Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | IKT | |
Entity Registrant Name | INHIBIKASE THERAPEUTICS, INC. | |
Entity Central Index Key | 0001750149 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 25,155,198 | |
Entity File Number | 001-39676 | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 26-3407249 | |
Entity Address, Address Line One | 3350 Riverwood Parkway SE | |
Entity Address, Address Line Two | Suite 1900 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30339 | |
City Area Code | 678 | |
Local Phone Number | 392-3419 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 44,845,950 | $ 13,953,513 |
Grants receivable | 217,482 | |
Prepaid research and development | 264,381 | 774,356 |
Prepaid expenses and other current assets | 541,388 | 54,837 |
Total assets | 45,869,201 | 14,782,706 |
Current liabilities: | ||
Accounts payable | 553,801 | 1,720,680 |
Accrued expenses and other current liabilities | 1,905,010 | 632,934 |
Deferred revenue | 0 | 2,325,741 |
Notes payable | 248,911 | 42,534 |
Total | 2,707,722 | 4,721,889 |
Notes payable, net of current portion | 0 | 276,461 |
Total liabilities | 2,707,722 | 4,998,350 |
Commitments and contingencies (see Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at September 30, 2021 and December 31, 2020; 0 shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized; 25,155,198 and 10,050,849 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively. | 25,155 | 10,051 |
Additional paid-in capital | 67,912,392 | 24,805,929 |
Accumulated deficit | (24,776,068) | (15,031,624) |
Total | 43,161,479 | 9,784,356 |
Total liabilities and stockholders' equity | $ 45,869,201 | $ 14,782,706 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 30,000,000 |
Common stock, shares issued | 25,155,198 | 10,050,849 |
Common stock, shares outstanding | 25,155,198 | 10,050,849 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 328,459 | $ 37,680 | $ 3,098,661 | $ 528,052 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:GrantMember | us-gaap:GrantMember | us-gaap:GrantMember | us-gaap:GrantMember |
Costs and expenses: | ||||
Research and development | $ 3,154,553 | $ 120,569 | $ 7,968,846 | $ 666,858 |
Selling, general and administrative | 1,644,946 | 580,820 | 4,854,494 | 1,478,839 |
Total costs and expenses | 4,799,499 | 701,389 | 12,823,340 | 2,145,697 |
Loss from operations | (4,471,040) | (663,709) | (9,724,679) | (1,617,645) |
Interest expense | (157) | (6,890) | (19,765) | (22,263) |
Net loss | $ (4,471,197) | $ (670,599) | $ (9,744,444) | $ (1,639,908) |
Net loss per share – basic and diluted | $ (0.18) | $ (0.08) | $ (0.61) | $ (0.20) |
Weighted-average number of common shares – basic and diluted | 25,143,559 | 8,198,754 | 15,868,421 | 8,187,517 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) - USD ($) | Total | June 2021 Offering | Common Stock | Common StockJune 2021 Offering | Additional Paid-In Capital | Additional Paid-In CapitalJune 2021 Offering | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ (4,490,016) | $ 8,181 | $ 7,685,533 | $ (12,183,730) | |||
Beginning balance, Shares at Dec. 31, 2019 | 8,180,937 | ||||||
Stock-based compensation expense | 139,758 | 139,758 | |||||
Warrant expense/ Issuance of warrants | 190,993 | 190,993 | |||||
Issuance of common stock | 4,871 | $ 1 | 4,870 | ||||
Issuance of common stock, Shares | 874 | ||||||
Net loss | (547,440) | (547,440) | |||||
Ending balance at Mar. 31, 2020 | (4,701,834) | $ 8,182 | 8,021,154 | (12,731,170) | |||
Ending balance, Shares at Mar. 31, 2020 | 8,181,811 | ||||||
Beginning balance at Dec. 31, 2019 | (4,490,016) | $ 8,181 | 7,685,533 | (12,183,730) | |||
Beginning balance, Shares at Dec. 31, 2019 | 8,180,937 | ||||||
Warrant expense/ Issuance of warrants | $ 516,923 | ||||||
Issuance of common stock, stock options exercised, Shares | 95,349 | ||||||
Net loss | $ (1,639,908) | ||||||
Ending balance at Sep. 30, 2020 | (5,125,056) | $ 8,207 | 8,690,375 | (13,823,638) | |||
Ending balance, Shares at Sep. 30, 2020 | 8,206,706 | ||||||
Beginning balance at Mar. 31, 2020 | (4,701,834) | $ 8,182 | 8,021,154 | (12,731,170) | |||
Beginning balance, Shares at Mar. 31, 2020 | 8,181,811 | ||||||
Stock-based compensation expense | 139,759 | 139,759 | |||||
Warrant expense/ Issuance of warrants | 89,515 | 89,515 | |||||
Conversion of notes | 63,800 | $ 11 | 63,789 | ||||
Conversion of notes, Shares | 11,594 | ||||||
Net loss | (421,869) | (421,869) | |||||
Ending balance at Jun. 30, 2020 | (4,830,629) | $ 8,193 | 8,314,217 | (13,153,039) | |||
Ending balance, Shares at Jun. 30, 2020 | 8,193,405 | ||||||
Stock-based compensation expense | 139,758 | 139,758 | |||||
Warrant expense/ Issuance of warrants | 236,415 | 236,415 | |||||
Issuance of common stock, cashless warrant exercise | (1) | $ 14 | (15) | ||||
Issuance of common stock, cashless warrant exercise, Shares | 13,301 | ||||||
Net loss | (670,599) | (670,599) | |||||
Ending balance at Sep. 30, 2020 | (5,125,056) | $ 8,207 | 8,690,375 | (13,823,638) | |||
Ending balance, Shares at Sep. 30, 2020 | 8,206,706 | ||||||
Beginning balance at Dec. 31, 2020 | $ 9,784,356 | $ 10,051 | 24,805,929 | (15,031,624) | |||
Beginning balance, Shares at Dec. 31, 2020 | 10,050,849 | 10,050,849 | |||||
Stock-based compensation expense | $ 591,124 | 591,124 | |||||
Warrant expense/ Issuance of warrants | 237,768 | 237,768 | |||||
Issuance of common stock | 60,391 | $ 9 | 60,382 | ||||
Issuance of common stock, Shares | 9,000 | ||||||
Net loss | (2,637,068) | (2,637,068) | |||||
Ending balance at Mar. 31, 2021 | 8,036,571 | $ 10,060 | 25,695,203 | (17,668,692) | |||
