Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001659617 | |
Entity Registrant Name | Moleculin Biotech, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37758 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-4671997 | |
Entity Address, Address Line One | ||
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77007 | |
City Area Code | 713 | |
Local Phone Number | 300-5160 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MBRX | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 28,577,088 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 75,178 | $ 15,173 |
Prepaid expenses and other current assets | 1,892 | 2,025 |
Total current assets | 77,070 | 17,198 |
Furniture and equipment, net | 353 | 483 |
Intangible assets | 11,148 | 11,148 |
Operating lease right-of-use asset | 131 | 202 |
Total assets | 88,702 | 29,031 |
Current liabilities: | ||
Accounts payable | 1,390 | 1,129 |
Accrued expenses and other current liabilities | 2,266 | 1,791 |
Total current liabilities | 3,656 | 2,920 |
Operating lease liability - long-term, net of current portion | 75 | 159 |
Warrant liability - long-term | 3,712 | 8,192 |
Total liabilities | 7,443 | 11,271 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 shares authorized; 28,577,088 and 11,536,720 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 29 | 69 |
Additional paid-in capital | 151,175 | 74,671 |
Subscription Receivable | 0 | (129) |
Accumulated other comprehensive income | 39 | 65 |
Accumulated deficit | (69,984) | (56,916) |
Total stockholders’ equity | 81,259 | 17,760 |
Total liabilities and stockholders’ equity | $ 88,702 | $ 29,031 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 28,577,088 | 11,536,720 |
Common stock, shares outstanding (in shares) | 28,577,088 | 11,536,720 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 4,095 | 4,435 | 11,239 | 10,971 |
General and administrative | 2,021 | 1,659 | 6,394 | 5,122 |
Depreciation and amortization | 41 | 57 | 130 | 154 |
Total operating expenses | 6,157 | 6,151 | 17,763 | 16,247 |
Loss from operations | (6,157) | (6,151) | (17,763) | (16,247) |
Other income: | ||||
Gain from change in fair value of warrant liability | 1,678 | 2,743 | 4,428 | 1,489 |
Other income, net | 13 | 10 | 30 | 32 |
Interest income, net | 87 | 3 | 236 | 10 |
Net loss | $ (4,379) | $ (3,395) | $ (13,069) | $ (14,716) |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.15) | $ (0.33) | $ (0.50) | $ (1.55) |
Weighted average common shares outstanding, basic and diluted (in shares) | 28,573,476 | 10,245,810 | 26,302,638 | 9,496,585 |
Net loss | $ (4,379) | $ (3,395) | $ (13,069) | $ (14,716) |
Other comprehensive income (loss): | ||||
Foreign currency translation | (16) | 10 | (26) | 2 |
Comprehensive loss | $ (4,395) | $ (3,385) | $ (13,095) | $ (14,714) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (13,069) | $ (14,716) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 130 | 154 |
Stock-based compensation | 1,817 | 1,265 |
Change in fair value of warrant liability | (4,428) | (1,489) |
Operating lease, net | 102 | 90 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 133 | 294 |
Accounts payable | 261 | (810) |
Accrued expenses and other current liabilities | 361 | 565 |
Net cash used in operating activities | (14,693) | (14,647) |
Cash flows from investing activities: | ||
Purchase of fixed assets | 0 | (360) |
Net cash used in investing activities | 0 | (360) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 63 | 5 |
Payment of tax liability for vested restricted stock units | (24) | (17) |
Proceeds from sale of common stock, net of issuance costs | 74,685 | 17,077 |
Net cash provided by financing activities | 74,724 | 17,065 |
Effect of exchange rate changes on cash and cash equivalents | (26) | 2 |
Net change in cash and cash equivalents | 60,005 | 2,060 |
Cash and cash equivalents, at beginning of period | 15,173 | 10,735 |
Cash and cash equivalents, at end of period | 75,178 | 12,795 |
Supplemental disclosures of cash flow information: | ||
