Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001644963 | ||
Entity Registrant Name | AVENUE THERAPEUTICS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38114 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-4113275 | ||
Entity Address, Address Line One | 1111 Kane Concourse, Suite 301 | ||
Entity Address, City or Town | Bay Harbor Islands | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33154 | ||
City Area Code | 781 | ||
Local Phone Number | 652-4500 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | ATXI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,522,013 | ||
Entity Common Stock, Shares Outstanding | 44,260,667 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, NY | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,783 | $ 6,708 |
Prepaid expenses and other current assets | 67 | 137 |
Total assets | 1,850 | 6,845 |
Current liabilities: | ||
Warrant liability | 586 | 2,609 |
Total current liabilities | 1,196 | 3,579 |
Total liabilities | 1,196 | 3,579 |
Commitments and Contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred stock ($0.0001 par value), 2,000,000 shares authorized | 0 | 0 |
Common shares, 75,000,000 shares authorized and 25,597,622 shares issued and outstanding as of December 31, 2023; and 20,000,000 shares authorized and 4,773,841 shares issued and outstanding as of December 31, 2022 | 3 | 0 |
Additional paid-in capital | 92,507 | 84,456 |
Accumulated deficit | (90,928) | (80,551) |
Total stockholders’ equity attributed to the Company | 1,582 | 3,905 |
Non-controlling interests | (928) | (639) |
Total stockholders’ equity | 654 | 3,266 |
Total liabilities and stockholders’ equity | 1,850 | 6,845 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Accounts payable and accrued expenses | 287 | 949 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable and accrued expenses | $ 323 | $ 21 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 250,000 | 250,000 |
Preferred Stock, shares outstanding (in shares) | 250,000 | 250,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 75,000,000 | 20,000,000 |
Common Stock, Shares, Issued (in shares) | 25,597,622 | 4,773,841 |
Common Stock, Shares, Outstanding (in shares) | 25,597,622 | 4,773,841 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses | ||
Research and development | $ 6,131 | $ 2,698 |
Research and development - licenses acquired | 4,230 | 0 |
General and administrative | 4,179 | 5,345 |
Loss from operations | (14,540) | (8,043) |
Interest income | (126) | (20) |
Financing costs – warrant liabilities | (332) | (1,160) |
Change in fair value of warrant liabilities | 4,258 | 5,580 |
Net loss | (10,488) | (3,603) |
Net loss attributable to non-controlling interest | (111) | (51) |
Net loss attributable to common stockholders | $ (10,377) | $ (3,552) |
Net loss per common share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.98) | $ (1.63) |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 10,591,636 | 2,185,159 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Private Placement [Member] Preferred Stock [Member] Preferred Class A [Member] | Private Placement [Member] Common Stock [Member] | Private Placement [Member] Additional Paid-in Capital [Member] | Private Placement [Member] Retained Earnings [Member] | Private Placement [Member] Noncontrolling Interest [Member] | Private Placement [Member] | Preferred Stock [Member] Preferred Class A [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 250,000 | 1,405,959 | ||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 80,450 | $ (76,999) | $ 0 | $ 3,451 | ||||||
Share based compensation (in shares) | 0 | 75,505 | ||||||||||
Share based compensation | $ 0 | $ 0 | 649 | 0 | 0 | 649 | ||||||
Common shares issuable - Founders Agreement | $ 0 | $ 0 | 526 | 0 | 0 | 526 | ||||||
Issuance of common shares and pre-funded warrants at private placement, net of issuance costs (in shares) | 0 | 3,636,365 | ||||||||||
Issuance of common shares and pre-funded warrants at private placement, net of issuance costs | $ 0 | $ 0 | 3,205 | 0 | 0 | 3,205 | ||||||
Repurchase of common stock held by InvaGen (in shares) | 0 | (388,888) | ||||||||||
Repurchase of common stock held by InvaGen | $ 0 | $ 0 | (1,104) | 0 | 0 | (1,104) | ||||||
Fortress contribution of Baergic Inc | 0 | 0 | (99) | 0 | 0 | (99) | ||||||
Issuance of subsidiaries’ common shares for license expenses | $ 0 | $ 0 | 4 | 0 | 0 | 4 | ||||||
Exercise of warrants (in shares) | 0 | 44,900 | ||||||||||
Exercise of warrants | $ 0 | $ 0 | 237 | 0 | 0 | 237 | ||||||
Non-controlling interest in subsidiaries | 0 | 0 | 588 | 0 | (588) | 0 | ||||||
Net loss attributable to non-controlling interest | 0 | 0 | 0 | 0 | (51) | (51) | ||||||
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | (3,552) | 0 | (3,552) | ||||||
Balance (in shares) at Dec. 31, 2022 | 250,000 | 4,773,841 | ||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | 84,456 | (80,551) | (639) | 3,266 | ||||||
Share based compensation (in shares) | 0 | 0 | ||||||||||
Share based compensation | $ 0 | $ 0 | 906 | 0 | 0 | 906 | ||||||
Common shares issuable - Founders Agreement | 0 | 0 | 371 | 0 | 0 | 371 | ||||||
Issuance of common shares and pre-funded warrants at private placement, net of issuance costs | 0 | 1 | 865 | 0 | 0 | 866 | ||||||
Issuance of subsidiaries’ common shares for license expenses | $ 0 | $ 0 | 6 | 0 | 0 | 6 | ||||||
Exercise of warrants (in shares) | 0 | 14,272,382 | ||||||||||
Exercise of warrants | $ 0 | $ 1 | 0 | 0 | 0 | 1 | ||||||
Net loss attributable to non-controlling interest | 0 | 0 | 0 | 0 | (111) | (111) | ||||||
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | (10,377) | 0 | (10,377) | ||||||
Balance (in shares) at Dec. 31, 2023 | 250,000 | 25,597,622 | ||||||||||
Balance at Dec. 31, 2023 | $ 0 | $ 3 | 92,507 | (90,928) | (928) | 654 | ||||||
Issuance of common stock to Fortress (in shares) | 0 | 374,644 | ||||||||||
Issuance of common stock to Fortress | $ 0 | $ 0 | 72 | 0 | 0 | 72 | ||||||
Issuance of common stock and pre-funded warrants, net of offering costs - November 2023 public offering (in shares) | 0 | 3,853,400 | ||||||||||
Issuance of common stock and pre-funded warrants, net of offering costs - November 2023 public offering | $ 0 | $ 1 | 3,873 | 0 | 0 | 3,874 | ||||||
Issuance of common stock and pre-funded warrants, net of offering costs - registered direct offering and private placement (in shares) | 0 | 448,000 | ||||||||||
Issuance of common stock for license expense (in shares) | 0 | 1,108,270 | ||||||||||
Issuance of common stock for license expense | $ 0 | $ 0 | 1,230 | 0 | 0 | 1,230 | ||||||
Shares issued in a private placement offering (in shares) | 0 | 767,085 | ||||||||||
Shares issued in a private placement offering | $ 0 | $ 0 | $ 550 | $ 0 | $ 0 | $ 550 | ||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ 0 | $ 0 | $ 178 | $ 0 | $ (178) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (10,488) | $ (3,603) |
Reconciliation of net loss to net cash used in operating activities: | ||
Share based compensation | 906 | 649 |
Change in fair value of warrant liability | (4,258) | (5,580) |
Issuance of Stock Under Founders Agreement | 371 | 526 |
Common Stock, Issued to Fortress, Value | 72 | 0 |
Issuance of Stock for Licenses Acquired | 1,230 | 0 |
Research and Development License, Acquired Expense | 3,000 | 0 |
License Expenses Paid In Kind | 6 | 4 |
Changes in operating assets and liabilities: | ||
Other receivables - related party | 0 | 90 |
Prepaid expenses and other current assets | 70 | (30) |
Net cash and cash equivalents used in operating activities | (9,451) | (7,596) |
Cash flows from investing activities: | ||
Purchase of research and development licenses | (3,000) | 0 |