Ending balance, Shares at Mar. 31, 2021 | 10,059,849 | ||||||
Beginning balance at Dec. 31, 2020 | $ 9,784,356 | $ 10,051 | 24,805,929 | (15,031,624) | |||
Beginning balance, Shares at Dec. 31, 2020 | 10,050,849 | 10,050,849 | |||||
Warrant expense/ Issuance of warrants | $ 658,945 | ||||||
Net loss | (9,744,444) | ||||||
Ending balance at Sep. 30, 2021 | $ 43,161,479 | $ 25,155 | 67,912,392 | (24,776,068) | |||
Ending balance, Shares at Sep. 30, 2021 | 25,155,198 | 25,155,198 | |||||
Beginning balance at Mar. 31, 2021 | $ 8,036,571 | $ 10,060 | 25,695,203 | (17,668,692) | |||
Beginning balance, Shares at Mar. 31, 2021 | 10,059,849 | ||||||
Stock-based compensation expense | 322,483 | 322,483 | |||||
Warrant expense/ Issuance of warrants | 239,415 | 239,415 | |||||
Issuance of common stock | $ 41,135,357 | $ 15,000 | $ 41,120,357 | ||||
Issuance of common stock, Shares | 15,000,000 | ||||||
Issuance of common stock, stock options exercised | (43,295) | $ 74 | (43,369) | ||||
Issuance of common stock, stock options exercised, Shares | 73,496 | ||||||
Net loss | (2,636,179) | (2,636,179) | |||||
Ending balance at Jun. 30, 2021 | 47,054,352 | $ 25,134 | 67,334,089 | (20,304,871) | |||
Ending balance, Shares at Jun. 30, 2021 | 25,133,345 | ||||||
Stock-based compensation expense | 352,419 | 352,419 | |||||
Warrant expense/ Issuance of warrants | 181,762 | 181,762 | |||||
Issuance of common stock, stock options exercised | 44,143 | $ 21 | 44,122 | ||||
Issuance of common stock, stock options exercised, Shares | 21,853 | ||||||
Net loss | (4,471,197) | (4,471,197) | |||||
Ending balance at Sep. 30, 2021 | $ 43,161,479 | $ 25,155 | $ 67,912,392 | $ (24,776,068) | |||
Ending balance, Shares at Sep. 30, 2021 | 25,155,198 | 25,155,198 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net loss | $ (9,744,444) | $ (1,639,908) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,266,026 | 419,275 |
Non-cash consulting fees | 60,391 | 112,500 |
Non-cash PPP loan forgiveness | (27,550) | 0 |
Warrant expense | 658,945 | 516,923 |
Changes in operating assets and liabilities: | ||
Grants receivable | (217,482) | 0 |
Prepaid expenses and other assets | (486,551) | 3,218 |
Prepaid research and development | 509,975 | 0 |
Accounts payable | (1,166,879) | 1,046,755 |
Accrued expenses and other current liabilities | 1,272,076 | (1,171,508) |
Deferred revenue | (2,325,741) | 529,918 |
Net cash used in operating activities | (10,201,234) | (182,827) |
Financing activities | ||
Proceeds from notes payable | 0 | 272,800 |
Proceeds from issuance of common stock | 41,135,357 | 4,870 |
Deferred initial public offering costs | 0 | (97,132) |
Issuance of common stock from exercise of stock options | 78,500 | 0 |
Payment of employee taxes in connection with stock option exercise | (77,652) | 0 |
Repayments of note payable | (42,534) | 0 |
Net cash provided by financing activities | 41,093,671 | 180,538 |
Net increase (decrease) in cash | 30,892,437 | (2,289) |
Cash at beginning of period | 13,953,513 | 18,457 |
Cash at end of period | 44,845,950 | 16,168 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 19,608 | 4,520 |
Non-cash financing activities | ||
Notes payable settled with new notes payable | 0 | 42,534 |
Notes payable settled with common stock | 0 | 63,800 |
PPP loan forgiveness | 27,550 | 0 |
Accrued deferred initial public offering costs | $ 0 | $ 1,334,331 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a clinical stage pharmaceutical company developing therapeutics for Parkinson’s Disease, or "PD", and related disorders that arise inside and outside of the brain. In 2021, we commenced clinical development of IkT-148009, a small molecule Abelson Tyrosine Kinase inhibitor we believe can modify the course of Parkinson’s disease and its manifestation in the gastrointestinal tract, or GI. Results to date of our ongoing Phase 1 Single and Multiple Ascending Dose escalation study ("SAD" and "MAD", respectively) in older and elderly healthy volunteers have revealed important insights into the safety, tolerability and pharmacokinetics of IkT-148009 in human subjects. Outcomes of this study led to an acceleration of the clinical development program. In July 2021, the U.S. Food and Drug Administration (“FDA”) agreed with the Company’s plan to initiate its Phase 1b study in Parkinson’s patients which commenced dosing October 19, 2021. Clinical development of IkT-148009 for the GI complications in PD patients will cross-reference the Phase 1 study of IkT-148009 for the treatment of PD. Clinical development of the Company’s lead oncology asset, IkT-001Pro, is anticipated to begin shortly after submission of Company’s Investigational New Drug application for IkT-001Pro; submission of the IND is anticipated to occur in the first quarter of 2022. The Company’s pursuit of the orphan indication Multiple System Atrophy is ongoing with regulators in the U.S. and Europe. |
Liquidity and Going Concern
Liquidity and Going Concern | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Liquidity And Going Concern [Abstract] | |