Cash paid for taxes | 11 | 20 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment in accounts payable and accrued liabilities | $ 0 | $ 316 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Subscribed [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Subscription Receivable [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 7,621,338 | 0 | |||||
Balance at Dec. 31, 2019 | $ 46 | $ 0 | $ 55,055 | $ (39,561) | $ 31 | $ 0 | $ 15,571 |
Issuance of common stock, net of issuance costs (in shares) | 1,250,000 | 0 | |||||
Issuance of common stock, net of issuance costs | $ 7 | $ 0 | 559 | 0 | 0 | 0 | 566 |
Stock-based compensation | 0 | 0 | 397 | 0 | 0 | 0 | 397 |
Consolidated net loss | 0 | 0 | 0 | (1,209) | 0 | 0 | (1,209) |
Cumulative translation adjustment | 0 | 0 | 0 | 0 | (33) | 0 | (33) |
Net loss | 0 | 0 | 0 | (1,209) | 0 | 0 | (1,209) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | (33) | 0 | (33) |
Balance (in shares) at Mar. 31, 2020 | 8,871,338 | 0 | |||||
Balance at Mar. 31, 2020 | $ 53 | $ 0 | 56,011 | (40,770) | (2) | 0 | 15,292 |
Balance (in shares) at Dec. 31, 2019 | 7,621,338 | 0 | |||||
Balance at Dec. 31, 2019 | $ 46 | $ 0 | 55,055 | (39,561) | 31 | 0 | 15,571 |
Consolidated net loss | (14,716) | ||||||
Cumulative translation adjustment | 2 | ||||||
Net loss | (14,716) | ||||||
Foreign currency translation | 2 | ||||||
Balance (in shares) at Sep. 30, 2020 | 10,294,095 | 0 | |||||
Balance at Sep. 30, 2020 | $ 62 | $ 0 | 68,649 | (54,277) | 33 | 0 | 14,467 |
Balance (in shares) at Mar. 31, 2020 | 8,871,338 | 0 | |||||
Balance at Mar. 31, 2020 | $ 53 | $ 0 | 56,011 | (40,770) | (2) | 0 | 15,292 |
Issuance of common stock, net of issuance costs (in shares) | 1,195,162 | 0 | |||||
Issuance of common stock, net of issuance costs | $ 7 | $ 0 | 10,000 | 0 | 0 | 0 | 10,007 |
Warrants exercised (in shares) | 750 | 0 | |||||
Warrants exercised | $ 0 | $ 0 | 9 | 0 | 0 | 0 | 9 |
Stock-based compensation | 0 | 0 | 408 | 0 | 0 | 0 | 408 |
Consolidated net loss | 0 | 0 | 0 | (10,112) | 0 | 0 | (10,112) |
Cumulative translation adjustment | 0 | 0 | 0 | 0 | 25 | 0 | 25 |
Net loss | 0 | 0 | 0 | (10,112) | 0 | 0 | (10,112) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 25 | 0 | 25 |
Balance (in shares) at Jun. 30, 2020 | 10,067,250 | 0 | |||||
Balance at Jun. 30, 2020 | $ 60 | $ 0 | 66,428 | (50,882) | 23 | 0 | 15,629 |
Issuance of common stock, net of issuance costs (in shares) | 216,855 | 0 | |||||
Issuance of common stock, net of issuance costs | $ 2 | $ 0 | 1,778 | 0 | 0 | 0 | 1,780 |
Stock-based compensation | 0 | 0 | 460 | 0 | 0 | 0 | 460 |
Consolidated net loss | 0 | 0 | 0 | (3,395) | 0 | 0 | (3,395) |
Cumulative translation adjustment | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
Net loss | $ 0 | $ 0 | 0 | (3,395) | 0 | 0 | (3,395) |
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) (in shares) | 9,990 | 0 | |||||
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) | $ 0 | $ 0 | (17) | 0 | 0 | 0 | (17) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 10 | 0 | 10 |
Balance (in shares) at Sep. 30, 2020 | 10,294,095 | 0 | |||||
Balance at Sep. 30, 2020 | $ 62 | $ 0 | 68,649 | (54,277) | 33 | 0 | 14,467 |
Balance (in shares) at Dec. 31, 2020 | 11,536,720 | 26,966 | |||||
Balance at Dec. 31, 2020 | $ 69 | $ 0 | 74,671 | (56,916) | 65 | (129) | 17,760 |
Issuance of common stock, net of issuance costs (in shares) | 16,883,420 | (26,966) | |||||
Issuance of common stock, net of issuance costs | $ 18 | $ 0 | 74,537 | 0 | 0 | 129 | 74,684 |
Reverse stock split (in shares) | 14,285 | 0 | |||||
Reverse stock split | $ (60) | $ 0 | 60 | 0 | 0 | 0 | 0 |
Warrants exercised (in shares) | 10,000 | 0 | |||||
Warrants exercised | $ 1 | $ 0 | 115 | 0 | 0 | 0 | 116 |
Stock-based compensation | 0 | 0 | 405 | 0 | 0 | 0 | 405 |
Consolidated net loss | 0 | 0 | 0 | (4,445) | 0 | 0 | (4,445) |
Cumulative translation adjustment | 0 | 0 | 0 | 0 | (4) | 0 | (4) |
Net loss | 0 | 0 | 0 | (4,445) | 0 | 0 | (4,445) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | (4) | 0 | (4) |
