Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 05, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Pulmatrix, Inc. | |
Entity Central Index Key | 0001574235 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,592,668 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 27,255 | $ 23,440 |
Accounts receivable | 353 | 7,200 |
Prepaid expenses and other current assets | 1,448 | 777 |
Total current assets | 29,056 | 31,417 |
Property and equipment, net | 277 | 270 |
Operating lease right-of-use asset | 1,958 | 630 |
Long-term restricted cash | 204 | 204 |
Goodwill | 3,577 | 3,577 |
Total assets | 35,072 | 36,098 |
Current liabilities: | ||
Accounts payable | 291 | 600 |
Accrued expenses | 3,445 | 2,514 |
Operating lease liability | 861 | 675 |
Deferred revenue | 10,039 | 13,411 |
Total current liabilities | 14,636 | 17,200 |
Operating lease liability, net of current portion | 1,184 | |
Deferred revenue, net of current portion | 5,367 | 7,879 |
Total liabilities | 21,187 | 25,079 |
Commitments (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value - 500,000 authorized and 0 issued and outstanding at June 30, 2020 and December 31, 2019 | ||
Common stock, $0.0001 par value - 200,000,000 shares authorized; 25,749,356 and 19,994,560 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively. | 3 | 2 |
Additional paid-in capital | 234,899 | 226,178 |
Accumulated deficit | (221,017) | (215,161) |
Total stockholders' equity | 13,885 | 11,019 |
Total liabilities and stockholders' equity | $ 35,072 | $ 36,098 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 25,749,356 | 19,994,560 |
Common stock, shares outstanding | 25,749,356 | 19,994,560 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,500 | $ 4,819 | $ 6,262 | $ 4,819 |
Operating expenses | ||||
Research and development | 3,184 | 3,164 | 8,471 | 5,340 |
General and administrative | 1,490 | 3,128 | 3,702 | 5,115 |
Impairment of goodwill | 6,474 | 7,268 | ||
Total operating expenses | 4,674 | 12,766 | 12,173 | 17,723 |
Loss from operations | (1,174) | (7,947) | (5,911) | (12,904) |
Other income (expense) | ||||
Interest income | 13 | 102 | 65 | 106 |
Settlement expense | (200) | |||
Other income/(expense), net | (9) | 1 | (10) | (2) |
Net loss | $ (1,170) | $ (7,844) | $ (5,856) | $ (13,000) |
Net loss per share, basic and diluted | $ (0.05) | $ (0.41) | $ (0.26) | $ (0.99) |
Weighted average shares of common stock used to compute basic and diluted net loss per share | 24,376,571 | 19,216,172 | 22,423,014 | 13,114,242 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 206,409 | $ (194,565) | $ 11,844 | |
Balance, shares at Dec. 31, 2018 | 4,932,723 | |||
Adjustment for reverse stock split, shares | 2,717 | |||
Issuance of common stock, net of issuance costs | $ 1 | $ 2,978 | $ 2,979 | |
Issuance of common stock, net of issuance costs, shares | 2,394,955 | |||
Exercise of pre-funded warrants | 70 | 70 | ||
Exercise of pre-funded warrants, shares | 697,500 | |||
Share-based compensation | 459 | 459 | ||
Net loss | (5,156) | (5,156) | ||
Balance at Mar. 31, 2019 | $ 1 | 209,916 | (199,721) | 10,196 |
Balance, shares at Mar. 31, 2019 | 8,027,895 | |||
Balance at Dec. 31, 2018 | 206,409 | (194,565) | 11,844 | |
Balance, shares at Dec. 31, 2018 | 4,932,723 | |||
Net loss | (13,000) | |||
Balance at Jun. 30, 2019 | $ 2 | 225,655 | (207,565) | 18,092 |
Balance, shares at Jun. 30, 2019 | 19,624,560 | |||
Balance at Mar. 31, 2019 | $ 1 | 209,916 | (199,721) | 10,196 |
Balance, shares at Mar. 31, 2019 | 8,027,895 | |||
Issuance of common stock, net of issuance costs | 14,566 | 14,566 | ||
Issuance of common stock, net of issuance costs, shares | 3,319,553 | |||
Exercise of pre-funded warrants | $ 1 | 82 | 83 | |
Exercise of pre-funded warrants, shares | 8,277,112 | |||
Share-based compensation | 1,091 | 1,091 | ||
Net loss | (7,844) | (7,844) | ||
Balance at Jun. 30, 2019 | $ 2 | 225,655 | (207,565) | 18,092 |
Balance, shares at Jun. 30, 2019 | 19,624,560 | |||
Balance at Dec. 31, 2019 | $ 2 | 226,178 | (215,161) | 11,019 |
Balance, shares at Dec. 31, 2019 | 19,994,560 | |||
Exercise of pre-funded warrants | ||||
Exercise of pre-funded warrants, shares | 300,000 | |||
Exercise of common stock options | 21 | 21 | ||
Exercise of common stock options, shares | 19,997 | |||
Exercise of warrants | 239 | 239 | ||
Exercise of warrants, shares | 206,747 | |||
Share-based compensation | 343 | 343 | ||
Net loss | (4,686) | (4,686) | ||
Balance at Mar. 31, 2020 | $ 2 | 226,781 | (219,847) | 6,936 |
Balance, shares at Mar. 31, 2020 | 20,521,304 | |||
Balance at Dec. 31, 2019 | $ 2 | 226,178 | (215,161) | 11,019 |
