Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001742927 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38634 | |
Entity Registrant Name | Reviva Pharmaceuticals Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4306526 | |
Entity Address, Address Line One | 19925 Stevens Creek Blvd., Suite 100 | |
Entity Address, City or Town | Cupertino | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95014 | |
City Area Code | 408 | |
Local Phone Number | 501-8881 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | RVPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,442,871 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 23,191,927 | $ 29,687,944 |
Prepaid expenses and other current assets | 849,023 | 1,716,057 |
Total Assets | 24,040,950 | 31,404,001 |
Liabilities | ||
Accounts payable | 2,347,798 | 509,583 |
Accrued expenses and other current liabilities | 1,227,934 | 1,835,228 |
Total current liabilities | 3,575,732 | 2,344,811 |
Warrant liabilities | 105,699 | 372,730 |
Total Liabilities | 3,681,431 | 2,717,541 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, par value of $0.0001; 115,000,000 shares authorized; 20,442,871 and 14,433,286 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively | 2,044 | 1,443 |
Additional paid-in capital | 103,410,464 | 95,516,986 |
Accumulated deficit | (83,052,989) | (66,831,969) |
Total stockholders' equity | 20,359,519 | 28,686,460 |
Total Liabilities and Stockholders' Equity | $ 24,040,950 | $ 31,404,001 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited)-parentheticals (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 |
Common Stock, Shares, Issued (in shares) | 20,442,871 | 14,433,286 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 20,442,871 | 14,433,286 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses | ||||
Research and development | $ 2,305,981 | $ 1,423,359 | $ 12,650,388 | $ 2,188,849 |
General and administrative | 1,256,972 | 1,053,481 | 3,882,210 | 3,951,021 |
Total operating expenses | 3,562,953 | 2,476,840 | 16,532,598 | 6,139,870 |
Loss from operations | (3,562,953) | (2,476,840) | (16,532,598) | (6,139,870) |
Other income (expense) | ||||
Gain on remeasurement of warrant liabilities | 0 | 200,273 | 267,031 | 1,312,899 |
Interest and other income (expense), net | 49,509 | (547) | 56,961 | (3,948) |
Total other income (expense), net | 49,509 | 199,726 | 323,992 | 1,308,951 |
Loss before provision for income taxes | (3,513,444) | (2,277,114) | (16,208,606) | (4,830,919) |
Provision for income taxes | 1,864 | 2,102 | 12,414 | 6,004 |
Net loss | $ (3,515,308) | $ (2,279,216) | $ (16,221,020) | $ (4,836,923) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.18) | $ (0.12) | $ (0.87) | $ (0.36) |
Weighted average shares outstanding | ||||
Basic and diluted (in shares) | 19,269,989 | 18,455,586 | 18,737,330 | 13,554,548 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 9,231,737 | |||
Balance at Dec. 31, 2020 | $ 923 | $ 63,774,920 | $ (58,310,093) | $ 5,465,750 |
Common stock issued in connection with warrant exercises (in shares) | 23,849 | |||
Common stock issued in connection with warrant exercises | $ 2 | 98,375 | 0 | 98,377 |
Issuance of common stock and warrants in offering, net of transaction costs (in shares) | 4,133,400 | |||
Issuance of common stock and warrants in offering, net of transaction costs | $ 413 | 31,497,050 | 0 | 31,497,463 |
Stock-based compensation expense | 0 | 44,679 | 0 | 44,679 |
Net loss | $ 0 | 0 | (4,836,923) | (4,836,923) |
Balance (in shares) at Sep. 30, 2021 | 13,388,986 | |||
Balance at Sep. 30, 2021 | $ 1,338 | 95,415,024 | (63,147,016) | 32,269,346 |
Balance (in shares) at Dec. 31, 2020 | 9,231,737 | |||
Balance at Dec. 31, 2020 | $ 923 | 63,774,920 | (58,310,093) | 5,465,750 |
Balance (in shares) at Dec. 31, 2021 | 14,433,286 | |||
Balance at Dec. 31, 2021 | $ 1,443 | 95,516,986 | (66,831,969) | 28,686,460 |
Balance (in shares) at Jun. 30, 2021 | 13,388,986 | |||
Balance at Jun. 30, 2021 | $ 1,338 | 95,387,434 | (60,867,800) | 34,520,972 |
Stock-based compensation expense | 0 | 27,590 | 0 | 27,590 |
Net loss | $ 0 | 0 | (2,279,216) | (2,279,216) |
Balance (in shares) at Sep. 30, 2021 | 13,388,986 | |||
Balance at Sep. 30, 2021 | $ 1,338 | 95,415,024 | (63,147,016) | 32,269,346 |
Balance (in shares) at Dec. 31, 2021 | 14,433,286 | |||
Balance at Dec. 31, 2021 | $ 1,443 | 95,516,986 | (66,831,969) | 28,686,460 |
Common stock issued in connection with warrant exercises (in shares) | 4,033,300 | |||
Common stock issued in connection with warrant exercises | $ 403 | 0 | 0 | 403 |
Issuance of common stock and warrants in offering, net of transaction costs (in shares) | 1,976,285 | |||
Issuance of common stock and warrants in offering, net of transaction costs | $ 198 | 7,773,329 | 0 | 7,773,527 |
Stock-based compensation expense | 0 | 120,149 | 0 | 120,149 |
Net loss | $ 0 | 0 | (16,221,020) | (16,221,020) |
Balance (in shares) at Sep. 30, 2022 | 20,442,871 | |||
Balance at Sep. 30, 2022 | $ 2,044 | 103,410,464 | (83,052,989) | 20,359,519 |
Balance (in shares) at Jun. 30, 2022 | 15,133,286 | |||
Balance at Jun. 30, 2022 | $ 1,513 | 95,596,548 | (79,537,681) | 16,060,380 |
