Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-36357 | |
Entity Registrant Name | LIPOCINE INC. | |
Entity Central Index Key | 0001535955 | |
Entity Tax Identification Number | 99-0370688 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 675 Arapeen Drive | |
Entity Address, Address Line Two | Suite 202 | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84108 | |
City Area Code | 801 | |
Local Phone Number | 994-7383 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LPCN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 88,290,650 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 10,967,713 | $ 19,217,382 |
Restricted cash | 5,000,000 | |
Marketable investment securities | 35,672,059 | 449,992 |
Accrued interest income | 232,568 | 391 |
Prepaid and other current assets | 283,180 | 661,258 |
Total current assets | 47,155,520 | 25,329,023 |
Other assets | 23,753 | 23,753 |
Total assets | 47,179,273 | 25,352,776 |
Current liabilities: | ||
Accounts payable | 906,476 | 1,597,220 |
Accrued expenses | 1,444,188 | 1,653,178 |
Debt - current portion | 3,957,627 | 3,333,333 |
Litigation settlement liability - current portion | 2,500,000 | |
Total current liabilities | 8,808,291 | 6,583,731 |
Debt - non-current portion | 2,257,075 | |
Warrant liability | 1,125,429 | 1,170,051 |
Litigation settlement liability - non-current portion | 1,500,000 | |
Total liabilities | 11,433,720 | 10,010,857 |
Commitments and contingencies (notes 5, 7, 8 and 10) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; zero issued and outstanding | ||
Common stock, par value $0.0001 per share, 100,000,000 shares authorized; 88,296,360 and 70,041,967 issued and 88,290,650 and 70,036,257 outstanding | 8,830 | 7,005 |
Additional paid-in capital | 217,986,752 | 187,407,634 |
Treasury stock at cost, 5,710 shares | (40,712) | (40,712) |
Accumulated other comprehensive loss | (186) | |
Accumulated deficit | (182,209,131) | (172,032,008) |
Total stockholders’ equity | 35,745,553 | 15,341,919 |
Total liabilities and stockholders’ equity | $ 47,179,273 | $ 25,352,776 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 88,296,360 | 70,041,967 |
Common stock, shares outstanding | 88,290,650 | 70,036,257 |
Treasury stock, shares | 5,710 | 5,710 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 1,464,687 | $ 2,268,984 | $ 3,045,228 | $ 4,780,739 |
General and administrative | 1,525,592 | 1,953,535 | 3,059,544 | 4,038,795 |
Total operating expenses | 2,990,279 | 4,222,519 | 6,104,772 | 8,819,534 |
Operating loss | (2,990,279) | (4,222,519) | (6,104,772) | (8,819,534) |
Other income (expense): | ||||
Interest and investment income | 17,344 | 7,177 | 27,993 | 67,115 |
Interest expense | (57,428) | (87,847) | (126,401) | (221,192) |
Unrealized gain (loss) on warrant liability | 221,322 | (2,066,445) | 26,257 | (3,166,474) |
Litigation settlement | (4,000,000) | (4,000,000) | ||
Total other expense, net | (3,818,762) | (2,147,115) | (4,072,151) | (3,320,551) |
Loss before income tax expense | (6,809,041) | (6,369,634) | (10,176,923) | (12,140,085) |
Income tax expense | (200) | (200) | ||
Net loss | $ (6,809,041) | $ (6,369,634) | $ (10,177,123) | $ (12,140,285) |
Basic loss per share attributable to common stock | $ (0.08) | $ (0.13) | $ (0.12) | $ (0.27) |
Weighted average common shares outstanding, basic | 88,290,650 | 49,769,253 | 85,556,110 | 45,558,442 |
Diluted loss per share attributable to common stock | $ (0.08) | $ (0.13) | $ (0.12) | $ (0.27) |
Weighted average common shares outstanding, diluted | 88,290,650 | 49,769,253 | 85,556,110 | 45,558,442 |
Comprehensive loss: | ||||
Net loss | $ (6,809,041) | $ (6,369,634) | $ (10,177,123) | $ (12,140,285) |
Net unrealized gain (loss) on available-for-sale securities | 22,273 | (104) | (186) | (66) |
Comprehensive loss | $ (6,786,768) | $ (6,369,738) | $ (10,177,309) | $ (12,140,351) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2019 | $ 3,766 | $ (40,712) | $ 157,391,969 | $ (38) | $ (151,067,189) | $ 6,287,796 |
Balance, shares at Dec. 31, 2019 | 37,649,465 | 5,710 | ||||
Net loss | (12,140,285) | (12,140,285) | ||||
Unrealized net loss on marketable investment securities | (66) | (66) | ||||
Stock-based compensation | 786,971 | 786,971 | ||||
Vesting of restricted stock units | $ 2 | (2) | ||||
Vesting of restricted stock units, shares | 25,000 | |||||
Common stock issued for warrant exercises | $ 1,362 | 6,912,796 | 6,914,158 | |||
Common stock issued for warrant exercises, shares | 13,618,807 | |||||
Settlement of warrant liability on warrant exercises | 5,591,362 | 5,591,362 | ||||
Common stock sold through equity offering | $ 1,008 | 5,652,132 | 5,653,140 | |||
Common stock sold through equity offering, shares | 10,084,034 | |||||
Costs associated with ATM offering | (8,108) | (8,108) | ||||
Balances at Jun. 30, 2020 | $ 6,138 | $ (40,712) | 176,327,120 | (104) | (163,207,474) | 13,084,968 |
Balance, shares at Jun. 30, 2020 | 61,377,306 | 5,710 | ||||
Balances at Mar. 31, 2020 | $ 4,786 | $ (40,712) | 163,426,502 | (156,837,840) | 6,552,736 | |
Balance, shares at Mar. 31, 2020 | 47,854,499 | 5,710 | ||||
Net loss | (6,369,634) | (6,369,634) | ||||
Unrealized net loss on marketable investment securities | (104) | (104) | ||||
Stock-based compensation | 465,058 | 465,058 | ||||
Vesting of restricted stock units | $ 2 | (2) | ||||
Vesting of restricted stock units, shares | 25,000 | |||||
Common stock issued for warrant exercises | $ 1,350 | 6,852,308 | 6,853,658 | |||
Common stock issued for warrant exercises, shares | 13,497,807 | |||||
Settlement of warrant liability on warrant exercises | 5,591,362 | 5,591,362 | ||||
Costs associated with ATM offering | (8,108) | (8,108) | ||||
Balances at Jun. 30, 2020 | $ 6,138 | $ (40,712) | 176,327,120 | (104) | (163,207,474) | 13,084,968 |
Balance, shares at Jun. 30, 2020 | 61,377,306 | 5,710 | ||||
Balances at Dec. 31, 2020 | $ 7,005 | $ (40,712) | 187,407,634 | (172,032,008) | 15,341,919 | |
Balance, shares at Dec. 31, 2020 | 70,036,257 | 5,710 | ||||
Net loss | (10,177,123) | (10,177,123) | ||||
Unrealized net loss on marketable investment securities | (186) | (186) | ||||
Stock-based compensation | 294,313 | 294,313 | ||||
Common stock issued for warrant exercises | $ 1 | 4,999 | 5,000 | |||
Common stock issued for warrant exercises, shares | 10,000 | |||||
Settlement of warrant liability on warrant exercises | 18,365 | 18,365 | ||||
Common stock sold through equity offering | $ 1,643 | 26,838,814 | 26,840,457 | |||
Common stock sold through equity offering, shares | 16,428,571 | |||||
Option exercises | 6,693 | 6,693 | ||||
Option exercises, shares | 4,584 | |||||
Common stock sold through ATM offering | $ 181 | 3,415,934 | 3,416,115 | |||
Common stock sold through ATM offering, shares | 1,811,238 | |||||
Balances at Jun. 30, 2021 | $ 8,830 | $ (40,712) | 217,986,752 | (186) | (182,209,131) | 35,745,553 |
Balance, shares at Jun. 30, 2021 | 88,290,650 | 5,710 | ||||
Balances at Mar. 31, 2021 | $ 8,830 | $ (40,712) | 217,845,280 | (22,459) | (175,400,090) | 42,390,849 |
Balance, shares at Mar. 31, 2021 | 88,290,650 | 5,710 | ||||
Net loss | (6,809,041) | (6,809,041) | ||||
Unrealized net loss on marketable investment securities | 22,273 | 22,273 | ||||
Stock-based compensation | 146,747 | 146,747 | ||||
Costs associated with ATM offering | (5,275) | (5,275) | ||||
Balances at Jun. 30, 2021 | $ 8,830 | $ (40,712) | $ 217,986,752 | $ (186) | $ (182,209,131) | $ 35,745,553 |
Balance, shares at Jun. 30, 2021 | 88,290,650 | 5,710 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (10,177,123) | $ (12,140,285) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation expense | 1,598 | |
Stock-based compensation expense | 294,313 | 786,971 |
Non-cash interest expense | 33,886 | 63,765 |
Non-cash loss (gain) on change in fair value of warrant liability | (26,257) | 3,166,474 |
Amortization of premium (discount) on marketable investment securities | 203,958 | (9,755) |
Changes in operating assets and liabilities: | ||
Accrued interest income | (232,177) | 8,603 |
