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NVNO enVVeno Medical

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 12, 2021
Cover [Abstract]
Entity Registrant NameHancock Jaffe Laboratories, Inc.
Entity Central Index Key0001661053
Document Type10-Q
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Business Flagtrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodtrue
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding8,513,662
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)Mar. 31, 2021Dec. 31, 2020
Current Assets:
Cash and cash equivalents $ 43,836,687 $ 9,334,584
Prepaid expenses and other current assets328,837 234,467
Total Current Assets44,165,524 9,569,051
Property and equipment, net395,377 398,967
Operating lease right-of-use assets, net463,913 539,974
Security deposits and other assets29,843 29,843
Total Assets45,054,657 10,537,835
Current Liabilities:
Accounts payable709,238 1,390,362
Accrued expenses and other current liabilities531,749 1,168,969
Note Payable312,700 312,700
Current portion of operating lease liabilities320,234 314,202
Total Current Liabilities1,873,921 3,186,233
Long-term operating lease liabilities169,164 253,746
Total Liabilities2,043,085 3,439,979
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, par value $0.00001, 10,000,000 shares authorized: no shares issued or outstanding
Common stock, par value $0.00001, 250,000,000 shares authorized, 8,507,890 and 2,541,529 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively85 25
Additional paid-in capital111,107,784 72,421,242
Accumulated deficit(68,096,297)(65,323,411)
Total Stockholders' Equity43,011,572 7,097,856
Total Liabilities and Stockholders' Equity $ 45,054,657 $ 10,537,835

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized250,000,000 250,000,000
Common stock, shares issued8,507,890 2,541,529
Common stock, shares outstanding8,507,890 2,541,529

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating Expenses:
Selling, general and administrative expenses $ 1,176,455 $ 997,896
Research and development expenses1,631,795 510,624
Loss from Operations(2,808,250)(1,508,520)
Other Income:
Interest income, net(2,959)(2,633)
Change in fair value of derivative liabilities (346,129)
Other expense(32,405)
Total Other Income(35,364)(348,762)
Net Loss $ (2,772,886) $ (1,159,758)
Net Loss Per Basic and Diluted Common Share: $ (0.48) $ (1.57)
Weighted Average Number of Common Shares Outstanding: Basic and Diluted5,741,212 737,275

Condensed Statements of Changes

Condensed Statements of Changes In Stockholders' Equity (Deficiency) (Unaudited) - USD ($)Common Stock [Member]Additional Paid-in Capital [Member]Accumulated Deficit [Member]Total
Balance at Dec. 31, 2019 $ 7 $ 57,177,858 $ (56,187,925) $ 989,940
Balance, shares at Dec. 31, 2019717,274
Common stock issued private placement offering[1] $ 1 24,304 24,305
Common stock issued private placement offering, shares[1]52,000
Shared-Based Compensation 116,820 116,820
Warrants granted to consultants 14,070 14,070
Net loss (1,159,758)(1,159,758)
Balance at Mar. 31, 2020 $ 8 57,333,052 (57,347,683)(14,623)
Balance, shares at Mar. 31, 2020769,274
Balance at Dec. 31, 2020 $ 25 72,421,242 (65,323,411)7,097,856
Balance, shares at Dec. 31, 20202,541,529
Shared-Based Compensation 106,850 106,850
Common stock issued in public offerings[2] $ 59 38,127,717 38,127,776
Common stock issued in public offerings, shares[2]5,914,284
Common stock issued for exercise of warrants $ 1 239,999 240,000
Common stock issued for exercise of warrants, shares52,077
Fair Value of Warrants Issued 211,976 211,976
Net loss (2,772,886)(2,772,886)
Balance at Mar. 31, 2021 $ 85 $ 111,107,784 $ (68,096,297) $ 43,011,572
Balance, shares at Mar. 31, 20218,507,890
[1]net of offering costs of $80,000.
[2]net of offering costs of $3,270,000.

