Recent Developments, Liquidity and Management's Plans (Details Narrative) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
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Oct. 13, 2020
USD ($)
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Sep. 11, 2020
shares
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Aug. 13, 2020
USD ($)
$ / shares
shares
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May 18, 2020
USD ($)
$ / shares
shares
|
May 14, 2020 |
Apr. 30, 2020
USD ($)
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Apr. 22, 2020
USD ($)
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Apr. 20, 2020
USD ($)
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Apr. 16, 2020
USD ($)
$ / shares
shares
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Apr. 10, 2020
USD ($)
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Apr. 08, 2020
USD ($)
$ / shares
shares
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Mar. 24, 2020
USD ($)
$ / shares
shares
|
Mar. 23, 2020
USD ($)
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Dec. 09, 2019
USD ($)
|
Aug. 11, 2020
USD ($)
$ / shares
shares
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Sep. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
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Mar. 31, 2020
USD ($)
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Sep. 30, 2019
USD ($)
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Jun. 30, 2019
USD ($)
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Mar. 31, 2019
USD ($)
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Sep. 30, 2020
USD ($)
$ / shares
shares
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Sep. 30, 2019
USD ($)
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Dec. 31, 2019
USD ($)
$ / shares
shares
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Dec. 31, 2018
USD ($)
|
|
| Research and development expenses | $ 1,741,269 | $ 6,140,487 | |||||||||||||||||||||||
| Liabilities | 2,555,646 | 2,555,646 | $ 1,529,765 | ||||||||||||||||||||||
| Cash on hand | 16,304,745 | 16,304,745 | |||||||||||||||||||||||
| Restricted cash | 115,094 | 115,094 | |||||||||||||||||||||||
| Marketable securities | 6,929,356 | 6,929,356 | |||||||||||||||||||||||
| Net Loss | (7,127,197) | $ (3,628,131) | $ (3,538,536) | (837,026) | $ (794,891) | $ (916,958) | (14,293,864) | (2,548,875) | |||||||||||||||||
| Working capital | 21,009,868 | 21,009,868 | |||||||||||||||||||||||
| Total shareholders' equity | $ 21,169,169 | 15,972,148 | 6,817,451 | 3,598,195 | 4,314,134 | 4,965,918 | 21,169,169 | 3,598,195 | $ 9,355,170 | $ 5,833,753 | |||||||||||||||
| Net cash used in operating activities | (8,842,867) | (2,572,578) | |||||||||||||||||||||||
| Milestone license fees | 6,060,348 | ||||||||||||||||||||||||
| Proceeds from issuance of stock, gross | $ 14,564,961 | ||||||||||||||||||||||||
| Warrants exercise price | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||
| Proceeds from issuance of warrant | $ 80 | ||||||||||||||||||||||||
| Securities Purchase Agreement [Member] | |||||||||||||||||||||||||
| Sale of stock | shares | 1,366,856 | ||||||||||||||||||||||||
| Sale of stock price per share | $ / shares | $ 3.53 | ||||||||||||||||||||||||
| Proceeds from issuance of stock, gross | $ 4,825,002 | ||||||||||||||||||||||||
| Proceeds from issuance of stock, net | 4,320,720 | ||||||||||||||||||||||||
| Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||
| Restricted stock units granted | shares | 798,360 | ||||||||||||||||||||||||
| Premas Biotech PVT Ltd [Member] | |||||||||||||||||||||||||
| Portion of cash purchase price returned | $ 299,074 | ||||||||||||||||||||||||
| Payment to sellers | 83,334 | ||||||||||||||||||||||||
| COVID-19 Vaccine [Member] | |||||||||||||||||||||||||
| Royalty payments, description | The Company shall also make quarterly royalty payments to Sellers equal to 5% of the net sales of a COVID-19 vaccine or combination product by the Company (the "COVID-19 Vaccine") for a period of five (5) years following the first commercial sale of the COVID-19 Vaccine; provided, that such payment shall be reduced to 3% for any net sales of the COVID-19 Vaccine above $500 million. | ||||||||||||||||||||||||
| Series D Convertible Preferred Stock [Member] | |||||||||||||||||||||||||
| Preferred stock, stated value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
