Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 14, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Rezolute, Inc. | |
Entity Central Index Key | 1,509,261 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RZLT | |
Entity Common Stock, Shares Outstanding | 54,073,309 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets | ||
Cash | $ 868,071 | $ 4,486,538 |
Other current assets | 295,728 | 442,015 |
Total current assets | 1,163,799 | 4,928,553 |
Non-current assets | ||
Fixed assets, net | 4,797,823 | 5,325,401 |
Intangible assets, net | 40,676 | 44,322 |
Deferred lease asset | 74,831 | 86,293 |
Deposits | 244,341 | 244,341 |
Total non-current assets | 5,157,671 | 5,700,357 |
Total Assets | 6,321,470 | 10,628,910 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,121,854 | 1,652,677 |
Convertible notes payable | 10,000 | 10,000 |
Deferred lease liability, current portion | 116,234 | 105,295 |
Interest payable | 2,762 | 2,762 |
Warrant derivative liability | 90 | 588 |
Total current liabilities | 2,250,940 | 1,771,322 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 243,686 | 304,575 |
Deposit liability | 25,046 | 25,046 |
Total non-current liabilities | 268,732 | 329,621 |
Total Liabilities | 2,519,672 | 2,100,943 |
Commitments and Contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 54,073,309 and 49,228,640 shares issued and outstanding, December 31, 2017 and June 30, 2017 | 54,075 | 49,230 |
Additional paid-in capital | 80,472,885 | 72,800,699 |
Accumulated deficit | (76,725,162) | (64,321,962) |
Total stockholders' equity | 3,801,798 | 8,527,967 |
Total Liabilities and Stockholders' Equity | $ 6,321,470 | $ 10,628,910 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Jun. 30, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 54,073,309 | 49,228,640 |
Common stock, shares outstanding | 54,073,309 | 49,228,640 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Research and development | ||||
Compensation and benefits | $ 1,482,946 | $ 1,909,518 | $ 2,983,810 | $ 3,213,358 |
Consultants and outside costs | 233,798 | 194,783 | 364,159 | 466,258 |
Material manufacturing costs | 227,602 | 567,430 | 653,691 | 1,079,137 |
Clinical trial costs | 581,988 | 0 | 1,561,754 | 0 |
License costs | 407,605 | 0 | 1,178,505 | 0 |
Facilities and other costs | 479,149 | 403,648 | 981,807 | 802,555 |
Research and development | 3,413,088 | 3,075,379 | 7,723,726 | 5,561,308 |
General and administrative | ||||
Compensation and benefits | 1,672,494 | 1,285,052 | 3,467,921 | 2,151,953 |
Professional fees | 213,399 | 139,865 | 436,993 | 286,016 |
Investor relations | 133,705 | 87,428 | 193,576 | 155,535 |
General and administrative | 318,272 | 301,520 | 645,872 | 558,115 |
General and administrative | 2,337,870 | 1,813,865 | 4,744,362 | 3,151,619 |
Total operating expenses | 5,750,958 | 4,889,244 | 12,468,088 | 8,712,927 |
Loss from operations | (5,750,958) | (4,889,244) | (12,468,088) | (8,712,927) |
Other income (expense) | ||||
Interest income | 524 | 0 | 861 | 0 |
Rent income | 31,838 | 0 | 63,676 | 0 |
Interest expense | (147) | 0 | (147) | (1,595) |
Derivative gains | 156 | 1,313 | 498 | 10,725 |
Total other income | 32,371 | 1,313 | 64,888 | 9,130 |
Net loss | $ (5,718,587) | $ (4,887,931) | $ (12,403,200) | $ (8,703,797) |
Net loss per common share - basic and diluted | $ (0.11) | $ (0.12) | $ (0.23) | $ (0.23) |
Weighted average number of common shares outstanding - basic and diluted | 53,762,358 | 40,788,241 | 53,327,558 | 38,091,406 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 6 months ended Dec. 31, 2017 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Jun. 30, 2017 | $ 8,527,967 | $ 49,230 | $ 72,800,699 | $ (64,321,962) |
Balance (in shares) at Jun. 30, 2017 | 49,228,640 | |||
Stock-based compensation net of forfeitures of $317,674 | 2,701,728 | $ 0 | 2,701,728 | 0 |
Fair value of warrants issued for consulting services | 535,303 | 0 | 535,303 | 0 |
Issuance of common stock, net of issuance costs of $60,000 | 4,440,000 | $ 4,500 | 4,435,500 | 0 |
Issuance of common stock, net of issuance costs of $60,000 (in shares) | 4,500,000 | |||
Commitment fee for issuance of common stock | 0 | $ 345 | (345) | 0 |
Commitment fee for issuance of common stock(in shares) | 344,669 | |||
Net loss for the six months ended December 31, 2017 | (12,403,200) | $ 0 | 0 | (12,403,200) |
Balance at Dec. 31, 2017 | $ 3,801,798 | $ 54,075 | $ 80,472,885 | $ (76,725,162) |
