Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Hancock Jaffe Laboratories, Inc. | |
Entity Central Index Key | 0001661053 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,513,662 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 43,836,687 | $ 9,334,584 |
Prepaid expenses and other current assets | 328,837 | 234,467 |
Total Current Assets | 44,165,524 | 9,569,051 |
Property and equipment, net | 395,377 | 398,967 |
Operating lease right-of-use assets, net | 463,913 | 539,974 |
Security deposits and other assets | 29,843 | 29,843 |
Total Assets | 45,054,657 | 10,537,835 |
Current Liabilities: | ||
Accounts payable | 709,238 | 1,390,362 |
Accrued expenses and other current liabilities | 531,749 | 1,168,969 |
Note Payable | 312,700 | 312,700 |
Current portion of operating lease liabilities | 320,234 | 314,202 |
Total Current Liabilities | 1,873,921 | 3,186,233 |
Long-term operating lease liabilities | 169,164 | 253,746 |
Total Liabilities | 2,043,085 | 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, respectively | 85 | 25 |
Additional paid-in capital | 111,107,784 | 72,421,242 |
Accumulated deficit | (68,096,297) | (65,323,411) |
Total Stockholders' Equity | 43,011,572 | 7,097,856 |
Total Liabilities and Stockholders' Equity | $ 45,054,657 | $ 10,537,835 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 8,507,890 | 2,541,529 |
Common stock, shares outstanding | 8,507,890 | 2,541,529 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses: | ||
Selling, general and administrative expenses | $ 1,176,455 | $ 997,896 |
Research and development expenses | 1,631,795 | 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 Diluted | 5,741,212 | 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, 2019 | 717,274 | ||||
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, 2020 | 769,274 | ||||
Balance at Dec. 31, 2020 | $ 25 | 72,421,242 | (65,323,411) | 7,097,856 | |
Balance, shares at Dec. 31, 2020 | 2,541,529 | ||||
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, shares | 52,077 | ||||
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, 2021 | 8,507,890 | ||||
[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, 2021 | Mar. 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, 2021 | Mar. 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 compensation | 129,164 | 130,890 | |
Depreciation and amortization | 27,617 | 19,676 | |
Amortization of right of use assets | 76,061 | 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 Exercises | 240,000 | ||
Net Cash Provided by Financing Activities | 38,367,776 | 570,341 | |
Net (Decrease) Increase in Cash and Restricted Cash | 34,502,103 | (587,100) | |
Cash, cash equivalents and restricted cash - Beginning of period | 9,334,584 | 2,117,286 | |
Cash, cash equivalents and restricted cash - End of period | 43,836,687 | 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, 2021 | Mar. 31, 2021 | Mar. 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 Operations | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization and Nature of Operations | Note 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 Plan | 3 Months Ended |
Mar. 31, 2021 | |
Managements Liquidity Plan | |
Management's Liquidity Plan | Note 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 Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 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 Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 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 Liability | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Right-of-Use Assets and Lease Liability | Note 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 Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 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 Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable | Note 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 Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 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' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 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 Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 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 Presentation | 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 | 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 | 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 | 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 | 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 (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of 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 |
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 Cost | 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 |
Schedule of Supplemental Cash Flow Information Related to Operating Lease | 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 |
Schedule of Operating Remaining Lease Term and Discount Rate | 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 % |
Schedule of Maturity of Lease Liabilities | 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 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 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 (Tables)
Note Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of 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 |
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 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 |
Business Organization and Nat_2
Business Organization and Nature of Operations (Details Narrative) | Mar. 31, 2021ft² |
Irvine, California [Member] | |
Area of land leased | 14,507 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 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, 2021 | Mar. 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, 2021 | Dec. 31, 2020 |
Total property and equipment | $ 910,898 | $ 886,871 |
Less: accumulated depreciation | (515,521) | (487,904) |
Property and equipment, net | 395,377 | 398,967 |
Laboratory Equipment [Member] | ||
Total property and equipment | 320,830 | 320,830 |
Furniture and Fixtures [Member] | ||
Total property and equipment | 103,734 | 98,392 |
Computer Software and Equipment [Member] | ||
Total property and equipment | 83,763 | 65,078 |
Leasehold Improvements [Member] | ||
Total property and equipment | 158,092 | 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, 2017 | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | |||
Operating lease term | 5 years | ||
Operating lease option to extend | true | ||
Operating lease renewal term | 5 years | ||
Initial lease rate per month | $ 26,838 | $ 87,981 | $ 85,416 |
Operating expenses for building repairs and maintenance | $ 7,254 | ||
Financing leases term description | The Company has no other operating or financing leases with terms greater than 12 months. | ||
Incremental borrowing rate used to determine lease liability | 8.50% |
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, 2021 | Mar. 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, 2017 | Mar. 31, 2021 | Mar. 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 term | 1 year 6 months |
Discount rate | 8.50% |
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, 2022 | 271,854 |
Total | 538,434 |
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, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
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 - Schedule of Note
Note Payable - Schedule of Note Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Carrying value | $ 312,700 | $ 312,700 |
Stated maturity date | Apr. 22, 2022 | Apr. 22, 2022 |
Stated interest rate | 1.00% | 1.00% |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) | Feb. 11, 2021USD ($)$ / sharesshares | Mar. 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 | shares | 5,914,284 | |||
Share price per share | $ / shares | $ 7 | |||
Warrants to purchase shares | shares | 2,957,142 | |||
Warrants exercise price | $ / shares | $ 7 | |||
Warrant expire date | Feb. 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 term | 2 years 6 months | |||
Recognized share-based compensation | $ | 129,164 | $ 130,890 | ||
Unrecognized stock-based compensation expense | $ | $ 1,000,000 | |||
Weighted average remaining vesting period | 1 year 9 months 18 days | |||
Maximum [Member] | ||||
Warrants stock price | $ / shares | $ 8.91 | |||
Warrants contractual term | 2 years 6 months | |||
Minimum [Member] | ||||
Warrants stock price | $ / shares | $ 9.31 | |||
Warrants contractual term | 3 years 6 months | |||
Preferred Share Exchange [Member] | ||||
Warrants to purchase shares | shares | 20,000 | |||
Board of Directors [Member] | ||||
Warrants to purchase shares | shares | 6,400 | |||
Warrants aggregate grant date fair value | $ | $ 211,976 | |||
Risk Free Interest Rate [Member] | ||||
Warrants, measurement input | 0.11 | 0.47 | ||
Volatility [Member] | ||||
Warrants, measurement input | 113.1 | 113 | ||
Dividends [Member] | ||||
Warrants, measurement input | 0 | 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Diluted Net Loss Per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 4,658,728 | 326,659 |
Shares of Common Stock Issuable Upon Exercise of Warrants [Member] | ||
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 4,402,032 | 229,970 |
Shares of Common Stock Issuable Upon Exercise of Options [Member] | ||
Potentially dilutive common stock equivalents excluded from diluted net loss per share | 256,696 | 96,689 |