Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38418 | |
Entity Registrant Name | COCRYSTAL PHARMA, INC. | |
Entity Central Index Key | 0001412486 | |
Entity Tax Identification Number | 35-2528215 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 19805 North Creek Parkway | |
Entity Address, City or Town | Bothell | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98011 | |
City Area Code | (786) | |
Local Phone Number | 459-1831 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | COCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,469,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 51,033 | $ 58,705 |
Restricted cash | 75 | 50 |
Prepaid expenses and other current assets | 488 | 568 |
Total current assets | 51,596 | 59,323 |
Property and equipment, net | 363 | 453 |
Deposits | 46 | 46 |
Operating lease right-of-use assets, net (including $140 to related party) | 378 | 478 |
Goodwill | 19,092 | |
Total assets | 52,383 | 79,392 |
Current liabilities: | ||
Accounts payable and accrued expenses | 971 | 1,297 |
Settlement payable | 1,600 | |
Current maturities of finance lease liabilities | 21 | 27 |
Current maturities of operating lease liabilities (including $56 to related party) | 221 | 209 |
Derivative liabilities | 12 | |
Total current liabilities | 2,813 | 1,545 |
Long-term liabilities: | ||
Finance lease liabilities | 7 | |
Operating lease liabilities (including $87 to related party) | 177 | 291 |
Total long-term liabilities | 177 | 298 |
Total liabilities | 2,990 | 1,843 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 150,000 shares authorized as of June 30, 2022 and December 31, 2021; 97,469 and 97,469 shares issued and outstanding as of June 30, 2022 and December 31, 2021. | 98 | 98 |
Additional paid-in capital | 337,024 | 336,544 |
Accumulated deficit | (287,729) | (259,093) |
Total stockholders’ equity | 49,393 | 77,549 |
Total liabilities and stockholders’ equity | $ 52,383 | $ 79,392 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Related party operating lease right of use assets | $ 140 | $ 140 |
Related party operating lease liabilities current | 56 | 56 |
Operating lease liabilities, related party, non-current | $ 87 | $ 87 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 97,469,000 | 97,469,000 |
Common stock, shares outstanding | 97,469,000 | 97,469,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 2,361 | $ 2,557 | $ 5,233 | $ 3,957 |
General and administrative | 1,375 | 1,271 | 2,708 | 2,609 |
Legal settlement | 1,600 | 1,600 | ||
Impairments | 19,092 | 19,092 | ||
Total operating expenses | 24,428 | 3,828 | 28,633 | 6,566 |
Loss from operations | (24,428) | (3,828) | (28,633) | (6,566) |
Other (expense) income: | ||||
Interest expense, net | (2) | (1) | (3) | |
Foreign exchange gain | (1) | (14) | ||
Change in fair value of derivative liabilities | 1 | 9 | 12 | 10 |
Total other expense, net | 7 | (3) | 7 | |
Net loss | $ (24,428) | $ (3,821) | $ (28,636) | $ (6,559) |
Net loss per common share, basic and diluted | $ (0.25) | $ (0.04) | $ (0.29) | $ (0.08) |
Weighted average number of common shares outstanding, basic and diluted | 97,469 | 87,069 | 97,469 | 79,116 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 71 | $ 297,342 | $ (244,908) | $ 52,505 |
Beginning balance, shares at Dec. 31, 2020 | 70,439 | |||
Stock-based compensation | 219 | 219 | ||
Net loss | (2,738) | (2,738) | ||
Sale of common stock, net of transaction costs | $ 1 | 2,071 | 2,072 | |
Sale of common stock, net of transaction costs, shares | 1,030 | |||
Ending balance, value at Mar. 31, 2021 | $ 72 | 299,632 | (247,646) | 52,058 |
Ending balance, shares at Mar. 31, 2021 | 71,469 | |||
Beginning balance, value at Dec. 31, 2020 | $ 71 | 297,342 | (244,908) | 52,505 |
Beginning balance, shares at Dec. 31, 2020 | 70,439 | |||
Net loss | (6,559) | |||
Ending balance, value at Jun. 30, 2021 | $ 98 | 336,117 | (251,467) | 84,748 |
Ending balance, shares at Jun. 30, 2021 | 97,469 | |||
Beginning balance, value at Mar. 31, 2021 | $ 72 | 299,632 | (247,646) | 52,058 |
Beginning balance, shares at Mar. 31, 2021 | 71,469 | |||
Stock-based compensation | 78 | 78 | ||
Net loss | (3,821) | (3,821) | ||
Sale of common stock, net of transaction costs | $ 26 | 36,407 | 36,433 | |
Sale of common stock, net of transaction costs, shares | 26,000 | |||
Ending balance, value at Jun. 30, 2021 | $ 98 | 336,117 | (251,467) | 84,748 |
Ending balance, shares at Jun. 30, 2021 | 97,469 | |||
Beginning balance, value at Dec. 31, 2021 | $ 98 | 336,544 | (259,093) | 77,549 |
Beginning balance, shares at Dec. 31, 2021 | 97,469 | |||
Stock-based compensation | 239 | 239 | ||
Net loss | (4,208) | (4,208) | ||
Ending balance, value at Mar. 31, 2022 | $ 98 | 336,783 | (263,301) | 73,580 |
Ending balance, shares at Mar. 31, 2022 | 97,469 | |||
Beginning balance, value at Dec. 31, 2021 | $ 98 | 336,544 | (259,093) | 77,549 |
Beginning balance, shares at Dec. 31, 2021 | 97,469 | |||
Net loss | (28,636) | |||
Ending balance, value at Jun. 30, 2022 | $ 98 | 337,024 | (287,729) | 49,393 |
Ending balance, shares at Jun. 30, 2022 | 97,469 | |||
Beginning balance, value at Mar. 31, 2022 | $ 98 | 336,783 | (263,301) | 73,580 |
Beginning balance, shares at Mar. 31, 2022 | 97,469 | |||
Stock-based compensation | 241 | 241 | ||
Net loss | (24,428) | (24,428) | ||
Sale of common stock, net of transaction costs | ||||
Ending balance, value at Jun. 30, 2022 | $ 98 | $ 337,024 | $ (287,729) | $ 49,393 |
Ending balance, shares at Jun. 30, 2022 | 97,469 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net loss | $ (28,636) | $ (6,559) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 90 | 92 |
Amortization of right of use assets | 100 | 95 |
Loss on impairment of goodwill | 19,092 | |
Stock-based compensation | 480 | 297 |
Payments on operating lease liabilities | (102) | (97) |
Change in fair value of derivative liabilities | (12) | (10) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 556 | |
Prepaid expenses and other current assets | 80 | 174 |
Accounts payable and accrued expenses | (326) | 1,058 |
Settlement payable | 1,600 | |
Net cash used in operating activities | (7,634) | (4,394) |
Investing activities: | ||
Purchases of property and equipment | (40) | |
Net cash used in investing activities | (40) | |
Financing activities: | ||
Payments on finance lease liabilities | (13) | (19) |
Proceeds from sale of common stock, net of transaction costs | 38,505 | |
Net cash provided by (used in) financing activities | (13) | 38,486 |
Net increase (decrease) in cash and restricted cash | (7,647) | 34,052 |
Cash and restricted cash at beginning of period | 58,755 | 33,060 |
Cash and restricted cash at end of period | $ 51,108 | $ 67,112 |
Organization and Business