Prepaid and other current assets | 378,078 | 398,579 |
Accounts payable | (690,744) | (275,415) |
Accrued expenses | (208,990) | 543,955 |
Litigation settlement liability | 4,000,000 | |
Cash used in operating activities | (6,425,056) | (7,455,510) |
Cash flows from investing activities: | ||
Purchases of marketable investment securities | (35,876,211) | (4,466,811) |
Maturities of marketable investment securities | 450,000 | 4,350,000 |
Cash used in investing activities | (35,426,211) | (116,811) |
Cash flows from financing activities: | ||
Debt repayments | (1,666,667) | (1,111,111) |
Proceeds from debt | 233,537 | |
Net proceeds from common stock offering | 26,840,457 | 5,653,140 |
Net proceeds from (costs associated with) ATM | 3,416,115 | (8,108) |
Proceeds from stock option exercises | 6,693 | |
Net proceeds from exercise of warrants | 5,000 | 6,914,158 |
Cash provided by financing activities | 28,601,598 | 11,681,616 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (13,249,669) | 4,109,295 |
Cash, cash equivalents, and restricted cash at beginning of period | 24,217,382 | 14,728,523 |
Cash, cash equivalents, and restricted cash at end of period | 10,967,713 | 18,837,818 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 92,515 | 156,979 |
Income taxes paid | 200 | 200 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Settlement of warrant liability on warrant exercises | 18,365 | 5,591,362 |
Net unrealized loss on available-for-sale securities | (186) | (66) |
Accrued final payment charge on debt | 33,886 | 63,765 |
Other accrued interest | $ 448 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements included herein have been prepared by Lipocine Inc. (“Lipocine” or the “Company”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements are comprised of the financial statements of Lipocine and its subsidiaries, collectively referred to as the Company. In management’s opinion, the interim financial data presented includes all adjustments (consisting solely of normal recurring items) necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by U.S. generally accepted accounting principles has been condensed or omitted in accordance with rules and regulations of the SEC. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions relating to reporting of the assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period in conformity with U.S. generally accepted accounting principles. Actual results could differ from these estimates. The Company believes that its existing capital resources, together with interest thereon, will be sufficient to meet its projected operating requirements through at least June 30, 2022 which includes an on-going clinical study for LPCN 1144, future clinical studies for LPCN 1148 and LPCN 1154, compliance with regulatory requirements and on-going litigation and settlement activities. The Company has based this estimate on assumptions that may prove to be wrong, and the Company could utilize its available capital resources sooner than it currently expects if additional activities are performed by the Company including pre-commercial and commercial activities for TLANDO and new clinical studies for LPCN 1144, TLANDO XR, LPCN 1148 and LPCN 1154. While the Company believes it has sufficient liquidity and capital resources to fund our projected operating requirements through at least June 30, 2022, the Company will need to raise additional capital at some point through the equity or debt markets or through out-licensing activities, before or after June 30, 2022, to support its operations. If the Company is unsuccessful in raising additional capital, its ability to continue as a going concern will become a risk. Further, the Company’s operating plan may change, and the Company may need additional funds to meet operational needs and capital requirements for product development, regulatory compliance and clinical trial activities sooner than planned. In addition, the Company’s capital resources may be consumed more rapidly if it pursues additional clinical studies for LPCN 1144, TLANDO XR, LPCN 1148 and LPCN 1154. Conversely, the Company’s capital resources could last longer if it reduces expenses, reduces the number of activities currently contemplated under our operating plan or if it terminates, modifies the design or suspends on-going clinical studies.. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | (2) Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding plus, where applicable, the additional potential common shares that would have been outstanding related to dilutive options, warrants and, unvested restricted stock units to the extent such shares are dilutive. The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and six months ended June 30, 2021 and 2020: Schedule of Computation of Basic and Diluted Earnings (loss) Per Share of Common Stock Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic loss per share attributable to common stock: Numerator Net loss $ (6,809,041 ) $ (6,369,634 ) $ (10,177,123 ) $ (12,140,285 ) Denominator Weighted avg. common shares outstanding 88,290,650 49,769,253 85,556,110 45,558,442 Basic loss per share attributable to common stock $ (0.08 ) $ (0.13 ) $ (0.12 ) $ (0.27 ) Diluted loss per share attributable to common stock: Numerator Net loss $ (6,809,041 ) $ (6,369,634 ) $ (10,177,123 ) $ (12,140,285 ) Denominator Weighted avg. common shares outstanding 88,290,650 49,769,253 85,556,110 45,558,442 Diluted loss per share attributable to common stock $ (0.08 ) $ (0.13 ) $ (0.12 ) $ (0.27 ) The computation of diluted loss per share for the six months ended June 30, 2021 and 2020 does not include the following stock options and warrants to purchase shares or unvested restricted stock units in the computation of diluted loss per share because these instruments were antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2021 2020 Stock options 3,915,790 3,012,041 Unvested restricted stock units - 605,682 Warrants 1,934,366 3,423,210 |
Marketable Investment Securitie
Marketable Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Investment Securities | (3) Marketable Investment Securities The Company has classified its marketable investment securities as available-for-sale securities, all of which are debt securities. These securities are carried at fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at June 30, 2021 and December 31, 2020 were as follows: Schedule of Available-for-Sale Securities June 30, 2021 Amortized Cost Gross unrealized holding gains Gross unrealized holding losses Aggregate fair value Corporate bonds, notes and commercial paper $ 35,672,245 $ - $ (186 ) $ 35,672,059 $ 35,672,245 $ $ (186 ) $ 35,672,059 December 31, 2020 Amortized Cost Gross unrealized holding gains Gross unrealized holding losses Aggregate fair value Commercial paper $ 449,992 - - $ 449,992 $ 449,992 $ - $ $ 449,992 Maturities of debt securities classified as available-for-sale securities at June 30, 2021 are as follows: Schedule of Maturities of Debt Securities Classified as Available-for-sale Securities June 30, 2021 Amortized Cost Aggregate fair value Due within one year $ 35,672,245 $ 35,672,059 $ 35,672,245 $ 35,672,059 There were no sales of marketable investment securities during the three and six months ended June 30, 2021 and 2020 and therefore no no 450,000 4.3 no |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | (4) Fair Value The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ● Level 1 Inputs: Quoted prices for identical instruments in active markets. ● Level 2 Inputs: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets. ● Level 3 Inputs: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For accrued interest income, prepaid and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate fair value because of the short maturity of these instruments. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020: Schedule of Fair Value, Assets Measured on Recurring Basis Fair value measurements at reporting date using June 30, 2021 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 10,179,073 $ 10,179,073 $ - $ - Commercial Paper 13,987,623 - 13,987,623 - Corporate bonds and notes 21,684,436 - 21,684,436 - $ 45,851,132 $ 10,179,073 $ 35,672,059 $ - Liabilities: Warrant liability $ 1,125,429 - - 1,125,429 $ 46,976,561 $ 10,179,073 $ 35,672,059 $ 1,125,429 Fair value measurements at reporting date using December 31, 2020 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 18,399,585 $ 18,399,585 $ - $ - Commercial paper 449,992 - 449,992 - $ 18,849,577 $ 18,399,585 $ 449,992 $ - Liabilities: Warrant liability $ 1,170,051 - - 1,170,051 $ 20,019,628 $ 18,399,585 $ 449,992 $ 1,170,051 The following methods and assumptions were used to determine the fair value of each class of assets and liabilities recorded at fair value in the balance sheets: Cash equivalents: Cash equivalents primarily consist of highly-rated money market funds and treasury bills with original maturities to the Company of three months or less and are purchased daily at par value with specified yield rates. Cash equivalents related to money market funds and treasury bills are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices or broker or dealer quotations for similar assets. Corporate bonds, notes, and commercial paper: The Company uses a third-party pricing service to value these investments. Corporate bonds, notes and commercial paper are classified within Level 2 of the fair value hierarchy because they are valued using broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. Warrant liability: The warrant liability (which relates to warrants to purchase shares of common stock) is marked-to-market each reporting period with the change in fair value recorded to other income (expense) in the accompanying statements of operations until the warrants are exercised, expire or other facts and circumstances lead the warrant liability to be reclassified to stockholders’ equity. The fair value of the warrant liability is estimated using a Black-Scholes option-pricing model. The significant assumptions used in preparing the option pricing model for valuing the warrant liability as of June 30, 2021, include (i) volatility of 72.62 0.46 0.50 1.40 3.38 88.46 0.27 0.50 1.36 3.9 The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1, Level 2, or Level 3 for the three and six months ended June 30, 2021. |
Loan and Security Agreements an
Loan and Security Agreements and Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Loan and Security Agreements and Other Liabilities | (5) Loan and Security Agreements and Other Liabilities Silicon Valley Bank Loan On January 5, 2018, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Silicon Valley Bank (“SVB”) pursuant to which SVB agreed to lend the Company $ 10.0 The principal borrowed under the Loan and Security Agreement bears interest at a rate equal to the Prime Rate, as reported in the money rates section of The Wall Street Journal or any successor publication representing the rate of interest per annum then in effect, plus one percent per annum ( 4.25% June 1, 2022 650,000 624,000 In connection with the Loan and Security Agreement, the Company granted to SVB a security interest in substantially all of the Company’s assets now owned or hereafter acquired, excluding intellectual property and certain other assets. In addition, as TLANDO was not approved by the United States Food and Drug Administration (“FDA”) prior to May 31, 2018, the Company maintained $ 5.0 While any amounts are outstanding under the Loan and Security Agreement, the Company is subject to a number of affirmative and negative covenants, including covenants regarding dispositions of property, business combinations or acquisitions, incurrence of additional indebtedness and transactions with affiliates, among other customary covenants. The credit facility also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 5.0 100,000 Future maturities of principal payments on the Loan and Security Agreement at June 30, 2021 (excluding accrued final payment fee) are as follows: Schedule of Maturities of Debt Years Ending December 31, Amount (in thousands) 2021 $ 1,666 2022 1,667 Thereafter — Long-term Debt $ 3,333 Other Effective June 15, 2020 and through December 31, 2020, the Company deferred Federal Insurance Contributions Act (“FICA”) taxes under the CARES Act Section 2302. Payment of these tax deferrals are delayed to December 31, 2021 and December 31, 2022. As of June 30, 2021 the tax deferrals totaled $ 36,000 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes The tax provision for interim periods is determined using an estimate of the Company’s effective tax rate for the full year adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. At June 30, 2021 and December 31, 2020, the Company had a full valuation allowance against its deferred tax assets, net of expected reversals of existing deferred tax liabilities, as it believes it is more likely than not that these benefits will not be realized. |
Contractual Agreements
Contractual Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Health Care Organizations [Abstract] | |
Contractual Agreements | (7) Contractual Agreements (a) Abbott Products, Inc. On March 29, 2012, the Company terminated its collaborative agreement with Solvay Pharmaceuticals, Inc. (later acquired by Abbott Products, Inc.) for TLANDO. As part of the termination, the Company reacquired the rights to the intellectual property from Abbott. All obligations under the prior license agreement have been completed except that Lipocine will owe Abbott a perpetual 1% 1.0 50 (b) Contract Research and Development The Company has entered into agreements with various contract organizations that conduct preclinical, clinical, analytical and manufacturing development work on behalf of the Company as well as a number of independent contractors and primarily clinical researchers who serve as advisors to the Company. The Company incurred expenses of $ 786,000 1.2 1.7 2.9 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Leases | (8) Leases On August 6, 2004, the Company assumed a non-cancelable operating lease for office space and laboratory facilities in Salt Lake City, Utah. On May 6, 2014, the Company modified and extended the lease through February 28, 2018. On February 8, 2018, the Company extended the lease through February 28, 2019, on January 2, 2019, the Company extended the lease through February 29, 2020, on February 24, 2020, the Company extended the lease through February 28, 2021 and on March 3, 2021, the Company extended the lease through February 28, 2022. Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are: Schedule of Future Minimum Rental Payments for Operating Leases Operating leases Year ending December 31: 2021 165,191 2022 55,064 Total minimum lease payments $ 220,255 The Company’s rent expense was $ 83,000 165,000 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | (9) Stockholders’ Equity (a) Issuance of Common Stock On January 28, 2021, the Company completed a public offering of securities registered under an effective registration statement filed pursuant to the Securities Act of 1933, as amended (“January 2021 Offering”). The gross proceeds from the January 2021 Offering were approximately $ 28.7 1.9 16,428,571 On February 27, 2020, the Company completed a registered direct offering of securities registered under an effective registration statement filed pursuant to the Securities Act of 1933, as amended (“February 2020 Offering”). The gross proceeds from the February 2020 Offering were approximately $ 6.0 347,000 10,084,034 0.595 0.53 On November 18, 2019, the Company completed a public offering of securities registered under an effective registration statement filed pursuant to the Securities Act of 1933, as amended (“November 2019 Offering”). The gross proceeds from the November 2019 Offering were approximately $ 6.0 million, before deducting placement agent fees and other offering expenses of $ 404,000 . In the