Liquidity and Going Concern | 2. Liquidity and Going Concern The Company has recognized recurring losses. At September 30, 2021, the Company had working capital of $ 43,161,479 , an accumulated deficit of $ 24,776,068 , cash of $ 44,845,950 , accounts payable and accrued expenses of $ 2,458,811 and notes payable of $ 248,911 . The Company had active grants in the amount of $ 1,932,618 , of which $ 519,813 remained available in accounts held by the U.S. Treasury as of October 29, 2021. The future success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. Historically, the Company has funded its operations primarily through cash received in connection with revenue from its various grant programs. In addition, in June 2021 and December 2020, the Company raised approximately $ 41.1 million and $ 14.6 million in working capital from its underwritten public offering (the “June 2021 Offering”) and its initial public offering (“IPO”), respectively. The Company is subject to a variety of risks similar to other early-stage life science companies including, but not limited to, the successful development, regulatory approval, and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional working capital. The Company has incurred significant research and development expenses and general and administrative expenses related to its product candidate programs. The Company anticipates costs and expenses to increase in the future as the Company continues to develop its product candidates. The Company may seek to fund its operations through additional public equity, private equity, or debt financings, as well as other sources. However, the Company may be unable to raise additional working capital, or if it is able to raise additional capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations and financial condition and the Company’s ability to continue to develop its product candidates. The Company estimates that its working capital at September 30, 2021 is sufficient to fund its normal operations into the first quarter of 2023. The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 3. Basis of Presentation and Significant Accounting Policies Basis of Presentation of Interim Financial Statements The accompanying unaudited condensed financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2020 balance sheet was derived from December 31, 2020 audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The condensed unaudited financial statements contained herein should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report filed on SEC Form 10-K. These condensed financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The condensed financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. On August 21, 2020, the Company filed a Certificate of Amendment of its Certificate of Incorporation with the Secretary of State of the State of Delaware that effected a one-for-1.14396 (1:1.14396) reverse stock split of its common stock, par value $ .001 per share, effective August 24, 2020. All warrant, option, share, and per share information in the Company’s financial statements gives retroactive effect to the one-for-1.14396 reverse stock split that was effected on August 24, 2020. The condensed financial statements have been prepared in conformity with US GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. Use of Estimates The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. Concentrations of Credit Risk For the three months ended September 30, 2021 and 2020, the Company derived more than 90 % of its total revenue from a single source, the United States Government, in the form of federal research grants. Revenue Recognition The Company generates revenue from research and development grants under contracts with third parties that do not create customer-vendor relationships. The Company’s research and development grants are non-exchange transactions and are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Contribution revenue earned from activities performed pursuant to research and development grants is reported as grant revenue in the Company’s condensed statements of operations. Revenue from these grants is recognized as the Company incurs qualifying expenses as stipulated by the terms of the respective grant. Cash received from grants in advance of incurring qualifying expenses is recorded as deferred revenue. The Company records revenue and a corresponding receivable when qualifying costs are incurred before the grants are received. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | 4. Supplemental Balance Sheet Information Accrued expenses and other current liabilities consist of the following: September 30, December 31, Accrued consulting $ 256,342 $ 115,405 Accrued legal and professional fees — 383,286 Accrued research and development 1,483,479 83,491 Accrued interest 811 1,673 Accrued bonuses 152,860 — Accrued other 11,518 49,079 Total accrued expenses and other current liabilities $ 1,905,010 $ 632,934 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5. Notes Payable Notes payable outstanding were $ 248,911 and $318,995 at September 30, 2021 and December 31, 2020, respectively. September 30, December 31, Fifth Restated Note $ — $ 42,534 PPP Note — 27,550 CEO Restated Note 248,911 248,911 Total notes payable $ 248,911 $ 318,995 Future principal payments on the notes payable as of September 30, 2021, are as follows: Year ending December 31, 2021 $ — 2022 248,911 2023 — 2024 — 2025 — Total notes payable $ 248,911 Revolving Demand Promissory Note During 2019 and 2020, the Company entered into a series of promissory notes that were renegotiated and partially settled over 2019 and 2020. On January 1, 2020, the Company issued a note (the “2020 Note”) in the face amount of $ 103,586 bearing 5.25 % APR simple interest as settlement in full on the 2019 Note principal of $ 98,419 plus accrued interest of $ 5,167 that matured on January 1, 2020 . The 2020 Note was scheduled to mature on January 1, 2021 . Upon occurrence of certain conditions including the sale of a division of the Company or upon the date on which the Company closes on certain financings, the due date for some or all of the unpaid principal and accrued and unpaid interest may be accelerated. The Company