Net cash used in investing activities | (3,000) | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, warrants, and pre-funded warrants, net of issuance costs | 7,525 | 11,497 |
Repurchase of common stock held by InvaGen | 0 | (1,104) |
Proceeds from exercise of warrants | 1 | 148 |
Net cash provided by financing activities | 7,526 | 10,541 |
Net change in cash and cash equivalents | (4,925) | 2,945 |
Cash and cash equivalents, beginning of period | 6,708 | 3,763 |
Cash and cash equivalents, end of period | 1,783 | 6,708 |
Supplement disclosure of non-cash information: | ||
Receipt of interest in Baergic from Fortress | 0 | 99 |
Unpaid offering costs | 0 | 14 |
Related Party [Member] | ||
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | (662) | 385 |
Nonrelated Party [Member] | ||
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | $ 302 | $ (37) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information During the three December 31, 2023, none 16a 1 1934, 10b5 1 10b5 1 408 1933 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization, Plan of
Note 1 - Organization, Plan of Business Operations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Organization, Plan of Business Operations Avenue Therapeutics, Inc. (the “Company” or “Avenue”) was incorporated in Delaware on February 9, 2015, 2017. AJ201 101 Baergic On May 11, 2022, March 9, 2017, March 9, 2017. 2019 The transaction expanded Avenue’s development portfolio within neuroscience. Evaluation and negotiation of the Contribution Agreement was overseen, and execution of the Contribution Agreement was approved, by special committees at the Avenue and Fortress levels, both of which exclusively comprised independent and disinterested directors of the respective companies’ boards. See Note 4 AJ201 On February 28, 2023, JM17, Nrf1 Nrf2, AJ201, 1b/2a AJ201 AJ201 AJ201 Reverse Stock Split On September 23, 2022, 1 15 one No one September 22, 2022, On February 2, 2023, 2022 All share and per share information has been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented, unless otherwise indicated. Stock Purchase and Merger Agreement In July 2022 October 2022, December 31, 2022 seven 2023 2022, Liquidity and Capital Resources October 2022 In October 2022, “October 2022 “October 2022 “October 2022 October 2022 “October 2022 “October 2022 “October 2022 October 2022 “October 2022 “October 2022 October 2022 October 2022 October 2022 October 2022 The October 2022 five October 2022 October 2022 October 2022 45 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 2022 October 11, 2022. October 2022 October 2022 October 2022 The Company received net proceeds from the October 2022 January 2023 On January 27, 2023, “January 2023 January 2023 “January 2023 January 2023 January 2023 “January 2023 January 2023 December 31, 2023, January 2023 January 2023 On January 27, 2023, “January 2023 “January 2023 “January 2023 January 2023 January 2023 January 2023 one January 2023 January 2023 three January 2023 January 2023 January 31, 2023, January 2023 The Company received net proceeds from the January 2023 In connection with the January 2023 “January 2023 1 April 2023, May 2023. 10 January 2023 January 2023 January 2024. September 2023 On September 8, 2023, “September 2023 “September 2023 “September 2023 1933, September 7, 2023, 5365 September 2023 not September 2023 In connection with the September 2023 September 8, 2024 ( “September 2023 “September 2023 September 2023 November 2023 On October 31, 2023, “November 2023 “November 2023 “November 2023 “November 2023 “November 2023 November 2023 “November 2023 “November 2023 November 2023 “November 2023 November 2023 “November 2023 November 2023 November 2023 “November 2023 November 2023 November 2023 November 2023 November 2023 “November 2023 November 2023 November 2023 November 2023 October 31, 2023 ( “November 2023 November 2023 November 2023 November 2023 November 2023 November 2023 November 2023 December 31, 2023, November 2023 November 2023 The November 2023 five November 2023 November 2023 November 2023 November 2023 November 2023 November 2023 November 2023 November 2, 2023. November 2023 November 2023 November 2023 November 2023 The Company received net proceeds from the November 2023 November 2023 10, November 2023 November 2023 January 2024. Going Concern These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, as described below, substantial doubt about the Company’s ability to continue as a going concern exists. The Company is not may December 31, 2023 1b/2a AJ201, 3 12 one not may |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Significant Accounting Policies Basis of Presentation & Principles of Consolidation The Company’s consolidated financial statements have been prepared in conformity with U.S. GAAP, include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented and are stated in U.S. dollars. The Company’s consolidated financial statements include the accounts of the Company and the accounts of the Company’s subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements include the accounts of the Company’s subsidiary, Baergic. Because the Company owns less than 100% may Segments Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company views its operations and manages its business in one operating and reporting segment. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three December 31, 2023 2022 may December 31, 2023 not not may no Accounts Payable and Accrued Expenses Related Party In the normal course of business, Fortress pays for certain expenses on behalf of the Company. Such expenses are recorded as accounts payable and accrued expenses – related party and are recorded at the invoiced amount and reimbursed to Fortress in the normal course of business. Research and Development Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third third Costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not no no Contingencies The Company records accruals for contingencies and legal proceedings expected to be incurred in connection with a loss contingency when it is probable that a liability has been incurred and the amount can be reasonably estimated. If a loss contingency is not Warrant Liability The Company has issued freestanding warrants to purchase shares of its common stock in connection with financing activities (Warrants as described in Note 8 Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial assets and liabilities measured at fair value on a recurring basis. Under the accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance requires fair value measurements be classified and disclosed in one three Level 1: Level 2: 1 Level 3: no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Certain of the Company’s financial instruments are not Annual Stock Dividend In September 2016, February 16 ( February 17 June 13, 2018, December 31 January 1 November 12, 2018 4 October 31, 2022, Pursuant to the Third Amended and Restated Certificate of Incorporation, the Company issued 1,685,767 shares of common stock to Fortress for the Annual Stock Dividend, representing 2.5% of the fully-diluted outstanding equity of the Company, on January 2, 2024. December 31, 2023 December 31, 2023 January 1, 2023. December 31, 2022, December 31, 2022. Stock-Based Compensation The Company expenses stock-based compensation to its employees, consultants and board members over the requisite service period based on the estimated grant-date fair value of the awards. The Company estimates the fair value of option grants using the Black-Scholes option pricing model, which includes assumptions for expected volatility, risk-free interest rate, dividend yield, and estimated expected term. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting tranche of the award. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock options granted to employees generally fully vest over four ten Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes 740” 740 740 not not ASC 740 not 740 no 2019 2021 not The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the years ended December 31, 2023 2022 Non-Controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented. Net Loss Per Share Loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding, excluding unvested restricted stock and stock options and preferred shares, during the period. Dividends declared are paid and set aside among the holders of shares of common stock and Class A Preferred stock pro-rata on an as-if-converted basis. The following table sets forth the potential common shares that could potentially dilute basic income per share in the future that were not For the Years Ended December 31, 2023 2022 Unvested restricted stock units/awards 98,137 13,137 Common stock issuable 2,101,495 322,225 Warrants 39,344,932 4,137,916 Options 1,685,000 — Class A Preferred stock 16,666 16,666 Total potential dilutive effect 43,246,230 4,489,944 Recent Accounting Pronouncement to be Adopted In October 2023, 2023 06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative" 2023 06 August 2018 not June 30, 2027, not not not In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07 280 one December 15, 2023, December 15, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. |
Note 3 - License Supplier Agree
Note 3 - License Supplier Agreement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
License Agreement Disclosure [Text Block] | Note 3 License/Supplier Agreements IV Tramadol License Effective as of February 17, 2015, June 17, 2015, December 2019, On October 29, 2018, eight five Baergic Licenses In December 2019, two 2 3 α2,3 Development milestones totaling approximately $81.5 million in the aggregate are due upon achievement of such milestones. Commercial and sales-based milestone payments totaling approximately $151 million are due upon achievement of such milestones, as well as royalty payments in the low to high single digits on any future aggregate, annual, worldwide net sales. AnnJi License On February 28, 2023, AJ201 April 27, 2023 September 8, 2023. 1b/2a first The license provided under the AnnJi License Agreement is exclusive as to all oral forms of AJ201 AJ201 AJ201 In connection with the signing of the AnnJi License Agreement, the Company issued 831,618 shares of its common stock to AnnJi (“First Tranche Shares”) at a fair value of $0.9 million on March 30, 2023. September 26, 2023 eighth 1b/2a February 28, 2023, In connection with execution of the AnnJi License Agreement, Avenue entered into a registration rights agreement with AnnJi, pursuant to which Avenue filed a registration statement to register the resale of the First Tranche Shares and Second Tranche Shares issued to AnnJi. The Company filed such registration statement on Form S- 3 June 16, 2023, June 27, 2023. |
Note 4 - Related Party Agreemen
Note 4 - Related Party Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 4 Related Party Agreements Founders Agreement and Management Services Agreement with Fortress Fortress entered into a Founders Agreement with Avenue in February 2015 2017. two one five 5 no two one four one ninety 90 one five 5x twelve 12 four one On September 13, 2016, one 7 Effective as of February 17, 2015, five five not 90 may not not first November 12, 2018, October 2022 Founders Agreement and Management Services Agreement with Baergic Pursuant to the Share Contribution Agreement between Avenue and Fortress, the Founders Agreement and Management Services Agreement that had previously been existing between Fortress and Baergic were assigned to Avenue, such that they now exist between Avenue and Baergic; those agreements are referred to herein as the Avenue-Baergic Founders Agreement and the Avenue-Baergic MSA, as applicable. The Annual Stock Dividend payable to the Company is 2.5% of common stock calculated as a percentage of fully diluted outstanding capital and became effective as of November 8, 2022. December 31, 2023 December 31, 2022, December 31, 2023 2022, December 31, 2023 2022 January 1, 2024 2023, The Avenue-Baergic Founders Agreement has an effective date of March 9, 2017, 15 one As additional consideration under the Avenue-Baergic Founders Agreement, Baergic will also: (i) pay an equity fee in shares of common stock, payable within five 5 no two one four one ninety 90 one five 5x twelve 12 four one The Avenue-Baergic MSA has an effective date of March 9, 2017, five five may not not no first Acquisition of Baergic On May 11, 2022, 1 The transaction was accounted for as an asset acquisition between entities under common control. As such, the transaction was recorded at carryover basis, with all assets, liabilities and non-controlling interests measured at their historical carrying values. The consolidated financial statements of the Company include the consolidated results of operations for Avenue and Baergic since the acquisition date on November 8, 2022. |
Note 5 - Accounts Payable and A
Note 5 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 5 Accounts Payable and Accrued Expenses Accounts payable, accrued expenses and other liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Accounts payable $ 78 $ 129 Accrued employee compensation 11 199 InvaGen contingent fee — 208 Accrued contracted services and other 198 413 Accounts payable and accrued expenses $ 287 $ 949 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 Commitments and Contingencies Leases The Company is not Litigation The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not December 31, 2023 2022 no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 7 Stockholders Equity Class A Preferred Stock On September 13, 2016, may one not On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Class A Preferred Stock shall be entitled to cast for each share of Class A Preferred Stock held by such holder as of the record date for determining stockholders entitled to vote on such matter, the number of votes that is equal to one one tenth 1.1 Each share of Class A Preferred Stock is convertible, at the option of the holder, into one not one September 2022, one Common Stock On January 30, 2023, 2022 December 31, 2023. December 31, 2022, Holders of the Company's common stock are entitled to one not may In the event of the Company's liquidation or dissolution, the holders of common stock are entitled to receive proportionately all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no may may Equity Incentive Plan The Company has in effect the Avenue Therapeutics, Inc. 2015 “2015 2015 January 2015 December 2021. 2015 January 30, 2023. 