Common stock issued in connection with warrant exercises (in shares) | 3,333,300 | |||
Common stock issued in connection with warrant exercises | $ 333 | 0 | 0 | 333 |
Issuance of common stock and warrants in offering, net of transaction costs (in shares) | 1,976,285 | |||
Issuance of common stock and warrants in offering, net of transaction costs | $ 198 | 7,773,329 | 0 | 7,773,527 |
Stock-based compensation expense | 0 | 40,587 | 0 | 40,587 |
Net loss | $ 0 | 0 | (3,515,308) | (3,515,308) |
Balance (in shares) at Sep. 30, 2022 | 20,442,871 | |||
Balance at Sep. 30, 2022 | $ 2,044 | $ 103,410,464 | $ (83,052,989) | $ 20,359,519 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities | |||||
Net loss | $ (3,515,308) | $ (2,279,216) | $ (16,221,020) | $ (4,836,923) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||
Change in fair value of warrant liabilities | (267,031) | (1,312,899) | |||
Stock-based compensation expense | 120,149 | 44,679 | |||
Changes in operating assets and liabilities: | |||||
Prepaid expenses and other current assets | 1,074,587 | (302,123) | |||
Accounts payable | 1,630,662 | (587,263) | |||
Accrued expenses and other current liabilities | (607,294) | 228,220 | |||
Net cash used in operating activities | (14,269,947) | (6,766,309) | |||
Cash flows from financing activities | |||||
Proceeds from issuance common stock and warrants in offering, net | 7,773,527 | 31,497,463 | |||
Proceeds from exercise of warrants | 403 | 0 | |||
Net cash provided by financing activities | 7,773,930 | 31,497,463 | |||
Net (decrease) increase in cash | (6,496,017) | 24,731,154 | |||
Cash, beginning of period | 29,687,944 | 8,760,462 | $ 8,760,462 | ||
Cash, end of period | 23,191,927 | 33,491,616 | 23,191,927 | 33,491,616 | $ 29,687,944 |
Supplemental disclosures of cash flow information: | |||||
Cash paid for taxes | 4,981 | 2,400 | |||
Prepaid expenses included in accounts payable | $ 207,553 | $ 0 | $ 207,553 | $ 0 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND NATURE OF OPERATIONS On December 14, 2020, Reviva Pharmaceuticals Holdings, Inc. (the “Company”), a Delaware corporation and the successor by re-domiciliation to Tenzing Acquisition Corp. (“Tenzing”), a British Virgin Islands exempted company, Tenzing Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Tenzing (“Merger Sub”), and Reviva Pharmaceuticals, Inc., a Delaware corporation (together with its consolidated subsidiary), consummated a business combination (the “Business Combination”) through the merger of Merger Sub with and into Reviva Pharmaceuticals, Inc., contemplated by the previously announced Agreement and Plan of Merger, dated as of July 20, 2020 (the “Merger Agreement”), by and among Tenzing, Merger Sub, Reviva Pharmaceuticals, Inc., and the other parties thereto. Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), Merger Sub merged with and into Reviva Pharmaceuticals, Inc., with Reviva Pharmaceuticals, Inc. as the surviving company in the Merger and, after giving effect to such Merger, Reviva Pharmaceuticals, Inc. becoming a wholly-owned subsidiary of Reviva Pharmaceuticals Holdings, Inc. (together with its consolidated subsidiary). Reviva Pharmaceuticals, Inc. was originally incorporated in the state of Delaware and commenced operations on May 1, 2006 and its Indian subsidiary, Reviva Pharmaceuticals India Pvt. Ltd. was incorporated in 2014. The Company is an emerging research based pharmaceutical company focused on developing a portfolio of internally discovered next generation safe and effective therapeutic drugs by using an integrated chemical genomics technology platform and proprietary chemistries. The Company is currently focused on developing drugs for the central nervous system (CNS), cardiovascular (CV), metabolic and inflammatory diseases. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain footnotes and other financial information normally required by accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations. In management’s opinion, these condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and notes thereto and include all adjustments, consisting of normal recurring items, considered necessary for the fair presentation. The operating results for the nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021, has been derived from our audited financial statements at that date but does not include all disclosures and financial information required by GAAP for complete financial statements. The information included in the quarterly report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2021, which were included in our annual report on Form 10-K, as filed with the Securities and Exchange Commission on March 15, 2022. Liquidity and Going Concern The Company has recognized recurring losses. As of September 30, 2022 the Company had a working capital of approximately $20.5 million, an accumulated deficit of $83.1 million and cash on hand of approximately $23.2 million. The Company’s net loss for the three months ended September 30, 2022 and 2021, was approximately $3.5 million and $2.3 million, respectively. The Company’s net loss for the nine months ended September 30, 2022 and 2021, was approximately $16.2 million and $4.8 million, respectively. The Company expects to incur significant expenses and increased operating losses for the next several years. The Company expects its expenses to increase in connection with its ongoing activities to research, develop and commercialize its product candidates. The Company will need to generate significant revenues to achieve profitability, and it may never do so. The Company expects the balance of cash on hand to be sufficient to meet its obligations for the 12 months from the issuance of these consolidated financial statements. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not limited to, valuation of intangible assets, depreciative and amortization useful lives, assumptions used to calculate the fair value of the contingent share consideration, stock-based compensation, beneficial conversion features, warrant values, deferred taxes and the assumptions used to calculate derivative liabilities. Actual results could differ materially from such estimates under different assumptions or circumstances. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. Substantially, all the Company’s cash is held in demand deposit form by one financial institution. The Company has not experienced any losses on its deposits of cash. The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not limited to, limited management resources, dependence upon medical acceptance of the product in development, regulatory approvals, successful clinical trials, availability and willingness of patients to participate in human trials, and competition in the pharmaceutical industry. The Company’s operating results may be materially affected by the foregoing factors. Impact of COVID-19 In response to the spread of COVID-19, the Company has taken temporary precautionary measures intended to help minimize the risk of the virus to its employees and community, including temporarily requiring employees to work remotely and suspending all non-essential travel for the Company’s employees. As a result of the COVID-19 pandemic, the Company may experience disruptions that could adversely impact the Company’s business. The COVID-19 pandemic may negatively affect clinical site initiation, patient recruitment and enrollment, patient dosing, distribution of drug to clinical sites and clinical trial monitoring for our clinical trials. The COVID-19 pandemic may also negatively affect the operations of the third-party contract research organizations that the Company intends to rely upon to assist it in conducting its clinical trials and the contract manufacturers who manufacture the Company’s drug candidates. The Company is continuing to assess the potential impact of the COVID-19 pandemic on its business and operations as of September 30, 2022. |
Note 3 - Public Offering
Note 3 - Public Offering | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 3. PUBLIC OFFERING On June 1, 2021, the Company completed a public offering (the “Offering”) of Units (each, a “Unit”), with each Unit consisting of (a) one share of common stock (or pre-funded warrant to purchase one |
Note 4 - Registered Direct Offe
Note 4 - Registered Direct Offering and Private Placement | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 3. PUBLIC OFFERING On June 1, 2021, the Company completed a public offering (the “Offering”) of Units (each, a “Unit”), with each Unit consisting of (a) one share of common stock (or pre-funded warrant to purchase one |
Registered Direct Offering and Private Placement [Member] | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. REGISTERED DIRECT OFFERING AND PRIVATE PLACEMENT On September 8, 2022, the Company completed a registered direct offering and concurrent private placement (together, the “September 2022 Offering”). In the registered direct offering, the Company issued 1,976,285 shares of common stock at a purchase price per share of $2.53, for aggregate gross proceeds to the Company of approximately $5.0 million, before deducting certain transaction expenses payable by the Company. The transaction expenses were net against the proceeds received and were included in additional paid-in capital. The Company issued to the investors in the September 2022 Offering warrants to purchase up to 3,359,684 shares of common stock (the “Private Placement Warrants”). The Private Placement Warrants were immediately exercisable upon issuance at an exercise price of $2.40 per share and will expire on September 8, 2027. In a concurrent private placement the Company issued pre-funded warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 1,383,399 shares of common stock at a purchase price of $2.5299 per Private Pre-Funded Warrant, for aggregate gross proceeds to the Company of approximately $3.5 million, before deducting transaction expenses payable by the Company, which were net against the proceeds received and were included in additional paid-in capital. The Private Pre-Funded Warrants were immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised. No Private Pre-Funded Warrants or Private Placement Warrants have been exercised as of September 30, 2022 (see Note 7). The September 2022 Offering resulted in aggregate gross proceeds of approximately $8.5 million before deducting transaction expenses. The total net proceeds totaled approximately $7.8 million after deducting transaction costs of $0.7 million. |