Balance at Dec. 31, 2017 | 54,073,309 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) | 6 Months Ended |
Dec. 31, 2017USD ($) | |
Stock Issued During Period, Value, Share-based Compensation, Forfeited | $ 317,674 |
Common Stock [Member] | |
Payments of stock issuance costs | $ 60,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (12,403,200) | $ (8,703,797) |
Amortization of intangible asset | 3,646 | 3,646 |
Depreciation expense | 533,394 | 546,429 |
Stock-based compensation expense | 2,701,728 | 2,125,966 |
Derivative gains | (498) | (10,725) |
Warrant expense for consulting services | 535,303 | 0 |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 146,287 | 29,153 |
Decrease in deferred lease asset | 11,462 | 0 |
Increase in accounts payable and accrued expenses | 469,177 | 12,097 |
Decrease in interest payable | 0 | (2,800) |
Decrease in deferred lease liability | (49,950) | (58,924) |
Net Cash Used In Operating Activities | (8,052,651) | (6,058,955) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (5,816) | (272,587) |
Return of security deposit | 0 | 187,500 |
Net Cash Used In Investing Activities | (5,816) | (85,087) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on lease payable | 0 | (23,128) |
Proceeds from issuance of equity financing | 4,500,000 | 6,361,499 |
Payment of placement agent compensation and issuance costs | (60,000) | (683,194) |
Net Cash Provided by Financing Activities | 4,440,000 | 5,655,177 |
Net decrease in cash | (3,618,467) | (488,865) |
Cash - Beginning of Period | 4,486,538 | 4,062,013 |
Cash - End of Period | 868,071 | 3,573,148 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 0 |
Non-Cash Transactions: | ||
Fixed assets acquired through accounts payable and accrued expenses | 0 | 18,016 |
Warrant value recorded as issuance costs | 0 | 516,550 |
Conversion of note payable into common stock | 0 | 50,000 |
Conversion of interest payable into common stock | $ 0 | $ 9,517 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operation [Text Block] | Note 1 Nature of Operations These financial statements represent the consolidated financial statements of Rezolute, Inc. (“Rezolute”), and its wholly owned operating subsidiary AntriaBio Delaware, Inc. (“Antria Delaware”). Rezolute and Antria Delaware are collectively referred to herein as the “Company”. The Company is a clinical stage biopharmaceutical Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 22, 2017, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2017. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and impairment of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. The Company’s Fixed assets are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs, clinical trial costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. Fair value is defined 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. An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value are as follows: ⋅ Level 1: Quoted prices for identical assets and liabilities in active markets; ⋅ Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and ⋅ Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, accounts payable and accrued expenses, and convertible note payable approximated fair value as of December 31, 2017 and June 30, 2017 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 2017 and June 30, 2017 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 8. Balance as of June 30, 2017 $ (588) Total unrealized gains (losses): Included in earnings 498 Balance as of December 31, 2017 $ (90) In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. In May 2017, the FASB issued ASU 2017-9. Compensation Stock Compensation (Topic 718): Scope of Modification Accounting. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2017 | |
Going Concern [Abstract] | |
Going Concern Disclosure [Text Block] | Note 3 Going Concern As reflected in the accompanying financial statements, the Company has a net loss of $ 12,403,200 8,052,651 1,087,141 3,801,798 76,725,162 The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management’s The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Fixed Assets