Organization and Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business Cocrystal Pharma, Inc. (“we”, the “Company” or “Cocrystal”), a clinical stage biopharmaceutical company incorporated in Delaware, has been developing novel technologies and approaches to create first-in-class or best-in-class antiviral drug candidates since its initial funding in 2008. Our focus is to pursue the development and commercialization of broad-spectrum antiviral drug candidates that will transform the treatment and prophylaxis of viral diseases in humans. By concentrating our research and development efforts on viral replication inhibitors, we plan to leverage our infrastructure and expertise in these areas. The Company’s activities since inception have principally consisted of acquiring product and technology rights, raising capital, and performing research and development. Successful completion of the Company’s development programs, obtaining regulatory approvals of its products and, ultimately, the attainment of profitable operations is dependent on future events, including, among other things, its ability to access potential markets, secure financing, develop a customer base, attract, retain and motivate qualified personnel, and develop strategic alliances. Through June 30, 2022, the Company has primarily funded its operations through equity offerings. In September 2021, the Company opened a wholly owned foreign subsidiary in Australia named Cocrystal Pharma Australia, Ltd (“Cocrystal Australia”) with the objective of operating clinical trials in Australia. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X set forth by the Securities and Exchange Commission (“SEC”). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations for the entire fiscal year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 filed on March 23, 2022 (“Annual Report”). Principles of Consolidation The consolidated financial statements include the accounts of Cocrystal Pharma, Inc. and its wholly owned subsidiaries: Cocrystal Discovery, Inc., Cocrystal Pharma Australia Pty Ltd., RFS Pharma, LLC and Cocrystal Merger Sub, Inc. Intercompany transactions and balances have been eliminated. Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision-making. Use of Estimates Preparation of the Company’s consolidated financial statements in conformance with U.S. GAAP requires the Company’s management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The significant estimates in the Company’s consolidated financial statements relate to the valuation of equity awards and derivative liabilities, recoverability of deferred tax assets, estimated useful lives of fixed assets, and forecast assumptions used in the valuation of goodwill. The Company bases estimates and assumptions on historical experience, when available, and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis, and its actual results may differ from estimates made under different assumptions or conditions. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash deposited in accounts held at two U.S. financial institutions, which may, at times, exceed federally insured limits of $ 250,000 51,033,000 58,705,000 75,000 Foreign Currency Transactions The Company and its subsidiaries use the U.S. dollar as functional currency. Foreign currency transactions are initially measured and recorded in the functional currency using the exchange rate on the date of the transaction. Foreign exchange gains and losses arising from settlement of foreign currency transactions are recognized in profit and loss. Cocrystal Australia maintains its records in Australian dollars. The monetary assets and liabilities of Cocrystal Australia are remeasured into the functional currency using the closing rate at the end of every reporting period. All nonmonetary assets and liabilities and related profit and loss accounts are remeasured into the functional currency using the historical exchange rates. Profit and loss accounts, other than those that are remeasured using the historical exchange rates, are remeasured into the functional currency using the average exchange rate for the period. Foreign exchange gains and losses arising from the remeasurement into the functional currency is recognized in profit and loss. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 — quoted prices in active markets for identical assets or liabilities. Level 2 — other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. Level 3 — significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date. The Company categorizes its cash and restricted cash as Level 1 fair value measurements. The Company categorizes its warrants potentially settleable in cash as Level 2 fair value measurements. The warrants potentially settleable in cash are measured at fair value on a recurring basis and are being marked to fair value at each reporting date until they are completely settled or meet the requirements to be accounted for as component of stockholders’ equity. The warrants are valued using the Black-Scholes option pricing model as discussed in Note 7 – Warrants. At June 30, 2022 and December 31, 2021, the carrying amounts of financial assets and liabilities, such as cash, accounts receivable, other assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature. The carrying values of leases payable approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates. The Company’s derivative liabilities are considered Level 2 measurements. Goodwill The Company completed its annual impairment test in November 2021, and at that time determined the fair value of its reporting unit, as determined utilizing both the Company’s Nasdaq market capitalization and an income approach analysis; exceeded the carrying value of the reporting unit as of December 31, 2021; therefore, management did not consider the $ 19,092,000 The Company uses judgement in assessing whether assets may have become impaired between annual impairment tests. The occurrence of a change in circumstances, such as a continued decline in the market capitalization of the Company, would determine the need for impairment testing between annual impairment tests. During the six months ended June 30, 2022, the Company saw a significant decrease in its price of common stock resulting in an overall reduction in market capitalization and our recorded net book value exceeded our market capitalization as of June 30, 2022. Pre-impairment, the carrying value of the reporting unit exceeded the market capitalization of the Company at June 30, 2022 and concluded that goodwill was impaired in its entirety and recorded a $ 19,092,000 As of June 30, 2022, the Company had goodwill of $ 0 Long-Lived Assets The Company regularly reviews the carrying value and estimated lives of its long-lived assets, including property and equipment, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods as well as the strategic significance of the assets to the Company’s business objective. Should an impairment exist, the impairment loss would be measured based on the excess of the carrying amount over the asset’s fair value. Research and Development Expenses All research and development costs are expensed as incurred. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings. The Company recognizes an uncertain tax position in its financial statements when it concludes that a tax position is more likely than not to be sustained upon examination based solely on its technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. The Company elects to accrue any interest or penalties related to income taxes as part of its income tax expense. As of June 30, 2022, the Company assessed its income tax expense based on its projected future taxable income for the year ending December 31, 2022 and therefore recorded no amount for income tax expense for the six months ended June 30, 2022. In addition, the Company has significant deferred tax assets available to offset income tax expense due to net operating loss carry forwards which are currently subject to a full valuation allowance based on the Company’s assessment of future taxable income. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021 for more information. Stock-Based Compensation The Company recognizes compensation expense using a fair value-based method for costs related to stock-based payments, including stock options. The fair value of options awarded to employees is measured on the date of grant using the Black-Scholes option pricing model and is recognized as expense over the requisite service period on a straight-line basis. Use of the Black-Scholes option pricing model requires the input of subjective assumptions including expected volatility, expected term, and a risk-free interest rate. The Company estimates volatility using a blend of its own historical stock price volatility as well as that of market comparable entities since the Company’s common stock has limited trading history and limited observable volatility of its own. The expected term of the options is estimated by using the SEC Staff Bulletin No. 107’s Simplified Method for Estimate Expected Term Common Stock Purchase Warrants and Other Derivative Financial Instruments We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40, Contracts in Entity’s Own Equity Net Income (Loss) per Share The Company accounts for and discloses net income (loss) per common share in accordance with FASB ASC Topic 260, Earnings Per Share The following table sets forth the number of potential common shares excluded from the calculations of net loss per diluted share because their inclusion would be anti-dilutive (in thousands): Schedule of Antidilutive Securities Excluded from Calculations of Net Loss Per Share June 30, 2022 2021 Outstanding options to purchase common stock 2,340 1,439 Warrants to purchase common stock 243 243 Total 2,583 1,682 Recent Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains classified after modification or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications or exchanges occurring on or after the effective date. The adoption of ASU 2021-04 did not have any impact on the Company’s consolidated financial statement presentation or disclosures. Authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives of the underlying assets (three to five years) using the straight-line method. As of June 30, 2022, and December 31, 2021, property and equipment consists of (in thousands): Schedule of Property and Equipment June 30, 2022 December 31, 2021 Lab equipment $ 1,557 $ 1,557 Finance lease right-of-use lab equipment 194 194 Computer and office equipment 131 131 Total property and equipment 1,882 1,882 Less: accumulated depreciation and amortization (1,519 ) (1,429 ) Property and equipment, net $ 363 $ 453 Total depreciation and amortization expense were approximately $ 90,000 92,000 7,716 11,958 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 4. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands) as of: Schedule of Accounts Payable and Accrued Expenses June 30, 2022 December 31, 2021 Accounts payable $ 616 $ 578 Accrued compensation 144 104 Accrued other expenses 211 615 Total accounts payable and accrued expenses $ 971 $ 1,297 Accounts payable and accrued other expenses contain unpaid general and administrative expenses and costs related to research and development that have been billed and estimated unbilled, respectively, as of period-end. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Common Stock | 5. Common Stock The Company has 150,000,000 0.001 97,469,000 97,469,000 On August 6, 2021, the Company filed with the Delaware Secretary of State a Certificate of Amendment to the Certificate of Incorporation pursuant to which the number of shares of common stock the Company is authorized to issue was increased from 100,000,000 150,000,000 The holders of common stock are entitled to one vote for each share of common stock held. The Company is party to the At-The-Market Offering Agreement, dated July 1, 2020 (“ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may issue and sell over time and from time to time, to or through Wainwright, up to $ 10,000,000 During January 2021, the Company sold 1,030,000 2,072,000 On May 4, 2021, the Company entered into an underwriting agreement with H.C. Wainwright & Co., LLC, pursuant to which the Company agreed to issue and sell 26,000,000 1.54 36.4 |
Stock Based Awards
Stock Based Awards | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Awards | 6. Stock Based Awards Equity Incentive Plans The Company adopted an equity incentive plan in 2007 (the “2007 Plan”). The 2007 Plan has expired and the Company no longer issues any awards under the 2007 Plan. As of June 30, 2022, there are 8,629 The Company adopted a second equity incentive plan in 2015 (the “2015 Plan”) under which 10,000,000 ten years 5,000,000 10,000,000 7,670,000 In July 2021, the Compensation Committee of the Company’s Board of Directors granted a total of 1,037,000 964,000 The options are ten-year incentive stock options exercisable at $ 1.11 The following table summarizes stock option transactions for the 2007 Plan and 2015 Plan, collectively, for the six months ended June 30, 2022 (in thousands, except per share amounts): Schedule of Share-based Compensation, Stock Options, Activity Number of Total Weighted Aggregate Balance at December 31, 2021 7,543 2,473 $ 1.98 $ - Increase in authorized options - - - - Exercised - - - - Granted - - - - Expired 125 (125 ) 2.81 - Cancelled 2 (8 ) 1.98 - Balance at June 30, 2022 7,670 2,340 $ 1.94 $ - The Company accounts for share-based awards to employees and nonemployee directors and consultants in accordance with the provisions of ASC 718, Compensation—Stock Compensation. Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 241,000 78,000 480,000 297,000 The fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions: Schedule of Weighted Average Assumptions Used for Grants Six Months Ended June 30, 2022 2021 Risk-Free interest rate 1.04 % 1.08 % Expected dividend yield 0.00 % 0.00 % Expected volatility 76.24 % 62.63 % Expected term (in years) 4.33 3.80 As of June 30, 2022, there was approximately $ 812,000 1.1 2,340,000 0.00 1.94 7.8 1,008,000 0.00 2.92 6.8 0.41 Common Stock Reserved for Future Issuance The following table presents information concerning common stock available for future issuance (in thousands) as of: Schedule of Common Stock Reserved for Future Issuance June 30, 2022 June 30, 2021 Stock options issued and outstanding 2,340 1,439 Shares authorized for future option grants 7,670 8,580 Warrants outstanding 243 243 Total 10,253 10,262 |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Warrants | |
Warrants | 7. Warrants The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the six months ended June 30, 2022 (in thousands): Summary of Warrant Activity Warrants Accounted for as: Equity Warrants Accounted for as: Liabilities May 2018 October 2013 January 2014 Total Outstanding, December 31, 2021 84 26 133 243 Exercised - - - - Granted - - - - Expired - - - - Outstanding, June 30, 2022 84 26 133 243 Expiration date: 10/27/2022 10/24/2023 01/16/2024 Warrants Classified as Liabilities Liability-classified warrants consist of warrants issued by Biozone Pharmaceuticals, Inc. (“Biozone”), the company’s predecessor, in connection with equity financings in October 2013 and January 2014, which were assumed by the Company in connection with its merger with Biozone in January 2014. Warrants accounted for as liabilities have the potential to be settled in cash or are not indexed to the Company’s own stock. The estimated fair value of outstanding warrants accounted for as liabilities is determined at each balance sheet date. Any decrease or increase in the estimated fair value of the warrant liability since the most recent balance sheet date is recorded in the condensed consolidated statement of operations as changes in fair value of derivative liabilities. The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of June 30, 2022: Schedule of Fair Value of Warrants Classified as Liabilities October 2013 January 2014 Strike price $ 15.00 $ 15.00 Expected dividend yield 0.00 % 0.00 % Contractual term (years) 1.3 1.5 Cumulative volatility 110.31 % 110.19 % Risk-free rate 0.01 % 0.03 % Value per warrants $ 0.00 $ 0.00 Aggregate value $ 0.00 $ 0.00 The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2021: October 2013 January 2014 Strike price $ 15.00 $ 15.00 Expected dividend yield 0.00 % 0.00 % Expected term (years) 1.8 2.0 Cumulative volatility 129.65 % 128.17 % Risk-free rate 0.06 % 0.08 % Fair value (in thousands) $ 2 $ 10 The Company estimates volatility using its own historical stock price volatility. The expected life assumption is based on the remaining contractual terms of the warrants. The risk-free rate is based on the zero-coupon rates in effect at the balance sheet date. The dividend yield used in the pricing model is zero, because the Company has no present intention to pay cash dividends. |