assessed the terms and features of the 2020 Note and determined that none of the terms and features represented embedded derivatives that require bifurcation. On June 30, 2020, the holder of the 2020 Note and the Company entered into an agreement to settle the 2020 Note early. As full consideration and settlement of the 2020 Note’s June 30, 2020 principal balance plus accrued and unpaid interest in the amount of $ 106,334 , the Company issued a new promissory note to the holder in the amount of $ 42,534 (the “Fifth Restated Note”) with substantially similar terms as the 2020 Note. In addition, the holder subscribed for the purchase of 11,594 unregistered shares of the Company’s common stock at a subscription price of $ 63,800 , or $ 5.50 per share. The issuance of shares under the subscription agreement and the issuance of the Fifth Restated Note satisfied the payoff of the 2020 Note without premium or discount. The balance of the Fifth Restated Note was $ 42,534 on December 31, 2020 and is included in Notes payable. The Fifth Restated Note was scheduled to mature on the earlier of a significant transaction, including an initial public offering, sale of substantially all assets or change of control, or January 1, 2021. The Company consummated its IPO on December 28, 2020 and the principal balance of the Fifth Restated Note plus accrued and unpaid interest was settled in full in cash on January 1, 2021. Note Payable to CEO On February 5, 2020 (the “Issue Date”), the Company issued a note payable to its CEO (the “CEO Note”) in the face amount of $ 245,250 bearing 1.59 % APR simple interest in exchange for cash. The net proceeds of $ 245,250 were used as working capital by the Company. The note carried an original maturity of the earlier of the sixth month following the Issue Date or the date the Company has sufficient funds to repay the CEO Note. If an event of default occurs and is continuing, the Company agrees to issue a warrant to the holder with a strike price of $ 4.87 per share for a number of shares equal to 150 % of the value of the loan. The Company assessed the terms and features of the CEO Note and determined that none of the terms and features represented embedded derivatives that require bifurcation. On June 13, 2020, the holder of the CEO Note and the Company entered into a restated agreement (the “CEO Restated Note”). The CEO Restated Note in the amount of $ 248,911 extends the stated maturity date of the CEO Note from the earlier of the sixth month following the (original) Issue Date or the date the Company has sufficient funds to repay the note to the earlier of the 30th month following the (original) Issue Date or the date the Company has sufficient funds to repay the CEO Restated Note. The Issue Date, February 5, 2020 , is unchanged. In addition, the interest rate was reduced, effective as of the Issue Date, from 1.59 % APR to 0.25 %. The CEO Restated Note also changed the exercise price of the warrant from $ 4.87 to $ 4.81 per share in the case of any default. The other provisions of the CEO Restated Note are the same, in all material respects, to the CEO Note. The Company and its CEO have agreed that the CEO Restated Note will be repaid by the end of first half of 2022. The principal balance of the CEO Note was $ 248,911 at September 30, 2021 and at December 31, 2020 and is included on the condensed balance sheets in Notes payable at September 30, 2021 and Notes payable, net of current portion at December 31, 2020. The Paycheck Protection Program Loan (the “PPP Loan”) On May 4, 2020 the Company received $ 27,550 in loan proceeds as part of the Federal Coronavirus Aid, Relief and Economic Security Act Paycheck Protection Program (the “PPP Act” or “PPP”) with a 1 % annual interest rate. Some or all of this loan qualified for forgiveness if the Company expended not less than 60 % of the loan proceeds on qualified payroll costs. During the nine months ended September 30, 2021, it was determined by the lender and by the Small Business Administration that the Company met the contractual conditions for forgiveness of the entire PPP Loan plus accrued interest and it was forgiven. The $ 27,550 principal balance of the PPP Loan at December 31, 2020 is included on the condensed balance sheet in Notes payable, net of current portion. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity (Deficit) | 6. Stockholders’ Equity (Deficit) Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. A tota l of 5,191,957 and 4,318,357 shares of common stock were reserved for issuance upon the exercise of outstanding stock options and warrants as of September 30, 2021 and December 31, 2020, respectively. Reverse Stock Split On August 20, 2020, the board of directors adopted resolutions proposing that each 1.14396 shares of the Company’s issued and outstanding common stock, par value $0.001 per share, be automatically converted into one fully paid and non-assessable share of common stock, par value $0.001 (the “Reverse Stock Split”) with cash in lieu of fractional shares. On August 21, 2020, shareholders representing a majority of the issued and outstanding common stock approved the Reverse Stock Split. On August 21, 2020, the Company filed with the Delaware Secretary of State its Certificate of Amendment to its Certificate of Incorporation, effective as of August 24, 2020. Share Issuances In January 2020, an accredited investor subscribed for, and the Company issued, 874 shares of its stock in a private placement transaction at a per share price of $ 5.57 . Net proceeds were approximately $ 4,870 . Issuance costs were not material. No additional rights or options were