Fixed Assets | 6 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Fixed Assets The following is a summary of fixed assets and accumulated depreciation: Useful Life December 31, 2017 June 30, 2017 Furniture and fixtures 5 - 7 years $ 118,450 $ 118,450 Lab equipment 3 - 15 years 3,951,855 3,946,040 Leasehold Improvements 5 - 7 years 3,247,038 3,247,038 7,317,343 7,311,528 Less: accumulated depreciation and amortization (2,519,520) (1,986,127) $ 4,797,823 $ 5,325,401 Depreciation expense was $266,781 and $278,074 for the three months ended December 31, 2017 and 2016, respectively and was $ 533,394 546,429 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 5 Related Party Transactions During the three and six months ended December 31, 2017, the Company incurred investor relations expense of $ 33,322 33,322 67,439 67,439 , see Note 8 for discussion related to warrants issued as compensation for such services. 31,050 67,275 13,928 13,928 25,200 . |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Convertible Notes Payable As of December 31, 2017, and June 30, 2017, the convertible note outstanding balance was $ 10,000 10,000 8 On January 30, 2018, the Company issued a secured convertible promissory note for $ 500,000 250,000 12 matures at the earlier of January 31, 2019 or when the Company raises $10 million in an equity financing |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 7 Shareholders’ Equity During the year ended June 30, 2017, the Company closed private placement transactions in which the Company issued 5,783,184 1.65 60 5.2 683,194 516,550 The Company also entered into a private placement transaction in which the Company issued common stock to accredited investors at an offering price of $ 1.00 8.1 186,671 During the six months ended December 31, 2017, the Company closed an additional private placement transaction in which the Company issued common stock to accredited investors at an offering price of $ 1.00 4.44 60,000 Lincoln Park Transaction 10.0 As a result, on December 22, 2017, 344,669 Under the terms and subject to the conditions of the Lincoln Park Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $10.0 million worth of shares of the Company’s common stock. Such future sales of common stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s option, over the 36-month term of the agreement. As contemplated by the Lincoln Park Purchase Agreement, and so long as the closing price of the Company’s common stock exceeds $0.40 per share, then the Company may direct Lincoln Park, at its sole discretion to purchase up to 65,000 shares of its common stock on any business day, provided that five business day has passed since the most recent purchase. The price per share for such purchases will be equal to the lower of: (i) the lowest sale price on the applicable purchase date and (ii) the arithmetic average of the three (3) lowest closing sale prices for the Company’s common stock during the twelve (12) consecutive business days ending on the business day immediately preceding such purchase date 500,000 In addition to regular purchases, the Company may also direct Lincoln Park to purchase other amounts as accelerated purchases or as additional purchases if the closing sale price of the common stock exceeds certain threshold prices as set forth in the purchase agreement. In all instances, the Company may not sell shares of its common stock to Lincoln Park under the purchase agreement if it would result in Lincoln Park beneficially owning more than 9.99% of its common stock. There are no trading volume requirements or restrictions under the purchase agreement nor any upper limits on the price per share that Lincoln Park must pay for shares of common stock. The Lincoln Park Purchase Agreement and the registration rights agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. The Company has the right to terminate the purchase agreement at any time, at no cost or penalty. During any “event of default” under the purchase agreement, all of which are outside of Lincoln Park’s control, Lincoln Park does not have the right to terminate the purchase agreement; however, the Company may not initiate any regular or other purchase of shares by Lincoln Park, until such event of default is cured. In addition, in the event of bankruptcy proceedings by or against the Company, the purchase agreement will automatically terminate. Actual sales of shares of common stock to Lincoln Park under the purchase agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the common stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. Lincoln Park has no right to require any sales by the Company, but is obligated to make purchases from the Company as it directs in accordance with the purchase agreement. Lincoln Park has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company’s shares. The Company has not declared or paid any dividends or returned any capital to common stockholders as of December 31, 2017. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation [Text Block] | Note 8 Stock-Based Compensation Options 3,750,000 3,295,000 1.29 3.44 On February 23, 2015, the Company adopted the AntriaBio, Inc. 2015 Non Qualified Stock Option Plan which allows the Company to issue up to 6,850,000 4,487,000 1.00 2.06 4 On October 31, 2016, the Board adopted the AntriaBio, Inc. 2016 Non Qualified Stock Option Plan which allows the Company to issue up to 35,000,000 15,000,000 28,995,000 4,360,000 11,090,000 1,550,000 1,199,847 255,000 1.00 1.20 The Company has computed the fair value of all options granted that have begun vesting using the Black-Scholes option pricing model. The options that require specific events before they begin to vest are not valued until the specific event has occurred. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. The Company estimated a volatility factor utilizing comparable published volatility of several peer companies. Due to the small number of option holders, the Company does not calculate a forfeiture rate but simply accounts for forfeitures as they occur. The Company estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. Expected volatility 84 % Risk free interest rate 2.0 - 2.21 % Expected term (years) 7 Dividend yield 0 % Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life Outstanding, June 30, 2017 21,290,751 $ 1.65 7.7 Granted 255,000 $ 1.08 Forfeited (457,000) $ 1.65 Outstanding, December 31, 2017 21,088,751 $ 1.65 7.7 Exercisable at December 31, 2017 9,250,001 $ 2.09 6.4 Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as research and development compensation and benefits expense of $ 281,814 444,801 912,215 792,137 580,769 749,770 2,120,959 1,376,196 8,637,760 Warrants Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2017 32,796,448 $ 1.71 3.7 Warrants issued for consulting services 650,000 $ 1.03 Warrants expired (285,407) $ 2.43 Outstanding, December 31, 2017 33,161,041 $ 1.69 3.2 For the Six Months Ended December 31, 2017: 100,000 1.00 50,000 1.00 500,000 1.04 The warrants exercisable for 16,667 90 588 The warrants exercisable for the 250,000 15,624 12,564 31,248 27,333 The warrants exercisable for 100,000 66,643 50,000 33,322 500,000 407,605 These warrants were valued using the Black-Scholes option pricing model on the date of issuance. In order to calculate the fair value of the warrants, certain assumptions were made regarding components of the model, including the closing price of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and warrant term. Changes to the assumptions could cause significant adjustments to valuation. Rezolute estimated a volatility factor utilizing comparable published volatilities of several peer companies. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. Expected volatility 53% - 85 % Risk free interest rate 1.76% - 2.37 % Warrant term (years) 1 - 10 Dividend yield 0 % |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. In connection with the New Tax Cuts and Jobs Act, all gross deferred tax assets and liabilities have been remeasured at the 21% Federal statutory rate. There was no change to the net deferred tax asset recorded as the valuation allowance was also adjusted offsetting these changes. In the three and six months ended December 31, 2017, the Company did not record any income tax provision due to expected future losses and full valuation allowance on its deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 Commitments and Contingencies Lease Commitments 27,000 28,939 3 34,381 750,000 375,000 On March 17, 2017, the Company entered into a lease of approximately 20,000 28,425 28,410 56,851 On March 17, 2017, the Company sub-leased their original approximately 10,000 12,523 12,828 25,046 Operating Leases Sub-lease Income Total Year Ending June 30, 2018 365,680 (76,866) 288,814 2019 747,953 (157,187) 590,766 2020 688,892 (148,551) 540,341 2021 338,392 - 338,392 2022 347,836 - 347,836 Thereafter 569,364 - 569,364 $ 3,058,117 $ (382,604) $ 2,675,513 License Agreements License Agreement ActiveSite PKI Program 750,000 36.5 10.0 On December 6, 2017, the Company entered into a License Agreement and Common Stock Purchase Agreement (collectively “ Transaction Documents XOMA 6 12 222 Legal Matters |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 22, 2017, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2017. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s |