| Preferred stock, shares issued | shares | 72,992 | 72,992 | 0 | ||||||||||||||||||||||
| Preferred stock, shares outstanding | shares | 72,992 | 72,992 | 0 | ||||||||||||||||||||||
| Net Loss | |||||||||||||||||||||||||
| Total shareholders' equity | $ 144,524 | 412,982 | 418,479 | $ 144,524 | |||||||||||||||||||||
| Series C Convertible Preferred Stock [Member] | |||||||||||||||||||||||||
| Preferred stock, stated value | $ / shares | $ 4.00 | $ 4.00 | $ 4.00 | ||||||||||||||||||||||
| Preferred stock, shares issued | shares | 0 | 0 | 0 | ||||||||||||||||||||||
| Preferred stock, shares outstanding | shares | 0 | 0 | 0 | ||||||||||||||||||||||
| Proceeds from issuance of stock, net | $ 4,174,000 | ||||||||||||||||||||||||
| Warrants to purchase shares | shares | 1,043,500 | 891,500 | 1,935,000 | 1,935,000 | |||||||||||||||||||||
| Warrants exercise price | $ / shares | $ 4.00 | $ 4.00 | $ 4.00 | $ 4.00 | |||||||||||||||||||||
| Proceeds from issuance of warrant | $ 3,566,000 | $ 7,740,000 | |||||||||||||||||||||||
| Common Stock [Member] | |||||||||||||||||||||||||
| Conversion of series d convertible preferred shares for common stock, shares | shares | 135,585 | 138,361 | |||||||||||||||||||||||
| Net Loss | |||||||||||||||||||||||||
| Total shareholders' equity | $ 154,901,639 | $ 142,330,116 | $ 129,743,689 | $ 121,822,267 | $ 121,699,375 | $ 121,574,327 | $ 154,901,639 | $ 121,822,267 | $ 128,920,414 | $ 121,554,547 | |||||||||||||||
| Preferred Stock [Member] | |||||||||||||||||||||||||
| Conversion of series d convertible preferred shares for common stock, shares | shares | 135,585 | 138,361 | |||||||||||||||||||||||
| Cystron Biotech, LLC [Member] | |||||||||||||||||||||||||
| Proceeds from issuance of stock, gross | $ 250,000 | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | |||||||||||||||||||||||||
| Research and development expenses | $ 684,790 | $ 827,290 | |||||||||||||||||||||||
| Portion of cash purchase price returned | $ 83,334 | ||||||||||||||||||||||||
| Payment to sellers | $ 1,000,000 | ||||||||||||||||||||||||
| Proceeds from initial equity offering | $ 8,000,000 | ||||||||||||||||||||||||
| Percentage of payment to sellers on equity offering | 10.00% | ||||||||||||||||||||||||
| Additional cash consideration | $ 10,000,000 | ||||||||||||||||||||||||
| Achievement of milestone, description | Upon the achievement of certain milestones, including the completion of a Phase 2 study for a COVID-19 vaccine that meets its primary endpoints, Sellers will be entitled to receive an additional 750,000 shares of our common stock or, in the event we are unable to obtain stockholder approval for the issuance of such shares, 750,000 shares of non-voting preferred stock that are valued following the achievement of such milestones and shall bear a 10% annual dividend (the "Milestone Shares"). Sellers will also be entitled to contingent payments from us of up to $20,750,000 upon the achievement of certain milestones, including the approval of a new drug application by the U.S. Food and Drug Administration ("FDA"). | ||||||||||||||||||||||||
| Contingent payments upon achievement of certain milestones | $ 250,000 | $ 20,750,000 | |||||||||||||||||||||||
| Liabilities | $ 892,500 | ||||||||||||||||||||||||
| Payment to sellers upon consummation direct equity offering | $ 684,790 | ||||||||||||||||||||||||
| Royalty payments to sellers, percentage | 0.125 | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Premas Biotech PVT Ltd [Member] | |||||||||||||||||||||||||
| Achievement of milestone, description | The Company and Premas agreed that the fourth milestone under the License Agreement had been satisfied. Due to the achievement of this milestone on July 7, 2020, Premas was paid $1,000,000 on August 4, 2020. | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Cystron and Premas [Member] | |||||||||||||||||||||||||
| Purchase of initial cash component | $ 908,117 | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Cystron Biotech, LLC [Member] | |||||||||||||||||||||||||