Balance (in shares) at Mar. 31, 2021 | 28,444,425 | 0 | |||||
Balance at Mar. 31, 2021 | $ 28 | $ 0 | 149,788 | (61,361) | 61 | 0 | 88,516 |
Balance (in shares) at Dec. 31, 2020 | 11,536,720 | 26,966 | |||||
Balance at Dec. 31, 2020 | $ 69 | $ 0 | 74,671 | (56,916) | 65 | (129) | 17,760 |
Consolidated net loss | (13,069) | ||||||
Cumulative translation adjustment | (26) | ||||||
Net loss | (13,069) | ||||||
Foreign currency translation | (26) | ||||||
Balance (in shares) at Sep. 30, 2021 | 28,577,088 | 0 | |||||
Balance at Sep. 30, 2021 | $ 29 | $ 0 | 151,175 | (69,984) | 39 | 0 | 81,259 |
Balance (in shares) at Mar. 31, 2021 | 28,444,425 | 0 | |||||
Balance at Mar. 31, 2021 | $ 28 | $ 0 | 149,788 | (61,361) | 61 | 0 | 88,516 |
Issuance of common stock, net of issuance costs (in shares) | 107,788 | 0 | |||||
Issuance of common stock, net of issuance costs | $ 1 | $ 0 | 0 | 0 | 0 | 0 | 1 |
Stock-based compensation | 0 | 0 | 433 | 0 | 0 | 0 | 433 |
Consolidated net loss | 0 | 0 | 0 | (4,244) | 0 | 0 | (4,244) |
Cumulative translation adjustment | $ 0 | $ 0 | 0 | 0 | (6) | 0 | (6) |
Subscription of common stock in connection with Consulting Agreement (in shares) | 0 | 2,500 | |||||
Subscription of common stock in connection with Consulting Agreement | $ 0 | $ 0 | 10 | 0 | 0 | (10) | 0 |
Net loss | 0 | 0 | 0 | (4,244) | 0 | 0 | (4,244) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | (6) | 0 | (6) |
Balance (in shares) at Jun. 30, 2021 | 28,552,213 | 2,500 | |||||
Balance at Jun. 30, 2021 | $ 29 | $ 0 | 150,231 | (65,605) | 55 | (10) | 84,700 |
Stock-based compensation | 0 | 0 | 977 | 0 | 0 | 0 | 977 |
Consolidated net loss | 0 | 0 | 0 | (4,379) | 0 | 0 | (4,379) |
Cumulative translation adjustment | 0 | 0 | 0 | 0 | (16) | 0 | (16) |
Net loss | $ 0 | $ 0 | 0 | (4,379) | 0 | 0 | (4,379) |
Issuance of common stock in connection with Consulting Agreement (in shares) | 3,750 | (2,500) | |||||
Issuance of common stock in connection with Consulting Agreement | $ 0 | $ 0 | (10) | 0 | 0 | 10 | 0 |
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) (in shares) | 21,125 | 0 | |||||
Common stock issued upon vesting of restricted stock units (net of shares withheld for payment of tax liability) | $ 0 | $ 0 | (23) | 0 | 0 | 0 | (23) |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | (16) | 0 | (16) |
Balance (in shares) at Sep. 30, 2021 | 28,577,088 | 0 | |||||
Balance at Sep. 30, 2021 | $ 29 | $ 0 | $ 151,175 | $ (69,984) | $ 39 | $ 0 | $ 81,259 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Issued for cash - sale of common stock, issuance costs | $ 403 | $ 6,159 | $ 135 | $ 336 | $ 709 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Business and Liquidity [Text Block] | 1. The terms "MBI" or "the Company", "we", "our", and "us" are used herein to refer to Moleculin Biotech, Inc. MBI is a clinical-stage pharmaceutical company, organized as a Delaware corporation in July 2015. June 2018, July 2021, In 2019, 29 2019, The Company has three 1 2 WP1066 one 3 WP1122 five three three 2020, three five WP1066 1 WP1220 1/2 second 2021, first 1b/2 WP1066 WP1066 2022. Additionally, MBI expects a second, grant funded Phase 1b/2 1/2 October 2021, 1a WP1122 o COVID- 19 19 WP1122 may 19 WP1122 2021. 2 WP1220 The Company does not third not COVID- 19 - In M 2020, 19 19 19 19, 19 third 19 not 19 not may |
Note 2 - Basis of Presentation,