Condensed Statements of Chang_2

Condensed Statements of Changes In Stockholders' Equity (Deficiency) (Unaudited) (Parenthetical) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net offering cost $ 3,270,000 $ 80,000
Public Offering [Member]
Net offering cost $ 3,270,000
Private Placement Offering [Member]
Net offering cost $ 80,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash Flows from Operating Activities
Net loss $ (2,772,886) $ (1,159,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation129,164 130,890
Depreciation and amortization27,617 19,676
Amortization of right of use assets76,061 66,386
Change in fair value of derivatives (346,129)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets(54,370)(3,366)
Accounts payable(681,124)176,617
Accrued expenses and other current liabilities(487,558)29,866
Operating lease liabilities(78,550)(66,310)
Total adjustments(1,068,760)7,630
Net Cash Used in Operating Activities(3,841,646)(1,152,128)
Cash Flows from Investing Activities
Purchase of property and equipment(24,027)(5,313)
Net Cash Used in Investing Activities(24,027)(5,313)
Cash Flows from Financing Activities
Proceeds from private placement of common stock and warrants, net[1] 570,341
Proceeds from public offering of common stock and warrants, net[2]38,127,776
Proceeds from Warrant Exercises240,000
Net Cash Provided by Financing Activities38,367,776 570,341
Net (Decrease) Increase in Cash and Restricted Cash34,502,103 (587,100)
Cash, cash equivalents and restricted cash - Beginning of period9,334,584 2,117,286
Cash, cash equivalents and restricted cash - End of period43,836,687 1,530,186
Supplemental Disclosures of Cash Flow Information:
Cash Received During the Period For: Interest, net(2,959)(2,633)
Non-Cash Financing Activities
Fair value of warrants issued in connection with common stock included in derivative liabilities 513,534
Fair value of placement agent warrants issued in connection with common stock included in derivative liabilities 32,502
Fair value of warrants issued $ (211,976)
[1]Net of cash offering costs of $80,000 in 2020.
[2]Net of cash offering costs of $3,270,000 in 2021.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) - USD ($)Feb. 11, 2021Mar. 31, 2021Mar. 31, 2020
Statement of Cash Flows [Abstract]
Net offering cost $ 3,300,000 $ 3,270,000 $ 80,000

Business Organization and Natur

Business Organization and Nature of Operations3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization and Nature of OperationsNote 1 – Business Organization and Nature
of Operations Hancock Jaffe Laboratories, Inc.
is a medical device company developing tissue-based solutions that are designed to be life sustaining or life enhancing for patients with
cardiovascular disease, and peripheral arterial and venous disease. The Company’s products are being developed to address large
unmet medical needs by either offering treatments where none currently exist or by substantially increasing the current standards of care.
Our products which we are developing include: the VenoValve®, a porcine based device to be surgically implanted in the deep venous
system of the leg to treat a debilitating condition called chronic venous deficiency (“CVI”); and the CoreoGraft®, a
bovine based conduit to be used to revascularize the heart during coronary artery bypass graft (“CABG”) surgeries. Both of
these products are currently being developed for approval by the U.S. Food and Drug Administration (“FDA”). Our current senior
management team has been affiliated with more than 50 products that have received FDA approval or CE marking. We currently lease a 14,507
sq. ft. manufacturing facility in Irvine, California, where we manufacture products for our clinical trials and which has previously been
FDA certified for commercial manufacturing of product. Each of our products will be required
to successfully complete significant clinical trials to demonstrate the safety and efficacy of the product before it will be able to be
approved by the FDA.

Management's Liquidity Plan

Management's Liquidity Plan3 Months Ended
Mar. 31, 2021
Managements Liquidity Plan
Management's Liquidity PlanNote 2 – Management’s
Liquidity Plan The accompanying unaudited condensed
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. Although we expect to continue
incurring losses for the foreseeable future, may never earn revenues large enough to support operations, and may need to raise additional
capital to sustain operations, pursue product development initiatives, and penetrate markets for the sale of products, Management believes
that our capital resources at March 31, 2021, are sufficient to meet our obligations as they become due within one year after the date
of this interim filing, and sustain operations.