Licenses and Collaborations
Licenses and Collaborations | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Licenses and Collaborations | 8. Licenses and Collaborations Merck Sharp & Dohme Corp. On January 2, 2019, the Company entered into an Exclusive License and Research Collaboration Agreement (the “Collaboration Agreement”) with Merck to discover and develop certain proprietary influenza A/B antiviral agents. Under the terms of the Collaboration Agreement, Merck funds research and development for the program, including clinical development, and will be responsible for worldwide commercialization of any products derived from the collaboration. Cocrystal is eligible to receive payments related to designated development, regulatory and sales milestones with the potential to earn up to $ 156,000,000 Kansas State University Research Foundation Cocrystal entered into a License Agreement with Kansas State University Research Foundation (the “Foundation”) on February 18, 2020 to further develop certain proprietary broad-spectrum antiviral compounds for the treatment of Norovirus and Coronavirus infections. Pursuant to the terms of the License Agreement, the Foundation granted the Company an exclusive royalty bearing license to practice under certain patent rights, under patent applications covering antivirals against coronaviruses, caliciviruses, and picornaviruses, and related know-how, including to make and sell therapeutic, diagnostic and prophylactic products. The Company agreed to pay the Foundation a one-time non-refundable license initiation fee of $ 80,000 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Commitments In the ordinary course of business, the Company enters into non-cancelable leases to purchase equipment and for its facilities, including related party leases (see Note 10 – Transactions with Related Parties). Leases are accounted for as operating leases or finance leases, in accordance with ASC 842, Leases Operating Leases The Company leases office space in Miami, Florida and research and development laboratory space in Bothell, Washington under operating leases that expire on August 31, 2024 January 31, 2024 7.20 1.8 The following table summarizes the Company’s maturities of operating lease liabilities, by year and in aggregate, as of June 30, 2022 (in thousands): Schedule of Maturities of Operating Lease Liabilities 2022 (excluding the six months ended June 30, 2022) $ 120 2023 246 2024 58 Thereafter - Total operating lease payments 424 Less: present value discount (26 ) Total operating lease liabilities $ 398 As of June 30, 2022, the total operating lease liability of $ 398,000 221,000 177,000 The operating lease liabilities summarized above do not include variable common area maintenance (CAM) charges, which are contractual liabilities under the Company’s Bothell, Washington lease. CAM charges for the Bothell, Washington facility are calculated annually based on actual common expenses for the building incurred by the lessor and proportionately billed to tenants based on leased square footage. For the six months ended June 30, 2022 and 2021, approximately $ 47,000 39,000 The minimum lease payments above include the amounts that would be paid if the Company maintains its Bothell lease for the five-year term, starting February 2019. The Company has the right to terminate this lease after three years on January 31, 2022, by giving prior notice at least nine months before the early termination date and by paying a termination fee equal to the sum of unamortized leasing commissions and reimbursement for tenant improvements provided by the landlord amortized at 8.0% over the extended term On September 1, 2021, the Company entered into a three-year lease extension with a limited liability company controlled by Dr. Phillip Frost, a director and a principal stockholder of the Company (see Note 10 – Transactions with Related Parties). On an annualized basis, straight-line rent expense is approximately $ 62,000 For the six months ended June 30, 2022 and 2021, operating lease expense, excluding short-term leases, finance leases and CAM charges, totaled approximately $ 116,000 114,000 31,000 Finance Leases In November 2018, the Company entered into lease agreements to acquire lab equipment with 36 1,000 36 2,000 8.0 1.4 The following table summarizes the Company’s maturities of finance lease liabilities, by year and in aggregate, as of June 30, 2022 (in thousands): Schedule of Maturities of Finance Lease Liabilities 2022 (excluding the six months ended June 30, 2022) $ 15 2023 7 2024 - Total finance lease payments 22 Less: present value discount (1 ) Total finance lease liabilities $ 21 The leased lab equipment is depreciable over five years 44,000 8,000 194,000 143,000 Contingencies From time to time, the Company is a party to, or otherwise involved in, legal proceedings arising in the normal course of business. As of the date of this report, except as described below, the Company is not aware of any proceedings, threatened or pending, against it which, if determined adversely, would have a material effect on its business, results of operations, cash flows or financial position. Liberty Insurance Underwriters Inc. (“Liberty”) filed suit against us in federal court in Delaware seeking a declaratory judgment that there was no insurance coverage for any settlement, judgment, or defense costs in the class and derivative litigation, that the monies totaling approximately $ 1 1,359,063 1,600,000 In November 2017, Lee Pederson, a former Biozone lawyer, filed a lawsuit in the U.S. District Court in Minnesota against co-defendants the Company, Dr. Phillip Frost, OPKO Health, Inc. and Brian Keller alleging that defendants engaged in wrongful conduct related to Biozone, including causing Biozone to enter into an allegedly improper licensing agreement and engaged in alleged market manipulation (“Pederson I”). On September 13, 2018, the United States District Court granted the Company and its co-defendants’ motion to dismiss Pederson’s amended complaint in Pederson I for lack of personal jurisdiction in Minnesota. On October 11, 2018, Pederson filed a notice of appeal with the United States Court of Appeals for the Eighth Circuit. The plaintiff’s appeal was denied and the dismissal of Pederson I affirmed in March 2020. Meanwhile, in July 2019, Lee Pederson had filed another lawsuit in the U.S. District Court in Minnesota against co-defendants the Company, Dr. Frost, and Daniel Fisher (“Pederson II”). In his complaint in Pederson II, Pederson alleged tortious interference by the Company and Dr. Frost with an alleged collaboration agreement between Mr. Pederson and Mr. Fisher. On November 19, 2020 the Magistrate Judge recommended dismissal of Pederson II, and further recommended that Pederson be restricted