Note 2 - Basis of Presentation, Principles of Consolidation, Significant Accounting Policies and Liquidity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Reverse Stock Split January 29, 2021, 1 6. 10 may Basis of Presentation – Unaudited Interim Condensed Consolidated Financial Information - 10 8 X. not not December 31, 2020 10 March 24, 2021. Principles of Consolidation one Significant Accounting Policies 2, Basis of Presentation, principles of consolidation and significant accounting policies 10 December 31, 2020 no nine September 30, 2021 Use of Estimates - may may may Liquidity and Financial Condition not nine September 30, 2021 2020 of million d million, f million million, r September 30, 2021 of million a million. September 30, 2021 not no Cash and Cash Equivalents one may not not Fair Value of Financial Instruments - The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three 1 3 Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of warrant liability discussed in Note 4. The following table provides liabilities reported at fair value and measured on a recurring basis at September 30, 2021 December 31, 2020 Description Fair Value Level 1 Level 2 Level 3 Fair value of warrant liability as of September 30, 2021: $ 3,712 $ — $ — $ 3,712 Fair value of warrant liability as of December 31, 2020: $ 8,192 $ — $ — $ 8,192 The table below of Level 3 third third 3 may not not Three Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, June 30, 2021 $ 5,390 $ 5,390 Change in fair value - net (1,678 ) (1,678 ) Balance, September 30, 2021 $ 3,712 $ 3,712 The table below of Level 3 December 31, 2020 nine September 30, 2021 3 may not not Nine Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, December 31, 2020 $ 8,192 $ 8,192 Exercise of warrants (52 ) (52 ) Change in fair value - net (4,428 ) (4,428 ) Balance, September 30, 2021 $ 3,712 $ 3,712 Loss Per Common Share three September 30, 2021 2020 4.5 million nine September 30, 2021 2020 4.1 million a Subsequent Events - 8 Recent Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 2020 06 2020 06 January 1, 2022 In May 2021, No. 2021 04, 260 470 50 718 815 40 2021 04 December 15, 2021, The Company does not not |
Note 3 - Accrued Expenses and O
Note 3 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 3. Accrued expenses and other current liabilities consist of the following components (in thousands): September 30, 2021 December 31, 2020 Accrued research and development $ 1,322 $ 907 Accrued legal, regulatory, professional and other 459 262 Accrued payroll and bonuses 350 426 Operating lease liability - current 115 118 Accrued related party 20 78 Total accrued expenses and other current liabilities $ 2,266 $ 1,791 Additionally, accounts payable includes $48,000 September 30, 2021 December 31, 2020 |
Note 4 - Warrants
Note 4 - Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 4. Liability Classified Warrants The Company uses the Black-Scholes option pricing model to determine the fair value of its warrants at the date of issue and outstanding at each reporting date. The risk-free interest rate assumption is based upon observed interest rates on zero 2020, The assumptions used in determining the fair value of the liability classified warrants are as follows: September 30, 2021 December 31, 2020 Risk-free interest rate 0.0% to 0.7% 0.1% to 0.3% Volatility 41.2% to 123.1% 113.7% to 127.4% Expected life (years) 0.4 to 3.9 1.1 to 4.6 Dividend yield —% —% A summary of the Company's liability classified warrant activity during the nine September 30, 2021 Number of Shares Range of Warrant Exercise Weighted Average Weighted Average Remaining Contractual Under Warrant Price per Share Exercise Price Life (Years) Balance at January 1, 2021 2,733,645 $ 6.30 $ 16.80 $ 9.45 3.6 Granted — — — — — Exercised (10,000 ) 6.30 6.30 6.30 — Expired — — — — — Balance at September 30, 2021 2,723,645 $ 6.30 $ 16.80 $ 9.46 2.9 Exercisable at September 30, 2021 2,723,645 $ 6.30 $ 16.80 $ 9.46 2.9 For a summary of the changes in fair value associated with the Company's warrant liability for the nine September 30, 2021 2 Equity Classified Warrants In April 2021, five five August 2021, ten August 2021 50% not one 50% 60 one April 2021 August 2021 At September 30, 2021 December 31, 2020 The Company recorded stock compensation expense for eq uity classified warrants of $422,000 and zero three September 30, 2021 2020 , respectively, and $432,000 and $5,000 nine September 30, 2021 2020 , respectively. At September 30, 2021 , there was |
Note 5 - Equity