Significant Accounting Policies

Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting PoliciesNote 3 – Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures
required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion
of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for
a fair presentation of the unaudited condensed financial statements of the Company as of March 31, 2021 and December 31, 2020, and for
the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily
indicative of the operating results for the full year. These unaudited condensed financial statements should be read in conjunction with
the financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the
SEC on March 31, 2021. The condensed balance sheet as of December 31, 2020 has been derived from the Company’s audited financial
statements. Concentrations The Company maintains cash with
major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $43,586,687 and $9,084,584 as
of March 31, 2021 and December 31, 2020, respectively. Net Loss Per Share The Company computes basic and
diluted loss per share by dividing net loss attributable to common stockholders by the weighted average number of common stock outstanding
during the period. Basic and diluted net loss per common share are the same since the inclusion of common stock issuable pursuant to the
exercise of warrants and options, would have been anti-dilutive. Subsequent Events The Company evaluated events that have occurred after
the balance sheet date through the date the financial statements were issued. Based upon the evaluation and transactions, the Company
did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements. Recent Accounting Standards In December 2019, the FASB issued
ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects of the income tax accounting
guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination,
ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business
entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. There was not a significant
impact to the financial statements from the adoption of this standard.

Property and Equipment

Property and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and EquipmentNote 4 – Property and Equipment As of March 31, 2021 and December 31, 2020, property
and equipment consist of the following:
March 31, December 31,
2021 2020
Laboratory equipment $ 320,830 $ 320,830
Furniture and fixtures 103,734 98,392
Computer software and equipment 83,763 65,078
Leasehold improvements 158,092 158,092
Software 244,479 244,479
910,898 886,871
Less: accumulated depreciation (515,521 ) (487,904 )
Property and equipment, net $ 395,377 $ 398,967 Depreciation
expense amounted to $27,617 and $19,676 for the three months ended March 31, 2021 and 2020, respectively. Depreciation expense is reflected
in general and administrative expenses in the accompanying statements of operations.

Right-of-Use Assets and Lease L

Right-of-Use Assets and Lease Liability3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Right-of-Use Assets and Lease LiabilityNote 5 – Right-of-Use Assets and Lease Liability On September 20, 2017, the Company
renewed its operating lease for its manufacturing facility in Irvine, California, effective October 1, 2017, for five years with an option
to extend the lease for an additional five years at the end of the initial lease term. The initial lease rate was $26,838 per month with
escalating payments. In connection with the lease, the Company is obligated to pay $7,254 monthly for operating expenses for building
repairs and maintenance. The Company has no other operating or financing leases with terms greater than 12 months. The Company accounts for this
lease following the guidance in ASC Topic 842, Leases, and elected to adopt the short-term lease exception and not apply Topic 842 to
arrangements with lease terms of 12 months or less. The Company determined the lease liabilities using the Company’s estimated incremental
borrowing rate of 8.5% to estimate the present value of the monthly lease payments. Our operating lease cost is as follows:
For the Three Months Ended March 31, For the Three Months Ended March 31,
2021 2020
Operating lease cost $ 85,492 $ 85,492
Supplemental cash flow information related to our
operating lease is as follows:
For the Three Months Ended March 31, For the Three Months Ended March 31,
2021 2020
Operating Cash Flow Information:
Cash paid for amounts in the measurement of lease liabilities $ 87,981 $ 85,416
Remaining lease term and discount rate for our operating lease is as follows:
March 31, 2021
Remaining lease term 1.5 years
Discount rate 8.5 % Maturity of our lease liabilities by fiscal year for
our operating lease is as follows:
Nine months ended December 31, 2021 $ 266,580
Year ended December 31, 2022 271,854
Total $ 538,434
Less: Imputed Interest (49,036 )
Present value of our lease liability $ 489,398

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current LiabilitiesNote 6 – Accrued Expenses and Other Current
Liabilities As of March 31, 2021, and December 31, 2020, accrued
expenses and other current liabilities consist of the following:
March 31, December 31,
2021 2020
Accrued compensation costs $ 193,815 $ 473,799
Accrued professional fees 95,112 79,650
Accrued research and development 181,934 368,809
Accrued warrants - 188,104
Other accrued expenses 60,888 58,607
Total accrued expenses and other current liabilities $ 531,749 $ 1,168,969

Note Payable

Note Payable3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Note PayableNote 7 – Note Payable The note payable consists of the following at March
31, 2021 and December 31, 2020:
Carrying value $ 312,700
Stated maturity date April 22, 2022
Stated interest rate 1% per annum