2015 no Total shares available for the issuance of stock-based awards under the Company’s 2015 December 31, 2023 Restricted Stock Units and Restricted Stock Awards The following table summarizes restricted stock unit and award activity for the year ended December 31, 2023 Number of Units and Awards Weighted Average Grant Date Fair Value Unvested balance at December 31, 2021 94,418 $ 56.25 Forfeited (666 ) 13.95 Vested (80,615 ) 40.83 Unvested balance at December 31, 2022 13,137 $ 12.17 Granted 85,000 1.14 Forfeited — — Vested — — Unvested balance at December 31, 2023 98,137 $ 12.17 For the years ended December 31, 2023 2022 At December 31, 2023 not December 31, 2023 Stock-Based Compensation The following table summarizes stock-based compensation expense for the years ended December 31, 2023 2022 For the year ended December 31, 2023 2022 Research and development $ 199 $ 297 General and administrative 707 352 Total stock-based compensation expense $ 906 $ 649 Stock Options The following table summarizes the stock option activity for the years ended December 31, 2023 2022 Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 — $ — $ — Outstanding as of December 31, 2022 — $ — $ — Granted 1,685,000 1.14 Outstanding as of December 31, 2023 1,685,000 $ 1.14 9.50 $ — Vested and Exercisable as of December 31, 2023 262,500 1.14 9.50 $ — The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of common stock for those options that had exercise prices lower than the fair value of common stock. Upon the exercise of stock options, the Company will issue new shares of its common stock. For the years ended December 31, 2023 2022 December 31, 2023, The Company used the Black-Scholes Model for determining the estimated fair value of stock-based compensation related to stock options. The table below summarized the assumptions used: For the Year Ended December 31, 2023 2022 Risk-free interest rate 4.14 % — Expected dividend yield — — Expected term in years 5.8 - 5.9 — Expected volatility 125.72 % — Stock Warrants The following table summarizes the warrant activity for the years ended December 31, 2023 2022 Warrants Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 997 $ 9.98 $ 11 Granted 5,166,119 $ 2.67 — Exercised (1,029,200 ) $ 0.14 — Outstanding, December 31, 2022 4,137,916 $ 1.55 $ 1 Granted 49,479,398 $ 0.26 — Exercised (14,272,382 ) $ 0.00 — Outstanding, December 31, 2023 39,344,932 $ 0.49 $ — Upon the exercise of warrants, the Company will issue new shares of its common stock. |
Note 8 - Common Stock Warrant L
Note 8 - Common Stock Warrant Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Common Stock Warrant Liabilities [Text Block] | Note 8 Common Stock Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 815. 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not Warrant Liability The Company has issued freestanding warrants to purchase shares of its common stock in connection with financing activities ( October 2022 January 2023 1 October 2022 January 2023 October 2022 October 2022 October 11, 2022 December 31, 2022. January 2023 January 31, 2023. The fair value of the warrants is re-measured at each financial reporting date with any changes in fair value being recognized in change in fair value of warrant liabilities, a component of other income (expense), in the consolidated statements of operations and comprehensive income (loss). The Company will continue to re-measure the fair value of the October 2022 October 10, 2027 January 2023 January 31, 2026. October 2022 one January 2023 October 2022 January 2023 October 2022 January 2023 December 31, 2023. Fair Value of Warrant Liabilities Warrant liabilities are categorized within Level 3 October 2022 January 2023 Warrants Warrants Total Fair value of warrants outstanding as of December 31, 2021 $ - $ — $ — Fair value of warrants at issuance as of October 11, 2022 8,278 — Exercise of warrants (89 ) — Change in fair value of warrants (5,580 ) — Fair value of warrants outstanding as of December 31, 2022 2,609 — 2,609 Fair value of warrants at issuance as of January 31, 2023 — 2,235 Change in fair value of warrants (2,183 ) (2,075 ) Fair value of warrants outstanding as of December 31, 2023 $ 426 $ 160 $ 586 The key inputs for the October 2022 December 31, December 31, 2023 2022 (Black-Scholes (Monte Carlo model) Simulation) Stock price $ 0.16 $ 1.16 Risk-free interest rate 3.84 % 4.02 % Expected dividend yield — — Expected term in years 3.78 4.78 Expected volatility 148 % 93 % The key inputs for the January 2023 December 31, January 31, 2023 2023 Stock price $ 0.16 $ 1.38 Risk-free interest rate 4.23 % 3.90 % Expected dividend yield — — Expected term in years 2.10 3.00 Expected volatility 175 % 160 % |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes The Company has accumulated net losses since inception and has not December 31, 2023 2022 A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows: For the years ended December 31, 2023 2022 Statutory federal income tax rate 21 % 21 % State taxes, net of federal tax benefit 11 % 10 % State rate change 1 % (1 )% Stock-based compensation 0 % (22 )% Other 0 % 3 % Credits 1 % 4 % None-deductible items (1 )% (11 )% Section 162(m) disallowance 0 % (3 )% Change in fair value of warrant liability 12 % 48 % Change in valuation allowance (45 )% (49 )% Income taxes provision (benefit) 0 % 0 % The components of the net deferred tax asset as of December 31, 2023 2022 As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,318 $ 25,660 Stock compensation and other 287 42 In process research and development 2,884 1,603 Accruals and reserves 4 64 Business interest expense disallowance — 122 Section 174 capitalization 2,253 622 Tax credits 2,926 2,859 Total deferred tax assets 35,672 30,972 Less valuation allowance (35,672 ) (30,972 ) Deferred tax assets, net of valuation allowance $ — $ — The Company has determined, based upon available evidence, that it is more likely than not not December 31, 2023 2022 As of December 31, 2023 not 2034 2034, not 2034. may 382 not 382 December 31, 2023 There are no 740, December 31, 2023 2022 not twelve Additionally, ASC 740 no December 31, 2023 2022 The federal and state tax returns for the years ended December 31, 2020 2021 2022 not |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 10 Subsequent Events January 2024 On January 5, 2024, “January 2023 “January 2023 January 2023 January 31, 2023 ( “January 2023 “November 2023 January 2023 “November 2023 January 2023 November 2023 November 2, 2023 ( “November 2023 January 2023 January 2023 November 2023 January 2023 January 2023 November 2023 November 2023 x Nasdaq Hearing Panel Meeting On February 15, 2024, March 11, 2024, May 20, 2024 no Authorized Share Increase On January 9, 2024, February 20, 2024, Action by Written Consent of Stockholders to Effect Reverse Stock Split Effective March 6, 2024, 1 1 one 1.1 194.8 March 6, 2024. March 6, 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation & Principles of Consolidation The Company’s consolidated financial statements have been prepared in conformity with U.S. GAAP, include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented and are stated in U.S. dollars. The Company’s consolidated financial statements include the accounts of the Company and the accounts of the Company’s subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements include the accounts of the Company’s subsidiary, Baergic. Because the Company owns less than 100% may |
Segment Reporting, Policy [Policy Text Block] | Segments Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company views its operations and manages its business in one operating and reporting segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three December 31, 2023 2022 may December 31, 2023 not not may no |
Accounts Payable and Accrued Expenses [Policy Text Block ] | Accounts Payable and Accrued Expenses Related Party In the normal course of business, Fortress pays for certain expenses on behalf of the Company. Such expenses are recorded as accounts payable and accrued expenses – related party and are recorded at the invoiced amount and reimbursed to Fortress in the normal course of business. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third third Costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not no no |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies The Company records accruals for contingencies and legal proceedings expected to be incurred in connection with a loss contingency when it is probable that a liability has been incurred and the amount can be reasonably estimated. If a loss contingency is not |