November 2019 Offering, the Company sold (i) 10,450,000 Class A Units, with each Class A Unit consisting of one share of its common stock and a common warrant to purchase one share of its common stock, and (ii) 1,550,000 Class B Units, with each Class B Unit consisting of one pre-funded warrant to purchase one share of its common stock and a common warrant to purchase one share of its common stock, at a price of $ 0.50 per Class A Unit and $ 0.4999 per Class B Unit. The pre-funded warrants, which were exercised for common stock in December 2019, were issued in lieu of common stock in order to ensure the purchaser did not exceed certain beneficial ownership limitations. The pre-funded warrants were immediately exercisable at an exercise price of $ .0001 per share, subject to adjustment. Additionally, the common stock warrants were immediately exercisable at an exercise price of $ 0.50 per share, subject to adjustment, and expire on November 17, 2024. By their terms, however, neither the pre-funded warrants nor the common stock warrants can be exercised at any time that the pre-funded warrant holder or the common stock warrant holder would beneficially own, after such exercise, more than 4.99% (or, at the election of the holder, 9.99%) of the shares of common stock then outstanding after giving effect to such exercise. On the date of the November 2019 Offering, the Company allocated approximately $ 768,000 and $ 4.8 million to common stock/additional paid-in capital and warrant liability, respectively. On March 6, 2017, the Company entered into the Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”) pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to the amount the Company registered on an effective registration statement pursuant to which the offering is being made. The Company currently has registered up to $50.0 million for sale under the Sales Agreement, pursuant to the Registration Statement on Form S-3 (File No. 333-250072) through Cantor as the Company’s sales agent. Cantor may sell the Company’s common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act, including sales made directly on or through the Nasdaq Capital Market or any other existing trade market for our common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to prevailing market prices, or any other method permitted by law. Cantor uses its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell these shares. The Company pays Cantor 3.0 The shares of the Company’s common stock sold under the Sales Agreement are sold and issued pursuant to the Registration Statement on Form S-3 (File No. 333-250072) (the “Form S-3”), which was previously declared effective by the Securities and Exchange Commission, and the related prospectus and one or more prospectus supplements. The Company is not obligated to make any sales of its common stock under the Sales Agreement. The offering of common stock pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement as permitted therein. The Company and Cantor may each terminate the Sales Agreement at any time upon ten days’ prior notice. As of June 30, 2021, we had sold an aggregate of 15,023,073 2.19 32.9 1,811,238 1.95 112,000 41.2 (b) Rights Agreement On November 13, 2015, the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent, entered into a Rights Agreement. Also on November 12, 2015, the board of directors of the Company authorized and the Company declared a dividend of one preferred stock purchase right (each a “Right” and collectively, the “Rights”) for each outstanding share of common stock of the Company. The dividend was payable to stockholders of record as of the close of business on November 30, 2015 and entitles the registered holder to purchase from the Company one one-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock of the Company at a price of $ 63.96 In general, in the event a person becomes an Acquiring Person, then each Right not owned by such Acquiring Person will entitle its holder to purchase from the Company, at the Right’s then current exercise price, in lieu of shares of Series A Junior Participating Preferred Stock, common stock of the Company with a market value of twice the Purchase Price. In addition, if after any person has become an Acquiring Person, (a) the Company is acquired in a merger or other business combination, or (b) 50% or more of the Company’s assets, or assets accounting for 50% or more of its earning power, are sold, leased, exchanged or otherwise transferred (in one or more transactions), proper provision shall be made so that each holder of a Right (other than the Acquiring Person, its affiliates and associates and certain transferees thereof, whose Rights became void) shall thereafter have the right to purchase from the acquiring corporation, for the Purchase Price, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value of twice the Purchase Price. The Company will be entitled to redeem the Rights at $ 0.001 (c) Share-Based Payments The Company recognizes stock-based compensation expense for grants of stock option awards, restricted stock units and restricted stock under the Company’s Incentive Plan to employees, nonemployees and nonemployee members of the Company’s board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award’s requisite service period. In addition, the Company has granted performance-based stock option awards and restricted stock units, which vest based upon the Company satisfying certain performance conditions. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options or units will vest, which is based on whether the Company considers the performance conditions to be probable of attainment. The Company’s estimates of the number of performance-based options or units that will vest will be revised, if necessary, in subsequent periods. The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s common stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected term), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation cost that has been expensed in the statements of operations amounted to approximately $ 147 465 294 787 Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 69,483 $ 199,777 $ 136,369 $ 334,441 General and administrative 77,264 265,281 157,944 452,530 Allocated Share-based Compensation Expense $ 146,747 $ 465,058 $ 294,313 $ 786,971 The Company issued 66,000 376,000 113,000 739,000 Key assumptions used in the determination of the fair value of stock options granted are as follows: Expected Term Share-Based Payment, Risk-Free Interest Rate Expected Dividend Expected Volatility For options granted during the six months ended June 30, 2021 and 2020, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions: Schedule of Key Assumption of Fair Value of Stock Options Granted 2021 2020 Expected term 5.70 5.81 Risk-free interest rate 0.52 % 1.33 % Expected dividend yield — — Expected volatility 95.52 % 99.52 % FASB ASC 718, Stock Compensation, As of June 30, 2021, there was $ 1.1 2.21 (d) Stock Option Plan In April 2014, the board of directors adopted the 2014 Stock and Incentive Plan (“2014 Plan”) subject to shareholder approval which was received in June 2014. The 2014 Plan provides for the granting of nonqualified and incentive stock options, stock appreciation rights, restricted stock units, restricted stock and dividend equivalents. An aggregate of 1,000,000 271,906 1,271,906 2,471,906 2,471,906 3,221,906 3,221,906 5,721,906 ten 5,721,906 1,584,874 A summary of stock option activity is as follows: Schedule of Stock Option Activity Outstanding stock options Number of shares Weighted average exercise price Balance at December 31, 2020 3,564,458 $ 3.36 Options granted 376,000 1.44 Options exercised (4,584 ) 1.46 Options forfeited - - Options cancelled (20,084 ) 6.45 Balance at June 30, 2021 3,915,790 3.16 Options exercisable at June 30, 2021 2,528,729 4.24 The following table summarizes information about stock options outstanding and exercisable at June 30, 2021: Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable Options outstanding Options exercisable Number outstanding Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value Number exerciseable Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value 3,915,790 6.39 $ 3.16 $ 636,639 2,528,729 4.84 $ 4.24 $ 311,190 The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. There were zero and 4,584 , respectively, stock options exercised during the three and six months ended June 30, 2021, and no stock options exercised during the three and six months ended June 30, 2020. (e) Common Stock Warrants The Company accounts for its common stock warrants under ASC 480, Distinguishing Liabilities from Equity As of June 30, 2021, the Company had 1,094,030 Schedule of Fair Value of Warrants June 30, 2021 December 31, 2020 Expected life in years 3.38 3.88 Risk-free interest rate 0.46 % 0.27 % Dividend yield — — Volatility 72.62 % 88.46 % Stock price $ 1.40 $ 1.36 During the three and six months ended June 30, 2021, the Company recorded a non-cash gain of $ 221,000 26,000 2.1 3.2 Schedule of Reconciliation of Warrant Liability Warrant Liability Balance at December 31, 2020 $ 1,170,051 Settlement of liability on warrant exercise (18,365 ) Change in fair value of common stock warrants (26,257 ) Balance at June 30, 2021 $ 1,125,429 Additionally, in the February 2020 Offering, the Company issued 5,042,017 The following table summarizes the number of common stock warrants outstanding and the weighted average exercise price: Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price Warrants Weighted Average Exercise Price Outstanding at December 31, 2020 1,944,366 $ 0.51 Issued - - Exercised (10,000 ) 0.50 Expired - - Cancelled - - Forfeited - - Balance at June 30, 2021 1,934,366 $ 0.51 During the three and six months ended June 30, 2021, zero 10,000 zero 5,000 13,497,807 13,618,807 6.9 The following table summarizes information about common stock warrants outstanding at June 30, 2021: Warrants outstanding Number exercisable Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value 1,934,366 3.50 $ 0.51 $ 1,715,719 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (10) Commitments and Contingencies Litigation The Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business. The Company records a liability when a particular contingency is probable and estimable. On April 2, 2019, the Company filed a lawsuit against Clarus in the United States District Court for the District of Delaware alleging that Clarus’s JATENZO® product infringes six of Lipocine’s issued U.S. patents: 9,034,858; 9,205,057; 9,480,690; 9,757,390; 6,569,463; and 6,923,988. However on February 11, 2020, the Company voluntarily dismissed allegations of patent infringement for expired U.S. Patent Nos. 6,569,463 and 6,923,988 in an effort to streamline the issues and associated costs for dispute. Clarus has answered the complaint and asserted counterclaims of non-infringement, inequitable conduct and invalidity. The Company answered Clarus’s counterclaims on April 29, 2019. The Court held a scheduling conference on August 15, 2019, a claim construction hearing on February 11, 2020 and a Summary Judgement Hearing on January 15, 2021. In May 2021, the Court granted Clarus’ motion for Summary Judgment, finding the asserted claims of Lipocine’s U.S. patents 9,034,858; 9,205,057; 9,480,690; and 9,757,390 invalid for failure to satisfy the written description requirement of 35 U.S.C. § 112. Clarus still had remaining counterclaims before the Court. On July 13, 2021, Clarus and the Company entered into a global settlement agreement (“Global Agreement’) which resolved all outstanding claims of this litigation as well as the on-going United States Patent and Trademark Office (“USPTO”) Interference No. 106,128 between the parties. Under the terms of the Global Agreement, the Company agreed to pay Clarus $ 4.0 2.5 1.0 500,000 On November 14, 2019, the Company and certain of its officers were named as defendants in a purported shareholder class action lawsuit, Solomon Abady v. Lipocine Inc. et al 1.25 On March 13, 2020, the Company filed U.S. patent application serial number 16/818,779 (“the Lipocine ‘779 Application”) with the USPTO. On October 16 and November 3, 2020, Lipocine filed suggestions for interference with the USPTO requesting that a patent interference be declared between the Lipocine ‘779 Application and US patent application serial number 16/656,178 to Clarus Therapeutics, Inc. (“the Clarus ‘178 Application”). Pursuant to the Company’s request, the Patent Trial and Appeal Board (“PTAB”) at the USPTO declared the interference on January 4, 2021 to ultimately determine, as between the Company and Clarus, who is entitled to the claimed subject matter. The interference number is 106,128, and the Company was initially declared Senior Party. A conference call with the PTAB was held on January 25, 2021 to discuss proposed motions. On February 1, 2021, the PTAB issued an order authorizing certain motions and setting the schedule for the preliminary motions phase. On July 13, 2021, Clarus and the Company entered into the Global Agreement to resolve interference No. 106,128 among other items. On July 26, 2021, the PTAB granted the Company’s request for adverse judgment in interference No. 106,128 in accordance with the Global Agreement. Guarantees and Indemnifications In the ordinary course of business, the Company enters into agreements, such as lease agreements, licensing agreements, clinical trial agreements, and certain services agreements, containing standard guarantee and / or indemnification provisions. Additionally, the Company has indemnified its directors and officers to the maximum extent permitted under the laws of the State of Delaware. |
Agreement with Spriaso, LLC
Agreement with Spriaso, LLC | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Agreement with Spriaso, LLC | (11) Agreement with Spriaso, LLC On July 23, 2013, the Company entered into an assignment/license and a services agreement with Spriaso, a related-party that is majority-owned by certain current and former directors of Lipocine Inc. and their affiliates. Under the license agreement, the Company assigned and transferred to Spriaso all of the Company’s rights, title and interest in its intellectual property to develop products for the cough and cold field. In addition, Spriaso received all rights and obligations under the Company’s product development agreement with a third-party. In exchange, the Company will receive a royalty of 20 10.0 Under the service agreement, the Company provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired January 23, 2015. Effective January 23, 2015, the Company entered into an amended services agreement with Spriaso in which the Company agreed to continue providing up to 10 percent of the services of certain employees to Spriaso at a rate of $ 230 Consolidations |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (12) Recent Accounting Pronouncements Accounting Pronouncements Issued Not Yet Adopted In 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments However, in October 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses, Derivatives and Hedging, and Leases: Effective Dates . |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings (loss) Per Share of Common Stock | The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and six months ended June 30, 2021 and 2020: Schedule of Computation of Basic and Diluted Earnings (loss) Per Share of Common Stock Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic loss per share attributable to common stock: Numerator Net loss $ (6,809,041 ) $ (6,369,634 ) $ (10,177,123 ) $ (12,140,285 ) Denominator Weighted avg. common shares outstanding 88,290,650 49,769,253 85,556,110 45,558,442 Basic loss per share attributable to common stock $ (0.08 ) $ (0.13 ) $ (0.12 ) $ (0.27 ) Diluted loss per share attributable to common stock: Numerator Net loss $ (6,809,041 ) $ (6,369,634 ) $ (10,177,123 ) $ (12,140,285 ) Denominator Weighted avg. common shares outstanding 88,290,650 49,769,253 85,556,110 45,558,442 Diluted loss per share attributable to common stock $ (0.08 ) $ (0.13 ) $ (0.12 ) $ (0.27 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The computation of diluted loss per share for the six months ended June 30, 2021 and 2020 does not include the following stock options and warrants to purchase shares or unvested restricted stock units in the computation of diluted loss per share because these instruments were antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2021 2020 Stock options 3,915,790 3,012,041 Unvested restricted stock units - 605,682 Warrants 1,934,366 3,423,210 |