Note 5 - Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. 2021 In June 2021, 2021 2021 may lion. As of the date of this report, there have been no 2021 In June 2021, The initial commitment shares issued in June 2021 no In February 2021, 30 January 2021 2020 2020 2020 February 2, 2021. Stock-Based Compensation and Outstanding Awards The 2015 September 30, 2021 e 43,628 s 2015 Stock-based compensation for the three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative $ 443 $ 366 $ 1,085 $ 1,029 Research and development 534 94 732 236 Total stock-based compensation expense $ 977 $ 460 $ 1,817 $ 1,265 During the nine September 30, 2021 one three four |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company does not 2021 three nine September 30, 2021 2021 not” not September 30, 2021 December 31, 2020 The Company recorded no three nine September 30, 2021 2020 nine September 30, 2021 2020 no |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. In addition to the commitments and contingencies described elsewhere in these notes, see below for a discussion of the Company's commitments and contingencies as of September 30, 2021 Lease Obligations Payable The following summarizes quantitative information about the Company's operating leases for the three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease cost: Operating lease cost $ 29 $ 29 $ 87 $ 87 Variable lease cost 7 7 22 22 Short-term lease cost — 4 — 13 Total $ 36 $ 40 $ 109 $ 122 The Company recorded approximatel y $10,000 and $31,000 i three nine September 30, 2021 2020 $35,000 a three September 30, 2021 2020 $103,000 nine September 30, 2021 2020 Licenses MD Anderson - $56,000 a three September 30, 2021 2020 $150,000 nine September 30, 2021 2020 HPI - March 16, 2020, first two second sixty e $59,000 three September 30, 2021 2020 $176,000 nine September 30, 2021 2020 Sponsored Research Agreements with MD Anderson - December 31, 2022. In July 2021, e $220,000 a three September 30, 2021 2020 $498,000 a nine September 30, 2021 2020 |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. There were no September 30, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – Unaudited Interim Condensed Consolidated Financial Information - 10 8 X. not not December 31, 2020 10 March 24, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates - may may may |
Liquidity and Financial Condition [Policy Text Block] | Liquidity and Financial Condition not nine September 30, 2021 2020 of million d million, f million million, r September 30, 2021 of million a million. September 30, 2021 not no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents one may not not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments - The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three 1 3 Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities recorded at fair value on a recurring basis include the fair value of warrant liability discussed in Note 4. The following table provides liabilities reported at fair value and measured on a recurring basis at September 30, 2021 December 31, 2020 Description Fair Value Level 1 Level 2 Level 3 Fair value of warrant liability as of September 30, 2021: $ 3,712 $ — $ — $ 3,712 Fair value of warrant liability as of December 31, 2020: $ 8,192 $ — $ — $ 8,192 The table below of Level 3 third third 3 may not not Three Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, June 30, 2021 $ 5,390 $ 5,390 Change in fair value - net (1,678 ) (1,678 ) Balance, September 30, 2021 $ 3,712 $ 3,712 The table below of Level 3 December 31, 2020 nine September 30, 2021 3 may not not Nine Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, December 31, 2020 $ 8,192 $ 8,192 Exercise of warrants (52 ) (52 ) Change in fair value - net (4,428 ) (4,428 ) Balance, September 30, 2021 $ 3,712 $ 3,712 |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Common Share three September 30, 2021 2020 4.5 million nine September 30, 2021 2020 4.1 million a |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - 8 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 