Balance, shares at Dec. 31, 2019 | 19,994,560 | |||
Net loss | (5,856) | |||
Balance at Jun. 30, 2020 | $ 3 | 234,899 | (221,017) | 13,885 |
Balance, shares at Jun. 30, 2020 | 25,749,356 | |||
Balance at Mar. 31, 2020 | $ 2 | 226,781 | (219,847) | 6,936 |
Balance, shares at Mar. 31, 2020 | 20,521,304 | |||
Issuance of common stock, net of issuance costs | $ 1 | 7,313 | 7,314 | |
Issuance of common stock, net of issuance costs, shares | 4,787,553 | |||
Exercise of common stock options | 3 | 3 | ||
Exercise of common stock options, shares | 2,500 | |||
Exercise of warrants | 536 | 536 | ||
Exercise of warrants, shares | 437,999 | |||
Share-based compensation | 266 | 266 | ||
Net loss | (1,170) | (1,170) | ||
Balance at Jun. 30, 2020 | $ 3 | $ 234,899 | $ (221,017) | $ 13,885 |
Balance, shares at Jun. 30, 2020 | 25,749,356 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (5,856) | $ (13,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 103 | 95 |
Amortization of operating lease right-of-use asset | 359 | 286 |
Share-based compensation | 609 | 1,550 |
Impairment of goodwill | 7,268 | |
Loss on disposal of property and equipment | (1) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6,847 | |
Prepaid expenses and other current assets | (671) | (397) |
Accounts payable | (321) | (640) |
Accrued expenses | 931 | (454) |
Operating lease liability | (317) | (297) |
Deferred revenue | (5,884) | 17,181 |
Net cash (used in)/provided by operating activities | (4,200) | 11,591 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (98) | (35) |
Net cash used in investing activities | (98) | (35) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 7,314 | 17,545 |
Proceeds from exercise of common stock options | 24 | |
Proceeds from exercise of warrants | 775 | |
Proceeds from exercise of pre-funded warrants | 153 | |
Proceeds from Paycheck Protection Program loan | 617 | |
Repayment of Paycheck Protection Program loan | (617) | |
Net cash provided by financing activities | 8,113 | 17,698 |
Net increase in cash, cash equivalents and restricted cash | 3,815 | 29,254 |
Cash, cash equivalents and restricted cash - beginning of period | 23,644 | 2,767 |
Cash, cash equivalents and restricted cash - end of period | 27,459 | 32,021 |
Supplemental disclosures of non-cash investing and financing information: | ||
Fixed asset purchases in accounts payable | 12 | |
Operating lease right-of-use asset obtained in exchange for operating lease obligation | $ 1,687 | $ 1,213 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. Pulmatrix, Inc. is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory and other diseases with significant unmet medical needs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Standards | 2. Summary of Significant Accounting Policies and Recent Accounting Standards Basis of Presentation Principles of Consolidation The condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020. Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include revenue recognition, valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. Concentrations of Credit Risk and Off-Balance Sheet Arrangements Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date. We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Six months ended June 30 2020 2019 Cash and cash equivalents $ 27,255 $ 31,817 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 27,459 $ 32,021 Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: At June 30, 2020 At December 31, 2019 Prepaid insurance $ 569 $ 202 Prepaid clinical trials 633 322 Prepaid other 209 221 Deferred operating costs 37 32 Total prepaid and other current assets $ 1,448 $ 777 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: At June 30, 2020 At December 31, 2019 Accrued vacation $ 122 $ 42 Accrued wages and incentive 476 527 Accrued clinical & consulting 2,700 1,820 Accrued legal & patent 70 85 Accrued other expenses 77 40 Total accrued expenses $ 3,445 $ 2,514 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Common Stock | 5. Common Stock Registered Direct Offering On April 20, 2020, the Company sold 4,787,553 shares at $1.671 per share, pursuant to a securities purchase agreement, dated as of April 16, 2020, by and among the Company and certain institutional investors, for gross proceeds of approximately $8,000 prior to deducting fees and expenses of approximately $686. In a concurrent private placement, the Company issued warrants to purchase an aggregate of up to 4,787,553 shares of its common stock to investors with an exercise price of $1.55 per share and an expiration date of April 20, 2022. In addition, the Company issued warrants to purchase