Use Of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and impairment of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company’s |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs, clinical trial costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined 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. An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value are as follows: ⋅ Level 1: Quoted prices for identical assets and liabilities in active markets; ⋅ Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and ⋅ Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, accounts payable and accrued expenses, and convertible note payable approximated fair value as of December 31, 2017 and June 30, 2017 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 2017 and June 30, 2017 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 8. Balance as of June 30, 2017 $ (588) Total unrealized gains (losses): Included in earnings 498 Balance as of December 31, 2017 $ (90) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. In May 2017, the FASB issued ASU 2017-9. Compensation Stock Compensation (Topic 718): Scope of Modification Accounting. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Fair Value, Instruments Classified in Shareholders Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: Balance as of June 30, 2017 $ (588) Total unrealized gains (losses): Included in earnings 498 Balance as of December 31, 2017 $ (90) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following is a summary of fixed assets and accumulated depreciation: Useful Life December 31, 2017 June 30, 2017 Furniture and fixtures 5 - 7 years $ 118,450 $ 118,450 Lab equipment 3 - 15 years 3,951,855 3,946,040 Leasehold Improvements 5 - 7 years 3,247,038 3,247,038 7,317,343 7,311,528 Less: accumulated depreciation and amortization (2,519,520) (1,986,127) $ 4,797,823 $ 5,325,401 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Share-Based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company has computed the fair value of all options granted during the six months ended December 31, 2017 using the following assumptions: Expected volatility 84 % Risk free interest rate 2.0 - 2.21 % Expected term (years) 7 Dividend yield 0 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity is as follows: Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life Outstanding, June 30, 2017 21,290,751 $ 1.65 7.7 Granted 255,000 $ 1.08 Forfeited (457,000) $ 1.65 Outstanding, December 31, 2017 21,088,751 $ 1.65 7.7 Exercisable at December 31, 2017 9,250,001 $ 2.09 6.4 |
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | Warrants The Company issued warrants to agents in conjunction with the closing of various financings and issued warrants in private placements as follows: Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2017 32,796,448 $ 1.71 3.7 Warrants issued for consulting services 650,000 $ 1.03 Warrants expired (285,407) $ 2.43 Outstanding, December 31, 2017 33,161,041 $ 1.69 3.2 |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The Black-Scholes valuation methodology was used because that model embodies all of the relevant assumptions that address the features underlying these instruments. Significant assumptions for the warrant values calculated for the three months ended December 31, 2017 were as follows: Expected volatility 53% - 85 % Risk free interest rate 1.76% - 2.37 % Warrant term (years) 1 - 10 Dividend yield 0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2017, the minimum rental commitment under the leases are as follows: Operating Leases Sub-lease Income Total Year Ending June 30, 2018 365,680 (76,866) 288,814 2019 747,953 (157,187) 590,766 2020 688,892 (148,551) 540,341 2021 338,392 - 338,392 2022 347,836 - 347,836 Thereafter 569,364 - 569,364 $ 3,058,117 $ (382,604) $ 2,675,513 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Dec. 31, 2017USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2017 | $ (588) |
Total unrealized gains (losses): | |
Included in earnings | 498 |
Balance as of December 31, 2017 | $ (90) |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Going Concern [Line Items] | |||||