2020 06 2020 06 January 1, 2022 In May 2021, No. 2021 04, 260 470 50 718 815 40 2021 04 December 15, 2021, The Company does not not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation, Principles of Consolidation, Significant Accounting Policies and Liquidity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Description Fair Value Level 1 Level 2 Level 3 Fair value of warrant liability as of September 30, 2021: $ 3,712 $ — $ — $ 3,712 Fair value of warrant liability as of December 31, 2020: $ 8,192 $ — $ — $ 8,192 Three Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, June 30, 2021 $ 5,390 $ 5,390 Change in fair value - net (1,678 ) (1,678 ) Balance, September 30, 2021 $ 3,712 $ 3,712 Nine Months Ended September 30, 2021 Warrant Liability Long-Term Warrant Liability Total Balance, December 31, 2020 $ 8,192 $ 8,192 Exercise of warrants (52 ) (52 ) Change in fair value - net (4,428 ) (4,428 ) Balance, September 30, 2021 $ 3,712 $ 3,712 |
Note 3 - Accrued Expenses and_2
Note 3 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2021 December 31, 2020 Accrued research and development $ 1,322 $ 907 Accrued legal, regulatory, professional and other 459 262 Accrued payroll and bonuses 350 426 Operating lease liability - current 115 118 Accrued related party 20 78 Total accrued expenses and other current liabilities $ 2,266 $ 1,791 |
Note 4 - Warrants (Tables)
Note 4 - Warrants (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Warrants or Rights, Assumptions Used [Table Text Block] | September 30, 2021 December 31, 2020 Risk-free interest rate 0.0% to 0.7% 0.1% to 0.3% Volatility 41.2% to 123.1% 113.7% to 127.4% Expected life (years) 0.4 to 3.9 1.1 to 4.6 Dividend yield —% —% |
Schedule of Warrant Activity [Table Text Block] | Number of Shares Range of Warrant Exercise Weighted Average Weighted Average Remaining Contractual Under Warrant Price per Share Exercise Price Life (Years) Balance at January 1, 2021 2,733,645 $ 6.30 $ 16.80 $ 9.45 3.6 Granted — — — — — Exercised (10,000 ) 6.30 6.30 6.30 — Expired — — — — — Balance at September 30, 2021 2,723,645 $ 6.30 $ 16.80 $ 9.46 2.9 Exercisable at September 30, 2021 2,723,645 $ 6.30 $ 16.80 $ 9.46 2.9 |
Note 5 - Equity (Tables)
Note 5 - Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative $ 443 $ 366 $ 1,085 $ 1,029 Research and development 534 94 732 236 Total stock-based compensation expense $ 977 $ 460 $ 1,817 $ 1,265 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease cost: Operating lease cost $ 29 $ 29 $ 87 $ 87 Variable lease cost 7 7 22 22 Short-term lease cost — 4 — 13 Total $ 36 $ 40 $ 109 $ 122 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | Sep. 30, 2021 |
Number of Core Drug Technologies | 3 |
Number of Drug Candidates | 5 |
Number Of Drugs In Clinical Trials | 5 |
Animal Life Sciences, Inc [Member] | |
Equity Method Investment, Ownership Percentage | 10.00% |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation, Principles of Consolidation, Significant Accounting Policies and Liquidity (Details Textual) $ in Thousands, shares in Millions | Jan. 29, 2021 | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($)shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Dec. 31, 2020USD ($) |
Net Income (Loss) Attributable to Parent, Total | $ (4,379) | $ (4,244) | $ (4,445) | $ (3,395) | $ (10,112) | $ (1,209) | $ (13,069) | $ (14,716) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (14,693) | $ (14,647) | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (69,984) | (69,984) | $ (56,916) | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 75,178 | $ 75,178 | $ 15,173 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 4.5 | 3.8 | 4.1 | 3.4 | ||||||
Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation, Principles of Consolidation, Significant Accounting Policies and Liquidity - Schedule of Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Balance | $ 5,390 | $ 8,192 | |
Change in fair value - net | (1,678) | (4,428) | |
Exercise of warrants | (52) | ||
