772 | 801,551 |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | $ 1,674 | $ 88,276 |
Warrants (Schedule Of Assumptio
Warrants (Schedule Of Assumptions Used In Calculating Fair Value Of Warrants) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Trading market prices | $ 1.91 | $ 11.16 |
Estimated future volatility | 102.00% | 105.00% |
Dividend | ||
Fundamental transaction likelihood | 50.00% | 5.00% |
Fundamental transaction timing | 2020-04 | |
Fundamental transaction timing | End of warrant term | |
Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 1.57% | 2.35% |
Equivalent volatility | 85.00% | 99.00% |
Equivalent risk-free rate | 1.57% | 2.51% |
Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 1.72% | 2.53% |
Equivalent volatility | 94.00% | 104.00% |
Equivalent risk-free rate | 1.59% | 2.55% |
Warrants (Schedule Of Unrealize
Warrants (Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | $ 2,265,869 | $ 5,546,049 |
Expired Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 64,307 | |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 234,863 | 1,025,132 |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 435 | 2,501 |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 159,660 | 537,455 |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 330,638 | 720,249 |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 611,588 | 1,358,540 |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 64,304 | 156,442 |
October 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | 777,779 | 1,504,001 |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Unrealized gain on fair value of warrants | $ 86,602 | $ 177,422 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | ||
Operating loss carry-forward | $ 156,586,000 | 147,086,000 |
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, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Net Operating Loss Carryforwards | $ 43,844,000 | $ 41,184,000 |
Stock Compensation Expense | 1,191,000 | 1,608,000 |
Book Tax Differences on Assets and Liabilities | 464,000 | 195,000 |
Valuation Allowance | (45,499,000) | (42,987,000) |
Net Deferred Tax Assets |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) | Jun. 22, 2009 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 05, 2018 |
Commitments And Contingencies [Line Items] | ||||
Estimated cost to complete contracts | $ 1,750,000 | |||
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 | $ 71,568 | $ 120,558 | ||
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 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurements [Abstract] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | $ 2,997,220 | |
Warrant Liabilities | 41,717 | $ 2,307,586 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 999,820 | 5,981,520 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 1,997,400 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 2,997,220 | |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 999,820 | 5,981,520 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 1,997,400 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant Liabilities | $ 41,717 | $ 2,307,586 |
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, 2019 | Dec. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 2,307,586 | $ 7,853,635 |
Unrealized gains, net | (2,265,869) | (5,546,049) |
Balance | $ 41,717 | $ 2,307,586 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Feb. 08, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||
Upfront payment | $ 3,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Upfront payment | $ 250,000 | |
RX-0201 And RX-0301 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Milestone payment | 63,000,000 | |
RX-0047 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Milestone payment | $ 33,000,000 |