Net Loss | $ (5,718,587) | $ (4,887,931) | $ (12,403,200) | $ (8,703,797) | |
Net Cash Used In Operating Activities | (8,052,651) | $ (6,058,955) | |||
Total Stockholders' Equity | 3,801,798 | 3,801,798 | $ 8,527,967 | ||
Accumulated deficit | (76,725,162) | (76,725,162) | $ (64,321,962) | ||
Working Capital Deficit | $ 1,087,141 | $ 1,087,141 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,317,343 | $ 7,311,528 |
Less: accumulated depreciation and amortization | (2,519,520) | (1,986,127) |
Property, Plant and Equipment, Net | 4,797,823 | 5,325,401 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 118,450 | 118,450 |
Furniture and fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,951,855 | 3,946,040 |
Lab equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,247,038 | $ 3,247,038 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 266,781 | $ 278,074 | $ 533,394 | $ 546,429 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | |||||
General and Administrative Expense | $ 2,337,870 | $ 1,813,865 | $ 4,744,362 | $ 3,151,619 | |
Accounts Payable and Accrued Liabilities [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | $ 25,200 | |||
Related Parties [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investor Relations Expense | 33,322 | 31,050 | 33,322 | 67,275 | |
General and Administrative Expense | $ 67,439 | $ 13,928 | $ 67,439 | $ 13,928 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | 1 Months Ended | ||
Jan. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Subsequent Event [Member] | |||
Convertible Notes Payable [Line Items] | |||
Class Of Warrant Or Right, Number Of Securities Called By Warrants Or Rights | 250,000 | ||
Convertible Notes Payable | |||
Convertible Notes Payable [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Debt Instrument, Face Amount | $ 10,000 | $ 10,000 | |
Secured Convertible Promissory Note [Member] | Subsequent Event [Member] | |||
Convertible Notes Payable [Line Items] | |||
Debt instrument, interest rate, stated percentage | 12.00% | ||
Debt Instrument, Face Amount | $ 500,000 | ||
Debt Instrument, Maturity Date, Description | matures at the earlier of January 31, 2019 or when the Company raises $10 million in an equity financing |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 22, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | |
Class of Stock [Line Items] | |||
Payments of stock issuance costs | $ 60,000 | $ 186,671 | |
Adjustments to Additional Paid in Capital, Warrant Issued | 535,303 | ||
Stock Issued During Period, Shares, Other | 344,669 | ||
Proceeds from Issuance of Private Placement | $ 4,440,000 | 8,100,000 | |
Warrant | |||
Class of Stock [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 516,550 | ||
Lincoln Park Transaction [Member] | |||
Class of Stock [Line Items] | |||
Related Party Transaction,Value of Common Stock to be Issued | $ 10,000,000 | ||
Related Party Transaction,Description of Per Share Price to be Issued | As contemplated by the Lincoln Park Purchase Agreement, and so long as the closing price of the Companys common stock exceeds $0.40 per share, then the Company may direct Lincoln Park, at its sole discretion to purchase up to 65,000 shares of its common stock on any business day, provided that five business day has passed since the most recent purchase. The price per share for such purchases will be equal to the lower of: (i) the lowest sale price on the applicable purchase date and (ii) the arithmetic average of the three (3) lowest closing sale prices for the Companys common stock during the twelve (12) consecutive business days ending on the business day immediately preceding such purchase date | ||
Maximum Number of Shares to be Issued Under Certain Conditions | 500,000 | ||
Private Placement | |||
Class of Stock [Line Items] | |||
Sale of stock, price per share | $ 1 | $ 1 | |
Payments of stock issuance costs | $ 683,194 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | ||
Class Of Warrant Or Right Of Warrants Or Rights Expiring Period | 60 months | ||
Issuance Of Common Stock Shares | 5,783,184 | ||
Proceeds from Issuance of Private Placement | $ 5,200,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 84.00% |
Dividend yield | 0.00% |
Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 7 years |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 2.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 2.21% |