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 8 – Commitments and Contingencies Litigations Claims and Assessments In the normal course of business,
the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records
legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Robert Rankin Complaints On July 9, 2020, the Company was
served with a civil complaint filed in the Superior Court for the State of California, County of Orange by a former employee, Robert Rankin,
who resigned his employment on or about March 30, 2020. The case is entitled Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No.
30-2020-01146555-CU-WR-CJC and was filed on May 27, 2020. On September 3, 2020 the Company and its Chief Executive Officer were served
with a second complaint filed in the Superior Court for the State of California, County of Orange by Mr. Rankin. The case is entitled
Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No. 30-2020-01157857 and was filed on August 31, 2020. The complaints assert several
causes of action including a cause of action for failure to timely pay Mr. Rankin’s accrued and unused vacation and three months’
severance under his July 16, 2018 employment agreement, defamation, unlawful labor code violations, sex-based discrimination, and unfair
competition, and seeks damages for lost wages, emotional and mental distress, consequential damages, punitive damages and attorney’s
fees and costs. The Company intends to vigorously defend the claims, investigate the allegations, and assert counterclaims. As of the
date of these financial statements, the amount of loss associated with these complaints, if any, cannot be reasonably estimated. Accordingly,
no amounts related to these complaints are accrued as of March 31, 2021.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Stockholders' EquityNote 9 –Stockholders’ Equity Common Stock On February 11, 2021, the Company
raised $41,400,000 in gross proceeds, with cash offering costs of approximately $3,300,000, in a public offering of 5,914,284 shares of
its common stock for a purchase price of $7.00 per share and warrants to purchase 2,957,142 shares of its common stock. The exercise price
of the warrants is $7.00 per share, subject to customary adjustments and they expire on February 11, 2026. The warrants had grant date
fair value of $4.84 per share for an aggregate grant date fair value of $14,312,567, using the Black Scholes method with the following
assumptions used: stock price of $7.53, risk-free interest rate of 0.11%, volatility of 113.1%, annual rate of quarterly dividends of
0%, and a contractual term of 2.5 years. We determined that equity classification of the warrants was appropriate. Accordingly, their
value is included in additional paid-in capital. Warrants In November 2020 the Company’s Board of Directors
approved the issuance of warrants to purchase 6,400 shares of common stock to an advisor and warrants to purchase 20,000 shares of common
stock to certain participants in the preferred share exchange. Separately the Company agreed to re-price warrants issued to the placement
agent for the Company’s February 25, 2020 private placement. These warrants and the re-priced warrant were issued in February 2021.
The value of these warrants when they were issued $211,976. The Company determined their value using the Black-Scholes method with the
following assumptions: stock price of $8.91 - $9.31, risk-free interest rate of 0.47%, volatility of 113%, annual rate of quarterly dividends
of 0%, and an expected term of 2.5 to 3.5 years. Stock Options From time to time, the Company
issues options for the purchase of its common stock to employees and others. The Company recognized $0.1 million of share-based compensation
related to stock options during the three months ended March 31, 2021 and 2020. As of March 31, 2021, there was
$1.0 million of unrecognized stock-based compensation expense related to outstanding stock options that will be recognized over the weighted
average remaining vesting period of 1.8 years.

Net Loss Per Share

Net Loss Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per ShareNote 10 – Net Loss per Share The following table summarizes
the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of March
31, 2021 and 2020:
March 31,
2021 2020
Shares of common stock issuable upon exercise of warrants 4,402,032 229,970
Shares of common stock issuable upon exercise of options 256,696 96,689
Potentially dilutive common stock equivalents excluded from diluted net loss per share 4,658,728 326,659

Significant Accounting Polici_2

Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The accompanying unaudited condensed
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures
required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion
of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for
a fair presentation of the unaudited condensed financial statements of the Company as of March 31, 2021 and December 31, 2020, and for
the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily
indicative of the operating results for the full year. These unaudited condensed financial statements should be read in conjunction with
the financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the
SEC on March 31, 2021. The condensed balance sheet as of December 31, 2020 has been derived from the Company’s audited financial
statements.
ConcentrationsConcentrations The Company maintains cash with
major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $43,586,687 and $9,084,584 as
of March 31, 2021 and December 31, 2020, respectively.
Net Loss Per ShareNet Loss Per Share The Company computes basic and
diluted loss per share by dividing net loss attributable to common stockholders by the weighted average number of common stock outstanding
during the period. Basic and diluted net loss per common share are the same since the inclusion of common stock issuable pursuant to
the exercise of warrants and options, would have been anti-dilutive.
Subsequent EventsSubsequent Events The Company evaluated events that have occurred after
the balance sheet date through the date the financial statements were issued. Based upon the evaluation and transactions, the Company
did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.
Recent Accounting StandardsRecent Accounting Standards In December 2019, the FASB issued
ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects of the income tax accounting
guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination,
ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business
entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. There was not a significant
impact to the financial statements from the adoption of this standard.