granted to this accredited investor in connection with this issuance. During the nine months ended September 30, 2021 , an accredited investor subscribed for, and the Company issued, 9,000 shares of its stock in exchange for consulting services. The fair value of the stock was $ 60,391 based upon the closing price of the shares on the date of the transaction. Issuance costs were not material. No additional rights or options were granted to this accredited investor in connection with this issuance. The $ 60,391 fair value is a component of selling, general and administrative costs for the nine months ended September 30, 2021. During the nine months ended September 30, 2020 the Company iss ued 95,349 sha res of its stock in connection with the exercise of non-qualified stock options. In connection with the June 2021 Offering, the Company issued and sold 15,000,000 fully paid non-assessable shares of its common stock at a public offering price of $ 3.00 per share. Proceeds from the June 2021 Offering were $ 41.1 million after deducting offering costs, underwriting discounts and commissions of approximately $ 3.9 million. The net proceeds are and will be used as working capital by the Company. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation 2020 Equity Incentive Plan The Company’s 2020 Equity Incentive Plan (the “2020 Plan”) was established for granting stock incentive awards to directors, officers, employees and consultants to the Company. Stock Options During the nine months ended September 30, 2021, the Company granted 68,628 options to its scientific advisory board members with a strike price of $ 6.82 per share, vesting immediately, with an aggregate grant date fair value of $ 259,674 . On June 25, 2021, the Company granted a total of 90,708 options to members of its board of directors with a strike price of $ 2.92 per share, vesting one year from the date of the grant, with an aggregate grant date fair value of $ 160,000 . On August 16, 2021, the Company granted 27,240 employee stock options with a strike price of $ 1.79 per share, vesting in three equal annual installments commencing on the first anniversary of the grant date, with a grant date fair value of $ 50,000 . In May 2021, the Company issued 73,496 shares of its common stock in connection with the exercise of non-qualified stock options with a strike price of $ 0.38 per share. All such securities were issued without registration under the Securities Act of 1933, as amended, in reliance upon the exemption afforded by Section 4(a)(2) of that Act. In June 2021, the Company issued 21,854 shares of its common stock in connection with the exercise of non-qualified stock options with a strike price of $ 2.02 per share. All such securities were issued without registration under the Securities Act of 1933, as amended, in reliance upon the exemption afforded by Section 4(a)(2) of that Act. In August 2021, the Company issued 21,853 shares of its common stock in connection with the exercise of non-qualified stock options with a strike price of $ 2.02 per share. All such securities were issued without registration under the Securities Act of 1933, as amended, in reliance upon the exemption afforded by Section 4(a)(2) of that Act. No options were granted during the nine months ended September 30, 2020. Stock-Based Compensation Expense The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees: Nine Months Ended September 30, 2021 2020 Research and development $ 592,966 $ 195,061 Selling, general and administrative 673,060 224,214 Total stock-based compensation expense $ 1,266,026 $ 419,275 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 8. Warrants Warrants Issued On March 31, 2020, the Company issued a warrant to purchase up to 26,225 shares of its stock to one of its consultants in exchange for services. The warrant contains a strike price of $ 5.67 per share and has a seven-year contractual term. The warrant is classified within stockholders’ equity at its fair value and was treated as a standalone instrument. The fair value of the warrant was determined to be $ 101,478 utilizing the Black-Scholes-Merton option-pricing model at the time of issuance and is included in selling, general and administrative expenses for the nine months ended September 30, 2020. The Company recognized $ 658,945 in warrant expense for the nine months ended September 30, 2021, included in selling, general and administration expense. In connection with the June 2021 Offering the Company issued and sold to its underwriters a warrant to purchase up to 750,000 shares of its common stock for an aggregate purchase price of $ 100 pursuant to its written agreement with the underwriters. This warrant is exercisable beginning June 15, 2022 at an initial exercise price of $ 3.75 per share of common stock. Warrants Exercised No warrants were exercised for the nine months ended September 30, 2021 and 2020. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share applicable to common stockholders: Nine Months Ended September 30, 2021 2020 Numerator: Net loss $ ( 9,744,444 ) $ ( 1,639,908 ) Denominator: Weighted-average number of common shares 15,868,421 8,187,517 Net loss per share applicable to common $ ( 0.61 ) $ ( 0.20 ) The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti-dilutive for the periods presented: Nine Months Ended September 30, 2021 2020 Options to purchase shares of stock 3,630,044 3,369,144 Warrants to purchase shares of stock 1,561,913 650,948 Total 5,191,957 4,020,092 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes During the nine months ended September 30, 2021 and 2020, there was no provision for income taxes as the Company incurred losses during those periods. Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded a full valuation allowance against its deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Impact of the COVID-19 Pandemic on Our Operations The novel coronavirus SARS-Cov2, or COVID-19, pandemic is causing significant, industry-wide delays in clinical trials. There are multiple causes of these delays, including reluctance of patients to enroll or continue in trials for fear of exposure to COVID-19, local and regional shelter-in-place orders and regulations that discourage, hamper, or prohibit patient visits, healthcare providers and health systems shifting away from clinical trials toward the acute care of COVID-19 patients and the FDA and other regulators making product candidates for the treatment of COVID-19 a priority over product candidates unrelated to the pandemic. As a result of the COVID-19 pandemic, commencement of enrollment in our clinical trials may be delayed. In addition, after enrollment in these trials, if patients contract COVID-19 during participation in the Company’s trials or are subject to isolation or shelter-in-place restrictions, this may cause them to drop out of the Company’s trials, miss scheduled doses or follow-up visits or otherwise fail to follow trial protocols. If patients are unable to follow the trial protocols or if the Company’s trial results are otherwise affected by the consequences of the COVID-19 pandemic on patient participation or actions taken to mitigate COVID-19 spread, the integrity of data from the Company’s trials may be compromised or not accepted by the FDA or other regulatory authorities, which could impact or delay a clinical development program. The Company anticipates that the COVID-19 pandemic may also impact manufacturing and distribution of materials necessary for conducting its clinical trials. Although the Company did not experience a material impact on its operations during the nine months ended September 30, 2021 and 2020, the Company notes the high level of difficulty in determining the future potential adverse financial impact and other effects of COVID-19 on the Company and its programs, given the rapid and dramatic evolution in the course and impact of the pandemic and the societal and governmental response to it. Litigation From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition to the estimated loss, the recorded liability would include probable and estimable legal costs associated with the claim or potential claim. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation of Interim Financial Statements | Basis of Presentation of Interim Financial Statements The accompanying unaudited condensed financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2020 balance sheet was derived from December 31, 2020 audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The condensed unaudited financial statements contained herein should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report filed on SEC Form 10-K. These condensed financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The condensed financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. On August 21, 2020, the Company filed a Certificate of Amendment of its Certificate of Incorporation with the Secretary of State of the State of Delaware that effected a one-for-1.14396 (1:1.14396) reverse stock split of its common stock, par value $ .001 per share, effective August 24, 2020. All warrant, option, share, and per share information in the Company’s financial statements gives retroactive effect to the one-for-1.14396 reverse stock split that was effected on August 24, 2020. The condensed financial statements have been prepared in conformity with US GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk For the three months ended September 30, 2021 and 2020, the Company derived more than 90 % of its total revenue from a single source, the United States Government, in the form of federal research grants. |
Revenue Recognition | Revenue Recognition The Company generates revenue from research and development grants under contracts with third parties that do not create customer-vendor relationships. The Company’s research and development grants are non-exchange transactions and are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Contribution revenue earned from activities performed pursuant to research and development grants is reported as grant revenue in the Company’s condensed statements of operations. Revenue from these grants is recognized as the Company incurs qualifying expenses as stipulated by the terms of the respective grant. Cash received from grants in advance of incurring qualifying expenses is recorded as deferred revenue. The Company records revenue and a corresponding receivable when qualifying costs are incurred before the grants are received. |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, December 31, Accrued consulting $ 256,342 $ 115,405 Accrued legal and professional fees — 383,286 Accrued research and development 1,483,479 83,491 Accrued interest 811 1,673 Accrued bonuses 152,860 — Accrued other 11,518 49,079 Total accrued expenses and other current liabilities $ 1,905,010 $ 632,934 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable | Notes payable outstanding were $ 248,911 and $318,995 at September 30, 2021 and December 31, 2020, respectively. September 30, December 31, Fifth Restated Note $ — $ 42,534 PPP Note — 27,550 CEO Restated Note 248,911 248,911 Total notes payable $ 248,911 $ 318,995 |