Stock-Based Compensation (Det31
Stock-Based Compensation (Details 1) - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2017 | |
Number of Options | ||
Outstanding | 21,290,751 | |
Granted | 255,000 | |
Forfeited | (457,000) | |
Outstanding | 21,088,751 | 21,290,751 |
Exercisable | 9,250,001 | |
Weighted Average Exercise Price | ||
Outstanding | $ 1.65 | |
Granted | 1.08 | |
Forfeited | 1.65 | |
Outstanding | 1.65 | $ 1.65 |
Exercisable | $ 2.09 | |
Weighted Average Remaining Contractual Life | ||
Outstanding | 7 years 8 months 12 days | 7 years 8 months 12 days |
Exercisable | 6 years 4 months 24 days |
Stock-Based Compensation (Det32
Stock-Based Compensation (Details 2) - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2017 | |
Number of Warrants - Outstanding | 32,796,448 | |
Number of Warrants - Warrants issued for consulting services | 650,000 | |
Number of Warrants - Warrants expired | (285,407) | |
Number of Warrants - Outstanding | 33,161,041 | 32,796,448 |
Weighted Average Exercise Price - Outstanding | $ 1.71 | |
Weighted Average Exercise Price - Warrants issued for consulting services | 1.03 | |
Weighted Average Exercise Price - Warrants expired | 2.43 | |
Weighted Average Exercise Price - Outstanding | $ 1.69 | $ 1.71 |
Weighted Average Remaining Contractual Life - Outstanding | 3 years 2 months 12 days | 3 years 8 months 12 days |
Stock-Based Compensation (Det33
Stock-Based Compensation (Details 3) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 84.00% | |
Dividend yield | 0.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 2.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 2.21% | |
Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Warrant | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 53.00% | |
Risk free interest rate | 1.76% | |
Warrant term (years) | 1 year | |
Warrant | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 85.00% | |
Risk free interest rate | 2.37% | |
Warrant term (years) | 10 years |
Stock-Based Compensation (Det34
Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016 | Feb. 23, 2015 | Mar. 26, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Aug. 21, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 255,000 | ||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.08 | ||||||||
Stock-based compensation | $ 2,701,728 | $ 2,125,966 | |||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | $ 8,637,760 | 8,637,760 | |||||||
Fair value of warrants | 90 | $ 588 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 11,090,000 | ||||||||
Warrant Expense | $ 535,303 | 0 | |||||||
2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,750,000 | ||||||||
Non Qualified Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 28,995,000 | ||||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | $ 1,199,847 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 35,000,000 | 15,000,000 | |||||||
Equity Instruments Other than Options, Forfeited in Period | 1,550,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The options vest on a monthly basis over 48 months, except for 75,000 of the options which do not begin to vest until specific events have occurred and then begin to vest over 48 months and 60,000 of the options that all vest at the end of the consulting contract. Some options are subject to a one year cliff and all options have an exercise price based on the fair value of the common stock on the date of grant. | ||||||||
Non Qualified Stock Option Plan [Member] | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1 | ||||||||
Non Qualified Stock Option Plan [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.20 | ||||||||
Employees and Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 4,360,000 | ||||||||
Employees and Directors | General and Administrative Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | 912,215 | $ 792,137 | $ 2,120,959 | 1,376,196 | |||||
Employees and Directors | Research and Development Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | $ 281,814 | $ 444,801 | 580,769 | $ 749,770 | |||||
Employees and Directors | 2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | ||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.29 | ||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 3.44 | ||||||||
Investor | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant Expense | $ 27,333 | $ 12,564 | |||||||
Employee Stock Option | Employees and Directors | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1 | ||||||||