from filing any other actions in the District of Minnesota against defendants on the same or similar allegations as those in Pederson II, and on January 4, 2021 the District Court Judge adopted those recommendations and ordered dismissal of Pederson II. On February 1, 2021 Pederson filed a Notice of Appeal from the order of dismissal of Pederson II in the Eighth Circuit. On February 8, 2022 the U.S. Court of Appeals, Eighth Circuit, denied Pederson’s petition for rehearing en banc. COVID-19 Our administrative and finance activities are fully functional out of our Miami, Florida location and our research laboratory in Bothell, Washington remains open for essential operations while meeting COVID-19 quarantine challenges. Our scientists are also able to continue working remotely and we remain committed to meeting our corporate and development milestones throughout the year. We have experienced delays in our supply chain and with service partners as a result of the COVID-19 pandemic, including recent raw material and test animal shortages affecting our research and development efforts. Also because of the unknown impact from the COVID-19 pandemic, it may have unanticipated material adverse effects on us in a number of ways including: ● If our scientists and other personnel (or their family members) are infected with the virus, it may hamper our ability to engage in ongoing research activities; ● Similarly, we rely on third parties who have been and may in the future be adversely impacted; ● If these third parties are and/or continue to be adversely affected by COVID-19, they may focus on other activities which they may devote their limited time to other priorities rather than to our joint research, which has caused and may in the future cause material delays in our research and development efforts; ● We have experienced and may experience in the future shortages of laboratory materials and other resources which impact our research activities; and ● As a result of the continuing impact of the virus, including potential new variants, we may fail to get access to third party laboratories which would impact our research activities. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 10. Transactions with Related Parties The Company leases administrative offices from a limited liability company owned by one of the Company’s directors and principal stockholder, Dr. Phillip Frost. The operating lease term is through September 2024 with an optional three 58,000 4,000 31,000 30,000 The Company paid a lease deposit of $ 4,000 31,000 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X set forth by the Securities and Exchange Commission (“SEC”). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations for the entire fiscal year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 filed on March 23, 2022 (“Annual Report”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Cocrystal Pharma, Inc. and its wholly owned subsidiaries: Cocrystal Discovery, Inc., Cocrystal Pharma Australia Pty Ltd., RFS Pharma, LLC and Cocrystal Merger Sub, Inc. Intercompany transactions and balances have been eliminated. |
Segments | Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision-making. |
Use of Estimates | Use of Estimates Preparation of the Company’s consolidated financial statements in conformance with U.S. GAAP requires the Company’s management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The significant estimates in the Company’s consolidated financial statements relate to the valuation of equity awards and derivative liabilities, recoverability of deferred tax assets, estimated useful lives of fixed assets, and forecast assumptions used in the valuation of goodwill. The Company bases estimates and assumptions on historical experience, when available, and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis, and its actual results may differ from estimates made under different assumptions or conditions. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash deposited in accounts held at two U.S. financial institutions, which may, at times, exceed federally insured limits of $ 250,000 51,033,000 58,705,000 75,000 |
Foreign Currency Transactions | Foreign Currency Transactions The Company and its subsidiaries use the U.S. dollar as functional currency. Foreign currency transactions are initially measured and recorded in the functional currency using the exchange rate on the date of the transaction. Foreign exchange gains and losses arising from settlement of foreign currency transactions are recognized in profit and loss. Cocrystal Australia maintains its records in Australian dollars. The monetary assets and liabilities of Cocrystal Australia are remeasured into the functional currency using the closing rate at the end of every reporting period. All nonmonetary assets and liabilities and related profit and loss accounts are remeasured into the functional currency using the historical exchange rates. Profit and loss accounts, other than those that are remeasured using the historical exchange rates, are remeasured into the functional currency using the average exchange rate for the period. Foreign exchange gains and losses arising from the remeasurement into the functional currency is recognized in profit and loss. |
Fair Value Measurements | Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 — quoted prices in active markets for identical assets or liabilities. Level 2 — other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. Level 3 — significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date. The Company categorizes its cash and restricted cash as Level 1 fair value measurements. The Company categorizes its warrants potentially settleable in cash as Level 2 fair value measurements. The warrants potentially settleable in cash are measured at fair value on a recurring basis and are being marked to fair value at each reporting date until they are completely settled or meet the requirements to be accounted for as component of stockholders’ equity. The warrants are valued using the Black-Scholes option pricing model as discussed in Note 7 – Warrants. At June 30, 2022 and December 31, 2021, the carrying amounts of financial assets and liabilities, such as cash, accounts receivable, other assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature. The carrying values of leases payable approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates. The Company’s derivative liabilities are considered Level 2 measurements. |
Goodwill | Goodwill The Company completed its annual impairment test in November 2021, and at that time determined the fair value of its reporting unit, as determined utilizing both the Company’s Nasdaq market capitalization and an income approach analysis; exceeded the carrying value of the reporting unit as of December 31, 2021; therefore, management did not consider the $ 19,092,000 The Company uses judgement in assessing whether assets may have become impaired between annual impairment tests. The occurrence of a change in circumstances, such as a continued decline in the market capitalization of the Company, would determine the need for impairment testing between annual impairment tests. During the six months ended June 30, 2022, the Company saw a significant decrease in its price of common stock resulting in an overall reduction in market capitalization and our recorded net book value exceeded our market capitalization as of June 30, 2022. Pre-impairment, the carrying value of the reporting unit exceeded the market capitalization of the Company at June 30, 2022 and concluded that goodwill was impaired in its entirety and recorded a $ 19,092,000 As of June 30, 2022, the Company had goodwill of $ 0 |
