Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38022 | |
Entity Registrant Name | MATINAS BIOPHARMA HOLDINGS, INC. | |
Entity Central Index Key | 0001582554 | |
Entity Tax Identification Number | 46-3011414 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1545 Route 206 South | |
Entity Address, Address Line Two | Suite 302 | |
Entity Address, City or Town | Bedminster | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07921 | |
City Area Code | 908 | |
Local Phone Number | 484-8805 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MTNB | |
Security Exchange Name | NYSEAMER | |
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 | 216,864,526 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 19,328,135 | $ 21,029,806 |
Marketable securities | 24,541,834 | 28,592,049 |
Restricted cash – security deposit | 50,000 | 50,000 |
Prepaid expenses and other current assets | 1,199,111 | 1,321,466 |
Total current assets | 45,119,080 | 50,993,321 |
Non-current assets: | ||
Leasehold improvements and equipment - net | 2,013,322 | 1,537,728 |
Operating lease right-of-use assets - net | 4,082,763 | 4,218,890 |
Finance lease right-of-use assets - net | 15,835 | 22,270 |
In-process research and development | 3,017,377 | 3,017,377 |
Goodwill | 1,336,488 | 1,336,488 |
Restricted cash - security deposit | 200,000 | 200,000 |
Total non-current assets | 10,665,785 | 10,332,753 |
Total assets | 55,784,865 | 61,326,074 |
Current liabilities: | ||
Accounts payable | 1,351,905 | 938,270 |
Accrued expenses | 1,840,748 | 2,850,888 |
Operating lease liabilities - current | 558,702 | 538,546 |
Financing lease liabilities - current | 17,134 | 21,039 |
Total current liabilities | 3,768,489 | 4,348,743 |
Non-current liabilities: | ||
Deferred tax liability | 341,265 | 341,265 |
Operating lease liabilities - net of current portion | 3,993,396 | 4,140,387 |
Financing lease liabilities - net of current portion | 2,621 | |
Total non-current liabilities | 4,334,661 | 4,484,273 |
Total liabilities | 8,103,150 | 8,833,016 |
Stockholders’ equity: | ||
Common stock par value $0.0001 per share, 500,000,000 shares authorized at March 31, 2022 and December 31, 2021; 216,864,526 and 216,269,450 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 21,685 | 21,627 |
Additional paid-in capital | 185,901,685 | 184,251,138 |
Accumulated deficit | (137,612,481) | (131,634,208) |
Accumulated other comprehensive loss | (629,174) | (145,499) |
Total stockholders’ equity | 47,681,715 | 52,493,058 |
Total liabilities and stockholders’ equity | $ 55,784,865 | $ 61,326,074 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | 0.0001 | 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 216,864,526 | 216,269,450 |
Common stock, shares outstanding | 216,864,526 | 216,269,450 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Research and development | $ 33,333 | |
Costs and Expenses: | ||
Research and development | 4,978,105 | 3,241,432 |
General and administrative | 2,744,195 | 3,145,010 |
Total costs and expenses | 7,722,300 | 6,386,442 |
Loss from operations | (7,722,300) | (6,353,109) |
Sale of New Jersey net operating loss & tax credits | 1,734,133 | 1,328,470 |
Other income, net | 9,894 | 68,319 |
Net loss | (5,978,273) | (4,956,320) |
Preferred stock series B accumulated dividends | (210,900) | |
Net loss attributable to common shareholders | $ (5,978,273) | $ (5,167,220) |
Net loss attributable to common shareholders per share - basic and diluted | $ (0.03) | $ (0.03) |
Weighted average common shares outstanding: | ||
Basic and diluted | 216,644,783 | 203,871,820 |
Other comprehensive loss, net of tax | ||
Unrealized loss on securities available-for-sale | $ (483,675) | $ (91,766) |
Other comprehensive loss, net of tax | (483,675) | (91,766) |
Comprehensive loss attributable to shareholders | $ (6,461,948) | $ (5,048,086) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Redeemable Convertible Preferred Stock B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 3,797,705 | $ 20,010 | $ 167,192,003 | $ (107,507,193) | $ 228,172 | $ 63,730,697 |
Beginning balance, shares at Dec. 31, 2020 | 4,361 | 200,113,431 | ||||
Stock-based compensation | 1,073,057 | 1,073,057 | ||||
Issuance of common stock in exchange for Options | $ 85 | 1,211,942 | 1,212,027 | |||
Issuance of common stock in exchange for Options, shares | 852,777 | |||||
Other comprehensive loss | (91,766) | (91,766) | ||||
Net loss | (4,986,320) | (4,956,320) | ||||
Issuance of common stock as compensation for services | $ 1 | 7,937 | 7,938 | |||
Issuance of common stock as compensation for services, shares | 7,560 | |||||
Issuance of common stock in exchange for preferred stock | $ (124,529) | $ 29 | 124,500 | |||
Issuance of common stock in exchange for preferred stock, shares | (143) | 286,000 | ||||
Issuance of common stock in public offering, net of stock issuance costs ($172,592) | $ 302 | 5,580,169 | 5,580,471 | |||
Issuance of common stock in public offering, net of stock issuance costs, shares | 3,023,147 | |||||
Issuance of common stock from the exercise of Warrants | ||||||
Issuance of common stock from the exercise of Warrants, shares | 1,057 | |||||
Ending balance, value at Mar. 31, 2021 | $ 3,673,176 | $ 20,427 | 175,789,608 | (112,463,513) | 136,406 | 66,556,104 |
Ending balance, shares at Mar. 31, 2021 | 4,218 | 204,283,972 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 21,627 | 184,251,138 | (131,634,208) | (145,499) | 52,493,058 | |
Beginning balance, shares at Dec. 31, 2021 | 216,269,450 | |||||
Stock-based compensation | 1,259,964 | 1,259,964 | ||||
Issuance of common stock in exchange for Options | $ 18 | 99,423 | 99,441 | |||
Issuance of common stock in exchange for Options, shares | 195,076 | |||||