up to 311,191 shares of its common stock to the designees of the placement agent with an exercise price of $2.0888 per share and an expiration date of April 20, 2022. The investor and placement agent warrants have a fair value of approximately $0.64 and $0.54 per share, respectively. Exercise of Warrants During the three months ended June 30, 2020 and 2019, the Company issued 437,999 and 8,277,112 shares of common stock, respectively, upon exercise of warrants to purchase 524,353 and 8,277,112 shares of common stock, respectively. The Company collected proceeds of $536 and $83 upon the exercise of these warrants during the three months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020 and 2019, the Company issued 944,746 and 8,974,612 shares of common stock, respectively, upon exercise of warrants to purchase 1,147,184 and 8,974,612 shares of common stock, respectively. The Company collected proceeds of $775 and $153 upon the exercise of these warrants during the six months ended June 30, 2020 and 2019, respectively. Exercise of Stock Options During the three and six months ended June 30, 2020, stock options to buy 2,500 and 22,497 shares were exercised, respectively, and the Company collected proceeds of $3 and $24, respectively. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Warrants | 6. Warrants A rollforward of the common stock warrants outstanding at June 30, 2020 is as follows. Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding December 31, 2019 18,953,195 $ 3.55 4.17 $ — Warrants issued 5,098,744 $ 1.58 Warrants exercised (847,184 ) $ (1.09 ) Pre-funded warrants exercised (300,000 ) $ (0.01 ) Warrants expired (2,515 ) $ (83.50 ) Outstanding June 30, 2020 22,902,240 $ 3.23 3.20 $ 5,711 The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants For the Period Ended June 30, Issue Date Classification Exercise Price Expiration Date 2020 2019 April 20, 2020 Equity $ 1.55 April 20, 2022 4,787,553 — April 20, 2020 Equity $ 2.0888 April 20, 2022 311,191 — April 8, 2019 Equity $ 0.01 — — 670,000 April 8, 2019 Equity $ 1.35 April 8, 2024 11,692,518 12,266,665 April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 797,334 February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922 February 12, 2019 Equity $ 1.34 August 12, 2024 1,433,447 1,706,484 February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605 January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151 December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500 April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 — 2,515 Total Outstanding 22,902,240 19,323,195 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 7. Share-Based Compensation The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of June 30, 2020, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 1,011,381 shares remain available for future grant. In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of June 30, 2020, a total of 8,627 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan. Stock Options During the three months ended June 30, 2020, the Company granted 105,000 options to employees and directors. The awards vest over four years, expire ten years from the grant date and on the date of the grant have a fair value of $117. During the six months ended June 30, 2020, the Company granted 2,249,104 options to employees, directors, and consultants. The awards vest over four years, expire ten years from the grant date and on the date of grant have a fair value of $2,615. During the three and six months ended June 30, 2019, the Company granted 651,600 options to employees and directors. The awards vest over four years, expire ten years from the grant date and on the date of the grant have a fair value of $456. The following table summarizes stock option activity for the six months ended June 30, 2020: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — December 31, 2019 900,003 $ 11.63 8.52 $ — Granted 2,249,104 $ 1.53 Exercised (22,497 ) $ 1.06 Forfeited or expired (146,178 ) $ 27.27 Outstanding — June 30, 2020 2,980,432 $ 3.32 9.21 $ 727 Exercisable — June 30, 2020 637,993 $ 9.55 8.50 $ 134 The estimated fair values of employee stock options granted during the three months and six months ended June 30, 2020 and 2019, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected option life (years) 6.03 6.02 5.92 6.02 Risk-free interest rate 0.45 % 2.22 % 1.62 % 2.22 % Expected volatility 94.40 % 74.14 % 93.90 % 74.14 % Expected dividend yield 0 % 0 % 0 % 0 % The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the average of the historical volatility for industry peers and its own volatility. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of June 30, 2020, there was $2,711 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 3.0 years. The following table presents total stock-based compensation expense for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 49 $ 18 $ 96 $ 67 General and administrative 217 1,073 513 1,483 Total share-based compensation expense $ 266 $ 1,091 $ 609 $ 1,550 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Research and Development Activities The Company contracts with various other organizations to conduct research and development activities. As of June 30, 2020, the Company had aggregate commitments to pay approximately $4,701 remaining on these contracts. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. Operating Leases The Company has limited leasing activities as a lessee and are primarily related to its corporate headquarters located at 99 Hayden Avenue, Suite 390, Lexington, Massachusetts. The Company currently leases approximately 22 thousand square feet of office and lab space in Lexington, Massachusetts under a lease that expires on December 31, 2020. On April 23, 2020, an extension to the Company’s operating lease for office and lab space was signed between the Company and 99 Hayden LLC. The extension to the original lease executed on May 31, 2007, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022. The lease provides for base rent, and the Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. Operating lease liabilities and corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid rent. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate the Company’s specific incremental borrowing rates over the respective lease terms, a comparable market yield curve consistent with the Company’s credit quality was used. As of June 30, 2020, the weighted average incremental borrowing rate and the weighted average remaining lease term for the operating leases held by the Company were 5.23% and 2 years, respectively. The components of lease expense for the Company as of June 30, 2020 were as follows: For the three months ended For the six months ended June 30, June 30, 2020 2019 2020 2019 Lease Cost Fixed lease cost $ 228 $ 164 $ 391 $ 327 Variable lease cost 99 90 218 187 Total lease cost $ 327 $ 254 $ 609 $ 514 Maturities of lease liabilities due under these lease agreements as of June 30, 2020 are as follows: Operating Leases Maturity of lease liabilities: 2020 (excluding the six months ended June 30, 2020) $ 349 2021 1,194 2022 (lease expiration on June 30, 2022) 615 Total lease payments 2,158 Less imputed interest (114 ) Total operating lease liabilities $ 2,044 SBA Loan On April 10, 2020, the Company received a loan of $617 through the Paycheck Protection Program. Administered through the U.S. Small Business Administration, the loan was made possible through the Coronavirus Aid, Relief and Economic Security Act. On April 28, 2020, the Company repaid the loan in full. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three and six months ended June 30, 2020 and 2019, respectively, resulted in net losses attributable to common stockholders, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share. The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of June 30, 2020 2019 Options to purchase common stock 2,980,432 1,427,045 Warrants to purchase common stock 22,902,240 18,653,195 Total 25,882,672 20,080,240 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events On July 10, 2020, the joint steering committee established by the Company and Cipla Technologies, LLC, with whom the Company entered into a development and commercialization agreement on April 15, 2019 for the development and commercialization of Pulmazole, terminated the Company’s Phase 2 clinical study of Pulmazole. On July 9, 2020, the Company entered into letter agreements with certain existing accredited investors to exercise certain existing and outstanding warrants (“Existing Warrants”) to purchase up to an aggregate of 10,085,741 shares of the Company’s common stock at the existing exercise price per share of $1.35. The Existing Warrants were issued in an underwritten public offering pursuant to a registration statement on Form S-1 (File No. 333-230395) and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (File No. 333-230714) that was consummated in April 2019. In consideration for the exercise of the Existing Warrants for cash, we agreed to issue the exercising holders new unregistered warrants to purchase up to an aggregate of 10,085,741 shares of common stock at an exercise price of $1.80 per share and with an exercise period of five years from the closing date. The gross proceeds to the Company from the exercise are expected to be approximately $13,616, prior to deducting placement agent fees and offering expenses. In addition, we agreed to issue placement agents 655,573 unregistered warrants at an exercise price of $2.25 and with an exercise period of five years from the closing date. On July 8, 2020, 270,000 warrants issued in April 2019 were exercised. The Company collected $365 and issued 270,000 shares of common stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020. |