Property and Equipment (Tables)

Property and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and EquipmentAs of March 31, 2021 and December 31, 2020, property
and equipment consist of the following:
March 31, December 31,
2021 2020
Laboratory equipment $ 320,830 $ 320,830
Furniture and fixtures 103,734 98,392
Computer software and equipment 83,763 65,078
Leasehold improvements 158,092 158,092
Software 244,479 244,479
910,898 886,871
Less: accumulated depreciation (515,521 ) (487,904 )
Property and equipment, net $ 395,377 $ 398,967

Right-of-Use Assets and Lease_2

Right-of-Use Assets and Lease Liability (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Operating Lease CostOur operating lease cost is as follows:
For the Three Months Ended March 31, For the Three Months Ended March 31,
2021 2020
Operating lease cost $ 85,492 $ 85,492
Schedule of Supplemental Cash Flow Information Related to Operating LeaseSupplemental cash flow information related to our
operating lease is as follows:
For the Three Months Ended March 31, For the Three Months Ended March 31,
2021 2020
Operating Cash Flow Information:
Cash paid for amounts in the measurement of lease liabilities $ 87,981 $ 85,416
Schedule of Operating Remaining Lease Term and Discount RateRemaining lease term and discount rate for our operating lease is as follows:
March 31, 2021
Remaining lease term 1.5 years
Discount rate 8.5 %
Schedule of Maturity of Lease LiabilitiesMaturity of our lease liabilities by fiscal year for
our operating lease is as follows:
Nine months ended December 31, 2021 $ 266,580
Year ended December 31, 2022 271,854
Total $ 538,434
Less: Imputed Interest (49,036 )
Present value of our lease liability $ 489,398

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current LiabilitiesAs of March 31, 2021, and December 31, 2020, accrued
expenses and other current liabilities consist of the following:
March 31, December 31,
2021 2020
Accrued compensation costs $ 193,815 $ 473,799
Accrued professional fees 95,112 79,650
Accrued research and development 181,934 368,809
Accrued warrants - 188,104
Other accrued expenses 60,888 58,607
Total accrued expenses and other current liabilities $ 531,749 $ 1,168,969

Note Payable (Tables)

Note Payable (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Note PayableThe note payable consists of the following at March
31, 2021 and December 31, 2020:
Carrying value $ 312,700
Stated maturity date April 22, 2022
Stated interest rate 1% per annum

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Diluted Net Loss Per Common ShareThe following table summarizes
the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of March
31, 2021 and 2020:
March 31,
2021 2020
Shares of common stock issuable upon exercise of warrants 4,402,032 229,970
Shares of common stock issuable upon exercise of options 256,696 96,689
Potentially dilutive common stock equivalents excluded from diluted net loss per share 4,658,728 326,659

Business Organization and Nat_2

Business Organization and Nature of Operations (Details Narrative)Mar. 31, 2021ft²
Irvine, California [Member]
Area of land leased14,507

Significant Accounting Polici_3

Significant Accounting Policies (Details Narrative) - USD ($)Mar. 31, 2021Dec. 31, 2020
Accounting Policies [Abstract]
FDIC insured amount $ 250,000
Uninsured cash balance $ 43,586,687 $ 9,084,584

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense $ 27,617 $ 19,676

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Total property and equipment $ 910,898 $ 886,871
Less: accumulated depreciation(515,521)(487,904)
Property and equipment, net395,377 398,967
Laboratory Equipment [Member]
Total property and equipment320,830 320,830
Furniture and Fixtures [Member]
Total property and equipment103,734 98,392
Computer Software and Equipment [Member]
Total property and equipment83,763 65,078
Leasehold Improvements [Member]
Total property and equipment158,092 158,092
Software [Member]
Total property and equipment $ 244,479 $ 244,479