Marketable Investment Securit_2
Marketable Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | Schedule of Available-for-Sale Securities June 30, 2021 Amortized Cost Gross unrealized holding gains Gross unrealized holding losses Aggregate fair value Corporate bonds, notes and commercial paper $ 35,672,245 $ - $ (186 ) $ 35,672,059 $ 35,672,245 $ $ (186 ) $ 35,672,059 December 31, 2020 Amortized Cost Gross unrealized holding gains Gross unrealized holding losses Aggregate fair value Commercial paper $ 449,992 - - $ 449,992 $ 449,992 $ - $ $ 449,992 |
Schedule of Maturities of Debt Securities Classified as Available-for-sale Securities | Schedule of Maturities of Debt Securities Classified as Available-for-sale Securities June 30, 2021 Amortized Cost Aggregate fair value Due within one year $ 35,672,245 $ 35,672,059 $ 35,672,245 $ 35,672,059 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | Schedule of Fair Value, Assets Measured on Recurring Basis Fair value measurements at reporting date using June 30, 2021 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 10,179,073 $ 10,179,073 $ - $ - Commercial Paper 13,987,623 - 13,987,623 - Corporate bonds and notes 21,684,436 - 21,684,436 - $ 45,851,132 $ 10,179,073 $ 35,672,059 $ - Liabilities: Warrant liability $ 1,125,429 - - 1,125,429 $ 46,976,561 $ 10,179,073 $ 35,672,059 $ 1,125,429 Fair value measurements at reporting date using December 31, 2020 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 18,399,585 $ 18,399,585 $ - $ - Commercial paper 449,992 - 449,992 - $ 18,849,577 $ 18,399,585 $ 449,992 $ - Liabilities: Warrant liability $ 1,170,051 - - 1,170,051 $ 20,019,628 $ 18,399,585 $ 449,992 $ 1,170,051 |
Loan and Security Agreements _2
Loan and Security Agreements and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Debt | Schedule of Maturities of Debt Years Ending December 31, Amount (in thousands) 2021 $ 1,666 2022 1,667 Thereafter — Long-term Debt $ 3,333 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are: Schedule of Future Minimum Rental Payments for Operating Leases Operating leases Year ending December 31: 2021 165,191 2022 55,064 Total minimum lease payments $ 220,255 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 69,483 $ 199,777 $ 136,369 $ 334,441 General and administrative 77,264 265,281 157,944 452,530 Allocated Share-based Compensation Expense $ 146,747 $ 465,058 $ 294,313 $ 786,971 |
Schedule of Key Assumption of Fair Value of Stock Options Granted | Schedule of Key Assumption of Fair Value of Stock Options Granted 2021 2020 Expected term 5.70 5.81 Risk-free interest rate 0.52 % 1.33 % Expected dividend yield — — Expected volatility 95.52 % 99.52 % |
Schedule of Stock Option Activity | A summary of stock option activity is as follows: Schedule of Stock Option Activity Outstanding stock options Number of shares Weighted average exercise price Balance at December 31, 2020 3,564,458 $ 3.36 Options granted 376,000 1.44 Options exercised (4,584 ) 1.46 Options forfeited - - Options cancelled (20,084 ) 6.45 Balance at June 30, 2021 3,915,790 3.16 Options exercisable at June 30, 2021 2,528,729 4.24 |
Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at June 30, 2021: Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable Options outstanding Options exercisable Number outstanding Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value Number exerciseable Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value 3,915,790 6.39 $ 3.16 $ 636,639 2,528,729 4.84 $ 4.24 $ 311,190 |
Schedule of Fair Value of Warrants | Schedule of Fair Value of Warrants June 30, 2021 December 31, 2020 Expected life in years 3.38 3.88 Risk-free interest rate 0.46 % 0.27 % Dividend yield — — Volatility 72.62 % 88.46 % Stock price $ 1.40 $ 1.36 |
Schedule of Reconciliation of Warrant Liability | Schedule of Reconciliation of Warrant Liability Warrant Liability Balance at December 31, 2020 $ 1,170,051 Settlement of liability on warrant exercise (18,365 ) Change in fair value of common stock warrants (26,257 ) Balance at June 30, 2021 $ 1,125,429 |
Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price | The following table summarizes the number of common stock warrants outstanding and the weighted average exercise price: Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price Warrants Weighted Average Exercise Price Outstanding at December 31, 2020 1,944,366 $ 0.51 Issued - - Exercised (10,000 ) 0.50 Expired - - Cancelled - - Forfeited - - Balance at June 30, 2021 1,934,366 $ 0.51 Warrants outstanding Number exercisable Weighted average remaining contractual life (Years) Weighted average exercise price Aggregate intrinsic value 1,934,366 3.50 $ 0.51 $ 1,715,719 |
Schedule of Computation of Basi
Schedule of Computation of Basic and Diluted Earnings (loss) Per Share of Common Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (6,809,041) | $ (6,369,634) | $ (10,177,123) | $ (12,140,285) |
Weighted avg. common shares outstanding | 88,290,650 | 49,769,253 | 85,556,110 | 45,558,442 |
Basic loss per share attributable to common stock | $ (0.08) | $ (0.13) | $ (0.12) | $ (0.27) |
Net loss | $ (6,809,041) | $ (6,369,634) | $ (10,177,123) | $ (12,140,285) |
Weighted avg. common shares outstanding | 88,290,650 | 49,769,253 | 85,556,110 | 45,558,442 |
Diluted loss per share attributable to common stock | $ (0.08) | $ (0.13) | $ (0.12) | $ (0.27) |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Warrant [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,934,366 | 3,423,210 |
Unvested Restricted Stock Units [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 605,682 | |
Share-based Payment Arrangement, Option [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,915,790 | 3,012,041 |
Schedule of Available-for-Sale
Schedule of Available-for-Sale Securities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 35,672,245 | $ 449,992 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | (186) | |
Aggregate fair value | 35,672,059 | 449,992 |
Corporate Bonds Notes And Commercial Paper [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 35,672,245 | |
Gross unrealized holding gains | ||
Gross unrealized holding losses | (186) | |
Aggregate fair value | $ 35,672,059 | |
Commercial Paper [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 449,992 | |
Gross unrealized holding gains | ||
Gross unrealized holding losses | ||
Aggregate fair value | $ 449,992 |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Classified as Available-for-sale Securities (Details) | Jun. 30, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within one year | $ 35,672,245 |
Due within one year | 35,672,059 |
Total maturities of debt securities classified as available-for-sale securities, amortized cost | 35,672,245 |
Total maturities of debt securities classified as available-for-sale securities, fair value | $ 35,672,059 |
Marketable Investment Securit_3
Marketable Investment Securities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale securities, gross realized gain (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Proceeds from sale and maturity of marketable securities | 0 | 0 | 450,000 | 4,300,000 |
Other-than-temporary impairments | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 45,851,132 | $ 18,849,577 |
Liabilities, fair value | 46,976,561 | 20,019,628 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 21,684,436 | |
Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 1,125,429 | 1,170,051 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 10,179,073 | 18,399,585 |
Liabilities, fair value | 10,179,073 | 18,399,585 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 35,672,059 | 449,992 |
Liabilities, fair value | 35,672,059 | 449,992 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 21,684,436 | |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Liabilities, fair value | 1,125,429 | 1,170,051 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 1,125,429 | 1,170,051 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 10,179,073 | 18,399,585 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 10,179,073 | 18,399,585 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 13,987,623 | 449,992 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 13,987,623 | 449,992 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value |
Fair Value (Details Narrative)
Fair Value (Details Narrative) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Expected volatility | 95.52% | 99.52% | |
Risk-free interest rate | 0.52% | 1.33% | |
Expected term | 5 years 8 months 12 days | 5 years 9 months 21 days | |
Warrant [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Expected volatility | 72.62% | 88.46% | |
Risk-free interest rate | 0.46% | 0.27% | |
Strike price | $ 0.50 | $ 0.50 | |
Fair value of common stock | $ 1.40 | $ 1.36 | |
Expected term | 3 years 4 months 17 days | 3 years 10 months 24 days |
Schedule of Maturities of Deb_2
Schedule of Maturities of Debt (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 1,666 |
2022 | 1,667 |
Thereafter | |
Long-term Debt | $ 3,333 |
Loan and Security Agreements _3
Loan and Security Agreements and Other Liabilities (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | May 31, 2018 | Jan. 05, 2018 | |
Short-term Debt [Line Items] | |||
Deferred FICA payroll tax payments | $ 36,000 | ||
Loan And Security Agreement [Member] | Silicon Valley Bank [Member] | |||
Short-term Debt [Line Items] | |||
Aggregate amount | $ 10,000,000 | ||
Debt Instrument, Interest Rate, Basis for Effective Rate | The principal borrowed under the Loan and Security Agreement bears interest at a rate equal to the Prime Rate, as reported in the money rates section of The Wall Street Journal or any successor publication representing the rate of interest per annum then in effect, plus one percent per annum (4.25% as of June 30, 2021), which interest is payable monthly | ||
Interest rate | 4.25% | ||
Debt instrument, maturity date | Jun. 1, 2022 | ||
Debt instrument, balloon payment to be paid | $ 650,000 | ||
Debt instrument, increase in amount | $ 624,000 | ||
Cash collateral for borrowed securities | $ 5,000,000 | ||
Debt instrument, restrictive covenants | While any amounts are outstanding under the Loan and Security Agreement, the Company is subject to a number of affirmative and negative covenants, including covenants regarding dispositions of property, business combinations or acquisitions, incurrence of additional indebtedness and transactions with affiliates, among other customary covenants. The credit facility also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 5.0% and would provide SVB, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the credit facility, including foreclosure against the property securing the credit facilities, including its cash. | ||
Debt instrument, basis spread on interest rate for debt default | 5.00% | ||
Debt instrument, minimum amount considered for insolvency | $ 100,000 |
Contractual Agreements (Details
Contractual Agreements (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Entity Listings [Line Items] | ||||
Contract research and development expenses | $ 786,000 | $ 1,200,000 | $ 1,700,000 | $ 2,900,000 |
Abbott Products Inc [Member] | Collaborative Arrangement [Member] | ||||
Entity Listings [Line Items] | ||||
Percentage of net sales | 1.00% | |||
Royalties, commitment amount | $ 1,000,000 | $ 1,000,000 | ||
Percentage of royalties reduction based upon product launch | 50.00% |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Jun. 30, 2021USD ($) |
Lessee Disclosure [Abstract] | |
2021 | $ 165,191 |
2022 | 55,064 |
Total minimum lease payments | $ 220,255 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | ||||
Rent expense | $ 83,000 | $ 83,000 | $ 165,000 | $ 165,000 |
Schedule of Employee Service Sh
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allocated Share-based Compensation Expense | $ 146,747 | $ 465,058 | $ 294,313 | $ 786,971 |
Research and Development Expense [Member] | ||||
Allocated Share-based Compensation Expense | 69,483 | 199,777 | 136,369 | 334,441 |
General and Administrative Expense [Member] | ||||
Allocated Share-based Compensation Expense | $ 77,264 | $ 265,281 | $ 157,944 | $ 452,530 |
Schedule of Key Assumption of F
Schedule of Key Assumption of Fair Value of Stock Options Granted (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Expected term | 5 years 8 months 12 days | 5 years 9 months 21 days |
Risk-free interest rate | 0.52% | 1.33% |
Expected dividend yield | ||
Expected volatility | 95.52% | 99.52% |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Option Indexed to Issuer's Equity [Line Items] | ||||
Number of shares, Balance at end of the period (in shares) | 3,915,790 | 3,915,790 | ||
Weighted average exercise price, Balance at end of the period (in dollars per share) | $ 3.16 | $ 3.16 | ||
Number of shares, Options exercisable (in shares) | 2,528,729 | 2,528,729 | ||
Weighted average exercise price, Options exercisable (in dollars per share) | $ 4.24 | $ 4.24 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Option Indexed to Issuer's Equity [Line Items] | ||||
Number of shares, Balance at beginning of the period (in shares) | 3,564,458 | |||
Weighted average exercise price, Balance at beginning of the period (in dollars per share) | $ 3.36 | |||
Number of shares, Options granted (in shares) | 66,000 | 113,000 | 376,000 | 739,000 |
Weighted average exercise price, Options granted (in dollars per share) | $ 1.44 | |||
Number of shares, Options exercised (in shares) | 0 | 0 | (4,584) | 0 |
Weighted average exercise price, Options exercised (in dollars per share) | $ 1.46 | |||
Number of shares, Options forfeited (in shares) | ||||
Weighted average exercise price, Options forfeited (in dollars per share) | ||||
Number of shares, Options cancelled (in shares) | (20,084) | |||
Weighted average exercise price, Options cancelled (in dollars per share) | $ 6.45 | |||
Number of shares, Balance at end of the period (in shares) | 3,915,790 | 3,915,790 | ||
Weighted average exercise price, Balance at end of the period (in dollars per share) | $ 3.16 | $ 3.16 | ||
Number of shares, Options exercisable (in shares) | 2,528,729 | 2,528,729 | ||
Weighted average exercise price, Options exercisable (in dollars per share) | $ 4.24 | $ 4.24 |
Schedule of Share-based Compens
Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of options outstanding, shares | shares | 3,915,790 |
Options outstanding, Weighted average remaining contractual life (Years) | 6 years 4 months 20 days |
Options outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 3.16 |
Options outstanding, Aggregate intrinsic value | $ | $ 636,639 |
Number of options exercisable | shares | 2,528,729 |
Options exercisable, Weighted average remaining contractual life (Years) | 4 years 10 months 2 days |
Options exercisable, Weighted average exercise price | $ / shares | $ 4.24 |
Options exercisable, Aggregate intrinsic value | $ | $ 311,190 |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrants (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Expected life in years | 5 years 8 months 12 days | 5 years 9 months 21 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.52% | 1.33% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 95.52% | 99.52% | |