Use of Estimates | Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include revenue recognition, valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. |
Concentrations of Credit Risk and Off-Balance Sheet Arrangements | Concentrations of Credit Risk and Off-Balance Sheet Arrangements Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date. We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Six months ended June 30 2020 2019 Cash and cash equivalents $ 27,255 $ 31,817 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 27,459 $ 32,021 |
Goodwill | Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Six months ended June 30 2020 2019 Cash and cash equivalents $ 27,255 $ 31,817 Restricted cash 204 204 Total cash, cash equivalents and restricted cash $ 27,459 $ 32,021 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: At June 30, 2020 At December 31, 2019 Prepaid insurance $ 569 $ 202 Prepaid clinical trials 633 322 Prepaid other 209 221 Deferred operating costs 37 32 Total prepaid and other current assets $ 1,448 $ 777 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following: At June 30, 2020 At December 31, 2019 Accrued vacation $ 122 $ 42 Accrued wages and incentive 476 527 Accrued clinical & consulting 2,700 1,820 Accrued legal & patent 70 85 Accrued other expenses 77 40 Total accrued expenses $ 3,445 $ 2,514 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Rollforward of Common Stock Warrants Outstanding | A rollforward of the common stock warrants outstanding at June 30, 2020 is as follows. Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding December 31, 2019 18,953,195 $ 3.55 4.17 $ — Warrants issued 5,098,744 $ 1.58 Warrants exercised (847,184 ) $ (1.09 ) Pre-funded warrants exercised (300,000 ) $ (0.01 ) Warrants expired (2,515 ) $ (83.50 ) Outstanding June 30, 2020 22,902,240 $ 3.23 3.20 $ 5,711 |
Schedule of Warrants Outstanding | The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants For the Period Ended June 30, Issue Date Classification Exercise Price Expiration Date 2020 2019 April 20, 2020 Equity $ 1.55 April 20, 2022 4,787,553 — April 20, 2020 Equity $ 2.0888 April 20, 2022 311,191 — April 8, 2019 Equity $ 0.01 — — 670,000 April 8, 2019 Equity $ 1.35 April 8, 2024 11,692,518 12,266,665 April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 797,334 February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922 February 12, 2019 Equity $ 1.34 August 12, 2024 1,433,447 1,706,484 February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605 January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151 December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500 April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 — 2,515 Total Outstanding 22,902,240 19,323,195 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2020: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — December 31, 2019 900,003 $ 11.63 8.52 $ — Granted 2,249,104 $ 1.53 Exercised (22,497 ) $ 1.06 Forfeited or expired (146,178 ) $ 27.27 Outstanding — June 30, 2020 2,980,432 $ 3.32 9.21 $ 727 Exercisable — June 30, 2020 637,993 $ 9.55 8.50 $ 134 |
Schedule of Calculation of Fair Value Assumptions | The estimated fair values of employee stock options granted during the three months and six months ended June 30, 2020 and 2019, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected option life (years) 6.03 6.02 5.92 6.02 Risk-free interest rate 0.45 % 2.22 % 1.62 % 2.22 % Expected volatility 94.40 % 74.14 % 93.90 % 74.14 % Expected dividend yield 0 % 0 % 0 % 0 % |