Issuance of common stock pursuant to license agreement amendment | $ 40 | 291,160 | 291,200 | |||
Issuance of common stock pursuant to license agreement amendment, shares | 400,000 | |||||
Other comprehensive loss | (483,675) | (483,675) | ||||
Net loss | (5,978,273) | (5,978,273) | ||||
Ending balance, value at Mar. 31, 2022 | $ 21,685 | $ 185,901,685 | $ (137,612,481) | $ (629,174) | $ 47,681,715 | |
Ending balance, shares at Mar. 31, 2022 | 216,864,526 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Common Stock [Member] | |
Payments of Stock Issuance Costs | $ 172,592 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (5,978,273) | $ (4,956,320) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 68,965 | 58,647 |
Stock based compensation expense | 1,259,964 | 1,101,214 |
Amortization of operating lease right-of-use assets | 136,127 | 126,896 |
Amortization of finance lease right-of-use assets | 6,435 | 12,014 |
Amortization of bond discount | 60,892 | 54,251 |
Stock issued pursuant to license agreement amendment | 291,200 | |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (126,835) | (116,281) |
Prepaid expenses and other current assets | 122,355 | 386,346 |
Accounts payable | 413,635 | 71,704 |
Accrued expenses and other liabilities | (1,010,140) | (1,389,584) |
Net cash used in operating activities | (4,755,675) | (4,651,113) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (2,494,352) | (4,083,141) |
Proceeds from sales of marketable securities | 6,000,000 | 12,900,000 |
Purchases of leasehold improvements and equipment | (544,559) | |
Net cash provided by investing activities | 2,961,089 | 8,816,859 |
Cash flows from financing activities: | ||
Net proceeds from public offering of common stock | 5,580,472 | |
Proceeds from exercise of options | 99,441 | 1,212,027 |
Payments of capital lease liability - principal | (6,526) | (7,983) |
Net cash provided by financing activities | 92,915 | 6,784,516 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (1,701,671) | 10,950,262 |
Cash, cash equivalents and restricted cash at beginning of period | 21,279,806 | 12,768,481 |
Cash, cash equivalents and restricted cash at end of period | 19,578,135 | 23,718,743 |
Supplemental non-cash financing and investing activities: | ||
Unrealized loss on securities for sale | (483,675) | (91,766) |
Preferred stock conversion into common stock - Series B | 124,529 | |
Unearned restricted stock grants | $ 48,301 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 – Description of Business Matinas BioPharma Holdings Inc. (“Holdings”) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (“BioPharma”), and Matinas BioPharma Nanotechnologies, Inc. (“Nanotechnologies,” formerly known as Aquarius Biotechnologies, Inc.), its operating subsidiaries (“Nanotechnologies”, and together with “Holdings” and “BioPharma”, “the Company”). The Company is a clinical-stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products. |
Liquidity and Plan of Operation
Liquidity and Plan of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Liquidity And Plan Of Operations | |
Liquidity and Plan of Operations | Note 2 – Liquidity and Plan of Operations The Company has experienced net losses and negative cash flows from operations each period since its inception. Through March 31, 2022, the Company had an accumulated deficit of approximately $ 137.6 6.0 5.0 The Company has been engaged in developing LYPDISO (formerly MAT9001) as well as its lipid nanocrystal (“LNC”) platform delivery technology and a pipeline of associated product candidates, including MAT2203 and MAT2501, since 2011. To date, the Company has not obtained regulatory approval for any of its product candidates nor generated any revenue from product sales, and the Company expects to incur significant expenses to complete development of its product candidates. The Company may never be able to obtain regulatory approval for the marketing of any of its product candidates in any indication in the United States or internationally and there can be no assurance that the Company will generate revenues or ever achieve profitability. If the Company obtains Food and Drug Administration (“FDA”) approval for one or more of its product candidates, the Company expects that its expenses will continue to increase once the Company reaches commercial launch. The Company also expects that its research and development expenses will continue to increase as it moves forward with additional clinical studies for its current product candidates and development of additional product candidates. As a result, the Company expects to continue to incur substantial losses for the foreseeable future, and that these losses will be increasing. As of March 31, 2022, the Company had cash and cash equivalents of approximately $ 19.3 24.5 0.3 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2021 Form 10-K. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. COVID-19 Since its emergence in 2019, COVID-19 has continued to spread and has adversely affected workforces, economies, and financial markets globally, and has and may continue to cause economic downturns. The financial results for the three months ended March 31, 2022 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of COVID-19 on future results or the Company’s ability to raise capital due to a variety of factors, including but not limited to the continued good health of Company employees, the ability of suppliers to continue to operate and deliver, the ability of the Company to maintain operations, and any further government and/or public actions taken in response to COVID-19. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Marketable Securities | Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Securities The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date. Cash, Cash Equivalents and Restricted Cash The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at both March 31, 2022 and December 31, 2021 of approximately $ 250 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of March 31, 2022, December 31, 2021, March 31, 2021 and December 31, 2020: Schedule of Cash, Cash Equivalents and Restricted Cash March 31, December 31, March 31, December 31, Cash and cash equivalents $ 19,328 $ 21,030 $ 23,383 $ 12,432 Restricted cash included in current/long term assets 250 250 336 336 Cash, cash equivalents and restricted cash in the statement of cash flows $ 19,578 $ 21,280 $ 23,719 $ 12,768 Marketable Securities The Company has classified its investments in marketable securities as available-for-sale and as a current asset. The Company’s investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income and costs are determined on a specific identification basis. Realized gains and losses from our marketable securities are recorded in other income, net. For the three months ended March 31, 2022 and 2021, the Company recorded unrealized losses of approximately $ 484 92 629 145 The following tables summarizes the Company’s marketable securities as of March 31, 2022: Summary of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 988 $ — $ (13 ) $ 975 U.S. Government Notes 18,378 — (519 ) 17,859 Corporate Debt Securities 5,555 — (97 ) 5,458 State and Municipal Bonds 250 — — 250 Total marketable securities $ 25,171 $ — $ (629 ) $ 24,542 Maturities of debt securities classified as available-for-sale were as follows at March 31, 2022: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 5,253 $ 5,260 Due after one year through five years 19,289 19,349 $ 24,542 $ 24,609 The following tables summarizes the Company’s marketable securities for the year ended December 31, 2021 consisted of the following: Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Government Notes $ 19,395 $ 2 $ (120 ) $ 19,277 Corporate Debt Securities 9,092 — (27 ) 9,065 State and Municipal Bonds 250 — — 250 Total marketable securities $ 28,737 $ 2 $ (147 ) $ 28,592 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2021: Fair Value Net Carrying Amount Due within one year $ 8,257 $ 8,310 Due after one year through five years 20,335 20,402 $ 28,592 $ 28,712 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 - Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: ● Level 1 – Quoted prices for identical assets or liabilities in active markets. ● Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The carrying amounts of cash equivalents, current portion of restricted cash, marketable securities, prepaid expenses and other current assets, accounts payable, current portion of lease liabilities and accrued expenses approximate fair value due to the short-term nature of these instruments. A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities March 31, 2022 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy March 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 975 $ 975 $ — $ — U.S. Government Notes 17,859 — 17,859 — Corporate Debt Securities 5,458 — 5,458 — State and Municipal Bonds 250 — 250 — Total $ 24,542 $ 975 $ 23,567 $ — March 31, 2022 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Government Notes $ 19,277 $ — $ 19,277 $ — Corporate Debt Securities 9,065 — 9,065 — State and Municipal Bonds 250 — 250 — Total $ 28,592 $ — $ 28,592 $ — Marketable Securities $ 28,592 $ — $ 28,592 $ — U.S. treasury bonds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical assets in active markets. Marketable securities consisting of U.S. government notes, corporate debt securities and state and municipal bonds are classified as Level 2 and are valued using quoted market prices in markets that are not active. |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Leasehold Improvements and Equipment | Note 6 – Leasehold Improvements and Equipment Leasehold improvements and equipment, summarized by major category, consist of the following as of March 31, 2022 and December 31, 2021: Schedule of Leasehold Improvements and Equipment March 31, 2022 December 31, 2021 Equipment $ 1,964 $ 1,640 Leasehold improvements 1,155 935 Total 3,119 2,575 Less: accumulated depreciation and amortization 1,106 1,037 Leasehold improvements and equipment, net $ 2,013 $ 1,538 Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was approximately $ 69 59 220 324 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Note 7 – Accrued Expenses and Other Liabilities Accrued Expenses, summarized by major category, as of March 31, 2022 and December 31, 2021 consist of the following: Schedule of Accrued Expenses March 31, 2022 December 31, 2021 Payroll and incentives $ 482 $ 1,343 General and administrative expenses 302 195 Research and development expenses 355 381 Deferred revenue and other deferred liabilities * 702 932 Total $ 1,841 $ 2,851 * At March 31, 2022, approximately $ 669 33 899 33 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Leases | Note 8 – Leases The Company has various lease agreements , including leases of office space, a laboratory and manufacturing facility, and various equipment. Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised The assets and liabilities from operating and finance leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12 Operating lease obligations The Company incurred lease expense for its operating leases of approximately $ 226 203 136 127 Finance Leases The Company incurred interest expense on its finance leases of approximately $ 1 6 12 The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of March 31, 2022: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2022 $ 666 $ 15 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,712 $ 17 Less: Imputed interest 1,160 - Present value of operating lease liabilities $ 4,552 $ 17 Weighted average remaining lease term in years 5.8 1.1 Weighted average discount rate 7.8 % 7.6 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2021: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2022 $ 883 $ 22 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,929 $ 24 Less: Imputed interest 1,250 - Present value of operating lease liabilities $ 4,679 $ 24 Weighted average remaining lease term in years 6.1 0.9 Weighted average discount rate 7.8 % 7.8 % |