| Agreement description | As consideration for the Membership Interests, the Company delivered to the Sellers: (1) that number of newly issued shares of its common stock equal to 19.9% of the issued and outstanding shares of its common stock and pre-funded warrants as of the date of the MIPA, but, to the extent that the issuance of its common stock would have resulted in any Seller owning in excess of 4.9% of the Company's outstanding common stock, then, at such Seller's election, such Seller received "common stock equivalent" preferred shares with a customary 4.9% blocker (with such common stock and preferred stock collectively referred to as "Common Stock Consideration"), and (2) $1,000,000 in cash. On March 24, 2020 the Company paid $1,000,000 to the Sellers and delivered 411,403 shares of common stock and 211,353 shares of Series D Convertible Preferred Stock with a customary 4.9% blocker, with an aggregate fair market value of $1,233,057, and recorded $2,233,057 as a charge to research and development expense within the Condensed Consolidated Statements of Operations and Comprehensive Loss. On April 22, 2020, Premas, one of the Sellers, returned to us $299,074 representing its portion of the cash purchase price to acquire Cystron. Premas has advised us that these funds were returned temporarily in order for Premas to meet certain regulatory requirements in India. | ||||||||||||||||||||||||
| Proceeds from collaborators | $ 1,000,000 | ||||||||||||||||||||||||
| Payment to the sellers | $ 1,000,000 | ||||||||||||||||||||||||
| Portion of cash purchase price returned | $ 299,074 | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Cystron Biotech, LLC [Member] | Premas Biotech PVT Ltd [Member] | |||||||||||||||||||||||||
| Achievement of milestone, description | Upon the achievement of certain developmental milestones by Cystron, Cystron shall pay to Premas a total of up to $2,000,000. On April 16, 2020, the Company paid Premas $500,000 for the achievement of the first two development milestones, of which $250,000 was accrued as research and development expense for the three months ended March 31, 2020. | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Cystron Biotech, LLC [Member] | Series D Convertible Preferred Stock [Member] | |||||||||||||||||||||||||
| Number of shares delivered | shares | 211,353 | ||||||||||||||||||||||||
| Percentage of blocker | 4.90% | ||||||||||||||||||||||||
| Fair market value shares delivered | $ 1,233,057 | ||||||||||||||||||||||||
| Research and development expenses | $ 2,233,057 | ||||||||||||||||||||||||
| Membership Interest Purchase Agreement [Member] | Cystron Biotech, LLC [Member] | Common Stock [Member] | |||||||||||||||||||||||||
| Number of shares delivered | shares | 411,403 | ||||||||||||||||||||||||
| Fair market value shares delivered | $ 1,233,057 | ||||||||||||||||||||||||
| Research and development expenses | $ 2,233,057 | ||||||||||||||||||||||||
| License Agreement [Member] | |||||||||||||||||||||||||
| Research and development expenses | 1,000,000 | 2,000,000 | |||||||||||||||||||||||
| Cystron Medical Panel [Member] | |||||||||||||||||||||||||
| Research and development expenses | $ 10,651 | $ 20,925 | |||||||||||||||||||||||
| Achievement of milestone, description | The Cystron Medical Panel and appointed its first member to the panel. Each member shall be compensated with an initial grant of the Company's common stock with an aggregate fair market value of $25,000 and a monthly cash stipend in the initial amount of $2,500 | ||||||||||||||||||||||||
| Fair market value common stock | $ 25,000 | ||||||||||||||||||||||||
| Monthly cash stipend in initial amount | $ 2,500 | ||||||||||||||||||||||||
| Certificate of Designation [Member] | |||||||||||||||||||||||||
| Preferred stock, stated value | $ / shares | $ 0.01 | ||||||||||||||||||||||||
| Conversion price, per share | $ / shares | $ 0.01 | ||||||||||||||||||||||||
| Certificate of Designation [Member] | Series D Convertible Preferred Stock [Member] | |||||||||||||||||||||||||
| Stock issuance description | A holder of Preferred Stock will be prohibited from converting Preferred Stock into shares of our common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our common stock then issued and outstanding (with such ownership restriction referred to as the "Beneficial Ownership Limitation"). However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. | ||||||||||||||||||||||||
| Restricted Stock Unit Award Agreements [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||