Schedule of Stock-Based Compensation Expense | The following table presents total stock-based compensation expense for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 49 $ 18 $ 96 $ 67 General and administrative 217 1,073 513 1,483 Total share-based compensation expense $ 266 $ 1,091 $ 609 $ 1,550 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense for the Company as of June 30, 2020 were as follows: For the three months ended For the six months ended June 30, June 30, 2020 2019 2020 2019 Lease Cost Fixed lease cost $ 228 $ 164 $ 391 $ 327 Variable lease cost 99 90 218 187 Total lease cost $ 327 $ 254 $ 609 $ 514 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities due under these lease agreements as of June 30, 2020 are as follows: Operating Leases Maturity of lease liabilities: 2020 (excluding the six months ended June 30, 2020) $ 349 2021 1,194 2022 (lease expiration on June 30, 2022) 615 Total lease payments 2,158 Less imputed interest (114 ) Total operating lease liabilities $ 2,044 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of June 30, 2020 2019 Options to purchase common stock 2,980,432 1,427,045 Warrants to purchase common stock 22,902,240 18,653,195 Total 25,882,672 20,080,240 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Standards - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 27,255 | $ 23,440 | $ 31,817 |
Restricted cash | 204 | 204 | |
Total cash, cash equivalents and restricted cash | $ 27,459 | $ 32,021 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 569 | $ 202 |
Prepaid clinical trials | 633 | 322 |
Prepaid other | 209 | 221 |
Deferred operating costs | 37 | 32 |
Total prepaid and other current assets | $ 1,448 | $ 777 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 122 | $ 42 |
Accrued wages and incentive | 476 | 527 |
Accrued clinical & consulting | 2,700 | 1,820 |
Accrued legal & patent | 70 | 85 |
Accrued other expenses | 77 | 40 |
Total accrued expenses | $ 3,445 | $ 2,514 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 20, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Warrants to purchase shares of common stock | 22,902,240 | 19,323,195 | 22,902,240 | 19,323,195 | |
Proceeds from warrants exercised | $ 775 | ||||
Proceeds from stock options | $ 24 | ||||
Stock Option [Member] | |||||
Number of stock options shares exercised | 2,500 | 22,497 | |||
Proceeds from stock options | $ 3 | $ 24 | |||
Warrants [Member] | |||||
Warrants to purchase shares of common stock | 524,353 | 8,277,112 | 524,353 | 8,277,112 | |
Proceeds from warrants exercised | $ 536 | $ 83 | |||
Warrants [Member] | Investors [Member] | |||||
Warrants to purchase shares of common stock | 4,787,553 | ||||
Warrant exercise price per share | $ 1.55 | ||||
Warrant expiration date | Apr. 20, 2022 | ||||
Warrants [Member] | Placement Agents [Member] | |||||
Warrants to purchase shares of common stock | 311,191 | ||||
Warrant exercise price per share | $ 2.0888 | ||||
Warrant expiration date | Apr. 20, 2022 | ||||
Warrants [Member] | Investors [Member] | |||||
Warrant exercise price per share | $ 0.64 | ||||
Warrants [Member] | Placement Agents [Member] | |||||
Warrant exercise price per share | $ 0.54 | ||||
Common Stock [Member] | |||||
Number of common stock shares issued | 437,999 | 8,277,112 | 944,746 | 8,974,612 | |
Warrants One [Member] | |||||
Warrants to purchase shares of common stock | 1,147,184 | 8,974,612 | 1,147,184 | 8,974,612 | |
Proceeds from warrants exercised | $ 775 | $ 153 | |||
Registered Direct Offering [Member] | |||||
Common stock shares sold | 4,787,553 | ||||
Sale of stock price per share | $ 1.671 | ||||
Proceeds from sale of stock | $ 8,000 | ||||
Deducting fees and expenses | $ 686 |
Warrants - Schedule of Rollforw
Warrants - Schedule of Rollforward of Common Stock Warrants Outstanding (Details) - Warrants [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Number of Warrants, Outstanding, Beginning Balance | shares | 18,953,195 |
Number of Warrants, Warrants issued | shares | 5,098,744 |
Number of Warrants, Warrants exercised | shares | (847,184) |
Number of Warrants, Pre-funded warrants exercised | shares | (300,000) |
Number of Warrants, Warrants expired | shares | (2,515) |
Number of Warrants, Outstanding, Ending Balance | shares | 22,902,240 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 3.55 |
Weighted Average Exercise Price, Warrants issued | $ / shares | 1.58 |
Weighted Average Exercise Price, Warrants exercised | $ / shares | (1.09) |
Weighted Average Exercise Price, Pre-funded warrants exercised | $ / shares | (0.01) |
Weighted Average Exercise Price, Warrants expired | $ / shares | (83.50) |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 3.23 |
Weighted Average Remaining Contractual Term (Years), Outstanding, Beginning Balance | 4 years 2 months 1 day |
Weighted Average Remaining Contractual Term (Years), Outstanding, Ending balance | 3 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ | $ 5,711 |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Number of Shares Underlying Warrants | 22,902,240 | 19,323,195 |
Warrant One [Member] | ||
Warrants, Issue Date | Apr. 20, 2020 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 1.55 | |