Warrant Liability [Policy Text Block] | Warrant Liability The Company has issued freestanding warrants to purchase shares of its common stock in connection with financing activities (Warrants as described in Note 8 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial assets and liabilities measured at fair value on a recurring basis. Under the accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance requires fair value measurements be classified and disclosed in one three Level 1: Level 2: 1 Level 3: no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Certain of the Company’s financial instruments are not |
Stockholders' Equity, Policy [Policy Text Block] | Annual Stock Dividend In September 2016, February 16 ( February 17 June 13, 2018, December 31 January 1 November 12, 2018 4 October 31, 2022, Pursuant to the Third Amended and Restated Certificate of Incorporation, the Company issued 1,685,767 shares of common stock to Fortress for the Annual Stock Dividend, representing 2.5% of the fully-diluted outstanding equity of the Company, on January 2, 2024. December 31, 2023 December 31, 2023 January 1, 2023. December 31, 2022, December 31, 2022. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company expenses stock-based compensation to its employees, consultants and board members over the requisite service period based on the estimated grant-date fair value of the awards. The Company estimates the fair value of option grants using the Black-Scholes option pricing model, which includes assumptions for expected volatility, risk-free interest rate, dividend yield, and estimated expected term. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting tranche of the award. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock options granted to employees generally fully vest over four ten |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes 740” 740 740 not not ASC 740 not 740 no 2019 2021 not The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the years ended December 31, 2023 2022 |
Noncontrolling Interests [Policy Text Block] | Non-Controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding, excluding unvested restricted stock and stock options and preferred shares, during the period. Dividends declared are paid and set aside among the holders of shares of common stock and Class A Preferred stock pro-rata on an as-if-converted basis. The following table sets forth the potential common shares that could potentially dilute basic income per share in the future that were not For the Years Ended December 31, 2023 2022 Unvested restricted stock units/awards 98,137 13,137 Common stock issuable 2,101,495 322,225 Warrants 39,344,932 4,137,916 Options 1,685,000 — Class A Preferred stock 16,666 16,666 Total potential dilutive effect 43,246,230 4,489,944 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncement to be Adopted In October 2023, 2023 06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative" 2023 06 August 2018 not June 30, 2027, not not not In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07 280 one December 15, 2023, December 15, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Years Ended December 31, 2023 2022 Unvested restricted stock units/awards 98,137 13,137 Common stock issuable 2,101,495 322,225 Warrants 39,344,932 4,137,916 Options 1,685,000 — Class A Preferred stock 16,666 16,666 Total potential dilutive effect 43,246,230 4,489,944 |
Note 5 - Accounts Payable and_2
Note 5 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of December 31, 2023 2022 Accounts payable $ 78 $ 129 Accrued employee compensation 11 199 InvaGen contingent fee — 208 Accrued contracted services and other 198 413 Accounts payable and accrued expenses $ 287 $ 949 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | Number of Units and Awards Weighted Average Grant Date Fair Value Unvested balance at December 31, 2021 94,418 $ 56.25 Forfeited (666 ) 13.95 Vested (80,615 ) 40.83 Unvested balance at December 31, 2022 13,137 $ 12.17 Granted 85,000 1.14 Forfeited — — Vested — — Unvested balance at December 31, 2023 98,137 $ 12.17 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | For the year ended December 31, 2023 2022 Research and development $ 199 $ 297 General and administrative 707 352 Total stock-based compensation expense $ 906 $ 649 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 — $ — $ — Outstanding as of December 31, 2022 — $ — $ — Granted 1,685,000 1.14 Outstanding as of December 31, 2023 1,685,000 $ 1.14 9.50 $ — Vested and Exercisable as of December 31, 2023 262,500 1.14 9.50 $ — |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Year Ended December 31, 2023 2022 Risk-free interest rate 4.14 % — Expected dividend yield — — Expected term in years 5.8 - 5.9 — Expected volatility 125.72 % — |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 997 $ 9.98 $ 11 Granted 5,166,119 $ 2.67 — Exercised (1,029,200 ) $ 0.14 — Outstanding, December 31, 2022 4,137,916 $ 1.55 $ 1 Granted 49,479,398 $ 0.26 — Exercised (14,272,382 ) $ 0.00 — Outstanding, December 31, 2023 39,344,932 $ 0.49 $ — |
Note 8 - Common Stock Warrant_2
Note 8 - Common Stock Warrant Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | October 2022 January 2023 Warrants Warrants Total Fair value of warrants outstanding as of December 31, 2021 $ - $ — $ — Fair value of warrants at issuance as of October 11, 2022 8,278 — Exercise of warrants (89 ) — Change in fair value of warrants (5,580 ) — Fair value of warrants outstanding as of December 31, 2022 2,609 — 2,609 Fair value of warrants at issuance as of January 31, 2023 — 2,235 Change in fair value of warrants (2,183 ) (2,075 ) Fair value of warrants outstanding as of December 31, 2023 $ 426 $ 160 $ 586 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, December 31, 2023 2022 (Black-Scholes (Monte Carlo model) Simulation) Stock price $ 0.16 $ 1.16 Risk-free interest rate 3.84 % 4.02 % Expected dividend yield — — Expected term in years 3.78 4.78 Expected volatility 148 % 93 % December 31, January 31, 2023 2023 Stock price $ 0.16 $ 1.38 Risk-free interest rate 4.23 % 3.90 % Expected dividend yield — — Expected term in years 2.10 3.00 Expected volatility 175 % 160 % |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2023 2022 Statutory federal income tax rate 21 % 21 % State taxes, net of federal tax benefit 11 % 10 % State rate change 1 % (1 )% Stock-based compensation 0 % (22 )% Other 0 % 3 % Credits 1 % 4 % None-deductible items (1 )% (11 )% Section 162(m) disallowance 0 % (3 )% Change in fair value of warrant liability 12 % 48 % Change in valuation allowance (45 )% (49 )% Income taxes provision (benefit) 0 % 0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,318 $ 25,660 Stock compensation and other 287 42 In process research and development 2,884 1,603 Accruals and reserves 4 64 Business interest expense disallowance — 122 Section 174 capitalization 2,253 622 Tax credits 2,926 2,859 Total deferred tax assets 35,672 30,972 Less valuation allowance (35,672 ) (30,972 ) Deferred tax assets, net of valuation allowance $ — $ — |
Note 1 - Organization, Plan o_2
Note 1 - Organization, Plan of Business Operations (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 06, 2024 | Nov. 02, 2023 USD ($) | Oct. 31, 2023 $ / shares shares | Sep. 08, 2023 USD ($) $ / shares shares | Jan. 27, 2023 USD ($) $ / shares shares | Oct. 31, 2022 USD ($) $ / shares shares | Sep. 23, 2022 shares | Sep. 30, 2016 shares | Oct. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2024 $ / shares shares | Jan. 09, 2024 $ / shares shares | Jan. 05, 2024 $ / shares | Nov. 30, 2023 | Feb. 02, 2023 shares | Feb. 01, 2023 shares | Jan. 30, 2023 shares | Jul. 25, 2022 shares | May 11, 2022 USD ($) | Dec. 31, 2021 $ / shares | |