Balance | 3,712 | 3,712 | |
Warrant Liability Long Term [Member] | |||
Balance | 5,390 | 8,192 | |
Change in fair value - net | (1,678) | (4,428) | |
Exercise of warrants | (52) | ||
Balance | 3,712 | 3,712 | |
Fair Value, Recurring [Member] | Warrant Liability [Member] | |||
Fair value of warrant liability | 3,712 | 3,712 | $ 8,192 |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of warrant liability | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of warrant liability | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of warrant liability | $ 3,712 | $ 3,712 | $ 8,192 |
Note 3 - Accrued Expenses and_3
Note 3 - Accrued Expenses and Other Current Liabilities (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Payable, Related Parties, Current | $ 48,000 | $ 48,000 |
Note 3 - Accrued Expenses and_4
Note 3 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued research and development | $ 1,322 | $ 907 |
Accrued legal, regulatory, professional and other | 459 | 262 |
Accrued payroll and bonuses | 350 | 426 |
Accrued related party | 20 | 78 |
Total accrued expenses and other current liabilities | 2,266 | 1,791 |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating lease liability - current | $ 115 | $ 118 |
Note 4 - Warrants (Details Text
Note 4 - Warrants (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 977,000 | $ 460,000 | $ 1,817,000 | $ 1,265,000 | |||
Equity Classified Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 396,502 | 396,502 | 250,000 | 71,500 | 109,639 | ||
Warrants and Rights Outstanding, Term (Year) | 10 years | 5 years | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.08 | $ 3.63 | |||||
Class of Warrant or Right, Vested and Exercisable (in shares) | 182,985 | 182,985 | 85,472 | ||||
Share-based Payment Arrangement, Expense | $ 422,000 | $ 0 | $ 432,000 | $ 5,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 632,000 | $ 632,000 |
Note 4 - Warrants - Assumptions
Note 4 - Warrants - Assumptions Used (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants, assumptions | 0 | 0.001 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, assumptions | 0.412 | 1.137 |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants, assumptions | 0.4 | 1.1 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants, assumptions | 0.007 | 0.003 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, assumptions | 1.231 | 1.274 |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants, assumptions | 3.9 | 4.6 |
Note 4 - Warrants - Warrant Act
Note 4 - Warrants - Warrant Activity (Details) - Liability Classified Warrants [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Balance, number of shares under warrants (in shares) | 2,733,645 | |
Balance, weighted average remaining contractual life (Year) | 2 years 10 months 24 days | 3 years 7 months 6 days |
Granted, number of shares under warrants (in shares) | 0 | |
Exercised, number of shares under warrants (in shares) | (10,000) | |
Expired, number of shares under warrants (in shares) | 0 | |
Balance, number of shares under warrants (in shares) | 2,723,645 | 2,733,645 |
Vested and Exercisable, number of shares under warrants (in shares) | 2,723,645 | |
Vested and Exercisable, weighted average remaining contractual life (Year) | 2 years 10 months 24 days | |
Minimum [Member] | ||
Balance, warrant exercise price (in dollars per share) | $ 6.30 | |
Granted, warrant exercise price (in dollars per share) | 0 | |
Exercised, warrant exercise price (in dollars per share) | 6.30 | |
Balance, warrant exercise price (in dollars per share) | 6.30 | $ 6.30 |
Vested and Exercisable, warrant exercise price (in dollars per share) | 6.30 | |
Maximum [Member] | ||
Balance, warrant exercise price (in dollars per share) | 16.80 | |
Granted, warrant exercise price (in dollars per share) | 0 | |
Exercised, warrant exercise price (in dollars per share) | 6.30 | |
Balance, warrant exercise price (in dollars per share) | 16.80 | 16.80 |
Vested and Exercisable, warrant exercise price (in dollars per share) | 16.80 | |