Note 5 - At the Market Offering
Note 5 - At the Market Offering | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
At the Market Offering [Text Block] | 5. AT THE MARKET OFFERING In January 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of its common stock for aggregate gross proceeds of up to $12.9 million. Effective July 28, 2022, the Company terminated the ATM Agreement. Prior to termination, the Company had not |
Note 6 - Loss Per Share
Note 6 - Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. LOSS PER SHARE Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of common stock outstanding during the period. Diluted loss per share includes potentially dilutive securities such as stock options, warrants to purchase common stock, and other convertible instruments unless the result of inclusion would be anti-dilutive. These securities have been excluded from the calculation of diluted net loss per shares for the three and nine months ended September 30, 2022 and September 30, 2021 because all such securities are anti-dilutive for all periods presented. The following table summarizes the Company’s potentially dilutive securities, in common share equivalents, which have been excluded from the calculation of dilutive loss per share as their effect would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares issuable upon exercise of stock options 179,627 146,698 179,627 146,698 Shares issuable upon exercise of warrants to purchase common stock 17,237,604 13,883,732 17,237,604 13,883,732 Shares contingently issuable for earnout 1,000,000 1,000,000 1,000,000 1,000,000 18,417,231 15,030,430 18,417,231 15,030,430 The diluted loss per share computation equals basic loss per share for the three and nine months ended September 30, 2022 and September 30, 2021 because the Company had a net loss and the impact of the assumed exercise of stock options and warrants would have been anti-dilutive. |
Note 7 - Warrants
Note 7 - Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Warrants [Text Block] | 7. WARRANTS As of September 30, 2022, there were public warrants outstanding to purchase an aggregate of 6,325,000 shares of common stock and private warrants outstanding to purchase an aggregate of 3,915,997 shares of common stock. Each public warrant entitles the holder thereof to purchase one We may call the public warrants for redemption, in whole and not in part, at a price of $0.01 per warrant; • if, and only if, the reported last sale price of the common stock equals or exceeds $21.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third trading business day prior to the notice of redemption to holders of the public warrants, and • if, and only if, there is a current registration statement in effect with respect to the issuance of the shares of Common Stock underlying such Public Warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption • at any time while the public warrants are exercisable • upon not less than 30 days’ prior written notice of redemption to each warrant holder The private warrants are substantially similar to the public warrants except such private warrants; • are exercisable for cash or on a cashless basis, at the holder’s option • cannot be redeemed by us, so long as they are still held by the initial purchasers or their affiliates. • The redemption price is to be calculated as the 10-day average trading price ending one trading business day prior to the notice of redemption. In no event will the Company be required to net cash settle either the public or the private warrants. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or a recapitalization, reorganization, merger or consolidation. Further, there were assumed warrants outstanding to purchase an aggregate of 126,268 shares of common stock. These warrants were classified as equity as of September 30, 2022, and December 31, 2021. The fair value of these warrants on the date of issuance was $1,279,182. In connection with the September 2022 Offering, the Company issued Pre-Funded Warrants exercisable for 5,066,600 shares of common stock. Total proceeds from the sale of Units including the Pre-Funded Warrants were approximately $19.0 million and the Pre-Funded Warrants are exercisable into one In connection with the September 2022 Offering (see note 4), the Company issued Private Placement Warrants to purchase up to 3,359,684 shares of Common Stock, which were immediately exercisable at an exercise price of $2.40 per share and will expire on September 8, 2027. Additionally, the Company issued Private Pre-Funded Warrants to purchase up to an aggregate of 1,383,399 shares of common stock at a purchase price of $2.5299 per share. The Private Pre-Funded Warrants were immediately exercisable at an exercise price of $0.0001 per share. The fair value of the Private Placement Warrants and Private Pre-Funded Warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., Company share price of $2.20, exercise price of $2.40 for the Private Placement Warrants and $0.0001 for the Private Pre-Funded Warrants, term of 5 years, volatility of 111%, risk-free rate of 3.4%, and expected dividend rate of 0%) The Company evaluated the Private Placement Warrants and the Private Pre-Funded Warrants in accordance with the guidance at ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging |
Note 8 - Stock Option Plans and
Note 8 - Stock Option Plans and Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. STOCK OPTION PLANS AND STOCK-BASED COMPENSATION Stock-Based Compensation Expense The Company records stock-based compensation expense in connection with the amortization of the fair value of stock options granted to employees, non-employee consultants and non-employee directors. During the three months ended September 30, 2022 and 2021, the Company recorded stock-based compensation of $40,587 and $27,590 respectively. During the nine months ended September 30, 2022, and 2021, the Company recorded stock-based compensation of $120,149 and $44,679 respectively. As of September 30, 2022, the Company had unrecognized stock-based compensation expense of $163,779, which is expected to be recognized over a weighted-average period of 1.5 years. As of September 30, 2022, there are 0 and 2,695,663 shares of common stock available for issuance under the 2006 Equity Incentive Plan and 2020 Equity Incentive Plan. Determining Fair Value Valuation and Recognition – The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes pricing model utilizes the following assumptions: Expected Term – Expected life of an option award is the average length of time over which the Company expects employees will exercise their options, which is based on historical experience with similar grants. Expected Volatility - Expected volatility is based on the Company’s historical stock volatility data over the expected term of the awards. Risk-Free Interest Rate - The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term. Dividend Yield – The Company has not paid a dividend and does not anticipate paying a dividend in the foreseeable future. The value of option grants is calculated using the Black-Scholes option pricing model with the following assumptions for options granted during the nine months ended September 30, 2022 and 2021: September 30, 2022 September 30, 2021 Risk-free interest rate 2.95% 0.95% - 1.10% Expected term (in years) 5.45 5.75 - 6.08 Expected volatility 86.6% 91.4% - 92.2% Expected dividend yield 0% 0% Activity under the stock plans for the nine months ending September 30, 2022, is as follows: Number of Options Outstanding Weighted Average Exercise price per share Weighted Average Remaining Contractual Term in Years Balance, December 31, 2021 192,898 $ 8.46 6.76 Granted 5,000 $ 0.71 Expired (18,271 ) $ 11.89 Balance, September 30, 2022 179,627 $ 7.89 6.74 Balance at September 30, 2022 179,627 $ 7.89 6.74 Options exercisable at September 30, 2022 101,674 $ 10.91 5.12 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Clinical trials Since 2010, the Company has entered into multiple clinical trial agreements with medical institutions in the United States, Europe and Asia for the purpose of enrolling patients into various clinical trials. The agreements are substantially similar by trial and include a detailed listing of the clinical trial services for which the Company will pay, how much will be paid for each service, a set-up charge (if any), Investigational Review Board fees, contractual term, and other provisions. The clinical trial services provided by each site generally include the screening of prospective patients and, for those patients to be enrolled in the study, administration of the Company’s investigation drug according to the trial protocol, any required hospitalization, ancillary medical supplies, and 2-week patient follow-up. Further, each agreement requires the Company to indemnify each respective clinical site against any and all liability, loss, or damage it may suffer as a result of third-party claims; the Company maintains product liability insurance of not less than $10 million in conjunction with this indemnification. The agreements may be terminated upon 30 days’ written notice, subject to conditions of paying all liabilities incurred through the date of termination. Additionally, with each screened patient, the Company incurs expense with other entities engaged to provide independent review of patient medical records. Indemnification From time to time, in its normal course of business, the Company may indemnify other parties, with whom it enters into contractual relationships, including lessors and parties to other transactions with the Company. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from a breach of representation, covenant or third-party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification obligations due to the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification claims. The Company has also indemnified its directors and executive officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or executive officer. Operating Leases The Company adopted ASC 842, Leases, on January 1, 2020. The Company has elected to apply the short-term lease exception to leases of one year or less. Presently, the Company has a single twelve-month |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 - quoted prices in active markets for identical assets or liabilities; • Level 2 - quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or • Level 3 - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a listing of the Company’s warrant liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of September 30, 2022 and December 31, 2021: September 30, 2022 Level 1 Level 2 Level 3 Total (unaudited) Liabilities: Warrant liability — — $ 105,699 $ 105,699 Total $ — $ — $ 105,699 $ 105,699 December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ — $ — $ 372,730 $ 372,730 Total $ — $ — $ 372,730 $ 372,730 The following table summarizes the changes in the fair value of the warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (unaudited) (unaudited) Balance, beginning of period $ 105,699 $ 851,159 $ 372,730 $ 1,963,785 Change in fair value of warrant liability — (200,273 ) (267,031 ) (1,312,899 ) Balance, end of period $ 105,699 $ 650,886 $ 105,699 $ 650,886 The Company classifies the private warrants pursuant to ASC 815 as derivative liabilities as the warrants have terms which are modified upon any future transfer of ownership, with subsequent changes in their fair values to be recognized in the consolidated financial statements at each reporting date. The Company calculated the fair value of the private warrants as of September 30, 2022 as $105,699 using a Black-Scholes model. The key inputs used in the Black-Scholes calculation were, the risk-free interest rate, expected volatility, expected life, exercise price and stock price. The risk-free interest rate was estimated to be 4.23%, the expected volatility was estimated to be 76.8 11.50 The Company recorded a gain on remeasurement of warrant liabilities of $0 and $200,273 for the three months ended September 30, 2022 and 2021, respectively. The Company recorded a gain on remeasurement of warrant liabilities of $267,031 and $1,312,899 for the nine months ended September 30, 2022 and 2021, respectively. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS In connection with the September 2022 Offering, on October 6, 2022, the Company filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, relating to the resale from time to time, by the selling stockholders identified in the prospectus of (i) up to 3,359,684 shares of common stock, which the selling stockholders may acquire upon the exercise the Private Placement Warrants and (ii) up to 1,383,399 shares of common stock which the selling stockholders may acquire upon the exercise of the Private Pre-Funded Warrants. The Company issued the Private Placement Warrants and the Private Pre-Funded Warrants to the selling stockholders in the September 2022 Offering on September 8, 2022. On October 17, 2012, the SEC issued the Company a Notice of Effectiveness for the registration statement on Form S-1. The Company will not receive any proceeds from the sale of the shares by the selling stockholders. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Going Concern [Policy Text Block] | Liquidity and Going Concern |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk and other risks and uncertainties |
Impact of COVID-19 [Policy Text Block] | Impact of COVID-19 |
Note 6 - Loss Per Share (Tables
Note 6 - Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares issuable upon exercise of stock options 179,627 146,698 179,627 146,698 Shares issuable upon exercise of warrants to purchase common stock 17,237,604 13,883,732 17,237,604 13,883,732 Shares contingently issuable for earnout 1,000,000 1,000,000 1,000,000 1,000,000 18,417,231 15,030,430 18,417,231 15,030,430 |
Note 8 - Stock Option Plans a_2
Note 8 - Stock Option Plans and Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30, 2022 September 30, 2021 Risk-free interest rate 2.95% 0.95% - 1.10% Expected term (in years) 5.45 5.75 - 6.08 Expected volatility 86.6% 91.4% - 92.2% Expected dividend yield 0% 0% |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Outstanding Weighted Average Exercise price per share Weighted Average Remaining Contractual Term in Years Balance, December 31, 2021 192,898 $ 8.46 6.76 Granted 5,000 $ 0.71 Expired (18,271 ) $ 11.89 Balance, September 30, 2022 179,627 $ 7.89 6.74 Balance at September 30, 2022 179,627 $ 7.89 6.74 Options exercisable at September 30, 2022 101,674 $ 10.91 5.12 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2022 Level 1 Level 2 Level 3 Total (unaudited) Liabilities: Warrant liability — — $ 105,699 $ 105,699 Total $ — $ — $ 105,699 $ 105,699 December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ — $ — $ 372,730 $ 372,730 Total $ — $ — $ 372,730 $ 372,730 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (unaudited) (unaudited) Balance, beginning of period $ 105,699 $ 851,159 $ 372,730 $ 1,963,785 Change in fair value of warrant liability — (200,273 ) (267,031 ) (1,312,899 ) Balance, end of period $ 105,699 $ 650,886 $ 105,699 $ 650,886 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies and Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Working Capital Deficit | $ 20,500,000 | $ 20,500,000 | |||