Long-Lived Assets | Long-Lived Assets The Company regularly reviews the carrying value and estimated lives of its long-lived assets, including property and equipment, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods as well as the strategic significance of the assets to the Company’s business objective. Should an impairment exist, the impairment loss would be measured based on the excess of the carrying amount over the asset’s fair value. |
Research and Development Expenses | Research and Development Expenses All research and development costs are expensed as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings. The Company recognizes an uncertain tax position in its financial statements when it concludes that a tax position is more likely than not to be sustained upon examination based solely on its technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. The Company elects to accrue any interest or penalties related to income taxes as part of its income tax expense. As of June 30, 2022, the Company assessed its income tax expense based on its projected future taxable income for the year ending December 31, 2022 and therefore recorded no amount for income tax expense for the six months ended June 30, 2022. In addition, the Company has significant deferred tax assets available to offset income tax expense due to net operating loss carry forwards which are currently subject to a full valuation allowance based on the Company’s assessment of future taxable income. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021 for more information. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense using a fair value-based method for costs related to stock-based payments, including stock options. The fair value of options awarded to employees is measured on the date of grant using the Black-Scholes option pricing model and is recognized as expense over the requisite service period on a straight-line basis. Use of the Black-Scholes option pricing model requires the input of subjective assumptions including expected volatility, expected term, and a risk-free interest rate. The Company estimates volatility using a blend of its own historical stock price volatility as well as that of market comparable entities since the Company’s common stock has limited trading history and limited observable volatility of its own. The expected term of the options is estimated by using the SEC Staff Bulletin No. 107’s Simplified Method for Estimate Expected Term |
Common Stock Purchase Warrants and Other Derivative Financial Instruments | Common Stock Purchase Warrants and Other Derivative Financial Instruments We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40, Contracts in Entity’s Own Equity |
Net Income (Loss) per Share | Net Income (Loss) per Share The Company accounts for and discloses net income (loss) per common share in accordance with FASB ASC Topic 260, Earnings Per Share The following table sets forth the number of potential common shares excluded from the calculations of net loss per diluted share because their inclusion would be anti-dilutive (in thousands): Schedule of Antidilutive Securities Excluded from Calculations of Net Loss Per Share June 30, 2022 2021 Outstanding options to purchase common stock 2,340 1,439 Warrants to purchase common stock 243 243 Total 2,583 1,682 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains classified after modification or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications or exchanges occurring on or after the effective date. The adoption of ASU 2021-04 did not have any impact on the Company’s consolidated financial statement presentation or disclosures. Authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Calculations of Net Loss Per Share | The following table sets forth the number of potential common shares excluded from the calculations of net loss per diluted share because their inclusion would be anti-dilutive (in thousands): Schedule of Antidilutive Securities Excluded from Calculations of Net Loss Per Share June 30, 2022 2021 Outstanding options to purchase common stock 2,340 1,439 Warrants to purchase common stock 243 243 Total 2,583 1,682 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment are recorded at cost and depreciated over the estimated useful lives of the underlying assets (three to five years) using the straight-line method. As of June 30, 2022, and December 31, 2021, property and equipment consists of (in thousands): Schedule of Property and Equipment June 30, 2022 December 31, 2021 Lab equipment $ 1,557 $ 1,557 Finance lease right-of-use lab equipment 194 194 Computer and office equipment 131 131 Total property and equipment 1,882 1,882 Less: accumulated depreciation and amortization (1,519 ) (1,429 ) Property and equipment, net $ 363 $ 453 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following (in thousands) as of: Schedule of Accounts Payable and Accrued Expenses June 30, 2022 December 31, 2021 Accounts payable $ 616 $ 578 Accrued compensation 144 104 Accrued other expenses 211 615 Total accounts payable and accrued expenses $ 971 $ 1,297 |
Stock Based Awards (Tables)
Stock Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option transactions for the 2007 Plan and 2015 Plan, collectively, for the six months ended June 30, 2022 (in thousands, except per share amounts): Schedule of Share-based Compensation, Stock Options, Activity Number of Total Weighted Aggregate Balance at December 31, 2021 7,543 2,473 $ 1.98 $ - Increase in authorized options - - - - Exercised - - - - Granted - - - - Expired 125 (125 ) 2.81 - Cancelled 2 (8 ) 1.98 - Balance at June 30, 2022 7,670 2,340 $ 1.94 $ - |
Schedule of Weighted Average Assumptions Used for Grants | The fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions: Schedule of Weighted Average Assumptions Used for Grants Six Months Ended June 30, 2022 2021 Risk-Free interest rate 1.04 % 1.08 % Expected dividend yield 0.00 % 0.00 % Expected volatility 76.24 % 62.63 % Expected term (in years) 4.33 3.80 |
Schedule of Common Stock Reserved for Future Issuance | The following table presents information concerning common stock available for future issuance (in thousands) as of: Schedule of Common Stock Reserved for Future Issuance June 30, 2022 June 30, 2021 Stock options issued and outstanding 2,340 1,439 Shares authorized for future option grants 7,670 8,580 Warrants outstanding 243 243 Total 10,253 10,262 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Warrants | |
Summary of Warrant Activity | The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the six months ended June 30, 2022 (in thousands): Summary of Warrant Activity Warrants Accounted for as: Equity Warrants Accounted for as: Liabilities May 2018 October 2013 January 2014 Total Outstanding, December 31, 2021 84 26 133 243 Exercised - - - - Granted - - - - Expired - - - - Outstanding, June 30, 2022 84 26 133 243 Expiration date: 10/27/2022 10/24/2023 01/16/2024 |
Schedule of Fair Value of Warrants Classified as Liabilities | The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of June 30, 2022: Schedule of Fair Value of Warrants Classified as Liabilities October 2013 January 2014 Strike price $ 15.00 $ 15.00 Expected dividend yield 0.00 % 0.00 % Contractual term (years) 1.3 1.5 Cumulative volatility 110.31 % 110.19 % Risk-free rate 0.01 % 0.03 % Value per warrants $ 0.00 $ 0.00 Aggregate value $ 0.00 $ 0.00 The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2021: October 2013 January 2014 Strike price $ 15.00 $ 15.00 Expected dividend yield 0.00 % 0.00 % Expected term (years) 1.8 2.0 Cumulative volatility 129.65 % 128.17 % Risk-free rate 0.06 % 0.08 % Fair value (in thousands) $ 2 $ 10 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | The following table summarizes the Company’s maturities of operating lease liabilities, by year and in aggregate, as of June 30, 2022 (in thousands): Schedule of Maturities of Operating Lease Liabilities 2022 (excluding the six months ended June 30, 2022) $ 120 2023 246 2024 58 Thereafter - Total operating lease payments 424 Less: present value discount (26 ) Total operating lease liabilities $ 398 |
Schedule of Maturities of Finance Lease Liabilities | The following table summarizes the Company’s maturities of finance lease liabilities, by year and in aggregate, as of June 30, 2022 (in thousands): Schedule of Maturities of Finance Lease Liabilities 2022 (excluding the six months ended June 30, 2022) $ 15 2023 7 2024 - Total finance lease payments 22 Less: present value discount (1 ) Total finance lease liabilities $ 21 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Calculations of Net Loss Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,583 | 1,682 |
Outstanding Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,340 | 1,439 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 243 | 243 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Cash equivalents | $ 51,033,000 | $ 58,705,000 |
Restricted cash | 75,000 | |
Goodwill | $ 19,092,000 | |
Goodwill impairment charge | 19,092,000 | |
United States Financial Institutions Two [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Cash FDIC insured amount | $ 250,000 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,882 | $ 1,882 |
Less: accumulated depreciation and amortization | (1,519) | (1,429) |
Property and equipment, net | 363 | 453 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,557 | 1,557 |
Finance Lease Right of Use Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 194 | 194 |
Computer and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 131 | $ 131 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 90,000 | $ 92,000 |
Finance Lease Right-of-use Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortization expense | $ 7,716 | $ 11,958 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 616 | $ 578 |
Accrued compensation | 144 | 104 |
Accrued other expenses | 211 | 615 |
Total accounts payable and accrued expenses | $ 971 | $ 1,297 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||
Jul. 02, 2021 | May 04, 2021 | Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Aug. 06, 2021 | Aug. 05, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | 100,000,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock, shares, issued | 97,469,000 | 97,469,000 | ||||||
Common stock, shares, outstanding | 97,469,000 | 97,469,000 | ||||||
Proceeds from common stock | $ 38,505,000 | |||||||
Shares issued, price per share | $ 0.41 | |||||||
Underwritten Public Offering [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Sale of stock offering shares | 26,000,000 | |||||||
Shares issued, price per share | $ 1.54 | |||||||
Sale of stock, net proceeds | $ 36,400,000 | |||||||
At The Market Offering Agreement [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from common stock | $ 2,072,000 | |||||||
Sale of common stock | 1,030,000 | |||||||
At The Market Offering Agreement [Member] | Maximum [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from common stock | $ 10,000,000 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - Share-Based Payment Arrangement, Option [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Option Indexed to Issuer's Equity [Line Items] | |
Number of Shares Available for Grant, Beginning | 7,543 |
Total Options Outstanding, Beginning | 2,473 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 1.98 |
Aggregate Intrinsic Value, Beginning | $ | |
Number of Shares Available for Grant, Increase in authorized options | |
Total Options Outstanding, Increase in authorized options | |
Weighted Average Exercise Price, Increase in authorized options | $ / shares | |
Aggregate Intrinsic Value, Increase in authorized options | $ | |
Number of Shares Available for Grant, Exercised | |
Total Options Outstanding, Exercised | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Aggregate Intrinsic Value, Exercised | $ | |
Number of Shares Available for Grant, Granted | |
Total Options Outstanding, Granted | |
Weighted Average Exercise Price, Granted | $ / shares | |
Aggregate Intrinsic Value, Granted | $ / shares | |
Number of Shares Available for Grant, Expired | 125 |
Total Options Outstanding, Expired | (125) |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price [Abstract] | |
Aggregate Intrinsic Value, Expired | $ | |
Number of Shares Available for Grant, Cancelled | 2 |
Total Options Outstanding, Cancelled | (8) |
Weighted Average Exercise Price, Cancelled | $ / shares | $ 1.98 |
Aggregate Intrinsic Value, Cancelled | $ | |
Number of Shares Available for Grant, Ending | 7,670 |
Total Options Outstanding, Ending | 2,340 |
Weighted Average Exercise Price, Ending | $ / shares | $ 1.94 |
Aggregate Intrinsic Value, Ending | $ |
Schedule of Weighted Average As
Schedule of Weighted Average Assumptions Used for Grants (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-Free interest rate | 1.04% | 1.08% |
Expected dividend yield | 0% | 0% |
Expected volatility | 76.24% | 62.63% |
Expected term (in years) | 4 years 3 months 29 days | 3 years 9 months 18 days |
Schedule of Common Stock Reserv
Schedule of Common Stock Reserved for Future Issuance (Details) - shares shares in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Share-Based Payment Arrangement [Abstract] | ||
Stock options issued and outstanding | 2,340 | 1,439 |
Shares authorized for future option grants | 7,670 | 8,580 |
Warrants outstanding | 243 | 243 |
Total | 10,253 | 10,262 |
Stock Based Awards (Details Nar
Stock Based Awards (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 16, 2022 | Dec. 31, 2021 | Aug. 06, 2021 | Aug. 05, 2021 | Jun. 15, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Shares reserved for issuance | 10,253,000 | 10,262,000 | 10,253,000 | 10,262,000 | ||||||
Common stock authorized for issuance | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 100,000,000 | |||||
Weighted-average exercise price of options vested and exercisable | $ 2.92 | |||||||||
Share-based payment arrangement, expense | $ 241,000 | $ 78,000 | $ 480,000 | $ 297,000 | ||||||
Unrecognized compensation expense | $ 812,000 | $ 812,000 | ||||||||
Stock-based compensation weighted average period | 1 year 1 month 6 days | |||||||||
Number of options outstanding fully vested or expected to vested | 2,340,000 | 2,340,000 | ||||||||
Aggregate intrinsic value | $ 0 | $ 0 | ||||||||
Weighted average exercise price | $ 1.94 | $ 1.94 | ||||||||
Weighted-average remaining contractual term | 7 years 9 months 18 days | |||||||||
Number of vested and exercisable options, outstanding shares | 1,008,000 | |||||||||
Aggregate intrinsic value | $ 0 | |||||||||
Weighted-average remaining contractual term of options vested and exercisable | 6 years 9 months 18 days | |||||||||
Shares issued price per share | $ 0.41 | $ 0.41 | ||||||||
2007 Equity Incentive Plans [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Shares reserved for issuance | 8,629 | 8,629 | ||||||||
Fair value of stock options | $ 964,000 | |||||||||
2015 Equity Incentive Plans [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Shares reserved for issuance | 10,000,000 | 10,000,000 | ||||||||