Weighted Average [Member] | ||
Balance, warrant exercise price (in dollars per share) | 9.45 | |
Granted, warrant exercise price (in dollars per share) | 0 | |
Exercised, warrant exercise price (in dollars per share) | 6.30 | |
Balance, warrant exercise price (in dollars per share) | 9.46 | $ 9.45 |
Vested and Exercisable, warrant exercise price (in dollars per share) | $ 9.46 |
Note 5 - Equity (Details Textua
Note 5 - Equity (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jun. 30, 2021USD ($)shares | Feb. 28, 2021USD ($)$ / sharesshares | Jan. 31, 2021USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | |
Proceeds from Issuance of Common Stock | $ | $ 74,685 | $ 17,077 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 532,865 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.24 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.75 | ||||
The 2015 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 43,628 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.73 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Number of Installment Periods | 4 | ||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2021 ATM Agreement [Member] | |||||
At Market Issuance Sales Agreement, Maximum Aggregate Offering Price | $ | $ 50,000 | ||||
Lincoln Park Transaction [Member] | |||||
Purchase Agreement, Common Stock, Maximum Aggregate Commitment | $ | $ 20,000 | ||||
Stock Issued During Period, Shares, Commitment Consideration (in shares) | 107,788 | ||||
Purchase Agreement, Maximum Aggregate Commitment, Number of Additional Shares Issued (in shares) | 53,893 | ||||
Stock Issued During Period, Value, Additional Commitment Shares | $ | $ 400 | ||||
February 2021 Stock Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 14,273,684 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.75 | ||||
Proceeds from Issuance of Common Stock | $ | $ 78,000 | ||||
Over-Allotment Option [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,141,052 | ||||
The 2020 ATM Agreement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 468,684 | ||||
Proceeds from Issuance of Common Stock | $ | $ 2,900 |
Note 5 - Equity - Stock based C
Note 5 - Equity - Stock based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation expense | $ 977 | $ 460 | $ 1,817 | $ 1,265 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | 443 | 366 | 1,085 | 1,029 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | $ 534 | $ 94 | $ 732 | $ 236 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) Pure in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 0 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) | Mar. 16, 2020USD ($) | Jul. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Sublease Income | $ 10,000 | $ 10,000 | $ 31,000 | $ 31,000 | ||
Operating Lease, Payments | 35,000 | 34,000 | 103,000 | 100,000 | ||
License Agreements Expense | 56,000 | 61,000 | 150,000 | 183,000 | ||
Research and Development Expense, Total | 4,095,000 | 4,435,000 | 11,239,000 | 10,971,000 | ||
MD Anderson [Member] | ||||||
Payments For Research And Development Agreement | $ 175,000 | |||||
Research and Development Expense, Total | 220,000 | 212,000 | 498,000 | 537,000 | ||
Houston Pharmaceuticals, Inc [Member] | ||||||
Other Commitments, Number of Agreements | 2 | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 59,000 | $ 59,000 | $ 176,000 | $ 226,000 | ||
Houston Pharmaceuticals, Inc [Member] | Consulting Agreement on Licensed Molecules [Member] | ||||||
Other Commitments, Term (Year) | 2 years | |||||
Other Commitment, Total | $ 43,500 | |||||
Houston Pharmaceuticals, Inc [Member] | Agreement Providing Access to Laboratory Equipment [Member] | ||||||
Other Commitment, Total | $ 15,000 | |||||
Other Commitments, Cancellation Period (Day) | 60 days |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease cost | $ 29 | $ 29 | $ 87 | $ 87 |
Variable lease cost | 7 | 7 | 22 | 22 |
Short-term lease cost | 0 | 4 | 0 | 13 |
Total | $ 36 | $ 40 | $ 109 | $ 122 |