Collaboration Agreements, Licen
Collaboration Agreements, Licenses and Other Research and Development Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Research and Development [Abstract] | |
Collaboration Agreements, Licenses and Other Research and Development Agreements | Note 9 - Collaboration Agreements, Licenses and Other Research and Development Agreements Cystic Fibrosis Foundation Therapeutics Development Award On November 19, 2020, the Company entered into an award agreement (the “CFF Agreement”) with the Cystic Fibrosis Foundation (“CFF”), pursuant to which it received a Therapeutics Development Award of up to $ 4.2 484 321 As of March 31, 2022, the Company has received $ 3.6 4.5 669 899 Genentech Feasibility Study Agreement On December 12, 2019, the Company entered into a feasibility study agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). The Genentech Agreement involves the development of oral formulations using the Company’s LNC platform delivery technology. Under the terms of the Genentech Agreement, Genentech paid the Company a total of $ 100 33 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Sale of net operating losses (NOLs) & tax credits The Company recognized approximately $ 1.7 1.3 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Common Stock On February 8, 2022, the Company issued 400,000 100,000 50,000 291 400,000 0.728 For the three months ended March 31, 2021, the Company sold 3,023,147 1.90 5.8 5.6 Warrants All warrants issued by the Company are exercisable immediately upon issuance and have a five-year term. The warrants may be exercised at any time in whole or in part upon payment of the applicable exercise price until expiration. No fractional shares will be issued upon the exercise of the warrants. The exercise price and the number of shares purchasable upon the exercise of the warrants are subject to adjustment upon the occurrence of certain events, which include stock dividends, stock splits, combinations and reclassifications of the Company’s capital stock or other similar changes to the equity structure of the Company. The warrants do not have a redemption feature. They may be exercised on a cashless basis at the holder’s option. The warrants are classified as equity instruments. As of March 31, 2022, the Company had outstanding warrants to purchase an aggregate of 988,000 0.50 0.75 Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2020 1,328 Issued - Exercised (320 ) Tendered - Expired (20 ) Outstanding at December 31, 2021 988 Issued - Exercised - Tendered - Expired - Outstanding at March 31, 2022 988 * * Weighted average exercise price for outstanding warrants is $ 0.56 Basic and diluted net loss per common share During the three months ended March 31, 2022 and 2021, diluted earnings per common share is the same as basic earnings per common share because, as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise of all outstanding stock options, warrants and conversion of preferred stock, would have an anti-dilutive effect. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common shareholders because including them would have been anti-dilutive as of March 31, 2022 and 2021: Schedule of Anti - Diluted Securities Excluded from Computation of Earning Per Share As of March 31, 2022 2021 Stock options 27,748 22,890 Warrants 988 1,326 Preferred Stock and accrued dividend as converted - 10,123 Total 28,736 34,339 Anti dilutive securities 28,736 34,339 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss)/Income | Note 12 – Accumulated Other Comprehensive (Loss)/Income The following table summarizes the changes in accumulated other comprehensive income by components during the three months ended March 31, 2022 and 2021: Schedule of Components of Accumulated Other Comprehensive (Loss)/Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (484 ) (484 ) Net current period other comprehensive loss (484 ) (484 ) Balance, March 31, 2022 $ (629 ) $ (629 ) Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (92 ) (92 ) Net current period other comprehensive income (92 ) (92 ) Balance, March 31, 2021 $ 136 $ 136 All components of accumulated other comprehensive income are net of tax. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 13 – Stock-based Compensation The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the three months ended March 31, 2022 and 2021. The following table contains information about the Company’s stock plan at March 31, 2022: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 45,603 * 32,429 ** 13,174 * Increased by 8,651 4 ** Includes both restricted stock grants and option grants The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation Three Months Ended March 31, 2022 2021 Research and Development $ 550 $ 485 General and Administrative 710 616 Total $ 1,260 $ 1,101 As of March 31, 2022, total compensation costs related to unvested awards not yet recognized was approximately $ 10.5 2.7 Stock Options The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2022: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2021 28,184 Granted 225 Exercised (195) Forfeited (100) Cancelled - Expired (366) Outstanding at March 31, 2022 27,748 Restricted Stock Awards During the three months ended March 31, 2022 and 2021, the Company granted restricted stock awards for 0 and 8 thousand shares of common stock, respectively. These awards are typically granted to members of the Board of Directors as payment in lieu of cash fees or as payment to a vendor pursuant to a consulting agreement. The Company values restricted stock awards at the fair market value on the date of grant. The Company recorded the value of these restricted awards as general and administrative expense of approximately $ 0 and $ 20 thousand in the condensed consolidated statement of operations for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was no unrecognized compensation costs related to restricted stock grants. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies On March 7, 2022, the Company entered into an agreement with Thermo Fisher Scientific to provide scale-up and commercial manufacturing capabilities for MAT2203. The estimated fees under the agreement, including capital equipment requirements, are approximately $ 7.7 million. The fees are expected to be incurred over a two-year period beginning in March 2022 through the first quarter of 2024 . |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 15 – Subsequent Event On April 8, 2022, the Company entered into an exclusive research collaboration with BioNTech SE to evaluate the combination of mRNA formats utilizing the Company’s proprietary LNC platform technology. Under the terms of the agreement, the Company will receive an exclusivity fee in the amount of $ 2.75 million, and BioNTech SE will fund certain of the Company’s research expenses related to the collaboration. The parties have also commenced discussions on a potential license agreement for the Company’s LNC platform technology. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s 2021 Form 10-K. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
COVID-19 | COVID-19 Since its emergence in 2019, COVID-19 has continued to spread and has adversely affected workforces, economies, and financial markets globally, and has and may continue to cause economic downturns. The financial results for the three months ended March 31, 2022 were not significantly impacted by COVID-19. However, the Company cannot predict the impact of the progression of COVID-19 on future results or the Company’s ability to raise capital due to a variety of factors, including but not limited to the continued good health of Company employees, the ability of suppliers to continue to operate and deliver, the ability of the Company to maintain operations, and any further government and/or public actions taken in response to COVID-19. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of March 31, 2022, December 31, 2021, March 31, 2021 and December 31, 2020: Schedule of Cash, Cash Equivalents and Restricted Cash March 31, December 31, March 31, December 31, Cash and cash equivalents $ 19,328 $ 21,030 $ 23,383 $ 12,432 Restricted cash included in current/long term assets 250 250 336 336 Cash, cash equivalents and restricted cash in the statement of cash flows $ 19,578 $ 21,280 $ 23,719 $ 12,768 |
Summary of Marketable Securities | The following tables summarizes the Company’s marketable securities as of March 31, 2022: Summary of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 988 $ — $ (13 ) $ 975 U.S. Government Notes 18,378 — (519 ) 17,859 Corporate Debt Securities 5,555 — (97 ) 5,458 State and Municipal Bonds 250 — — 250 Total marketable securities $ 25,171 $ — $ (629 ) $ 24,542 The following tables summarizes the Company’s marketable securities for the year ended December 31, 2021 consisted of the following: Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Government Notes $ 19,395 $ 2 $ (120 ) $ 19,277 Corporate Debt Securities 9,092 — (27 ) 9,065 State and Municipal Bonds 250 — — 250 Total marketable securities $ 28,737 $ 2 $ (147 ) $ 28,592 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at March 31, 2022: Schedule of Maturities of Debt Securities Available-for-sale Net Carrying Fair Value Amount Due within one year $ 5,253 $ 5,260 Due after one year through five years 19,289 19,349 $ 24,542 $ 24,609 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2021: Fair Value Net Carrying Amount Due within one year $ 8,257 $ 8,310 Due after one year through five years 20,335 20,402 $ 28,592 $ 28,712 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement of Assets and Liabilities | A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities March 31, 2022 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy March 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Treasury Bonds $ 975 $ 975 $ — $ — U.S. Government Notes 17,859 — 17,859 — Corporate Debt Securities 5,458 — 5,458 — State and Municipal Bonds 250 — 250 — Total $ 24,542 $ 975 $ 23,567 $ — March 31, 2022 Total (Level 1) (Level 2) (Level 3) Fair Value Hierarchy December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Marketable Securities: U.S. Government Notes $ 19,277 $ — $ 19,277 $ — Corporate Debt Securities 9,065 — 9,065 — State and Municipal Bonds 250 — 250 — Total $ 28,592 $ — $ 28,592 $ — Marketable Securities $ 28,592 $ — $ 28,592 $ — |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Leasehold Improvements and Equipment | Leasehold improvements and equipment, summarized by major category, consist of the following as of March 31, 2022 and December 31, 2021: Schedule of Leasehold Improvements and Equipment March 31, 2022 December 31, 2021 Equipment $ 1,964 $ 1,640 Leasehold improvements 1,155 935 Total 3,119 2,575 Less: accumulated depreciation and amortization 1,106 1,037 Leasehold improvements and equipment, net $ 2,013 $ 1,538 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses, summarized by major category, as of March 31, 2022 and December 31, 2021 consist of the following: Schedule of Accrued Expenses March 31, 2022 December 31, 2021 Payroll and incentives $ 482 $ 1,343 General and administrative expenses 302 195 Research and development expenses 355 381 Deferred revenue and other deferred liabilities * 702 932 Total $ 1,841 $ 2,851 * At March 31, 2022, approximately $ 669 33 899 33 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of Maturity of Operating and Finance Leases Liabilities | The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of March 31, 2022: Schedule of Maturity of Operating and Finance Leases Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2022 $ 666 $ 15 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,712 $ 17 Less: Imputed interest 1,160 - Present value of operating lease liabilities $ 4,552 $ 17 Weighted average remaining lease term in years 5.8 1.1 Weighted average discount rate 7.8 % 7.6 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2021: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2022 $ 883 $ 22 2023 922 2 2024 962 - 2025 1,004 - 2026 1,046 - Thereafter 1,112 - Total undiscounted operating lease payments $ 5,929 $ 24 Less: Imputed interest 1,250 - Present value of operating lease liabilities $ 4,679 $ 24 Weighted average remaining lease term in years 6.1 0.9 Weighted average discount rate 7.8 % 7.8 % |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Shareholders Equity Warrants Outstanding | Summary of Shareholders Equity Warrants Outstanding Shares Outstanding at December 31, 2020 1,328 Issued - Exercised (320 ) Tendered - Expired (20 ) Outstanding at December 31, 2021 988 Issued - Exercised - Tendered - Expired - Outstanding at March 31, 2022 988 * * Weighted average exercise price for outstanding warrants is $ 0.56 |
Schedule of Anti - Diluted Securities Excluded from Computation of Earning Per Share | Schedule of Anti - Diluted Securities Excluded from Computation of Earning Per Share As of March 31, 2022 2021 Stock options 27,748 22,890 Warrants 988 1,326 Preferred Stock and accrued dividend as converted - 10,123 Total 28,736 34,339 Anti dilutive securities 28,736 34,339 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss)/Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive (Loss)/Income | The following table summarizes the changes in accumulated other comprehensive income by components during the three months ended March 31, 2022 and 2021: Schedule of Components of Accumulated Other Comprehensive (Loss)/Income Net Unrealized (Losses)/Gains on Available-for-Sale Securities Accumulated Other Comprehensive Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (484 ) (484 ) Net current period other comprehensive loss (484 ) (484 ) Balance, March 31, 2022 $ (629 ) $ (629 ) Balance, December 31, 2020 $ 228 $ 228 Net unrealized loss on securities available-for-sale (92 ) (92 ) Net current period other comprehensive income (92 ) (92 ) Balance, March 31, 2021 $ 136 $ 136 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Equity Compensation Plan by Arrangements | The following table contains information about the Company’s stock plan at March 31, 2022: Schedule of Equity Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 45,603 * 32,429 ** 13,174 * Increased by 8,651 4 ** Includes both restricted stock grants and option grants |
Schedule of Recognized Stock-Based Compensation | The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation Three Months Ended March 31, 2022 2021 Research and Development $ 550 $ 485 General and Administrative 710 616 Total $ 1,260 $ 1,101 |
Schedule of Stock Option Activity | The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2022: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2021 28,184 Granted 225 Exercised (195) Forfeited (100) Cancelled - Expired (366) Outstanding at March 31, 2022 27,748 |
Liquidity and Plan of Operati_2
Liquidity and Plan of Operations (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liquidity And Plan Of Operations | ||||
Accumulated deficit | $ 137,612,481 | $ 131,634,208 | ||
Net loss | 6,000,000 | $ 5,000,000 | ||
Cash and cash equivalents | 19,328,135 | $ 23,383,000 | 21,029,806 | $ 12,432,000 |
Marketable securities | 24,541,834 | $ 28,592,049 | ||
Restricted cash | $ 300,000 |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 19,328,135 | $ 21,029,806 | $ 23,383,000 | $ 12,432,000 |
Restricted cash included in current/long term assets | 250,000 | 250,000 | 336,000 | 336,000 |
Cash, cash equivalents and restricted cash in the statement of cash flows | $ 19,578,000 | $ 21,280,000 | $ 23,719,000 | $ 12,768,000 |
Summary of Marketable Securitie
Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 25,171 | $ 28,737 |
Unrealized Gain | 2 | |
Fair Value | 24,542 | 28,592 |
Unrealized (Loss) | (629) | (147) |
US Treasury Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 988 | 19,395 |
Unrealized Gain | 2 | |
Fair Value | 975 | 19,277 |
Unrealized (Loss) | (13) | (120) |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 18,378 | |
Unrealized Gain | ||
Fair Value | 17,859 | |
Unrealized (Loss) | (519) | |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 5,555 | 9,092 |
Unrealized Gain | ||
Fair Value | 5,458 | 9,065 |
Unrealized (Loss) | (97) | (27) |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 250 | 250 |
Unrealized Gain | ||
Fair Value | 250 | 250 |
Unrealized (Loss) |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Due within one year, fair value | $ 5,253 | $ 8,257 |
Due within one year, net carrying amount | 5,260 | 8,310 |
Due after one year through five years, fair value | 19,289 | 20,335 |
Due after one year through five years, net carrying amount | 19,349 | 20,402 |