Common Stock, Shares Authorized (in shares) | shares | 20,000,000 | 75,000,000 | 20,000,000 | 75,000,000 | 20,000,000 | 55,000,000 | 50,000,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.49 | $ 1.55 | $ 9.98 | ||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 545,454 | 545,454 | |||||||||||||||||||
Percentage Of Warrants Issued | 15% | 15% | |||||||||||||||||||
Class of Warrant or Right, Exercisable During Period (in shares) | shares | 949,900 | ||||||||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 949,900 | 49,479,398 | 5,166,119 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 250,000 | ||||||||||||||||||||
Net Proceeds from Issuance Initial Public Offering | $ | $ 10.3 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 600,000 | ||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | $ | $ (90,928,000) | $ (80,551,000) | |||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 200,000,000 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||
January 2023 Warrants [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.55 | $ 1.55 | |||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,940,299 | ||||||||||||||||||||
Class of Warrants or Rights, Offering Price (in dollars per share) | $ / shares | $ 0.125 | ||||||||||||||||||||
January 2023 Warrants [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Series A Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | ||||||||||||||||||||
Series A Warrants Associated with November 2023 Public Offering [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Series B Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 18 months | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | ||||||||||||||||||||
Series B Warrants Associated with November 2023 Public Offering [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Prefunded Warrant [Member] | |||||||||||||||||||||
Number Of Warrants Issued For A Unit | 1 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | ||||||||||||||||||||
Warrants to Certain Investors [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 14,600,000 | ||||||||||||||||||||
Units [Member] | |||||||||||||||||||||
Units Issued During Period, Shares, New Issues (in shares) | shares | 3,853,400 | 2,652,065 | |||||||||||||||||||
Number Of Shares Issued For A Unit | 1 | 1 | |||||||||||||||||||
Number Of Warrants Issued For A Unit | 1 | ||||||||||||||||||||
Units, Price Per Share (in dollars per share) | $ / shares | $ 0.3006 | $ 3.3 | $ 3.3 | ||||||||||||||||||
Pre Funded Units [Member] | |||||||||||||||||||||
Units Issued During Period, Shares, New Issues (in shares) | shares | 12,780,000 | 984,300 | |||||||||||||||||||
Number Of Shares Issued For A Unit | 1 | ||||||||||||||||||||
Number Of Warrants Issued For A Unit | 1 | ||||||||||||||||||||
Number Of Common Shares To Be Purchased For Each Unit | 1 | ||||||||||||||||||||
Units, Price Per Share (in dollars per share) | $ / shares | $ 0.3005 | $ 3.2999 | $ 3.2999 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 545,454 | 545,454 | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 949,900 | ||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||
Units Issued During Period, Shares, New Issues (in shares) | shares | 16,633,400 | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 448,000 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.55 | ||||||||||||||||||||
Prefunded Warrant [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,492,299 | ||||||||||||||||||||
Class of Warrants or Rights, Price Less Than Stock Issuance Price (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||
January 2023 Registered Direct Offering and Private Placement [Member] | |||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 2,800,000 | ||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | shares | 767,085 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 600,000 | ||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 0.717 | ||||||||||||||||||||
November 2023 Public Offering [Member] | |||||||||||||||||||||
Sale of Stock, Cash Transaction Fees, Percentage of Gross Cash Proceeds | 8% | ||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 3,800,000 | ||||||||||||||||||||
Invagen Pharmaceuticals Inc [Member] | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 388,888 | ||||||||||||||||||||
Sale of Stock, Cash Transaction Fees, Percentage of Gross Cash Proceeds | 7.50% | ||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ | $ 4,000,000 | ||||||||||||||||||||
Payments for Stock Purchase Costs | $ | $ 500,000 | $ 500,000 | |||||||||||||||||||
Invagen Pharmaceuticals Inc [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Business Combination, Consideration Transferred | $ | $ 1,900,000 | ||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||||||||||||||||||
Invagen Pharmaceuticals Inc [Member] | |||||||||||||||||||||
Percentage of Repurchase of Ownership Equity. | 100% | ||||||||||||||||||||
Minimum [Member] | Reverse Stock Split [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | ||||||||||||||||||||
Fortress [Member] | Contribution Agreement [Member] | |||||||||||||||||||||
Percentage of Transfer Ownership | 100% | ||||||||||||||||||||
Fortress [Member] | Contribution Agreement [Member] | Minimum [Member] | |||||||||||||||||||||
Gross Proceeds from Equity Financing | $ | $ 7,500,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||||
Jan. 02, 2024 shares | Jan. 01, 2023 shares | Sep. 30, 2016 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 1 | ||||
Number of Operating Segments | 1 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 250,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 2.50% | ||||
Common Stock Dividends, Shares (in shares) | 231,316 | ||||
Research And Development Expense, Licenses Acquired | $ | $ 300 | $ 300 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ | $ 0 | $ 0 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Subsequent Event [Member] | |||||
Common Stock Dividends, Shares (in shares) | 1,685,767 | ||||
Common Stock Dividends, Shares, Percentage Of Fully Diluted Outstanding Equity | 2.50% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive securities (in shares) | 43,246,230 | 4,489,944 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 98,137 | 13,137 |
Common Stock Issuable [Member] | ||
Antidilutive securities (in shares) | 2,101,495 | 322,225 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 39,344,932 | 4,137,916 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,685,000 | 0 |
Class A Preferred Shares [Member] | ||
Antidilutive securities (in shares) | 16,666 | 16,666 |
Note 3 - License Supplier Agr_2
Note 3 - License Supplier Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Apr. 27, 2023 | Mar. 30, 2023 | Feb. 28, 2023 | Oct. 29, 2018 | Dec. 31, 2019 | Jun. 17, 2015 | Dec. 31, 2023 | |
Contractual Obligation Development Expense | $ 81,500 | ||||||
Contractual Obligation, Commercial Expense | $ 151,000 | ||||||
Stock Issued During Period, Value, License Expense | $ 1,230 | ||||||
AnnJi [Member] | |||||||
License Agreement, Purchase Consideration | $ 3,000 | ||||||
Payments to Acquire License | $ 2,000 | ||||||
Acquired License Payable Within 180 Days | 1,000 | ||||||
Maximum Reimbursement Amount In Connection With Product Clinical Trial | 10,800 | ||||||
Maximum Reimbursement Amount In Connection With Certain Development Milestones | 14,500 | ||||||
Maximum Reimbursement Amount In Connection With Certain Drug Development Milestone | 27,500 | ||||||
Maximum Reimbursement Amount Upon Achievement of Sales Milestone | $ 165,000 | ||||||
Stock Issued During Period, Shares, License Expense (in shares) | 831,618 | ||||||
Stock Issued During Period, Value, License Expense | $ 900 | ||||||
Stock Issuable During Period, Shares, Upon Enrollment of Patient (in shares) | 276,652 | ||||||