Shares vesting period | 10 years | |||||||||
Common stock authorized for issuance | 10,000,000 | 5,000,000 | ||||||||
Shares available for grant | 7,670,000 | 7,670,000 | ||||||||
Stock options granted | 1,037,000 | |||||||||
Stock option description | The options are ten-year incentive stock options exercisable at $1.11 per share and vesting as follows: one-half will vest on the one-year anniversary of the grant date and the remainder will vest in eight equal quarterly instalments on the last day of March, June, September and December, with the first such quarterly instalment vesting on September 30, 2022 | |||||||||
Weighted-average exercise price of options vested and exercisable | $ 1.11 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2022 shares | |
Warrant [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants outstanding, beginning | 243 |
Number of warrants exercised | |
Number of warrants expired | |
Number of warrants outstanding, ending | 243 |
Warrant Liabilities [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants granted | |
May 2018 Warrants [Member] | Equity [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants outstanding, beginning | 84 |
Number of warrants exercised | |
Number of warrants granted | |
Number of warrants expired | |
Number of warrants outstanding, ending | 84 |
Warrant expiration date | Oct. 27, 2022 |
October 2013 Warrants [Member] | Warrant Liabilities [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants outstanding, beginning | 26 |
Number of warrants exercised | |
Number of warrants granted | |
Number of warrants expired | |
Number of warrants outstanding, ending | 26 |
Warrant expiration date | Oct. 24, 2023 |
January 2014 Warrants [Member] | Warrant Liabilities [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants outstanding, beginning | 133 |
Number of warrants exercised | |
Number of warrants granted | |
Number of warrants expired | |
Number of warrants outstanding, ending | 133 |
Warrant expiration date | Jan. 16, 2024 |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrants Classified as Liabilities (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares |
October 2013 Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Strike price | $ 15 | $ 15 |
Value per warrants | $ 0 | |
Fair value | $ | $ 0 | $ 2 |
October 2013 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 0 | 0 |
October 2013 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Warrant Expected term (years) | 1 year 3 months 18 days | 1 year 9 months 18 days |
October 2013 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 110.31 | 129.65 |
October 2013 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 0.01 | 0.06 |
January 2014 Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Strike price | $ 15 | $ 15 |
Value per warrants | $ 0 | |
Fair value | $ | $ 0 | $ 10 |
January 2014 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 0 | 0 |
January 2014 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Warrant Expected term (years) | 1 year 6 months | 2 years |
January 2014 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 110.19 | 128.17 |
January 2014 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Fair value assumptions, percentage | 0.03 | 0.08 |
Licenses and Collaborations (De
Licenses and Collaborations (Details Narrative) - USD ($) | Feb. 18, 2020 | Jan. 02, 2019 |
Collaboration Agreement [Member] | Maximum [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Royalty received on sales | $ 156,000,000 | |
License Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Non refundable license initiation fee | $ 80,000 |
Schedule of Maturities of Opera
Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (excluding the six months ended June 30, 2022) | $ 120 |
2023 | 246 |
2024 | 58 |
Thereafter | |
Total operating lease payments | 424 |
Less: present value discount | (26) |
Total operating lease liabilities | $ 398 |
Schedule of Maturities of Finan
Schedule of Maturities of Finance Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (excluding the six months ended June 30, 2022) | $ 15 |
2023 | 7 |
2024 | |
Total finance lease payments | 22 |
Less: present value discount | (1) |
Total finance lease liabilities | $ 21 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||
Sep. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2020 | Nov. 30, 2018 | |
Product Liability Contingency [Line Items] | ||||||||
Operating lease liability | $ 398,000 | $ 398,000 | ||||||
Operating lease liabilities - current | 221,000 | 221,000 | $ 209,000 | |||||
Operating lease liabilities - long term | 177,000 | 177,000 | 291,000 | |||||
Operating lease expense | 116,000 | $ 114,000 | ||||||
Capital lease payment | 22,000 | $ 22,000 | ||||||
Lease term | 5 years | |||||||
Loss contingency damages awarded value | $ 1,359,063 | |||||||
Subsequent Event [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Security deposit amount | $ 1,600,000 | |||||||
Liberty Insurance Underwriters Inc [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Loss contingency loss in period | $ 1,000,000 | |||||||
Dr. Phillip Frost [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Rent expense | $ 62,000 | |||||||
Operating lease expense | $ 31,000 | |||||||
February 2019 [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Lease termination, description | The minimum lease payments above include the amounts that would be paid if the Company maintains its Bothell lease for the five-year term, starting February 2019. The Company has the right to terminate this lease after three years on January 31, 2022, by giving prior notice at least nine months before the early termination date and by paying a termination fee equal to the sum of unamortized leasing commissions and reimbursement for tenant improvements provided by the landlord amortized at 8.0% over the extended term | |||||||
November 21, 2021 [Member] | Lease Agreement [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Lease term | 36 months | |||||||
Capital lease payment | $ 1,000 | |||||||
March 31, 2023 [Member] | Lease Agreement [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Lease term | 36 months | |||||||
Capital lease payment | $ 2,000 | |||||||
Discount rate | 8% | |||||||
Weighted average remaining finance lease term | 1 year 4 months 24 days | |||||||
Operating Leases [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Operating leases weighted average discount rate | 7.20% | 7.20% | ||||||
Weighted average remaining operating lease term | 1 year 9 months 18 days | 1 year 9 months 18 days | ||||||
Common Area Maintenance [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Operating variable lease expense | $ 47,000 | $ 39,000 | ||||||
Related parties current | $ 31,000 | 31,000 | ||||||
Finance Leases [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Right-of-use lab equipment | $ 44,000 | 44,000 | 194,000 | |||||
Depreciation expense | $ 8,000 | |||||||
Accumulated depreciation | $ 143,000 | |||||||
Miami, Florida [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Lease expiration date | Aug. 31, 2024 | |||||||
Bothell, Washington [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Lease expiration date | Jan. 31, 2024 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Operating lease payments | $ 102,000 | $ 97,000 | |
Lease expense | $ 116,000 | 114,000 | |
Dr. Phillip Frost [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Lease term | 3 years | ||
Lease and rental expenses | $ 58,000 | ||
Lease deposit liability | 4,000 | $ 4,000 | |
Operating lease payments | 31,000 | $ 30,000 | |
Lease expense | $ 31,000 |