Summary of Future Principal Payments on Notes Payable | Future principal payments on the notes payable as of September 30, 2021, are as follows: Year ending December 31, 2021 $ — 2022 248,911 2023 — 2024 — 2025 — Total notes payable $ 248,911 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees | The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees: Nine Months Ended September 30, 2021 2020 Research and development $ 592,966 $ 195,061 Selling, general and administrative 673,060 224,214 Total stock-based compensation expense $ 1,266,026 $ 419,275 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share applicable to Common Stockholders | The following table presents the calculation of basic and diluted net loss per share applicable to common stockholders: Nine Months Ended September 30, 2021 2020 Numerator: Net loss $ ( 9,744,444 ) $ ( 1,639,908 ) Denominator: Weighted-average number of common shares 15,868,421 8,187,517 Net loss per share applicable to common $ ( 0.61 ) $ ( 0.20 ) |
Summary of Shares Excluded from Calculation of Diluted Net Loss per Share Applicable to Common Stockholders | The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti-dilutive for the periods presented: Nine Months Ended September 30, 2021 2020 Options to purchase shares of stock 3,630,044 3,369,144 Warrants to purchase shares of stock 1,561,913 650,948 Total 5,191,957 4,020,092 |
Liquidity and Going Concern - A
Liquidity and Going Concern - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Oct. 29, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure Of Liquidity And Going Concern [Line Items] | ||||||
Working capital | $ 43,161,479 | |||||
Accumulated deficit | (24,776,068) | $ (15,031,624) | ||||
Cash | 44,845,950 | 13,953,513 | ||||
Accounts payable and accrued expenses | 2,458,811 | |||||
Notes payable | $ 248,911 | 318,995 | ||||
Issuance of common stock | $ 1,932,618 | $ 60,391 | $ 4,871 | |||
Treasury share held | $ 519,813 | |||||
June 2021 Offering | ||||||
Disclosure Of Liquidity And Going Concern [Line Items] | ||||||
Working capital | $ 41,100,000 | |||||
Issuance of common stock | $ 41,135,357 | |||||
IPO | ||||||
Disclosure Of Liquidity And Going Concern [Line Items] | ||||||
Working capital | $ 14,600,000 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | Aug. 24, 2020$ / shares | Aug. 20, 2020 | Sep. 30, 2021$ / shares | Sep. 30, 2020 | Dec. 31, 2020$ / shares | Jun. 30, 2020$ / shares |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Reverse stock split ratio | 0.8741 | 1.14396 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 5.50 | ||
Customer Concentration Risk | Sales Revenue | Minimum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 90.00% | 90.00% |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accrued consulting | $ 256,342 | $ 115,405 |
Accrued legal and professional fees | 383,286 | |
Accrued research and development | 1,483,479 | 83,491 |
Accrued interest | 811 | 1,673 |
Accrued bonuses | 152,860 | |
Accrued other | 11,518 | 49,079 |
Total accrued expenses and other current liabilities | $ 1,905,010 | $ 632,934 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) - USD ($) | May 04, 2020 | Feb. 05, 2020 | Jan. 01, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Aug. 24, 2020 | Jun. 13, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 248,911 | $ 318,995 | |||||||
Annual interest rate | 1.59% | ||||||||
Shares subscribed for purchase | 11,594 | ||||||||
Share subscription price | $ 63,800 | ||||||||
Common stock, par value | $ 5.50 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Notes payable outstanding balance | $ 248,911 | $ 42,534 | |||||||
Strike price | $ 4.87 | $ 3.75 | $ 5.67 | ||||||
Issue date | Feb. 5, 2020 | ||||||||
Notes payable, net of current portion | $ 0 | 276,461 | |||||||
Principal Balance | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes payable, net of current portion | $ 248,911 | 248,911 | |||||||
2020 Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate | 5.25% | ||||||||
Debt instrument face amount | $ 103,586 | ||||||||
Maturity date | Jan. 1, 2021 | ||||||||
Settlement of notes including principal balance plus accrued and unpaid interest | $ 106,334 | ||||||||
2019 Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Settlement of principal amount | $ 98,419 | ||||||||
Accrued interest | $ 5,167 | ||||||||
Maturity date | Jan. 1, 2020 | ||||||||
Fifth Restated Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | 42,534 | ||||||||
Debt instrument face amount | $ 42,534 | ||||||||
Notes payable outstanding balance | 42,534 | ||||||||
CEO Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate | 1.59% | ||||||||
Debt instrument face amount | $ 245,250 | ||||||||
Net proceeds | $ 245,250 | ||||||||
Maturity description | The note carried an original maturity of the earlier of the sixth month following the Issue Date or the date the Company has sufficient funds to repay the CEO Note. | ||||||||
Strike price | $ 4.87 | ||||||||
Percentage of number of shares to value of loan | 150.00% | ||||||||
On event of default | If an event of default occurs and is continuing, the Company agrees to issue a warrant to the holder with a strike price of $4.87 per share for a number of shares equal to 150% of the value of the loan. | ||||||||
C E O Restated Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 248,911 | 248,911 | |||||||
Annual interest rate | 0.25% | ||||||||
Debt instrument face amount | $ 248,911 | ||||||||
Strike price | $ 4.81 | ||||||||
Paycheck Protection Program | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate | 1.00% | ||||||||
Debt instrument face amount | $ 27,550 | ||||||||
Net proceeds | $ 27,550 | ||||||||