November 2019 Offering [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Expected life in years | 3 years 4 months 17 days | 3 years 10 months 17 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.46% | 27.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 72.62% | 88.46% | |
Share Price | $ 1.40 | $ 1.36 |
Schedule of Reconciliation of W
Schedule of Reconciliation of Warrant Liability (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Balance at December 31, 2020 | $ 1,170,051 | |
Settlement of liability on warrant exercise | (18,365) | |
Change in fair value of common stock warrants | (26,257) | $ 3,166,474 |
Balance at June 30, 2021 | $ 1,125,429 |
Schedule of Number of Warrants
Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price (Details) - Warrant [Member] | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of shares, Balance at beginning of the period | shares | 1,944,366 | |
Weighted average Exercise Price, Beginning of the period | $ 0.51 | |
Issued | shares | ||
Issued | ||
Exercised | shares | 0 | (10,000) |
Exercised | $ 0.50 | |
Expired | shares | ||
Expired | ||
Forfeited | shares | ||
Cancelled | ||
Forfeited | ||
Number of shares, Balance at ending of the period | shares | 1,934,366 | 1,934,366 |
Weighted average Exercise Price, Ending of the period | $ 0.51 | $ 0.51 |
Number of warrants exercisable, shares | shares | 1,934,366 | 1,934,366 |
Weighted average remaining contractual life | 3 years 6 months | |
Weighted average exercise price, per share | $ 0.51 | $ 0.51 |
Aggregate intrinsic value | $ | $ 1,715,719 | $ 1,715,719 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jan. 28, 2021 | Feb. 27, 2020 | Nov. 18, 2019 | Mar. 06, 2017 | Nov. 13, 2015 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2018 | Jun. 30, 2016 | Apr. 30, 2014 |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 3,416,115 | |||||||||||
Proceeds from issuance of common stock | $ 26,840,457 | $ 5,653,140 | ||||||||||
Class of warrant or right, redemption price of warrants or rights | $ 63.96 | $ 0.001 | ||||||||||
Allocated share-based compensation expense | $ 146,747 | $ 465,058 | $ 294,313 | 786,971 | ||||||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 1,100,000 | $ 1,100,000 | ||||||||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 2 months 15 days | |||||||||||
Fair value adjustment of warrants | $ (26,257) | 3,166,474 | ||||||||||
Proceeds from exercise of warrants | $ 6,900,000 | $ 5,000 | $ 6,914,158 | |||||||||
Stock Incentive Plan2014 [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,721,906 | 5,721,906 | 1,000,000 | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 1,584,874 | 1,584,874 | ||||||||||
Contractual life | 10 years | |||||||||||
Stock Incentive Plan2014 [Member] | Minimum [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,221,906 | 3,221,906 | 2,471,906 | 1,271,906 | ||||||||
Stock Incentive Plan2014 [Member] | Maximum [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,721,906 | 5,721,906 | 3,221,906 | 2,471,906 | ||||||||
Equity Incentive Plan [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 271,906 | |||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 66,000 | 113,000 | 376,000 | 739,000 | ||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 0 | 0 | 4,584 | 0 | ||||||||
Common Stock [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock issued during period, shares, new issues | 1,811,238 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 181 | |||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 4,584 | |||||||||||
Warrant [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issued | ||||||||||||
Common warrants to purchase share of our common stock | 0 | 10,000 | ||||||||||
Proceeds from exercise of warrants | $ 0 | $ 5,000 | ||||||||||
Common Stock Warrant [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from exercise of warrants | 13,497,807 | 13,618,807 | ||||||||||
Sales Agreement [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Percentage of gross proceeds on sale of shares | 300.00% | |||||||||||
January2021 Offering [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock, gross | $ 28,700,000 | |||||||||||
Agent fees and other offering expenses | $ 1,900,000 | |||||||||||
Stock issued during period, shares, new issues | 16,428,571 | |||||||||||
February2020 Offering [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock, gross | $ 6,000,000 | |||||||||||
Agent fees and other offering expenses | $ 347,000 | |||||||||||
Issued | 5,042,017 | |||||||||||
February2020 Offering [Member] | Class A Unit [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock issued during period, shares, new issues | 10,084,034 | |||||||||||
Shares issued, price per share | $ 0.595 | |||||||||||
February2020 Offering [Member] | Common Stock [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Shares issued, price per share | $ 0.53 | |||||||||||
November 2019 Offering [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock, gross | $ 6,000,000 | |||||||||||
Agent fees and other offering expenses | $ 404,000 | |||||||||||
Warrants outstanding | 1,094,030 | 1,094,030 | ||||||||||
Fair value adjustment of warrants | $ 221,000 | $ 2,100,000 | $ 26,000 | $ 3,200,000 | ||||||||
November 2019 Offering [Member] | Class A Unit [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock issued during period, shares, new issues | 10,450,000 | |||||||||||
Shares issued, price per share | $ 0.50 | |||||||||||
November 2019 Offering [Member] | Common Stock [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 768,000 | |||||||||||
November 2019 Offering [Member] | Class B Units [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock issued during period, shares, new issues | 1,550,000 | |||||||||||
Shares issued, price per share | $ 0.4999 | |||||||||||
November 2019 Offering [Member] | Pre Funded Warrants [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Shares issued, price per share | $ 0.0001 | |||||||||||
November 2019 Offering [Member] | Additional Paid-in Capital [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 4,800,000 | |||||||||||
At Market Offering [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock, gross | $ 32,900,000 | |||||||||||
Stock issued during period, shares, new issues | 15,023,073 | |||||||||||
Shares issued, price per share | $ 2.19 | $ 2.19 | ||||||||||
At Market Offering [Member] | Common Stock [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock issued during period, shares, new issues | 1,811,238 | |||||||||||
Accredited Investors [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock, gross | $ 41,200,000 | |||||||||||
Shares issued, price per share | $ 1.95 | $ 1.95 | ||||||||||
Proceeds from issuance of common stock | $ 112,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Jul. 13, 2023 | Jul. 13, 2022 | Apr. 02, 2019 | Nov. 14, 2019 |
Entity Listings [Line Items] | ||||
Retention payable | $ 1,250,000 | |||
Global Agreement [Member] | ||||
Entity Listings [Line Items] | ||||
Litigation settlement | $ 4,000,000 | |||
Global Agreement [Member] | Clarus Therapeutics Inc [Member] | ||||
Entity Listings [Line Items] | ||||
Litigation settlement | $ 2,500,000 | |||
Global Agreement [Member] | Clarus Therapeutics Inc [Member] | Forecast [Member] | ||||
Entity Listings [Line Items] | ||||
Litigation settlement | $ 500,000 | $ 1,000,000 |
Agreement with Spriaso, LLC (De
Agreement with Spriaso, LLC (Details Narrative) - Spriaso L L C [Member] | Jul. 23, 2013USD ($) |
License Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Percentage of royalty | 20.00% |
Proceeds from affiliates | $ 10,000,000 |
Service Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Agreement description | Under the service agreement, the Company provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired January 23, 2015. Effective January 23, 2015, the Company entered into an amended services agreement with Spriaso in which the Company agreed to continue providing up to 10 percent of the services of certain employees to Spriaso at a rate of $230/hour for a period of six months. |
Employee related liabilities | $ 230 |