Employee Stock Option | Employees and Directors | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.06 | ||||||||
Employee Stock Option | Employees and Directors | 2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 3,295,000 | ||||||||
Employee Stock Option | Employees and Directors | Non Qualified Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,487,000 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 6,850,000 | ||||||||
Warrant | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 100,000 | 100,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | $ 1 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 31,248 | 15,624 | |||||||
Warrant One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 50,000 | 50,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | $ 1 | |||||||
Warrant Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 500,000 | 500,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.04 | $ 1.04 | |||||||
Warrant Eight | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 100,000 | 100,000 | |||||||
Warrants to purchase common stock value | $ 66,643 | $ 66,643 | |||||||
Warrant Nine | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 50,000 | 50,000 | |||||||
Warrants to purchase common stock value | $ 33,322 | $ 33,322 | |||||||
Warrant Ten | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 500,000 | 500,000 | |||||||
Warrants to purchase common stock value | $ 407,605 | $ 407,605 | |||||||
Warrant Thirteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable warrants or rights | 16,667 | 16,667 | |||||||
Warrant Fourteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 250,000 | 250,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 6 Months Ended |
Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Commitments and Contingencies36
Commitments and Contingencies (Details) | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, 2018 | $ 365,680 |
Operating Leases, 2019 | 747,953 |
Operating Leases, 2020 | 688,892 |
Operating Leases, 2021 | 338,392 |
Operating Leases, 2022 | 347,836 |
Operating Leases, Thereafter | 569,364 |
Operating Leases, Total | 3,058,117 |
Sub-lease Income, 2018 | (76,866) |
Sub-lease Income, 2019 | (157,187) |
Sub-lease Income, 2020 | (148,551) |
Sub-lease Income, 2021 | 0 |
Sub-lease Income, 2022 | 0 |
Sub-lease Income, Thereafter | 0 |
Sub-lease Income, Total | (382,604) |
2,018 | 288,814 |
2,019 | 590,766 |
2,020 | 540,341 |
2,021 | 338,392 |
2,022 | 347,836 |
Thereafter | 569,364 |
Total | $ 2,675,513 |
Commitments and Contingencies37
Commitments and Contingencies (Details Textual) | Aug. 04, 2017USD ($) | Mar. 17, 2017USD ($)ft² | May 31, 2014USD ($)a | Dec. 06, 2017USD ($) |
Commitments And Contingencies [Line Items] | ||||
Operating Leases, Rent Expense | $ 28,939 | |||
Payments Of Monthly Lease Adjusted Annually Percentage | 3.00% | |||
Adjusted Triple Net Expense Of Lease Payments | $ 34,381 | |||
Area of Land | a | 27,000 | |||
Security Deposit | $ 750,000 | |||
Proceeds from Other Deposits | $ 375,000 | |||
Operating Leases [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Adjusted Triple Net Expense Of Lease Payments | $ 28,410 | |||
Area of Land | ft² | 20,000 | |||
Security Deposit | $ 56,851 | |||
Payments Of Monthly Lease Adjusted Annually | $ 28,425 | |||
Lease Expiration Period | 82 months | |||
Sub-lease Income [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Adjusted Triple Net Expense Of Lease Payments | $ 12,828 | |||
Area of Land | ft² | 10,000 | |||
Security Deposit | $ 25,046 | |||
Payments Of Monthly Lease Adjusted Annually | $ 12,523 | |||
ActiveSite Pharmaceuticals, Inc. [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Upfront Payment, Payable | $ 750,000 | |||
Payment Execute Term | 5 days | |||
XOMA LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Payment to be Made for Acquisition of Rights to Develop and Commercialize | $ 6,000,000 | |||
Value of Stock to be Issued for Acquisition of Rights to Develop and Commercialize | 12,000,000 | |||
Clinical, Regulatory and Annual Net Sales Milestone Payments,Payable | $ 222,000,000 | |||
Minimum | ActiveSite Pharmaceuticals, Inc. [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Milestone Payments | $ 10,000,000 | |||
Maximum | ActiveSite Pharmaceuticals, Inc. [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Milestone Payments | $ 36,500,000 |