Loan forgiveness terms | Some or all of this loan qualified for forgiveness if the Company expended not less than 60% of the loan proceeds on qualified payroll costs. | ||||||||
Paycheck Protection Program | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of loan proceeds expended on qualified payroll costs | 60.00% |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable Outstanding (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 248,911 | $ 318,995 |
Fifth Restated Note | ||
Debt Instrument [Line Items] | ||
Notes Payable | 42,534 | |
PPP Note | ||
Debt Instrument [Line Items] | ||
Notes Payable | 27,550 | |
CEO Restated Note | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 248,911 | $ 248,911 |
Notes Payable - Summary of Futu
Notes Payable - Summary of Future Principal Payments on Notes Payable (Details) | Sep. 30, 2021USD ($) |
Notes Payable [Abstract] | |
2022 | $ 248,911 |
Total notes payable | $ 248,911 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) | Aug. 24, 2020$ / shares | Aug. 20, 2020 | Jan. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)Vote$ / sharesshares | Sep. 30, 2020USD ($)shares | Dec. 31, 2020$ / sharesshares | Jun. 30, 2020$ / shares |
Class Of Stock [Line Items] | |||||||
Votes per each common stock share | Vote | 1 | ||||||
Common stock shares reserved for issuance | 5,191,957 | 4,318,357 | |||||
Reverse stock split ratio | 0.8741 | 1.14396 | |||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 5.50 | |||
Reverse stock split description | On August 20, 2020, the board of directors adopted resolutions proposing that each 1.14396 shares of the Company’s issued and outstanding common stock, par value $0.001 per share, be automatically converted into one fully paid and non-assessable share of common stock, par value $0.001 (the “Reverse Stock Split”) with cash in lieu of fractional shares. | ||||||
Proceeds from issuance of common stock | $ | $ 41,135,357 | $ 4,870 | |||||
Additional rights or options granted | 0 | ||||||
Issuance of common stock, stock options exercised, Shares | 95,349 | ||||||
Consulting Services | |||||||
Class Of Stock [Line Items] | |||||||
Additional rights or options granted | 0 | ||||||
Shares issued in exchange for consulting services | 9,000 | ||||||
Fair value of stock issued in exchange for consulting services | $ | $ 60,391 | ||||||
Consulting Services | Selling, General and Administrative | |||||||
Class Of Stock [Line Items] | |||||||
Fair value of stock issued in exchange for consulting services | $ | $ 60,391 | ||||||
Private Placement | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock, Shares | 874 | ||||||
Shares issued price per share | $ / shares | $ 5.57 | ||||||
Proceeds from issuance of common stock | $ | $ 4,870 | ||||||
June 2021 Offering | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued price per share | $ / shares | $ 3 | ||||||
Proceeds from issuance of common stock | $ | $ 41,100,000 | ||||||
Issued and sold fully paid non-assessable shares of common stock | 15,000,000 | ||||||
Offering costs, underwriting discounts and commissions | $ | $ 3,900,000 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | Aug. 16, 2021 | Jun. 25, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||
Number of stock options granted | 27,240 | 90,708 | 68,628 | 0 | |||
Number of stock issued | 21,853 | 21,854 | 73,496 | ||||
Stock option, strike price | $ 1.79 | $ 2.92 | $ 2.02 | $ 2.02 | $ 0.38 | $ 6.82 | |
Stock option, aggregate grant date fair value | $ 50,000 | $ 160,000 | $ 259,674 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,266,026 | $ 419,275 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 592,966 | 195,061 |
Selling, General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 673,060 | $ 224,214 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 05, 2020 | |
Class Of Warrant Or Right [Line Items] | |||||||||
Class of warrant or right issued | 26,225 | ||||||||
Strike price | $ 3.75 | $ 5.67 | $ 3.75 | $ 4.87 | |||||
Contractual term | 7 years | ||||||||
Fair value of warrant | $ 101,478 | $ 101,478 | |||||||
Warrant expense | $ 181,762 | $ 239,415 | $ 237,768 | $ 236,415 | $ 89,515 | $ 190,993 | $ 658,945 | $ 516,923 | |
Class of warrant or right, date from which warrants or rights exercisable | Jun. 15, 2022 | ||||||||
Class of warrant or right exercised in period | 0 | 0 | |||||||
Underwriters | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Class of warrant or right issued | 750,000 | ||||||||
Fair value of warrant | $ 100 | $ 100 | |||||||
Selling, General and Administrative | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Warrant expense | $ 658,945 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share applicable to Common Stockholders (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss | $ (4,471,197) | $ (2,636,179) | $ (2,637,068) | $ (670,599) | $ (421,869) | $ (547,440) | $ (9,744,444) | $ (1,639,908) |
Denominator: | ||||||||
Weighted-average number of common shares outstanding - basic and diluted | 25,143,559 | 8,198,754 | 15,868,421 | 8,187,517 | ||||
Net loss per share applicable to common stockholders - basic and diluted | $ (0.18) | $ (0.08) | $ (0.61) | $ (0.20) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Shares Excluded from Calculation of Diluted Net Loss per Share Applicable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 5,191,957 | 4,020,092 |
Options to Purchase Shares of Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 3,630,044 | 3,369,144 |
Warrants to Purchase Shares of Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 1,561,913 | 650,948 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |