Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-27072 | |
Entity Registrant Name | AIM IMMUNOTECH INC. | |
Entity Central Index Key | 0000946644 | |
Entity Tax Identification Number | 52-0845822 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2117 SW Highway 484 | |
Entity Address, City or Town | Ocala | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34473 | |
City Area Code | (352) | |
Local Phone Number | 448-7797 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AIM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,670,427 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 21,038 | $ 27,053 |
Marketable securities | 7,360 | 7,137 |
Funds receivable from New Jersey net operating loss | 33 | 1,676 |
Prepaid expenses and other current assets | 438 | 455 |
Total current assets | 28,869 | 36,321 |
Property and equipment, net | 145 | 195 |
Right of use asset, net | 781 | 829 |
Patent and trademark rights, net | 2,038 | 1,941 |
Other assets | 1,784 | 1,202 |
Total assets | 33,617 | 40,488 |
Current liabilities: | ||
Accounts payable | 2,151 | 377 |
Accrued expenses | 528 | 806 |
Current portion of operating lease liability | 206 | 178 |
Total current liabilities | 2,885 | 1,361 |
Long-term liabilities: | ||
Operating lease liability | 597 | 659 |
Commitments and contingencies (Notes 12 and 13) | ||
Stockholders’ equity: | ||
Series B Convertible Preferred Stock, stated value $1,000 per share, 690 and 696 issued and outstanding, respectively | 690 | 696 |
Common Stock, par value $0.001 per share, authorized 350,000,000 shares; 48,419,491 and 48,084,287, issued and outstanding, respectively | 48 | 48 |
Additional paid-in capital | 418,513 | 418,270 |
Accumulated deficit | (389,116) | (380,546) |
Total stockholders’ equity | 30,135 | 38,468 |
Total liabilities and stockholders’ equity | $ 33,617 | $ 40,488 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 48,419,491 | 48,084,287 |
Common stock, shares outstanding | 48,419,491 | 48,084,287 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, stated value | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 690 | 696 |
Preferred stock, shares outstanding | 690 | 696 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Clinical treatment programs - US | $ 42 | $ 30 | $ 91 | $ 64 |
Total Revenues | 42 | 30 | 91 | 64 |
Costs and Expenses: | ||||
Production costs | 69 | 147 | ||
Research and development | 2,953 | 2,475 | 5,005 | 3,511 |
General and administrative | 2,550 | 2,181 | 4,841 | 4,253 |
Total Costs and Expenses | 5,503 | 4,725 | 9,846 | 7,911 |
Operating loss | (5,461) | (4,695) | (9,755) | (7,847) |
Gain (Loss) on investments | (94) | (470) | 109 | (1,404) |
Interest and other income | 318 | 79 | 517 | 124 |
Interest expense and other finance costs | ||||
(Loss) on sale of fixed assets | (23) | |||
Redeemable warrants valuation adjustment | 3 | 34 | ||
Gain from sale of Income tax operating losses | 328 | 232 | 582 | 422 |
Net Loss | $ (4,909) | $ (4,851) | $ (8,570) | $ (8,671) |
Basic loss per share | $ (0.10) | $ (0.10) | $ (0.18) | $ (0.18) |
Diluted loss per share | $ (0.10) | $ (0.10) | $ (0.18) | $ (0.18) |
Weighted average shares outstanding basic | 48,411,251 | 48,034,100 | 48,405,675 | 48,014,713 |
Weighted average shares outstanding diluted | 48,411,251 | 48,034,100 | 48,405,675 | 48,014,713 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 48 | $ 417,217 | $ (361,101) | $ 56,879 | ||
Balance, shares at Dec. 31, 2021 | 715 | 47,994,672 | ||||
Common stock issuance, net of costs | ||||||
Equity-based compensation | 242 | 242 | ||||
Series B preferred shares converted to common shares | ||||||
Net Comprehensive loss | (3,820) | (3,820) | ||||
Balance at Mar. 31, 2022 | $ 48 | 417,459 | (364,921) | 53,301 | ||
Balance, shares at Mar. 31, 2022 | 715 | 47,994,672 | ||||
Balance at Dec. 31, 2021 | $ 48 | 417,217 | (361,101) | 56,879 | ||
Balance, shares at Dec. 31, 2021 | 715 | 47,994,672 | ||||
Balance at Jun. 30, 2022 | $ 48 | 417,791 | (369,772) | 48,780 | ||
Balance, shares at Jun. 30, 2022 | 713 | 48,048,822 | ||||
Balance at Dec. 31, 2021 | $ 48 | 417,217 | (361,101) | 56,879 | ||
Balance, shares at Dec. 31, 2021 | 715 | 47,994,672 | ||||
Balance at Dec. 31, 2022 | $ 48 | 418,270 | (380,546) | 38,468 | ||
Balance, shares at Dec. 31, 2022 | 696 | 48,084,287 | ||||
Balance at Mar. 31, 2022 | $ 48 | 417,459 | (364,921) | 53,301 | ||
Balance, shares at Mar. 31, 2022 | 715 | 47,994,672 | ||||
Common stock issuance, net of costs | 55 | 55 | ||||
Common stock issuance, net of costs, shares | 54,150 | |||||
Equity-based compensation | 275 | 275 | ||||
Series B preferred shares converted to common shares | 2 | |||||
Net Comprehensive loss | (4,851) | (4,851) | ||||
Balance at Jun. 30, 2022 | $ 48 | 417,791 | (369,772) | 48,780 | ||
Balance, shares at Jun. 30, 2022 | 713 | 48,048,822 | ||||
Balance at Dec. 31, 2022 | $ 48 | 418,270 | (380,546) | 38,468 | ||
Balance, shares at Dec. 31, 2022 | 696 | 48,084,287 | ||||
Common stock issuance, net of costs | 100 | 100 | ||||
Common stock issuance, net of costs, shares | 323,039 | |||||
Equity-based compensation | 82 | 82 | ||||
Series B preferred shares converted to common shares | 4 | |||||
Series B preferred shares converted to common shares, shares | (4) | |||||
Net Comprehensive loss | (3,661) | (3,661) | ||||
Balance at Mar. 31, 2023 | $ 48 | 418,456 | (384,207) | 34,989 | ||
Balance, shares at Mar. 31, 2023 | 692 | 48,407,326 | ||||
Balance at Dec. 31, 2022 | $ 48 | 418,270 | (380,546) | $ 38,468 | ||
Balance, shares at Dec. 31, 2022 | 696 | 48,084,287 | ||||
Common stock issuance, net of costs, shares | 11,937 | |||||
Balance at Jun. 30, 2023 | $ 48 | 418,513 | (389,116) | $ 30,135 | ||
Balance, shares at Jun. 30, 2023 | 690 | 48,419,491 | ||||
Balance at Mar. 31, 2023 | $ 48 | 418,456 | (384,207) | 34,989 | ||
Balance, shares at Mar. 31, 2023 | 692 | 48,407,326 | ||||
Common stock issuance, net of costs | 5 | 5 | ||||
Common stock issuance, net of costs, shares | 12,165 | |||||
Equity-based compensation | 50 | 50 | ||||
Series B preferred shares converted to common shares | 2 | |||||
Series B preferred shares converted to common shares, shares | (2) | |||||
Net Comprehensive loss | (4,909) | (4,909) | ||||
Balance at Jun. 30, 2023 | $ 48 | $ 418,513 | $ (389,116) | $ 30,135 | ||
Balance, shares at Jun. 30, 2023 | 690 | 48,419,491 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||||
Net loss | $ (4,909,000) | $ (4,851,000) | $ (8,570,000) | $ (8,671,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation of property and equipment | 21,000 | 20,000 | |||
Redeemable warrants valuation adjustment | (3,000) | (34,000) | |||
Amortization of patent, trademark rights | 106,000 | 38,000 | $ 218,000 | ||
Changes in ROU assets | 48,000 | (740,000) | |||
Gain from sale of income tax operating losses | (582,000) | (422,000) | |||
Equity-based compensation | 132,000 | 517,000 | |||
(Loss) on sale of marketable securities | (109,000) | 1,404,000 | |||
Change in assets and liabilities: | |||||
Funds Receivable from New Jersey net operating loss | 1,676,000 | 1,641,000 | |||
Prepaid expenses and other current assets and other non-current assets | 17,000 | (69,000) | |||
Lease liability | (34,000) | 740,000 | |||
Other Assets | (39,000) | (73,000) | |||
Accounts payable | 1,774,000 | 514,000 | |||
Accrued expenses | (278,000) | 64,000 | |||
Net cash used in operating activities | (5,838,000) | (5,071,000) | |||
Cash flows from investing activities: | |||||
Proceeds from sale of marketable securities | 598,000 | 8,713,000 | |||
Purchase of marketable securities | (712,000) | (1,262,000) | |||
Proceeds from sale of property and equipment | 35,000 | ||||
Purchase of patent and trademark rights | (203,000) | (76,000) | |||
Net cash (used in) provided by investing activities | (282,000) | 7,375,000 | |||
Cash flows from financing activities: | |||||
Proceeds from sale of stock, net of issuance costs | 105,000 | 55,000 | |||
Net cash provided by financing activities | 105,000 | 55,000 | |||
Net (decrease) increase in cash and cash equivalents | (6,015,000) | 2,359,000 | |||
Cash and cash equivalents at beginning of period | 27,053,000 | 32,093,000 | 32,093,000 | ||
Cash and cash equivalents at end of period | $ 21,038,000 | $ 34,452,000 | 21,038,000 | 34,452,000 | $ 27,053,000 |
Supplemental disclosures of non-cash investing and financing cash flow information: | |||||
Operating lease-Right of Use Assets | (48,000) | 761,000 | |||
Unrealized gain (loss) on marketable securities | 196,000 | (225,000) | |||
Conversion of Series B preferred | $ 6,000 | $ 2,000 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Note 1: Business and Basis of Presentation AIM ImmunoTech Inc. and its subsidiaries (collectively, “AIM”, “Company”, “we” or “us”) are an immuno-pharma company headquartered in Ocala, Florida, and focused on the research and development of therapeutics to treat multiple types of cancers, viral diseases and immune-deficiency disorders. We have established a strong foundation of laboratory, pre-clinical and clinical data with respect to the development of nucleic acids and natural interferon to enhance the natural antiviral defense system of the human body, and to aid the development of therapeutic products for the treatment of certain cancers and chronic diseases. AIM’s flagship products are Ampligen (rintatolimod), a first-in-class drug of large macromolecular RNA (ribonucleic acid) molecules, and Alferon N Injection (Interferon Alfa-n3). Ampligen has not been approved by the FDA or marketed in the United States. Ampligen is approved for commercial sale in the Argentine Republic for the treatment of severe Chronic Fatigue Syndrome (“CFS”). The Company’s primary present business focus involves Ampligen. Ampligen is a double-stranded RNA (“dsRNA”) molecule being developed for globally important cancers, viral diseases and disorders of the immune system. The Company is currently proceeding primarily in four areas: ● Conducting a randomized, controlled study to evaluate efficacy and safety of Ampligen compared to a control group to treat locally advanced pancreatic cancer patients. ● Evaluating Ampligen in other cancers, as a potential therapy that modifies the tumor microenvironment with the goal of increasing anti-tumor responses to checkpoint inhibitors. ● Exploring Ampligen’s antiviral activities and potential use as a prophylactic or treatment for existing viruses, new viruses and mutated viruses thereof. ● Evaluating Ampligen as a treatment for myalgic encephalomyelitis/chronic fatigue syndrome (“ME/CFS”) and fatigue and/or Post-COVID conditions of fatigue. The Company is prioritizing activities in an order related to the stage of development, with those clinical activities in oncology, ME/CFS and Post-COVID conditions having priority over antiviral experimentation. The Company intends that priority clinical work be conducted in trials authorized by the FDA or European Medicines Agency (“EMA”), which trials support commercial development. However, AIM’s antiviral experimentation is designed to accumulate additional preliminary data supporting their hypothesis that Ampligen is a powerful, broad-spectrum prophylaxis and early-onset therapeutic that may confer enhanced immunity and cross-protection. Accordingly, AIM will conduct antiviral programs in those venues most readily available including foreign venues and able to generate valid proof-of-concept data. AIM’s business plan requires one or more Contract Manufacturing Organizations (“CMO”) to produce Ampligen and its Active Pharmaceutical Ingredients (APIs). This includes utilizing Jubilant HollisterStier and Sterling for the manufacture of Ampligen and our Poly I and Poly C12U polynucleotides, respectively. Additionally, our relationship with Polysciences Inc. (“Polysciences”) continues and R&D development of polymer manufacture is ongoing. While AIM believes it has sufficient Ampligen API to meet current needs, it is also continually exploring new efficiencies in order to maximize its ability to fulfill future obligations. In the opinion of management, all adjustments necessary for a fair presentation of its consolidated financial statements have been included. Such adjustments consist of normal recurring items. Interim results are not necessarily indicative of results for a full year. The interim consolidated financial statements and notes thereto are presented as permitted by the Securities and Exchange Commission (“SEC”), and do not contain certain information which will be included in the Company’s annual consolidated financial statements and notes thereto. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2022, and 2021, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 31, 2023. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure (“GAAP”) of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates, and those differences may be material. Accounts requiring the use of significant estimates include determination of other-than-temporary impairment on securities, valuation of deferred taxes, patent and trademark valuations, stock-based compensation calculations, fair value of warrants, and contingency accruals. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 2: Net Loss Per Share Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Equivalent common shares, consisting of stock options and warrants which amounted to 2,595,914 2,447,924 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Note 3: Equity-Based Compensation The fair value of each option and equity warrant award is estimated on the date of grant using a Black-Scholes-Merton option pricing valuation model. Expected volatility is based on the historical volatility of the price of the Company’s stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option and equity warrant. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. During the six months ended June 30, 2023, there were no 300,000 Employee stock option activity during the three months ended June 30, 2023, was as follows: Stock option activity for employees: Schedule of Vest Stock Option Activity Number of Weighted Weighted Aggregate Outstanding March 31, 2023 2,020,214 $ 3.01 8.55 $ — Granted — — — — Forfeited — — — — Expired (663 ) — — — Outstanding June 30, 2023 2,019,551 $ 3.01 8.36 $ — Vested and expected to vest June 30, 2023 2,019,551 $ 3.01 8.36 $ — Exercisable June 30, 2023 1,852,887 $ 2.13 6.50 $ — Unvested stock option activity for employees: Schedule of Unvested Stock Option Activity Number of Weighted Weighted Aggregate Unvested March 31, 2023 267,326 $ 5.23 8.55 $ — Granted — — — — Expired (663 ) .30 — — Vested (99,999 ) .44 9.83 — Unvested June 30, 2023 166,664 $ 9.17 6.41 $ — Stock option activity for non-employees: Schedule of Vest Stock Option Activity Number of Weighted Weighted Aggregate Outstanding March 31, 2023 579,155 $ 3.09 8.36 $ — Granted — — — — Forfeited — — — — Expired (123 ) — — — Outstanding June 30, 2023 579,032 $ 3.09 8.36 $ — Vested and expected to vest June 30, 2023 579,032 $ 3.09 8.36 $ — Exercisable June 30, 2023 512,366 $ 2.99 4.67 $ — Unvested stock option activity for non-employees: Schedule of Unvested Stock Option Activity Number of Weighted Weighted Aggregate Unvested March 31, 2023 104,289 $ 11.39 5.75 $ — Granted — — — — Expired (123 ) .38 7.86 — Vested (37,500 ) .46 9.14 — Unvested June 30, 2023 66,666 $ 9.45 4.59 $ — Stock-based compensation expense was approximately $ 50,000 275,000 Employee stock option activity during the six months ended June 30, 2023, was as follows: Stock option activity for employees: Number of Weighted Weighted Aggregate Outstanding January 1, 2023 2,020,214 $ 3.01 8.86 $ — Granted — — — — Forfeited — — — — Expired (663 ) — — — Outstanding June 30, 2023 2,019,551 $ 3.01 8.36 $ — Vested and expected to vest June 30, 2023 2,019,551 $ 3.01 8.36 $ — Exercisable June 30, 2023 1,852,887 $ 2.13 6.50 $ — Unvested stock option activity for employees: Number of Weighted Weighted Aggregate Unvested January 1, 2023 392,326 $ 4.15 5.85 $ — Granted — — — — Expired (663 ) .30 — — Vested (224,999 ) .44 9.83 — Unvested June 30, 2023 166,664 $ 9.17 6.41 $ — Stock option activity for non-employees: Number of Weighted Weighted Aggregate Outstanding January 1, 2023 579,155 $ 3.09 7.93 $ — Granted — — — — Forfeited — — — — Expired (123 ) — — — Outstanding June 30, 2023 579,032 $ 3.09 8.36 $ — Vested and expected to vest June 30, 2023 579,032 $ 3.09 8.36 $ — Exercisable June 30, 2023 512,366 $ 2.99 4.67 $ — Unvested stock option activity for non-employees: Number of Weighted Weighted Aggregate Unvested January 1, 2023 