Stock Issuable During Period, Value, Upon Enrollment of Patient | $ 300 | ||||||
AnnJi [Member] | Minimum [Member] | |||||||
Sales Milestone Required for Maximum Reimbursement | 75,000 | ||||||
Annual Sale Threshold for Royalty Payment | 50,000 | ||||||
AnnJi [Member] | Maximum [Member] | |||||||
Sales Milestone Required for Maximum Reimbursement | 750,000 | ||||||
Annual Sale Threshold for Royalty Payment | $ 300,000 | ||||||
Revogenex License [Member] | |||||||
Contractual Obligation, Maximum Future Payments | $ 3,000 | ||||||
Baergic Licenses [Member] | CCHMC [Member] | |||||||
Percentage of Equity Fee | 5% | ||||||
Polpharma [Member] | |||||||
Payments to Acquire in Process Research and Development | $ 2,000 | ||||||
Fortress Biotech Inc [Member] | Iv Tramadol [Member] | Upfront Payment [Member] | |||||||
Payments to Acquire in Process Research and Development | 2,000 | ||||||
Percentage of Equity Fee | 20% | ||||||
Fortress Biotech Inc [Member] | Iv Tramadol [Member] | Additional Payment [Member] | |||||||
Payments to Acquire in Process Research and Development | $ 1,000 | $ 1,000 | |||||
Baergic Licenses [Member] | Upfront Payment [Member] | CCHMC [Member] | |||||||
Payments to Acquire in Process Research and Development | 200 | ||||||
Baergic Licenses [Member] | Upfront Payment [Member] | AZERBAIJAN | |||||||
Payments to Acquire in Process Research and Development | $ 3,000 | ||||||
AnnJi [Member] | |||||||
Right to Sell Common Stock, Price Per Share (in dollars per share) | $ 2.1 |
Note 4 - Related Party Agreem_2
Note 4 - Related Party Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 09, 2017 | Sep. 13, 2016 | Feb. 17, 2015 | Feb. 28, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 08, 2022 | |
Fortress [Member] | |||||||
Notes Assumed | $ 3,000 | ||||||
Percentage of Fully-diluted Outstanding Equity | 2.50% | ||||||
Percentage of Equity or Debt Fnancing | 2.50% | ||||||
Percentage of Annual net Sales | 4.50% | ||||||
Amended Founders Agreements Terms (Year) | 15 years | ||||||
Number Of Shares Exchanged (in shares) | 166,027 | ||||||
Fortress [Member] | Management Services Agreement [Member] | |||||||
Term of Agreement (Year) | 5 years | ||||||
Automatic Renewal Term of Agreement (Year) | 5 years | ||||||
Annual Consulting Fee | $ 500 | ||||||
Increase in Annual Consulting Fee | 1,000 | ||||||
Excess in Net Assets Value | $ 100,000 | ||||||
Fortress [Member] | Avenue Baergic Founders Agreement [Member] | |||||||
Excess in Net Assets Value | $ 100,000 | ||||||
Fortress [Member] | Common Class A [Member] | |||||||
Number Of Shares Exchanged (in shares) | 155,555 | ||||||
Fortress [Member] | Preferred Class A [Member] | |||||||
Number Of Shares Exchanged (in shares) | 250,000 | ||||||
BaergicBio, Inc.[Member] | |||||||
Proceeds From Equity Fee | $ 23 | $ 10 | |||||
BaergicBio, Inc.[Member] | Founders Agreement and Management Services Agreement [Member] | |||||||
Percentage of Equity Fee | 2.50% | ||||||
BaergicBio, Inc.[Member] | Avenue Baergic Founders Agreement [Member] | |||||||
Term of Agreement (Year) | 5 years | ||||||
Annual Consulting Fee | $ 500 | ||||||
Increase in Annual Consulting Fee | $ 1,000 | ||||||
Percentage Of Additional Consideration Of Equity Fee | 2.50% | ||||||
Percentage Considered For The Calculation Of One-Time Fee | 4.50% |
Note 5 - Accounts Payable and_3
Note 5 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable | $ 78 | $ 129 |
Accrued employee compensation | 11 | 199 |
InvaGen contingent fee | 0 | 208 |
Accrued contracted services and other | 198 | 413 |
Nonrelated Party [Member] | ||
Accounts payable and accrued expenses | $ 287 | $ 949 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Jan. 30, 2023 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Oct. 31, 2023 $ / shares | Feb. 02, 2023 shares | Feb. 01, 2023 shares | Sep. 30, 2022 | Sep. 23, 2022 shares | Jul. 25, 2022 shares | Dec. 31, 2021 shares | Sep. 13, 2016 $ / shares shares | |
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||
Common Stock, Shares Authorized (in shares) | 55,000,000 | 75,000,000 | 20,000,000 | 75,000,000 | 20,000,000 | 20,000,000 | 50,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common Stock, Shares, Outstanding (in shares) | 25,597,622 | 4,773,841 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 80,615 | ||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 906 | $ 649 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 100 | 600 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 2 days | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,333 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 800 | $ 0 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 900 | ||||||||||
Two Thousand Fifteen Incentive Plan [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,266,666 | 266,666 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,352,489 | ||||||||||
Preferred Class A [Member] | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 250,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||
Preferred Stock, Convertible, Conversion Ratio | 15 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Restricted Stock Unit and Award Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested balance (in shares) | 13,137 | 94,418 |
Unvested balance, Weighted average grant date fair value (in dollars per share) | $ 12.17 | $ 56.25 |
Forfeited (in shares) | (666) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 13.95 | |
Vested (in shares) | (80,615) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 40.83 | |
Granted (in shares) | 85,000 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 1.14 | |
Unvested balance (in shares) | 98,137 | 13,137 |
Unvested balance, Weighted average grant date fair value (in dollars per share) | $ 12.17 | $ 12.17 |
Note 7 - Stockholders' Equity-
Note 7 - Stockholders' Equity- Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-based compensation | $ 906 | $ 649 |
Research and Development Expense [Member] | ||
Stock-based compensation | 199 | 297 |
General and Administrative Expense [Member] | ||
Stock-based compensation | $ 707 | $ 352 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, options (in shares) | 1,685,000 | 0 | 0 |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.14 | $ 0 | $ 0 |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 | $ 0 |
Granted, options (in shares) | 1,685,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 1.14 | ||
Outstanding, remaining term (Year) | 9 years 6 months | ||
Vested and Exercisable as of December 31, 2023 (in shares) | 262,500 | ||
Vested and Exercisable, weighted average exercise price (in dollars per share) | $ 1.14 | ||
Vested and Exercisable, remaining (Year) | 9 years 6 months | ||
Vested and Exercisable, aggregate intrinsic value | $ 0 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity - Estimate Fair Value of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk-free interest rate | 4.14% | 0% |
Expected dividend yield | 0% | 0% |
Expected volatility | 125.72% | 0% |
Minimum [Member] | ||
Expected term in years (Year) | 5 years 9 months 18 days | |
Maximum [Member] | ||
Expected term in years (Year) | 5 years 10 months 24 days |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity- Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Warrants, outstanding (in shares) | 4,137,916 | 997 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.55 | $ 9.98 | |
Outstanding, December 31, 2021 | $ 1 | $ 11 | |
Warrants, Granted (in shares) | 949,900 | 49,479,398 | 5,166,119 |
Warrants granted, weighted average exercise price (in dollars per share) | $ 0.26 | $ 2.67 | |
Warrants, Exercised (in shares) | (14,272,382) | (1,029,200) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0.14 | |