Right-of-Use Assets and Lease_3

Right-of-Use Assets and Lease Liability (Details Narrative) - USD ($)Sep. 20, 2017Mar. 31, 2021Mar. 31, 2020
Leases [Abstract]
Operating lease term5 years
Operating lease option to extendtrue
Operating lease renewal term5 years
Initial lease rate per month $ 26,838 $ 87,981 $ 85,416
Operating expenses for building repairs and maintenance $ 7,254
Financing leases term descriptionThe Company has no other operating or financing leases with terms greater than 12 months.
Incremental borrowing rate used to determine lease liability8.50%

Right-of-Use Assets and Lease_4

Right-of-Use Assets and Lease Liability - Schedule of Operating Lease Cost (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Leases [Abstract]
Operating lease cost $ 85,492 $ 85,492

Right-of-Use Assets and Lease_5

Right-of-Use Assets and Lease Liability - Schedule of Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($)Sep. 20, 2017Mar. 31, 2021Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts in the measurement of lease liabilities $ 26,838 $ 87,981 $ 85,416

Right-of-Use Assets and Lease_6

Right-of-Use Assets and Lease Liability - Schedule of Operating Remaining Lease Term and Discount Rate (Details)Mar. 31, 2021
Leases [Abstract]
Remaining lease term1 year 6 months
Discount rate8.50%

Right-of-Use Assets and Lease_7

Right-of-Use Assets and Lease Liability - Schedule of Maturity of Lease Liabilities (Details)Mar. 31, 2021USD ($)
Leases [Abstract]
Nine months ended December 31, 2021 $ 266,580
Year ended December 31, 2022271,854
Total538,434
Less: Imputed Interest(49,036)
Present value of our lease liability $ 489,398

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation costs $ 193,815 $ 473,799
Accrued professional fees95,112 79,650
Accrued research and development181,934 368,809
Accrued warrants 188,104
Other accrued expenses60,888 58,607
Total accrued expenses and other current liabilities $ 531,749 $ 1,168,969

Note Payable - Schedule of Note

Note Payable - Schedule of Note Payable (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Disclosure [Abstract]
Carrying value $ 312,700 $ 312,700
Stated maturity dateApr. 22,
2022
Apr. 22,
2022
Stated interest rate1.00%1.00%

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative)Feb. 11, 2021USD ($)$ / sharessharesMar. 31, 2021USD ($)Mar. 31, 2020USD ($)Nov. 30, 2020USD ($)$ / sharesshares
Proceeds from issuance of common stock | $ $ 41,400,000
Cash offering costs | $ $ 3,300,000 $ 3,270,000 $ 80,000
Number of shares issued | shares5,914,284
Share price per share | $ / shares $ 7
Warrants to purchase shares | shares2,957,142
Warrants exercise price | $ / shares $ 7
Warrant expire dateFeb. 11,
2026
Warrants grant date fair value | $ / shares $ 4.84
Warrants aggregate grant date fair value | $ $ 14,312,567
Warrants stock price | $ / shares $ 7.53
Warrants contractual term2 years 6 months
Recognized share-based compensation | $129,164 $ 130,890
Unrecognized stock-based compensation expense | $ $ 1,000,000
Weighted average remaining vesting period1 year 9 months 18 days
Maximum [Member]
Warrants stock price | $ / shares $ 8.91
Warrants contractual term2 years 6 months
Minimum [Member]
Warrants stock price | $ / shares $ 9.31
Warrants contractual term3 years 6 months
Preferred Share Exchange [Member]
Warrants to purchase shares | shares20,000
Board of Directors [Member]
Warrants to purchase shares | shares6,400
Warrants aggregate grant date fair value | $ $ 211,976
Risk Free Interest Rate [Member]
Warrants, measurement input0.110.47
Volatility [Member]
Warrants, measurement input113.1 113
Dividends [Member]
Warrants, measurement input0 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Diluted Net Loss Per Common Share (Details) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Potentially dilutive common stock equivalents excluded from diluted net loss per share4,658,728 326,659
Shares of Common Stock Issuable Upon Exercise of Warrants [Member]
Potentially dilutive common stock equivalents excluded from diluted net loss per share4,402,032 229,970
Shares of Common Stock Issuable Upon Exercise of Options [Member]
Potentially dilutive common stock equivalents excluded from diluted net loss per share256,696 96,689