Debt Securities Available-for-sale, fair value | 24,542 | 28,592 |
Debt Securities Available-for-sale, net carrying amount | $ 24,609 | $ 28,712 |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |||
Cash cash equivalents and restricted cash | $ 250 | $ 250 | |
Marketable securities, unrealized loss | $ 484 | $ 92 | |
Net accumulated unrealized losses | $ 629 | $ 145 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | $ 24,542 | $ 28,592 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 975 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 23,567 | 28,592 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US Treasury Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 975 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 975 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US Government Agencies Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 17,859 | 19,277 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 17,859 | 19,277 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
Corporate Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 5,458 | 9,065 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 5,458 | 9,065 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 250 | 250 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities | 250 | 250 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable Securities |
Schedule of Leasehold Improveme
Schedule of Leasehold Improvements and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,119,000 | $ 2,575,000 |
Less: accumulated depreciation and amortization | 1,106,000 | 1,037,000 |
Leasehold improvements and equipment, net | 2,013,322 | 1,537,728 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,964,000 | 1,640,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,155,000 | $ 935,000 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expenses | $ 69,000 | $ 59,000 |
Purchase of equipment and leasehold improvements | 544,559 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of equipment and leasehold improvements | 220,000 | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of equipment and leasehold improvements | $ 324,000 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |||
Payroll and incentives | $ 482,000 | $ 1,343,000 | |
General and administrative expenses | 302,000 | 195,000 | |
Research and development expenses | 355,000 | 381,000 | |
Deferred revenue and other deferred liabilities | [1] | 702,000 | 932,000 |
Total | $ 1,840,748 | $ 2,850,888 | |
[1] | At March 31, 2022, approximately $ 669 33 899 33 |
Schedule of Accrued Expenses _2
Schedule of Accrued Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CFF Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred liability | $ 669 | $ 899 |
Genentech Feasibility Study Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Deferred revenue | $ 33 | $ 33 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating and Finance Leases Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease liabilities, Remainder of fiscal year | $ 666 | |
Finance Lease Liabilities, Remainder of fiscal year | 15 | |
Operating Lease Liabilities, Year one | 922 | $ 883 |
Finance Lease Liabilities, Year one | 2 | 22 |
Operating Lease Liabilities, Year two | 962 | 922 |
Finance Lease Liabilities, Year two | 2 | |
Operating Lease Liabilities, Year three | 1,004 | 962 |
Finance Lease Liabilities, Year three | ||
Operating Lease Liabilities, Year four | 1,046 | 1,004 |
Finance Lease Liabilities, Year four | ||
Operating lease Liabilities, Year five | 1,046 | |
Finance Lease Liabilities, Year five | ||
Operating Lease Liabilities, Thereafter | 1,112 | 1,112 |
Finance Lease Liabilities, Thereafter | ||
Total undiscounted operating lease payments | 5,712 | 5,929 |
Total undiscounted finance lease payments | 17 | 24 |
Operating Lease Liabilities, less: Imputed interest | 1,160 | 1,250 |
Finance Lease Liabilities, less: Imputed interest | ||
Present value of operating lease liabilities | 4,552 | 4,679 |
Present value of finance lease liabilities | $ 17 | $ 24 |
Operating Lease Liabilities, weighted average remaining lease term in years | 5 years 9 months 18 days | 6 years 1 month 6 days |
Finance Lease Liabilities, weighted average remaining lease term in years | 1 year 1 month 6 days | 10 months 24 days |
Operating Lease Liabilities, weighted average discount rate | 7.80% | 7.80% |
Finance Lease Liabilities, weighted average discount rate | 7.60% | 7.80% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Operating lease, description | Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised | |
Remaining lease term | 12 months | |
Lease expense | $ 226,000 | $ 203,000 |
Operating lease right-of-use assets amortization expenses | 136,127 | 126,896 |
Finance lease, interest expense | 1,000 | 1,000 |
Finance lease right-of-use assets amortization expenses | $ 6,435 | $ 12,014 |
Collaboration Agreements, Lic_2
Collaboration Agreements, Licenses and Other Research and Development Agreements (Details Narrative) - USD ($) | Nov. 19, 2021 | Nov. 19, 2020 | Dec. 12, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Revenue | $ 33,333 | |||||
Award Agreement [Member] | Cystic Fibrosis Foundation [Member] | ||||||
Therapeutics development award | $ 4,200,000 | |||||
Proceeds from award | $ 484,000 | |||||
Additional milestone payment | $ 321,000 | |||||
CFF Agreement [Member] | ||||||
Grants Receivable | 3,600,000 | |||||
Additional milestone payment | 4,500,000 | |||||
CFF Agreement [Member] | Accrued Expense and Other Current Liabilities [Member] | ||||||
Other Liabilities | $ 669,000 | $ 899,000 | ||||
Genentech Feasibility Study Agreement [Member] | Genentech [Member] | ||||||
Agreement description | Under the terms of the Genentech Agreement, Genentech paid the Company a total of $100 thousand for the development of three molecules, or approximately $33 thousand per molecule, which is being recognized upon the Company fulfilling its obligations for each molecule under the Genentech Agreement. | |||||
Deferred revenue | $ 100,000 | |||||
Revenue | $ 33,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Sale of net operating losses | $ 1.7 | $ 1.3 |
Summary of Shareholders Equity
Summary of Shareholders Equity Warrants Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Equity [Abstract] | ||||
Shares Outstanding, beginning | 988 | 1,328 | ||
Shares Issued | ||||
Shares Exercised | (320) | |||
Shares Tendered | ||||
Shares Expired | (20) | |||
Shares Tendered | ||||
Shares Outstanding, ending | 988 | [1] | 988 | 1,328 |
[1] | Weighted average exercise price for outstanding warrants is $ 0.56 |
Summary of Shareholders Equit_2
Summary of Shareholders Equity Warrants Outstanding (Details) (Parenthetical) | Mar. 31, 2022$ / shares |
Equity [Abstract] | |
Weighted average of exercise price for outstanding warrants | $ 0.56 |
Schedule of Anti - Diluted Secu
Schedule of Anti - Diluted Securities Excluded from Computation of Earning Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 28,736 | 34,339 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 27,748 | 22,890 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 988 | 1,326 |
Preferred Stock and Accrued Dividend as Converted [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 10,123 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive (Loss)/Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Beginning Balance | $ (145,000) | $ 228,000 |
Accumulated Other Comprehensive (Loss)/Gain, Beginning Balance | (145,499) | 228,000 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net unrealized gain (loss) on securities available-for-sale | (484,000) | (92,000) |
Accumulated Other Comprehensive (Loss)/Gain, Net unrealized gain (loss) on securities available-for-sale | (484,000) | (92,000) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net current period other comprehensive loss | (484,000) | (92,000) |
Accumulated Other Comprehensive (Loss)/Gain, Net current period other comprehensive loss | (484,000) | (92,000) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Ending Balance | (629,000) | 136,000 |
Accumulated Other Comprehensive (Loss)/Gain, Ending Balance | $ (629,000) | $ 136,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Feb. 08, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Class of Stock [Line Items] | |||
Research and development expense | $ 4,978,105 | $ 3,241,432 | |
Number of warrant to purchase of common stock | 988,000 | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Class of warrant or right, exercise price of warrants or rights | $ 0.50 | ||
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Class of warrant or right, exercise price of warrants or rights | $ 0.75 | ||
BTIGLLC [Member[ | |||
Class of Stock [Line Items] | |||
Stock issued during new issued, shares | 3,023,147 | ||
Average price, per share | $ 1.90 | ||
Gross proceeds from common stock | $ 5,800,000 | ||
Proceeds from common stock | $ 5,600,000 | ||
Restated Exclusive License Agreement [Member] | |||
Class of Stock [Line Items] | |||
Milestone fee | $ 100,000 | ||
License fee | 50,000 | ||
Research and development expense | $ 291,000 | ||
Stock issued during new issued, shares | 400,000 | ||
Share price | $ 0.728 | ||
Restated Exclusive License Agreement [Member] | Unregistered Shares [Member] | Rutgers [Member] | |||
Class of Stock [Line Items] | |||
Business acquisition, equity iterest issued or issuable, shares | 400,000 |
Schedule of Equity Compensation
Schedule of Equity Compensation Plan by Arrangements (Details) - 2013 Equity Compensation Plan [Member] shares in Thousands | 3 Months Ended | |
Mar. 31, 2022shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards Reserved for Issuance | 45,603 | [1] |
Awards Issued & Exercised | 32,429 | [2] |
Awards Available for Grant | 13,174 | |
[1] | Increased by 8,651 4 | |
[2] | Includes both restricted stock grants and option grants |
Schedule of Equity Compensati_2
Schedule of Equity Compensation Plan by Arrangements (Details) (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Jan. 02, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Increased shares of common stock outstanding | 8,651 | |
Percentage for common stock outstanding | 4.00% |
Schedule of Recognized Stock-Ba
Schedule of Recognized Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 1,259,964 | $ 1,101,214 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | 550,000 | 485,000 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 710,000 | $ 616,000 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Options, Outstanding at Beginning | 28,184,000 |
Number of Options, Granted | 225,000 |
Number of Options, Exercised | (195,000) |
Number of Options, Forfeited | (100,000) |
Number of Options, Cancelled | |
Number of Options, Expired | (366,000) |
Number of Options, Outstanding at Ending | 27,748,000 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | 8 |
Other General and Administrative Expense | $ 0 | $ 20 |
Stock Options [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Unrecognized share based compensation | $ 10,500 | |
Share based compensation weighted average period | 2 years 8 months 12 days |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commercial fees | $ 7.7 |
Other commitments, description | The fees are expected to be incurred over a two-year period beginning in March 2022 through the first quarter of 2024 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) $ in Thousands | Apr. 08, 2022USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Exclusivity fee | $ 2,750 |