166,789 $ 4.05 9.49 $ — Granted — — — — Expired (123 ) .38 7.86 — Vested (100,000 ) .46 9.14 — Unvested June 30, 2023 66,666 $ 9.45 4.59 $ — Stock-based compensation expense was approximately $ 132,000 517,000 On June 30, 2023, and 2022, respectively, there was approximately $ 85,000 454,000 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 4: Marketable Securities Marketable securities consist of mutual funds. As of June 30, 2023 and December 31, 2022, it was determined that none of the marketable securities had an other-than-temporary impairment. As of June 30, 2023 and December 31, 2022, all securities were measured as Level 1 instruments of the fair value measurements standard (See Note 11: Fair Value). As of June 30, 2023, and December 31, 2022 the Company held $ 7,360,000 7,137,000 Mutual Funds classified as available for sale consisted of: June 30, 2023 Schedule of Available of Sale Securities Fair Value Short-Term Mutual Funds $ 7,360 $ 7,360 Totals $ 7,360 $ 7,360 Schedule of Equity Securities June 30, 2023 (in thousands) Securities Net gain recognized during the period on equity securities $ 109 Less: Net gains and losses recognized during the period on equity securities sold during the period (87 ) Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 196 Mutual Funds classified as available for sale consisted of: December 31, 2022 (in thousands) Securities Fair Value Short-Term Mutual Funds $ 7,137 $ 7,137 Totals $ 7,137 $ 7,137 December 31, 2022 (in thousands) Securities Net losses recognized during the period on equity securities $ (1,679 ) Less: Net gains and losses recognized during the period on equity securities sold during the period (751 ) Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ (928 ) |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 5: Accrued Expenses Accrued expenses consist of the following: Schedule of Accrued Expenses June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Compensation $ 36 $ 1 Professional fees 313 492 Clinical trial expenses 97 110 Other expenses 82 203 Accrued expenses $ 528 $ 806 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 6: Property and Equipment, net Schedule of Property and Equipment June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Furniture, fixtures, and equipment 2,204 2,233 Less: accumulated depreciation (2,059 ) (2,038 ) Property and equipment, net $ 145 $ 195 Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to ten years. Depreciation expense for the six months ending June 30, 2023 and June 30, 2022 was $ 21,000 20,000 The Company made a strategic shift on in-house manufacturing and recorded an impairment of the facility in the amount of $ 1,800,000 |
Patents, and Trademark Rights,
Patents, and Trademark Rights, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents, and Trademark Rights, Net | Note 7: Patents, and Trademark Rights, Net Schedule of Patents, Trademark Rights December 31, 2021 $ 1,974 Acquisitions 375 Abandonments and expirations (190 ) Amortization (218 ) December 31, 2022 $ 1,941 Acquisitions 210 Abandonments and expirations (7 ) Amortization (106 ) June 30, 2023 $ 2,038 Patents and trademarks are stated at cost. Patents are amortized using the straight-line method over an estimated useful life of 17 years and 10 years, respectively. Amortization of patents and trademarks for each of the next five years and thereafter is as follows: Schedule of Amortization of Patents and Trademarks Year Ending December 31, 2023 $ 108 2024 212 2025 205 2026 203 2027 183 Thereafter 1,127 Total $ 2,038 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 8: Stockholders’ Equity (a) Preferred Stock The Company is authorized to issue 5,000,000 0.01 250,000 8,000 1,000 The Company is authorized to issue 8,000 no 1,000 690 696 114 Pursuant to a registration statement relating to a rights offering declared effective by the SEC on February 14, 2019, AIM distributed to its holders of common stock and to holders of certain options and warrants as of February 14, 2019, at no charge, one non-transferable subscription right for each share of common stock held or deemed held on the record date. Each right entitled the holder to purchase one unit, at a subscription price of $ 1,000 1,000 8.80 114 8.80 five years 4,700,000 2 On May 10, 2023, the Company filed a Certificate of Increase in Delaware, increasing the number of preferred stock designated as Series A Junior Participating Preferred Stock to 4,000,000 (b) Common Stock and Equity Finances The Company has authorized shares of 350,000,000 8,000,000 350,000,000 On July 7, 2020, the board of directors approved a plan pursuant to which all directors, officers, and employees could purchase from the Company up to an aggregate of $ 500,000 132,238 86,817 1.16 2.35 0.76 1.02 During the six months ended June 30, 2023, the Company issued a total of 322,583 0.31 100,000 During the six months ended June 30, 2022, the Company issued a total of 53,922 shares of its common stock at prices ranging from $ 1.02 for total proceeds of $ 55,000 . On September 27, 2019, the Company closed a public offering underwritten by A.G.P./Alliance Global Partners, LLC (the “Offering”) of (i) 1,740,550 7,148,310 8,888,860 a Representative’s Warrant to purchase up to an aggregate of 266,665 . The shares of Common Stock and Warrants were sold at a combined Offering price of $ 0.90 0.99 0.899 4.99 0.001 7,200,000 , 2020, 1,870,000 8,873,960 266,665 $264,000 46,000 15,000 The 2018 Equity Incentive Plan, effective September 12, 2018, authorizes the grant of (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance Cash Awards, and (viii) Other Stock Awards. Initially, a maximum of 7,000,000 10 26,324 9.68 10 23 9.68 ten years 27,570 9.68 ten years 400,000 2.77 3.07 ten years 850,000 0.31 1.71 613,512 1.11 1.71 ten years On April 19, 2023, the Company entered into an Equity Distribution Agreement (the “EDA”) with Maxim Group LLC (“Maxim”), pursuant to which the Company may sell, from time to time, shares of its common stock having an aggregate offering price of up to $ 8.5 3.0 11,937 5,593 3.0 168 234,386 152,579 3.0 4,577 On May 12, 2023, the Company amended and restated its November 14, 2017 Rights Plan with American Stock Transfer & Trust Company as Rights Agent (the “Rights Plan”). As of June 30, 2023, and December 31, 2022, there were 48,419,491 48,084,287 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 9 Cash and Cash Equivalents AIM considers all highly liquid interest-earning investments with an original maturity of three months or less at the date of purchase to be cash equivalents. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 10: Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. Accounting pronouncements issued by the FASB since filing the Annual Report on Form 10-K for the year ended December 31, 2022 did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 11: Fair Value Fair Value The Company complies with the provisions of FASB ASC 820 “Fair Value Measurements” for its financial and non-financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The fair values of cash and cash equivalents, other assets, accounts payable and accrued expenses approximate their carrying values due to the short-term maturities of these items and are considered a Level 1 instrument of the fair value measurements standard. The Company also has certain warrants with a cash settlement feature in the occurrence of a Fundamental Transaction. The fair value of the redeemable warrants (“Warrants”) related to the Company’s April 2018 and March 2019 common stock and warrant issuance, are calculated using a Monte Carlo Simulation. The Company recomputes the fair value of the Warrants at the issuance date and the end of each quarterly reporting period. Such value computation includes subjective input assumptions that are consistently applied each period. If the Company were to alter its assumptions or the numbers input based on such assumptions, the resulting fair value could be materially different. The Company utilized the following assumptions to estimate the fair value of the April 2018 Warrants: Schedule of Assumptions to Estimate Fair Value of Warrants June 30, December 31, 2023 2022 Underlying price per share $ 0.67 $ 0.31 Exercise price per share $ 17.16 $ 17.16 Risk-free interest rate 5.44 % 4.74 % Expected holding period 0.32 0.81 Expected volatility 75 % 75 % Expected dividend yield — — Warrants measurement input — — The Company utilized the following assumptions to estimate the fair value of the March 2019 Warrants: June 30, December 31, 2023 2022 Underlying price per share $ 0.67 $ 0.31 Exercise price per share $ 8.80 $ 8.80 Risk-free interest rate 5.44 % 4.67 % Expected holding period 0.69 1.19 Expected volatility 90 % 70 % Expected dividend yield — — Warrants measurement input — — The significant assumptions using the Monte Carlo Simulation approach for valuation of the Warrants are: (i) Risk-Free Interest Rate (ii) Expected Holding Period (iii) Expected Volatility (iv) Expected Dividend Yield (v) Expected Probability of a Fundamental Transaction. 1. The Company only has one product that is FDA approved but is currently not available for commercial sales. 2. The Company will have to perform additional clinical trials for FDA approval of its flagship product. 3. Industry and market conditions continue to include uncertainty, adding risk to any transaction. 4. The nature of a life sciences company is heavily dependent on future funding and high fixed costs, including Research & Development. 5. The Company has minimal revenues streams which are insufficient to meet the funding needs for the cost of operations or construction at their manufacturing facility; and 6. The Company’s Rights Agreement and Executive Agreements make it less attractive to a potential buyer. With the above factors utilized in analysis of the likelihood of the Put’s potential Liability, the Company estimated the range of probabilities related to a Put right being triggered as: Schedule of Range of Probabilities Range of Probability Probability Low 0.5 % Medium 1.0 % High 5.0 % The Monte Carlo Simulation has incorporated a 5.0 (vi) Expected Timing of Announcement of a Fundamental Transaction. (vii) Expected 100 Day Volatility at Announcement of a Fundamental Transaction 100 (viii) Expected Risk-Free Interest Rate at Announcement of a Fundamental Transaction (ix) Expected Time Between Announcement and Consummation of a Fundamental Transaction. While the assumptions remain consistent from period to period (e.g., utilizing historical stock prices), the actual historical prices input for the relevant period input change. As of June 30, 2023 and December 31, 2022 there was no The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. AIM categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: 1. Level 1 – Quoted prices are available in active markets for identical assets or liabilities at the reporting date. Generally, this includes debt and equity securities that are traded in an active market. 2. Level 2 – Observable inputs other than Level 1 prices such as quote prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Generally, this includes debt and equity securities that are not traded in an active market. 3. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. As of June 30, 2023, the Company has classified the warrants with cash settlement features as Level 3. Management evaluates a variety of inputs and then estimates fair value based on those inputs. As discussed above, the Company utilized the Monte Carlo Simulation Model in valuing the warrants. The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as (in thousands): Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis As of June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 7,360 $ 7,360 $ — $ — Liabilities: Redeemable warrants $ — — — $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 7,137 $ 7,137 $ — $ — Liabilities: Redeemable warrant $ — — — $ — |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | Note 12: Leases The Company leases office and storage space, and other equipment under non-cancellable operating leases with initial terms typically ranging from 1 5 At contract inception, utilizing the guidance of ASC 842 “ Leases The Company has elected to include both lease and non-lease components in the determination of lease payments. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion is recognized as variable lease expenses as incurred. At lease inception, lease-related assets and liabilities are measured at the present value of future lease payments over the lease term. For leases that do not provide an implicit rate, the Company utilizes an estimated incremental borrowing rate based on market observations existing at lease inception to calculate the present value of future payments. Leased assets are disclosed as Right of Use assets on the Company’s consolidated balance sheet and are amortized over the expected useful life of the lease. Lease liabilities are separately disclosed as a current and non-current portion on the Company’s consolidated balance sheet. Short term leases with an initial term of 12 months or less are not presented on the balance sheet with expense recognized as incurred. The Company entered into a Lease Agreement for a term of five years September 14, 2020 1,415 On June 13, 2018, the Company entered into a Lease Agreement for a term of six years July 1, 2018 3,000 3 2,100 2,785 On May 1, 2019, the Company entered into a Lease Agreement for a term of three years May 1, 2019 3,000 2,500 2,850 May 1, 2023 On February 17, 2022, the Company entered into a Lease Agreement for a term of two years March 1, 2022 322 On June 16, 2022, the Company entered into a Lease Agreement for a term of five years July 1, 2022 5,210 3 15,630 18,118 On December 9, 2022, the Company entered into a Lease Agreement for a term of two years April 1, 2023 470 6 1,645 1,744 The expected lease term includes both contractual lease periods and, when applicable, cancelable option periods when it is reasonably certain that the Company would exercise such options. The Company’s leases have remaining lease terms between 9 50 46 52 The Company’s weighted average incremental borrowing rate for its leases was 10 Future minimum lease payments as of June 30, 2023, are as follows: Schedule of Operating Lease Future Payments Year Ending December 31, 2023 $ 146 2024 264 2025 221 2026 200 2027 133 Less imputed interest (161 ) Total $ 803 As of June 30, 2023, the net balance of the right of use assets was $ 781,000 803,000 829,000 837,000 141,000 27,000 |
Research, Consulting and Supply
Research, Consulting and Supply Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Research Consulting And Supply Agreements | |
Research, Consulting and Supply Agreements | Note 13: Research, Consulting and Supply Agreements The following represent companies with which AIM has active contracts that it paid toward during the six months ended June 30, 2023. Amarex Clinical Research LLC AIM has multiple contracts with Amarex Clinical Research LLC (“Amarex”). During the six months ended June 30, 2023, the Company paid $ 538,000 ● Pancreatic Cancer - In April 2022, AIM executed a work order with Amarex pursuant to which Amarex is managing a Phase 2 clinical trial in locally advanced pancreatic cancer patients designated AMP-270. Per the work order, AIM anticipates that Amarex’s management of the study will cost approximately $ 8.2 1.0 4.6 ○ During the six months ended June 30, 2023, the Company paid approximately $ 233,400 ● Post-COVID Conditions - On June 13, 2022, AIM executed a work order with Amarex, pursuant to which Amarex is managing a Phase 2 trial in patients with Post-COVID Conditions. It is planned that the study will be conducted at up to 10 sites in the United States. AIM is sponsoring the study. AIM anticipates that the study will cost approximately $ 6.4 125,470 4.4 ○ During the six months ended June 30, 2023, the Company paid approximately $ 304,600 hVIVO Services Limited In July 2021, the Company executed a Reservation and Start-Up Agreement (the “Agreement”) with hVIVO Services Limited (“hVIVO”), and subsequently signed a clinical trial agreement (“CTA”) in September. For the year ended December 31, 2021, the Company incurred an expense and paid hVIVO approximately $ 2,340,000 60,000 Impatients N.V. In 2016, the Company entered into a five-year agreement (the “Impatients Agreement”) with Impatients, N.V. (“myTomorrows”), a Netherlands-based company, for the commencement and management of an EAP in Europe and Turkey (the “Territory”) related to ME/CFS. Pursuant to the agreement, myTomorrows, as exclusive service provider and distributor in the Territory, is performing EAP activities. The agreement was automatically extended for a period of 12 months on May 20, 2021; has been automatically extended for 12 months on each subsequent May 20; and will continue to be automatically extended for periods of 12 months every May 20 until terminated or the terms of the agreement are met. ○ During the six months ended June 30, 2023, the Company paid approximately $ 18,000 Jubilant HollisterStier Jubilant HollisterStier (“Jubilant”) is AIM’s authorized CMO for Ampligen for the approval in Argentina. In 2017, the Company entered into an agreement with Jubilant pursuant to which Jubilant will manufacture batches of Ampligen® for the Company. Since the 2017 engagement of Jubilant, two lots of Ampligen consisting of more than 16,000 1,432,257 ○ There were no 1,432,257 Pharmaceutics International Inc. In December 2020, AIM added Pharmaceutics International Inc. (“Pii”) as a “Fill & Finish” provider to enhance the AIM’s capacity to produce the drug Ampligen. This addition amplifies AIM’s manufacturing capability by providing redundancy and cost savings. The contracts augment AIM’s existing fill and finish capacity. As agreed to in the Master Services Agreement, the terms of each of AIM’s projects with Pii will be negotiated separately and defined in individual Service Contracts. For the year ended December 31, 2022, the Company had incurred an expense and paid Pii approximately $ 278,000 ○ During the six months ended June 30, 2023, the Company paid approximately $ 55,400 Polysciences Inc. In April 2021, AIM approved a proposal from Polysciences Inc. (“Polysciences”) for the manufacture of our Poly I and Poly C12U polynucleotides and associated test methods at Polysciences’ Warrington, PA location to enhance our capacity to produce the polymer precursors to the drug Ampligen. The Company is working with Polysciences to negotiate and finalize both a Service Agreement and a Quality Agreement. For the year ended December 31, 2021, the Company incurred an expense and paid Polysciences approximately $ 250,000 ○ During the six months ended June 30, 2023, there were no Yamasa Corporation AIM also utilizes Yamasa Corporation (“Yamasa”) for the production of raw materials required to create polymer precursors to manufacture the drug Ampligen. In March 2023, the Company submitted a work order for $327,730 ○ During the six months ended June 30, 2023, there were no Sterling Pharma Solutions On December 5, 2022, the Company entered into a Master Service Agreement and a Quality Agreement with Sterling Pharma Solutions (“Sterling”) for the manufacture of the Company’s Poly I and Poly C12U polynucleotides and transfer of associated test methods at Sterling’ Dudley, UK location to produce the polymer precursors to manufacture the drug Ampligen. ○ During the six months ended June 30, 2023, the Company paid approximately $ 357,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14: Subsequent Events As disclosed in a Schedule 13D/A filed with the SEC on August 7, 2023, a stockholder submitted a notice of intent to nominate individuals for election as directors at the Company’s 2023 Annual Meeting of Stockholders. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement, Employee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Vest Stock Option Activity | Stock option activity for employees: Schedule of Vest Stock Option Activity Number of Weighted Weighted Aggregate Outstanding March 31, 2023 2,020,214 $ 3.01 8.55 $ — Granted — — — — Forfeited — — — — Expired (663 ) — — — Outstanding June 30, 2023 2,019,551 $ 3.01 8.36 $ — Vested and expected to vest June 30, 2023 2,019,551 $ 3.01 8.36 $ — Exercisable June 30, 2023 1,852,887 $ 2.13 6.50 $ — Stock option activity for employees: Number of Weighted Weighted Aggregate Outstanding January 1, 2023 2,020,214 $ 3.01 8.86 $ — Granted — — — — Forfeited — — — — Expired (663 ) — — — Outstanding June 30, 2023 2,019,551 $ 3.01 8.36 $ — Vested and expected to vest June 30, 2023 2,019,551 $ 3.01 8.36 $ — Exercisable June 30, 2023 1,852,887 $ 2.13 6.50 $ — |
Schedule of Unvested Stock Option Activity | Unvested stock option activity for employees: Schedule of Unvested Stock Option Activity Number of Weighted Weighted Aggregate Unvested March 31, 2023 267,326 $ 5.23 8.55 $ — Granted — — — — Expired (663 ) .30 — — Vested (99,999 ) .44 9.83 — Unvested June 30, 2023 166,664 $ 9.17 6.41 $ — Unvested stock option activity for employees: Number of Weighted Weighted Aggregate Unvested January 1, 2023 392,326 $ 4.15 5.85 $ — Granted — — — — Expired (663 ) .30 — — Vested (224,999 ) .44 9.83 — Unvested June 30, 2023 166,664 $ 9.17 6.41 $ — |
Share-Based Payment Arrangement, Nonemployee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Vest Stock Option Activity | Stock option activity for non-employees: Schedule of Vest Stock Option Activity Number of Weighted Weighted Aggregate Outstanding March 31, 2023 579,155 $ 3.09 8.36 $ — Granted — — — — Forfeited — — — — Expired (123 ) — — — Outstanding June 30, 2023 579,032 $ 3.09 8.36 $ — Vested and expected to vest June 30, 2023 579,032 $ 3.09 8.36 $ — Exercisable June 30, 2023 512,366 $ 2.99 4.67 $ — Stock option activity for non-employees: Number of Weighted Weighted Aggregate Outstanding January 1, 2023 579,155 $ 3.09 7.93 $ — Granted — — — — Forfeited — — — — Expired (123 ) — — — Outstanding June 30, 2023 579,032 $ 3.09 8.36 $ — Vested and expected to vest June 30, 2023 579,032 $ 3.09 8.36 $ — Exercisable June 30, 2023 512,366 $ 2.99 4.67 $ — |
Schedule of Unvested Stock Option Activity | Unvested stock option activity for non-employees: Schedule of Unvested Stock Option Activity Number of Weighted Weighted Aggregate Unvested March 31, 2023 104,289 $ 11.39 5.75 $ — Granted — — — — Expired (123 ) .38 7.86 — Vested (37,500 ) .46 9.14 — Unvested June 30, 2023 66,666 $ 9.45 4.59 $ — Unvested stock option activity for non-employees: Number of Weighted Weighted Aggregate Unvested January 1, 2023 166,789 $ 4.05 9.49 $ — Granted — — — — Expired (123 ) .38 7.86 — Vested (100,000 ) .46 9.14 — Unvested June 30, 2023 66,666 $ 9.45 4.59 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available of Sale | Mutual Funds classified as available for sale consisted of: June 30, 2023 Schedule of Available of Sale Securities Fair Value Short-Term Mutual Funds $ 7,360 $ 7,360 Totals $ 7,360 $ 7,360 Mutual Funds classified as available for sale consisted of: December 31, 2022 (in thousands) Securities Fair Value Short-Term Mutual Funds $ 7,137 $ 7,137 Totals $ 7,137 $ 7,137 |
Schedule of Equity Securities | Schedule of Equity Securities June 30, 2023 (in thousands) Securities Net gain recognized during the period on equity securities $ 109 Less: Net gains and losses recognized during the period on equity securities sold during the period (87 ) Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 196 December 31, 2022 (in thousands) Securities Net losses recognized during the period on equity securities $ (1,679 ) Less: Net gains and losses recognized during the period on equity securities sold during the period (751 ) Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ (928 ) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: Schedule of Accrued Expenses June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Compensation $ 36 $ 1 Professional fees 313 492 Clinical trial expenses 97 110 Other expenses 82 203 Accrued expenses $ 528 $ 806 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Furniture, fixtures, and equipment 2,204 2,233 Less: accumulated depreciation (2,059 ) (2,038 ) Property and equipment, net $ 145 $ 195 |
Patents, and Trademark Rights_2
Patents, and Trademark Rights, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Patents, Trademark Rights | Schedule of Patents, Trademark Rights December 31, 2021 $ 1,974 Acquisitions 375 Abandonments and expirations (190 ) Amortization (218 ) December 31, 2022 $ 1,941 Acquisitions 210 Abandonments and expirations (7 ) Amortization (106 ) June 30, 2023 $ 2,038 |
Schedule of Amortization of Patents and Trademarks | Amortization of patents and trademarks for each of the next five years and thereafter is as follows: Schedule of Amortization of Patents and Trademarks Year Ending December 31, 2023 $ 108 2024 212 2025 205 2026 203 2027 183 Thereafter 1,127 Total $ 2,038 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assumptions to Estimate Fair Value of Warrants | The Company utilized the following assumptions to estimate the fair value of the April 2018 Warrants: Schedule of Assumptions to Estimate Fair Value of Warrants June 30, December 31, 2023 2022 Underlying price per share $ 0.67 $ 0.31 Exercise price per share $ 17.16 $ 17.16 Risk-free interest rate 5.44 % 4.74 % Expected holding period 0.32 0.81 Expected volatility 75 % 75 % Expected dividend yield — — Warrants measurement input — — The Company utilized the following assumptions to estimate the fair value of the March 2019 Warrants: June 30, December 31, 2023 2022 Underlying price per share $ 0.67 $ 0.31 Exercise price per share $ 8.80 $ 8.80 Risk-free interest rate 5.44 % 4.67 % Expected holding period 0.69 1.19 Expected volatility 90 % 70 % Expected dividend yield — — Warrants measurement input — — |
Schedule of Range of Probabilities | Schedule of Range of Probabilities Range of Probability Probability Low 0.5 % Medium 1.0 % High 5.0 % |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as (in thousands): Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis As of June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 7,360 $ 7,360 $ — $ — Liabilities: Redeemable warrants $ — — — $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 7,137 $ 7,137 $ — $ — Liabilities: Redeemable warrant $ — — — $ — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of Operating Lease Future Payments | Future minimum lease payments as of June 30, 2023, are as follows: Schedule of Operating Lease Future Payments Year Ending December 31, 2023 $ 146 2024 264 2025 221 2026 200 2027 133 Less imputed interest (161 ) Total $ 803 |
Net Loss Per Share (Details Nar
Net Loss Per Share (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share | 2,595,914 | 2,447,924 |
Schedule of Vest Stock Option A
Schedule of Vest Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Employee [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Options Outstanding, Beginning of Period | 2,020,214 | 2,020,214 |
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 3.01 | $ 3.01 |
Weighted Average Remaining Contracted Term (years) Outstanding | 8 years 6 months 18 days | 8 years 10 months 9 days |
Aggregate Intrinsic Value Outstanding, Beginning of Period | ||
Number of Options, Granted | ||
Weighted Average Exercise Price, Granted | ||
Aggregate Intrinsic Value, Granted | ||
Number of Options, Forfeited | ||
Weighted Average Exercise Price, Forfeited | ||
Aggregate Intrinsic Value, Forfeited | ||
Number of Options, Expired | (663) | (663) |
Weighted Average Exercise Price, Expired | ||
Aggregate Intrinsic Value, Expired | ||
Number of Options Outstanding, Ending of Period | 2,019,551 | 2,019,551 |
Weighted Average Exercise Price Outstanding, End of Period | $ 3.01 | $ 3.01 |
Weighted Average Remaining Contracted Term (years) Outstanding | 8 years 4 months 9 days | 8 years 4 months 9 days |
Aggregate Intrinsic Value Outstanding, Ending of Period | ||
Number of Options, Vested and Expected to Vest | 2,019,551 | 2,019,551 |
Weighted Average Exercise Price, Vested and Expected to Vest | $ 3.01 | $ 3.01 |
Weighted Average Remaining Contracted Term (years), Vested and Expected to Vest | 8 years 4 months 9 days | 8 years 4 months 9 days |
Aggregate Intrinsic Value, Vested and Expected to Vest | ||
Number of Options Exercisable, End of Period | 1,852,887 | 1,852,887 |
Weighted Average Exercise Price Exercisable, Ending of Period | $ 2.13 | $ 2.13 |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 6 years 6 months | 6 years 6 months |
Aggregate Intrinsic Value, Exercisable at End of Period | ||
Share-Based Payment Arrangement, Nonemployee [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Options Outstanding, Beginning of Period | 579,155 | 579,155 |
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 3.09 | $ 3.09 |
Weighted Average Remaining Contracted Term (years) Outstanding | 8 years 4 months 9 days | 7 years 11 months 4 days |
Aggregate Intrinsic Value Outstanding, Beginning of Period | ||
Number of Options, Granted | ||
Weighted Average Exercise Price, Granted | ||
Aggregate Intrinsic Value, Granted | ||
Number of Options, Forfeited | ||
Weighted Average Exercise Price, Forfeited | ||
Aggregate Intrinsic Value, Forfeited | ||
Number of Options, Expired | (123) | (123) |
Weighted Average Exercise Price, Expired | ||
Number of Options Outstanding, Ending of Period | 579,032 | 579,032 |
Weighted Average Exercise Price Outstanding, End of Period | $ 3.09 | $ 3.09 |
Weighted Average Remaining Contracted Term (years) Outstanding | 8 years 4 months 9 days | 8 years 4 months 9 days |
Aggregate Intrinsic Value Outstanding, Ending of Period | ||
Number of Options, Vested and Expected to Vest | 579,032 | 579,032 |
Weighted Average Exercise Price, Vested and Expected to Vest | $ 3.09 | $ 3.09 |
Weighted Average Remaining Contracted Term (years), Vested and Expected to Vest | 8 years 4 months 9 days | 8 years 4 months 9 days |
Aggregate Intrinsic Value, Vested and Expected to Vest | ||
Number of Options Exercisable, End of Period | 512,366 | 512,366 |
Weighted Average Exercise Price Exercisable, Ending of Period | $ 2.99 | $ 2.99 |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 4 years 8 months 1 day | 4 years 8 months 1 day |
Aggregate Intrinsic Value, Exercisable at End of Period | ||
Aggregate Intrinsic Value, Expired |
Schedule of Unvested Stock Opti
Schedule of Unvested Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options, Granted | 0 | 300,000 | |
Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options Unvested, Beginning of Period | 267,326 | 392,326 | |
Weighted Average Exercise Price Unvested, Beginning of Period | $ 5.23 | $ 4.15 | |
Average Remaining Contractual Term (years) Unvested, Beginning of Period | 8 years 6 months 18 days | 5 years 10 months 6 days | |
Aggregate Intrinsic Value Unvested, Beginning of Period | |||
Number of Options, Granted | |||
Weighted Average Exercise Price, Granted | |||
Aggregate Intrinsic Value, Granted | |||
Number of Options, Expired | (663) | (663) | |
Weighted Average Exercise Price, Expired | $ 0.30 | $ 0.30 | |
Aggregate Intrinsic Value, Expired | |||
Number of Options, Vested | (99,999) | (224,999) | |
Weighted Average Exercise Price, Vested | $ 0.44 | $ 0.44 | |
Weighted Average Remaining Contracted Term (years) Vested | 9 years 9 months 29 days | 9 years 9 months 29 days | |
Aggregate Intrinsic Value, Vested | |||
Number of Options Unvested, End of Period | 166,664 | 166,664 | |
Weighted Average Exercise Price Unvested, Ending of Period | $ 9.17 | $ 9.17 | |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 6 years 4 months 28 days | 6 years 4 months 28 days | |
Aggregate Intrinsic Value Unvested, End of Period | |||
Share-Based Payment Arrangement, Nonemployee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options Unvested, Beginning of Period | 104,289 | 166,789 | |
Weighted Average Exercise Price Unvested, Beginning of Period | $ 11.39 | $ 4.05 | |
Average Remaining Contractual Term (years) Unvested, Beginning of Period | 5 years 9 months | 9 years 5 months 26 days | |
Aggregate Intrinsic Value Unvested, Beginning of Period | |||
Number of Options, Granted | |||
Weighted Average Exercise Price, Granted | |||
Aggregate Intrinsic Value, Granted | |||
Number of Options, Expired | (123) | (123) | |
Weighted Average Exercise Price, Expired | $ 0.38 | ||
Aggregate Intrinsic Value, Expired | |||
Number of Options, Vested | (37,500) | (100,000) | |
Weighted Average Exercise Price, Vested | $ 0.46 | $ 0.46 | |
Weighted Average Remaining Contracted Term (years) Vested | 9 years 1 month 20 days | 9 years 1 month 20 days | |
Aggregate Intrinsic Value, Vested | |||
Number of Options Unvested, End of Period | 66,666 | 66,666 | |
Weighted Average Exercise Price Unvested, Ending of Period | $ 9.45 | $ 9.45 | |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 4 years 7 months 2 days | 4 years 7 months 2 days | |
Aggregate Intrinsic Value Unvested, End of Period | |||
Weighted Average Remaining Contracted Term (years) Expired | 7 years 10 months 9 days | 7 years 10 months 9 days | |
Number of Options, Expired | 0.38 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options, granted | 0 | 300,000 | ||
Share based compensation expense | $ 132,000 | $ 517,000 | ||
Unrecognized stock-based compensation cost | $ 85,000 | $ 454,000 | $ 85,000 | $ 454,000 |
Share-Based Payment Arrangement, Nonemployee [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options, granted | ||||
Share based compensation expense | $ 50,000 | $ 275,000 |
Schedule of Available of Sale (
Schedule of Available of Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Fair Value | $ 7,360 | $ 7,137 |
Short-Term Investments | 7,360 | 7,137 |
Mutual Funds [Member] | ||
Marketable Securities [Line Items] | ||
Fair Value | 7,360 | 7,137 |
Short-Term Investments | $ 7,360 | $ 7,137 |
Schedule of Equity Securities (
Schedule of Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net gain recognized during the period on equity securities | $ 109 | $ (1,679) |
Net gains and losses recognized during the period on equity securities sold during the period | (87) | (751) |
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date | $ 196 | $ (928) |
Marketable Securities (Details
Marketable Securities (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held value of marketable securities | $ 7,360,000 | $ 7,137,000 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Compensation | $ 36 | $ 1 |
Professional fees | 313 | 492 |
Clinical trial expenses | 97 | 110 |
Other expenses | 82 | 203 |
Accrued expenses | $ 528 | $ 806 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 145 | $ 195 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture, fixtures, and equipment | 2,204 | 2,233 |
Less: accumulated depreciation | (2,059) | (2,038) |
Property and equipment, net | $ 145 | $ 195 |
Property and Equipment, net (De
Property and Equipment, net (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 21,000 | $ 20,000 | |
Impairment charges | $ 1,800,000 |
Schedule of Patents, Trademark
Schedule of Patents, Trademark Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance | $ 1,941 | $ 1,974 | $ 1,974 |
Acquisitions | 210 | 375 | |
Abandonments | (7) | (190) | |
Amortization | (106) | $ (38) | (218) |
Balance | $ 2,038 | $ 1,941 |
Schedule of Amortization of Pat
Schedule of Amortization of Patents and Trademarks (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2023 | $ 108 | ||
2024 | 212 | ||
2025 | 205 | ||
2026 | 203 | ||
2027 | 183 | ||
Thereafter | 1,127 | ||
Total | $ 2,038 | $ 1,941 | $ 1,974 |
Patents, and Trademark Rights_3
Patents, and Trademark Rights, Net (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Patents and Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, amortization method and estimated useful life | Patents are amortized using the straight-line method over an estimated useful life of 17 years and 10 years, respectively. |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 19, 2023 | Jul. 07, 2020 | Mar. 31, 2020 | Sep. 27, 2019 | Jan. 28, 2019 | Nov. 14, 2018 | Oct. 17, 2018 | Sep. 12, 2018 | Aug. 14, 2023 | Aug. 31, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2023 | May 10, 2023 | |
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | 350,000,000 | |||||||||||||||||||
Common stock specific limitations and restrictions on usage | 8,000,000 | 8,000,000 | ||||||||||||||||||||
Common stock shares issued, value | $ 5,000 | $ 100,000 | $ 55,000 | |||||||||||||||||||
Shares sold | 11,937 | |||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 105,000 | $ 55,000 | ||||||||||||||||||||
Warrant gross proceeds | $ 264,000 | |||||||||||||||||||||
Warrant modification | $ 46,000 | |||||||||||||||||||||
Warrant outstanding | 15,000 | 15,000 | ||||||||||||||||||||
Number of options granted | 0 | 300,000 | ||||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 3% | |||||||||||||||||||||
Gross proceeds from issuance of common stock | $ 5,593 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | ||||||||||||||||||||
Debt Instrument, Fee Amount | $ 168 | $ 168 | ||||||||||||||||||||
Common stock, shares outstanding | 48,419,491 | 48,419,491 | 48,084,287 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares sold | 234,386 | |||||||||||||||||||||
Gross proceeds from issuance of common stock | $ 152,579 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||||||||||||||||
Debt Instrument, Fee Amount | $ 4,577 | |||||||||||||||||||||
2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of stock is reserved for potential issuance | 7,000,000 | |||||||||||||||||||||
Option vested years | 10 years | 10 years | ||||||||||||||||||||
Number of options granted | 26,324 | |||||||||||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||||||||||
Pre-Funded Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price | $ 0.001 | |||||||||||||||||||||
Shares issued price per share | $ 0.899 | |||||||||||||||||||||
Percentage of outstanding stock | 4.99% | |||||||||||||||||||||
Pre-funded warrants exercised | 1,870,000 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price | $ 0.99 | |||||||||||||||||||||
Pre-funded warrants exercised | 8,873,960 | |||||||||||||||||||||
Alliance Global Partners, LLC [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares sold | 1,740,550 | |||||||||||||||||||||
Warrants issued | 7,148,310 | |||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 7,200,000 | |||||||||||||||||||||
Alliance Global Partners, LLC [Member] | Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants exercised aggregate | 8,888,860 | |||||||||||||||||||||
Alliance Global Partners, LLC [Member] | Pre-Funded Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares issued price per share | $ 0.90 | |||||||||||||||||||||
Maxim Group LLC [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock shares issued, value | $ 8,500,000 | |||||||||||||||||||||
Maximum [Member] | Alliance Global Partners, LLC [Member] | Representative Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants exercised aggregate | 266,665 | 266,665 | ||||||||||||||||||||
Directors, Officers and Employees [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock shares issued, value | $ 500,000 | |||||||||||||||||||||
Rights [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price | $ 1,000 | $ 1,000 | ||||||||||||||||||||
Proceeds from warrants | $ 4,700,000 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price | $ 8.80 | $ 8.80 | ||||||||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | ||||||||||||||||||||
Series A Junior Participating Preferred Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Preferred stock, shares authorized | 250,000 | 250,000 | 4,000,000 | |||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Preferred stock, shares authorized | 8,000 | 8,000 | ||||||||||||||||||||
Preferred stock stated value | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||||||
Preferred Stock, no par value | $ 0 | $ 0 | ||||||||||||||||||||
Preferred stock, shares outstanding | 690 | 690 | 696 | |||||||||||||||||||
Conversion of common stock | 2 | |||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Rights [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Preferred stock face value | $ 1,000 | $ 1,000 | ||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of shares to be issued on conversion | 114 | 114 | ||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares sold | 322,583 | 53,922 | 86,817 | 132,238 | ||||||||||||||||||
Shares issued price per share | $ 0.31 | $ 1.02 | $ 0.31 | $ 1.02 | ||||||||||||||||||
Proceeds from issuance of common stock | $ 100,000 | $ 55,000 | ||||||||||||||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares issued price per share | $ 1.16 | $ 0.76 | $ 1.16 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Shares issued price per share | $ 2.35 | $ 1.02 | $ 2.35 | |||||||||||||||||||
Board of Directors [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||||||||||||||||||
Preferred stock stated value | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Employees [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of options granted | 23 | |||||||||||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||||||||||
Expiration period | 10 years | |||||||||||||||||||||