Warrants, Expiration Date | Apr. 20, 2022 | |
Number of Shares Underlying Warrants | 4,787,553 | |
Warrant Two [Member] | ||
Warrants, Issue Date | Apr. 20, 2020 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 2.0888 | |
Warrants, Expiration Date | Apr. 20, 2022 | |
Number of Shares Underlying Warrants | 311,191 | |
Warrant Three [Member] | ||
Warrants, Issue Date | Apr. 8, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 0.01 | |
Number of Shares Underlying Warrants | 670,000 | |
Warrant Four [Member] | ||
Warrants, Issue Date | Apr. 8, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 1.35 | |
Warrants, Expiration Date | Apr. 8, 2024 | |
Number of Shares Underlying Warrants | 11,692,518 | 12,266,665 |
Warrant Five [Member] | ||
Warrants, Issue Date | Apr. 8, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 1.6875 | |
Warrants, Expiration Date | Apr. 3, 2024 | |
Number of Shares Underlying Warrants | 797,334 | 797,334 |
Warrant Six [Member] | ||
Warrants, Issue Date | Feb. 12, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 1.8313 | |
Warrants, Expiration Date | Feb. 7, 2024 | |
Number of Shares Underlying Warrants | 110,922 | 110,922 |
Warrant Seven [Member] | ||
Warrants, Issue Date | Feb. 12, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 1.34 | |
Warrants, Expiration Date | Aug. 12, 2024 | |
Number of Shares Underlying Warrants | 1,433,447 | 1,706,484 |
Warrant Eight [Member] | ||
Warrants, Issue Date | Feb. 4, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 2.125 | |
Warrants, Expiration Date | Jan. 30, 2024 | |
Number of Shares Underlying Warrants | 34,605 | 34,605 |
Warrant Nine [Member] | ||
Warrants, Issue Date | Jan. 31, 2019 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 2.125 | |
Warrants, Expiration Date | Jan. 26, 2024 | |
Number of Shares Underlying Warrants | 10,151 | 10,151 |
Warrant Ten [Member] | ||
Warrants, Issue Date | Dec. 3, 2018 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 3.90 | |
Warrants, Expiration Date | Jun. 3, 2024 | |
Number of Shares Underlying Warrants | 937,500 | 937,500 |
Warrant Eleven [Member] | ||
Warrants, Issue Date | Apr. 3, 2018 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 7.50 | |
Warrants, Expiration Date | Apr. 3, 2023 | |
Number of Shares Underlying Warrants | 2,350,011 | 2,350,011 |
Warrant Twelve [Member] | ||
Warrants, Issue Date | Apr. 4, 2018 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 7.50 | |
Warrants, Expiration Date | Apr. 4, 2023 | |
Number of Shares Underlying Warrants | 115,000 | 115,000 |
Warrant Thirteen [Member] | ||
Warrants, Issue Date | Aug. 31, 2015 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 118 | |
Warrants, Expiration Date | Aug. 31, 2020 | |
Number of Shares Underlying Warrants | 3,000 | 3,000 |
Warrant Fourteen [Member] | ||
Warrants, Issue Date | Jun. 15, 2015 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 75.50 | |
Warrants, Expiration Date, Description | Five years after milestone achievement | |
Number of Shares Underlying Warrants | 319,008 | 319,008 |
Warrant Fifteen [Member] | ||
Warrants, Issue Date | Jun. 15, 2015 | |
Warrants, Classification | Equity | |
Warrants, Exercise Price | $ 83.50 | |
Warrants, Expiration Date | Jun. 16, 2020 | |
Number of Shares Underlying Warrants | 2,515 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employees and Directors [Member] | ||||
Number of shares provides for grant | 105,000 | 651,600 | 651,600 | |
Award vesting period | 4 years | 4 years | 4 years | |
Award expiration term | 10 years | 10 years | 10 years | |
Fair value of granted shares awarded | $ 117 | $ 456 | $ 456 | |
Employees Directors and Consultants [Member] | ||||
Number of shares provides for grant | 2,249,104 | |||
Award vesting period | 4 years | |||
Award expiration term | 10 years | |||
Fair value of granted shares awarded | $ 2,615 | |||
2013 Employee, Director and Consultant Equity Incentive Plan [Member] | ||||
Number of shares authorized to grant | 4,060,000 | 4,060,000 | ||
Shares remain available for future grant | 1,011,381 | 1,011,381 | ||
Number of common stock shares outstanding | 8,627 | 8,627 | ||
Stock Award Plan [Member] | ||||
Unrecognized stock-based compensation expenses | $ 2,711 | $ 2,711 | ||
Weighted-average period of unrecognized stock-based compensation expense | 3 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Details) - Stock Option [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Number of Options, Outstanding, Beginning Balance | shares | 900,003 |
Number of Options, Granted | shares | 2,249,104 |