Warrants granted, weighted average exercise price (in dollars per share) | $ 0.26 | $ 2.67 | |
Warrants, outstanding (in shares) | 39,344,932 | 4,137,916 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.01 | $ 0.49 | $ 1.55 |
Note 8 - Common Stock Warrant_3
Note 8 - Common Stock Warrant Liabilities (Details Textual) - $ / shares | Dec. 31, 2023 | Jan. 27, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2021 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.49 | $ 1.55 | $ 0.01 | $ 9.98 | |
January 2023 Warrants [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.55 | $ 1.55 |
Note 8 - Common Stock Warrant_4
Note 8 - Common Stock Warrant Liabilities - Fair Value of Warrants Liabilities Measured Within Level 3 on Recurring Basis (Details) - Warrant [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value of warrants outstanding | $ 2,609 | |
Fair value of warrants outstanding | 586 | $ 2,609 |
October 2022 Warrants [Member] | ||
Fair value of warrants outstanding | 2,609 | 0 |
Fair value of warrants at issuance | 8,278 | |
Exercise of warrants | (89) | |
Change in fair value of warrants | (2,183) | (5,580) |
Fair value of warrants outstanding | 426 | $ 2,609 |
January 2023 Warrants [Member] | ||
Fair value of warrants at issuance | 2,235 | |
Change in fair value of warrants | (2,075) | |
Fair value of warrants outstanding | $ 160 |
Note 8 - Common Stock Warrant_5
Note 8 - Common Stock Warrant Liabilities - Schedule of Warrants under Monte Carlo Simulation and Black-Scholes Model (Details) | Dec. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 |
Measurement Input, Share Price [Member] | January 2023 Warrants [Member] | |||
Warrant Liability | 0.16 | 1.38 | |
Measurement Input, Share Price [Member] | October 2022 Warrants [Member] | |||
Warrant Liability | 0.16 | 1.16 | |
Measurement Input, Risk Free Interest Rate [Member] | January 2023 Warrants [Member] | |||
Warrant Liability | 0.0423 | 0.039 | |
Measurement Input, Risk Free Interest Rate [Member] | October 2022 Warrants [Member] | |||
Warrant Liability | 0.0384 | 0.0402 | |
Measurement Input, Expected Dividend Rate [Member] | January 2023 Warrants [Member] | |||
Warrant Liability | 0 | 0 | |
Measurement Input, Expected Dividend Rate [Member] | October 2022 Warrants [Member] | |||
Warrant Liability | 0 | 0 | |
Measurement Input, Expected Term [Member] | January 2023 Warrants [Member] | |||
Warrant Liability | 2.1 | 3 | |
Measurement Input, Expected Term [Member] | October 2022 Warrants [Member] | |||
Warrant Liability | 3.78 | 4.78 | |
Measurement Input, Price Volatility [Member] | January 2023 Warrants [Member] | |||
Warrant Liability | 1.75 | 1.60 | |
Measurement Input, Price Volatility [Member] | October 2022 Warrants [Member] | |||
Warrant Liability | 1.48 | 0.93 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance | 35,672 | 30,972 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 |
Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 2,900 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 83,900 | |
Domestic Tax Authority [Member] | Indefinite Carryforward [Member] | ||
Operating Loss Carryforwards | 69,400 | |
Domestic Tax Authority [Member] | Expires 2034 [Member] | ||
Operating Loss Carryforwards | 14,500 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 147,400 | |
State and Local Jurisdiction [Member] | Indefinite Carryforward [Member] | ||
Operating Loss Carryforwards | 600 | |
State and Local Jurisdiction [Member] | Expires 2034 [Member] | ||
Operating Loss Carryforwards | $ 146,900 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory federal income tax rate | 21% | 21% |
State taxes, net of federal tax benefit | 11% | 10% |
State rate change | 1% | (1.00%) |
Stock-based compensation | 0% | (22.00%) |
Other | 0% | 3% |
Credits | 1% | 4% |
None-deductible items | (1.00%) | (11.00%) |
Section 162(m) disallowance | 0% | (3.00%) |
Change in fair value of warrant liability | 12% | 48% |
Change in valuation allowance | (45.00%) | (49.00%) |
Income taxes provision (benefit) | 0% | 0% |
Note 9 - Income Taxes - Schedul
Note 9 - Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 27,318 | $ 25,660 |
Stock compensation and other | 287 | 42 |
In process research and development | 2,884 | 1,603 |
Accruals and reserves | 4 | 64 |
Business interest expense disallowance | 0 | 122 |
Section 174 capitalization | 2,253 | 622 |
Tax credits | 2,926 | 2,859 |
Total deferred tax assets | 35,672 | 30,972 |
Less valuation allowance | (35,672) | (30,972) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) $ / shares in Units, $ in Millions | Mar. 06, 2024 shares | Jan. 05, 2024 USD ($) $ / shares shares | Nov. 02, 2023 USD ($) | Sep. 23, 2022 shares | Jan. 09, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares | Nov. 30, 2023 shares | Oct. 31, 2023 $ / shares | Feb. 02, 2023 shares | Feb. 01, 2023 shares | Jan. 30, 2023 shares | Dec. 31, 2022 $ / shares shares | Oct. 31, 2022 $ / shares shares | Jul. 25, 2022 shares | Dec. 31, 2021 $ / shares |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 545,454 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.49 | $ 1.55 | $ 0.01 | $ 9.98 | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 20,000,000 | 75,000,000 | 75,000,000 | 20,000,000 | 55,000,000 | 20,000,000 | 50,000,000 | ||||||||
Reverse Stock Split [Member] | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||||||||||||
Series A Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | 0.3006 | ||||||||||||||
Series B Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||
January 2024 Private Offering [Member] | Series B Warrants Associated with January 2024 Private Offering [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 16,540,299 | ||||||||||||||
November 2023 Public Offering [Member] | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 3.8 | ||||||||||||||
November 2023 Public Offering [Member] | Pipe Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 14,600,000 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 200,000,000 | ||||||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | |||||||||||||||
Stock Split, Percent of Holders Signed | 56% | ||||||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Series A Preferred Stock [Member] | |||||||||||||||
Number of Stock Held, Signed for Stock Split (in shares) | shares | 250,000 | ||||||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Common Stock [Member] | |||||||||||||||
Number of Stock Held, Signed for Stock Split (in shares) | shares | 3,133,886 | ||||||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Minimum [Member] | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | ||||||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Maximum [Member] | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 75 | ||||||||||||||
Subsequent Event [Member] | Series A Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||
Subsequent Event [Member] | Series B Warrants Associated with November 2023 Public Offering [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.3006 | ||||||||||||||
Subsequent Event [Member] | January 2024 Private Offering [Member] | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 5 | ||||||||||||||
Subsequent Event [Member] | January 2024 Private Offering [Member] | Pipe Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,940,299 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.55 | ||||||||||||||
Subsequent Event [Member] | January 2024 Private Offering [Member] | Series A Warrants Associated with January 2024 Private Offering [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 16,540,299 | ||||||||||||||
Subsequent Event [Member] | November 2023 Public Offering [Member] | |||||||||||||||
Sale of Stock, Price Per Unit (in dollars per share) | $ / shares | $ 0.3006 |