Officers [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of options granted | 27,570 | 400,000 | ||||||||||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||||||||||
Expiration period | 10 years | 10 years | ||||||||||||||||||||
Officers [Member] | Minimum [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Option exercise price per share | $ 2.77 | |||||||||||||||||||||
Officers [Member] | Maximum [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Option exercise price per share | $ 3.07 | |||||||||||||||||||||
Employees [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of options granted | 613,512 | 850,000 | ||||||||||||||||||||
Expiration period | 10 years | |||||||||||||||||||||
Employees [Member] | Minimum [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of options granted | 0.31 | |||||||||||||||||||||
Option exercise price per share | $ 1.11 | |||||||||||||||||||||
Employees [Member] | Maximum [Member] | 2018 Equity Incentive Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Option exercise price per share | $ 1.71 | $ 1.71 |
Schedule of Assumptions to Esti
Schedule of Assumptions to Estimate Fair Value of Warrants (Details) | Jun. 30, 2023 $ / shares | Dec. 31, 2022 $ / shares |
April 2018 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 0.67 | $ 0.31 |
April 2018 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 17.16 | 17.16 |
April 2018 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 5.44 | 4.74 |
April 2018 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 3 months 25 days | 9 months 21 days |
April 2018 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 75 | 75 |
April 2018 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | ||
March 2019 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 0.67 | $ 0.31 |
March 2019 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 8.80 | 8.80 |
March 2019 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 5.44 | 4.67 |
March 2019 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 8 months 8 days | 1 year 2 months 8 days |
March 2019 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 90 | 70 |
March 2019 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input |
Schedule of Range of Probabilit
Schedule of Range of Probabilities (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 5% |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 0.50% |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 1% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 5% |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 7,360 | $ 7,137 |
Redeemable warrants | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 7,360 | 7,137 |
Redeemable warrants | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Redeemable warrants | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Redeemable warrants |
Fair Value (Details Narrative)
Fair Value (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||||
Percentage of probability | 5% | ||||
Floor rate used as proxy for future volatility percentage | 100% | ||||
Fair value adjustment of warrants | $ (3,000) | $ (34,000) | |||
Warrant [Member] | |||||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||||
Fair value adjustment of warrants | $ 0 | $ 0 |
Schedule of Operating Lease Fut
Schedule of Operating Lease Future Payments (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases | ||
2023 | $ 146,000 | |
2024 | 264,000 | |
2025 | 221,000 | |
2026 | 200,000 | |
2027 | 133,000 | |
Less imputed interest | (161,000) | |
Total | $ 803,000 | $ 837,000 |
Leases (Details Narrative)
Leases (Details Narrative) | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 09, 2022 USD ($) ft² | Oct. 05, 2022 USD ($) | Jun. 16, 2022 USD ($) ft² | Feb. 17, 2022 USD ($) | Sep. 14, 2020 USD ($) | May 01, 2019 USD ($) ft² | Jun. 13, 2018 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Weighted average remaining term | 46 months | 52 months | ||||||||
Incremental borrowing rate | 0.10 | 0.10 | ||||||||
Right of use asset | $ 781,000 | $ 829,000 | ||||||||
Lease liability | 803,000 | $ 837,000 | ||||||||
Short term lease rent expense | $ 141,000 | $ 27,000 | ||||||||
Lease Agreement [Member] | ||||||||||
Lease agreement term | 2 years | 5 years | 3 years | 6 years | ||||||
Lease commenced date | Apr. 01, 2023 | May 01, 2023 | Jul. 01, 2022 | May 01, 2019 | Jul. 01, 2018 | |||||
Base rent per month | $ 1,415 | $ 2,500 | ||||||||
Rentable area | ft² | 470 | 5,210 | 3,000 | 3,000 | ||||||
Percentage of base rent | 6% | 3% | 3% | |||||||
Payments for rent | $ 2,850 | |||||||||
Lease Agreement [Member] | First Year [Member] | ||||||||||
Base rent per month | $ 2,100 | |||||||||
Operating Leases, Rent Expense, Net | $ 1,645 | $ 15,630 | ||||||||
Lease Agreement [Member] | Sixth Year [Member] | ||||||||||
Base rent per month | $ 2,785 | |||||||||
Lease Agreement [Member] | Fifth Year [Member] | ||||||||||
Base rent per month | $ 1,744 | $ 18,118 | ||||||||
Lease Agreement [Member] | Fraser Advanced Information Systems [Member] | ||||||||||
Lease agreement term | 5 years | |||||||||
Lease commenced date | Sep. 14, 2020 | |||||||||
Lease Agreement [Member] | Canon Copier [Member] | ||||||||||
Lease agreement term | 2 years | |||||||||
Lease commenced date | Mar. 01, 2022 | |||||||||
Base rent per month | $ 322 | |||||||||
Minimum [Member] | ||||||||||
Operating lease term | 1 year | |||||||||
Operating lease, remaining lease term | 9 months | |||||||||
Maximum [Member] | ||||||||||
Operating lease term | 5 years | |||||||||
Operating lease, remaining lease term | 50 months |
Research, Consulting and Supp_2
Research, Consulting and Supply Agreements (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 13, 2022 USD ($) | Aug. 14, 2023 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2017 Integer | Mar. 31, 2023 USD ($) | |
Research and development expense | $ 2,953,000 | $ 2,475,000 | $ 5,005,000 | $ 3,511,000 | |||||||||
Amarex Clinical Research LLC [Member] | |||||||||||||
Research and development expense | $ 6,400,000 | 538,000 | |||||||||||
Research and development expense | $ 8,200,000 | ||||||||||||
Development cost | 125,470 | $ 1,000,000 | |||||||||||
Estimated lives | 4 years 7 months 6 days | ||||||||||||
Invigilators cost | $ 4,400,000 | ||||||||||||
Amarex Clinical Research LLC [Member] | Pancreatic Cancer [Member] | |||||||||||||
Research and development expense | 233,400 | ||||||||||||
Amarex Clinical Research LLC [Member] | Post COVID [Member] | |||||||||||||
Research and development expense | 304,600 | ||||||||||||
HVIVO Services Limited [Member] | Reservation and Start Up Agreement [Member] | |||||||||||||
Research and development expense | $ 2,340,000 | ||||||||||||
Cancellation fees | $ 60,000 | ||||||||||||
Impatients NV [Member] | Research Consulting and Supply Agreements [Member] | |||||||||||||
Research and development expense | 18,000 | ||||||||||||
Jubilant Hollister Stier [Member] | |||||||||||||
Research and development expense | Integer | 16,000 | ||||||||||||
Research and development expense | $ 1,432,257 | ||||||||||||
Jubilant Hollister Stier [Member] | Research Consulting and Supply Agreements [Member] | |||||||||||||
Research and development expense | 0 | ||||||||||||
Jubilant Hollister Stier [Member] | Research Consulting and Supply Agreements [Member] | Subsequent Event [Member] | |||||||||||||
Research and development expense | $ 1,432,257 | ||||||||||||
Pharmaceutics International, Inc [Member] | |||||||||||||
Research and development expense | $ 278,000 | ||||||||||||
Pharmaceutics International, Inc [Member] | Research Consulting and Supply Agreements [Member] | |||||||||||||
Research and development expense | 55,400 | ||||||||||||
Polysciences Inc [Member] | |||||||||||||
Research and consulting | $ 250,000 | ||||||||||||
Polysciences Inc [Member] | Research Consulting and Supply Agreements [Member] | |||||||||||||
Research and development expense | 0 | ||||||||||||
Yamasa Corporation [Member] | |||||||||||||
Research and development expense | $ 327,730 | ||||||||||||
Yamasa Corporation [Member] | Research Consulting and Supply Agreements [Member] | |||||||||||||
Research and development expense | 0 | ||||||||||||
Pharma Solutions [Member] | Master Service Agreement and Quality Agreement [Member] | |||||||||||||
Research and development expense | $ 357,000 |