Number of Options, Exercised | shares | (22,497) |
Number of Options, Forfeited or expired | shares | (146,178) |
Number of Options, Outstanding, Ending Balance | shares | 2,980,432 |
Number of Options, Outstanding, Exercisable | shares | 637,993 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 11.63 |
Weighted Average Exercise Price, Granted | $ / shares | 1.53 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.06 |
Weighted Average Exercise Price, Forfeited or Expired | $ / shares | 27.27 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 3.32 |
Weighted Average Exercise Price, Outstanding, Exercisable | $ / shares | $ 9.55 |
Weighted Average Remaining Contractual Term (Years), Outstanding, Beginning Balance | 8 years 6 months 7 days |
Weighted Average Remaining Contractual Term (Years), Outstanding, Ending balance | 9 years 2 months 16 days |
Weighted Average Remaining Contractual Term (Years), Outstanding, Exercisable | 8 years 6 months |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | 727 |
Aggregate Intrinsic Value, Outstanding, Exercisable | $ | $ 134 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Calculation of Fair Value Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected option life (years) | 6 years 11 days | 6 years 7 days | 5 years 11 months 1 day | 6 years 7 days |
Risk-free interest rate | 0.45% | 2.22% | 1.62% | 2.22% |
Expected volatility | 94.40% | 74.14% | 93.90% | 74.14% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share- based compensation expense | $ 266 | $ 1,091 | $ 609 | $ 1,550 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share- based compensation expense | 49 | 18 | 96 | 67 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share- based compensation expense | $ 217 | $ 1,073 | $ 513 | $ 1,483 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Apr. 23, 2020USD ($) | Jun. 30, 2020USD ($)ft² | Apr. 10, 2020USD ($) |
Payments for commitments | $ 4,701 | ||
Area of lease | ft² | 22,000 | ||
Operating lease expiration date | Dec. 31, 2020 | ||
Weighted average incremental borrowing rate | 5.23% | ||
Weighted average remaining lease term | 2 years | ||
Paycheck Protection Program [Member] | |||
Loan amount | $ 617 | ||
Hayden LLC [Member] | |||
Operating lease expiration date | Jun. 30, 2022 | ||
Payments for rent | $ 1,194 | ||
Rent percentage | 3.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Fixed lease cost | $ 228 | $ 164 | $ 391 | $ 327 |
Variable lease cost | 99 | 90 | 218 | 187 |
Total lease cost | $ 327 | $ 254 | $ 609 | $ 514 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 (excluding the six months ended June 30, 2020) | $ 349 |
2021 | 1,194 |
2022 (lease expiration on June 30, 2022) | 615 |
Total lease payments | 2,158 |
Less imputed interest | (114) |
Total operating lease liabilities | $ 2,044 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Potential dilutive securities excluded from computation of diluted net loss per common share | 25,882,672 | 20,080,240 |
Options to Purchase Common Stock [Member] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 2,980,432 | 1,427,045 |
Warrants to Purchase Common Stock [Member] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 22,902,240 | 18,653,195 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 09, 2020 | Jul. 08, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Apr. 20, 2020 |
Warrants to purchase shares of common stock | 22,902,240 | 19,323,195 | 22,902,240 | 19,323,195 | |||
Proceeds from exercise of warrants | $ 775 | ||||||
Warrants [Member] | |||||||
Warrants to purchase shares of common stock | 524,353 | 8,277,112 | 524,353 | 8,277,112 | |||
Proceeds from exercise of warrants | $ 536 | $ 83 | |||||
Warrants [Member] | Placement Agents [Member] | |||||||
Warrants to purchase shares of common stock | 311,191 | ||||||
Warrant exercise price per share | $ 2.0888 | ||||||
Subsequent Event [Member] | Existing Warrants [Member] | |||||||
Warrants to purchase shares of common stock | 10,085,741 | 270,000 | |||||
Proceeds from exercise of warrants | $ 365 | ||||||
Warrant exercise price per share | $ 1.35 | ||||||
Number of common stock shares issued | 270,000 | ||||||
Subsequent Event [Member] | Warrants [Member] | |||||||
Warrants to purchase shares of common stock | 10,085,741 | ||||||
Proceeds from exercise of warrants | $ 13,616 | ||||||
Warrant exercise price per share | $ 1.80 | ||||||
Warrants term | 5 years | ||||||
Subsequent Event [Member] | Warrants [Member] | Placement Agents [Member] | |||||||
Warrants to purchase shares of common stock | 655,573 | ||||||
Warrant exercise price per share | $ 2.25 | ||||||
Warrants term | 5 years |