Retained Earnings (Accumulated Deficit), Total | 83,052,989 | 83,052,989 | $ 66,831,969 | ||
Cash | 23,200,000 | 23,200,000 | |||
Net Income (Loss) Attributable to Parent, Total | $ 3,515,308 | $ 2,279,216 | $ 16,221,020 | $ 4,836,923 |
Note 3 - Public Offering (Detai
Note 3 - Public Offering (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 08, 2022 | Jun. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Issuance or Sale of Equity, Net | $ 7,800,000 | $ 7,773,527 | $ 31,497,463 | ||
Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,976,285 | 1,976,285 | 4,133,400 | ||
Public Offering [Member] | |||||
Number of Units, One, Issued (in shares) | 4,133,400 | ||||
Number of Units, Two, Issued (in shares) | 5,066,600 | ||||
Shares Issued, Price Per Share, One (in dollars per share) | $ 3.75 | ||||
Shares Issued, Price Per Share, Two (in dollars per share) | $ 3.7499 | ||||
Proceeds from Issuance or Sale of Equity, Net | $ 31,500,000 | ||||
Payments of Stock Issuance Costs | $ 3,000,000 | ||||
Public Offering [Member] | Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,133,400 | ||||
Over-Allotment Option [Member] | |||||
Number of Units, One, Issued (in shares) | 1,200,000 | ||||
Pre-Funded Warrant [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,066,600 | 5,066,600 | |||
Investor Warrant [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.75 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.125 | $ 4.125 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,900,000 | 6,900,000 |
Note 4 - Registered Direct Of_2
Note 4 - Registered Direct Offering and Private Placement (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 08, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Issuance or Sale of Equity, Total | $ 8,500,000 | ||
Proceeds from Issuance or Sale of Equity, Net | 7,800,000 | $ 7,773,527 | $ 31,497,463 |
Issuance of Equity, Transaction Costs | $ 700,000 | ||
Private Placement Warrants [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.40 | ||
Private Placement Warrants [Member] | Maximum [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,359,684 | ||
Private Pre-funded Warrant [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | ||
Class of Warrant or Right, Purchase Price Per Warrant or Right | $ 2.5299 | ||
Proceeds from Issuance of Warrants | $ 3,500,000 | ||
Private Pre-funded Warrant [Member] | Maximum [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,383,399 | ||
Registered Direct Offering and Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,976,285 | ||
Shares Issued, Price Per Share | $ 2.53 | ||
Proceeds from Issuance of Common Stock | $ 5,000,000 |
Note 5 - At the Market Offeri_2
Note 5 - At the Market Offering (Details Textual) - H.C. Wainwright & Co [Member] - The Market Offering Agreement "ATM Agreement" [Member] - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | |
Jan. 31, 2022 | Jul. 28, 2022 | |
Sale of Stock Agreement, Maximum Aggregate Gross Proceeds | $ 12.9 | |
Shares, Issued (in shares) | 0 |
Note 6 - Loss Per Share - Antid
Note 6 - Loss Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive securities (in shares) | 18,417,231 | 15,030,430 | 18,417,231 | 15,030,430 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 179,627 | 146,698 | 179,627 | 146,698 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 17,237,604 | 13,883,732 | 17,237,604 | 13,883,732 |
Earn-out Shares [Member] | ||||
Antidilutive securities (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Note 7 - Warrants (Details Text
Note 7 - Warrants (Details Textual) | 9 Months Ended | 12 Months Ended | |||
Sep. 08, 2022 USD ($) $ / shares shares | Jun. 01, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) shares | |
Proceeds from Warrant Exercises | $ | $ 403 | $ 0 | |||
Share Price | $ / shares | $ 2.20 | $ 1.59 | |||
Public Warrants [Member] | |||||
Class of Warrant or Right, Outstanding | 6,325,000 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | ||||
Class of Warrant or Right, Redemption Price Per Share | $ / shares | 0.01 | ||||
Threshold Closing Price for Specified Number of Trading Days | $ / shares | $ 21 | ||||
Threshold Trading Days for Sale of Shares (Day) | 20 days | ||||
Threshold Consecutive Trading Days for Sale of Shares (Day) | 30 days | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 126,268 | ||||
Warrants and Rights Outstanding | $ | $ 1,279,182 | ||||
Private Warrants [Member] | |||||
Class of Warrant or Right, Outstanding | 3,915,997 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | ||||
Private Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0.903 | ||||
Private Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0.0423 | ||||
Pre-Funded Warrant [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,066,600 | 5,066,600 | |||
Proceeds from Issuance of Warrants | $ | $ 19,000,000 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | 4,033,300 | 1,033,300 | |||
Proceeds from Warrant Exercises | $ | $ 403 | $ 103 | |||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 4,033,300 | 1,033,300 | |||
Investor Warrant [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.75 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.125 | $ 4.125 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,900,000 | 6,900,000 | |||
Private Placement Warrants [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.40 | ||||
Private Placement Warrants [Member] | Maximum [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,359,684 | ||||
Private Pre-funded Warrant [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | ||||
Proceeds from Issuance of Warrants | $ | $ 3,500,000 | ||||
Class of Warrant or Right, Purchase Price Per Warrant or Right | $ / shares | $ 2.5299 | ||||
Private Pre-funded Warrant [Member] | Maximum [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,383,399 | ||||
Private Placement Warrants and Private Pre-funded Warrants [Member] | |||||
Warrants and Rights Outstanding | $ | $ 5,712,592 | ||||
Warrants and Rights Outstanding, Term | 5 years | ||||
Private Placement Warrants and Private Pre-funded Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 1.11 | ||||
Private Placement Warrants and Private Pre-funded Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0.034 | ||||
Private Placement Warrants and Private Pre-funded Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0 |
Note 8 - Stock Option Plans a_3
Note 8 - Stock Option Plans and Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 40,587 | $ 27,590 | $ 120,149 | $ 44,679 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 163,779 | $ 163,779 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Equity Incentive Plan 2006 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||
Equity Incentive Plan 2020 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 2,695,663 | 2,695,663 |
Note 8 - Stock Option Plans a_4
Note 8 - Stock Option Plans and Stock-based Compensation - Valuation Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Risk-free interest rate | 2.95% | |
Risk-free interest rate, minimum | 0.95% | |
Risk-free interest rate, maximum | 1.10% | |
Expected term (in years) (Year) | 5 years 5 months 12 days | |
Expected volatility | 86.60% | |
Expected volatility, minimum | 91.40% | |
Expected volatility, maximum | 92.20% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Expected term (in years) (Year) | 5 years 9 months | |
Maximum [Member] | ||
Expected term (in years) (Year) | 6 years 29 days |
Note 8 - Stock Option Plans a_5
Note 8 - Stock Option Plans and Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Balance, number of options (in shares) | 192,898 | |
Balance, weighted average exercise price (in dollars per share) | $ 8.46 | |
Balance, weighted average remaining term (Year) | 6 years 8 months 26 days | 6 years 9 months 3 days |
Granted, number of options (in shares) | 5,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.71 | |
Expired, number of options (in shares) | (18,271) | |
Expired, weighted average exercise price (in dollars per share) | $ 11.89 | |
Balance, number of options (in shares) | 179,627 | |
Balance, weighted average exercise price (in dollars per share) | $ 7.89 | |
Options exercisable, number of options (in shares) | 101,674 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.91 | |
Options exercisable, weighted average remaining term (Year) | 5 years 1 month 13 days |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Corporate Office Lease [Member] | |
Lessee, Operating Lease, Term of Contract (Month) | 12 months |
Lessee, Operating Lease, Monthly Lease Payment | $ 1,300 |
Minimum [Member] | |
General Product Liability Insurance | $ 10,000,000 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Sep. 08, 2022 $ / shares | |
Share Price | $ / shares | $ 1.59 | $ 1.59 | $ 2.20 | ||
Fair Value Adjustment of Warrants | $ (267,031) | $ (1,312,899) | |||
Private Warrants [Member] | |||||
Warrants and Rights Outstanding, Fair Value | $ 105,699 | $ 105,699 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | |||
Fair Value Adjustment of Warrants | $ 0 | $ 200,273 | $ 267,031 | $ 1,312,899 | |
Private Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0.0423 | 0.0423 | |||
Private Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 0.903 | 0.903 | |||
Private Warrants [Member] | Measurement Input, Expected Term [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 3.21 | 3.21 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Warrant liability | $ 105,699 | $ 372,730 |
Total | 105,699 | 372,730 |
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liability | 105,699 | 372,730 |
Total | $ 105,699 | $ 372,730 |
Note 10 - Fair Value Measurem_5
Note 10 - Fair Value Measurements - Fair Value Liability Reconciliation Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance, beginning of period | $ 105,699 | $ 851,159 | $ 372,730 | $ 1,963,785 |
Change in fair value of warrant liability | 0 | (200,273) | (267,031) | (1,312,899) |
Balance, end of period | $ 105,699 | $ 650,886 | $ 105,699 | $ 650,886 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Maximum [Member] | Sep. 08, 2022 shares |
Private Placement Warrants [Member] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,359,684 |
Private Pre-funded Warrant [Member] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,383,399 |