| Restricted stock units granted description | Fifty percent (50%) of the RSUs in each Grant will vest on the first anniversary of the date of Grant, and the remaining fifty percent (50%) will vest on the second anniversary of the date of Grant; provided that the RSUs shall vest immediately upon the occurrence of (i) a change in control, provided that the director is employed by or providing services to the Company and its affiliates on the closing date of such change in control, (ii) the director's termination of employment or service from the Company and its affiliates by reason of the director's death or disability, or (iii) the director's termination of employment or service by the Company without cause. | ||||||||||||||||||||||||
| Restricted Stock Unit Award Agreements [Member] | Restricted Stock Units (RSUs) [Member] | Executive Chairman and President [Member] | |||||||||||||||||||||||||
| Restricted stock units granted | shares | 263,500 | ||||||||||||||||||||||||
| Restricted Stock Unit Award Agreements [Member] | Restricted Stock Units (RSUs) [Member] | Joshua Silverman [Member] | |||||||||||||||||||||||||
| Restricted stock units granted | shares | 219,000 | ||||||||||||||||||||||||
| Restricted Stock Unit Award Agreements [Member] | Restricted Stock Units (RSUs) [Member] | William White [Member] | |||||||||||||||||||||||||
| Restricted stock units granted | shares | 219,000 | ||||||||||||||||||||||||
| Restricted Stock Unit Award Agreements [Member] | Restricted Stock Units (RSUs) [Member] | Robert Schroeder [Member] | |||||||||||||||||||||||||
| Restricted stock units granted | shares | 87,860 | ||||||||||||||||||||||||
| Rights Agreement [Member] | |||||||||||||||||||||||||
| Ownership percentage | 10.00% | 10.00% | |||||||||||||||||||||||
| Debt instrument,description | The Rights, which are not exercisable until the Distribution Date, expire upon the earliest to occur of (i) the close of business on September 8, 2021; (ii) the time at which the Rights are redeemed or exchanged pursuant to the Rights Agreement; and (iii) the time at which the Rights are terminated upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement that has been approved by the Board prior to any person becoming an Acquiring Person (the earliest of (i), (ii), and (iii) is referred to as the "Expiration Date"). Each share of Preferred Stock will be entitled to a preferential per share dividend rate equal to the greater of (i) $0.001 and (ii) the sum of (1) 1,000 times the aggregate per share amount of all cash dividends, plus (2) 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than certain dividends or subdivisions of the outstanding shares of common stock. Each Preferred Stock will entitle the holder thereof to a number of votes equal to 1,000 on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other transaction in which shares of common stock are exchanged, each Preferred Stock will be entitled to receive 1,000 times the amount received per one share of common stock. Pursuant to the Rights Agreement, the preferential rates noted above may be adjusted in the event that the Company (i) pays dividends in common stock, (ii) subdivides the outstanding common stock or (iii) combines outstanding Common Stock into a smaller number of shares. The Purchase Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend, or a subdivision, combination or reclassification of the Preferred Stock, (ii) if the holders of Preferred Stock are granted certain rights, options or warrants to subscribe for the applicable Preferred Stock or securities convertible into the applicable Preferred Stock at less than the current market price of the applicable Preferred Stock, or (iii) upon the distribution to holders of Preferred Stock of evidences of indebtedness, cash (excluding regular quarterly cash dividends), assets (other than dividends payable in Preferred Stock) or subscription rights or warrants (other than those referred to in (ii) immediately above). The number of outstanding Rights and the number of one one-thousandths of a Preferred Stock issuable upon exercise of each Right are also subject to adjustment in the event of a stock split, reverse stock split, stock dividends and other similar transactions. With some exceptions, no adjustment in the purchase price relating to a Right will be required until cumulative adjustments amount to at least one percent (1%) of the purchase price relating to the Right. No fractional shares of Preferred Stock are required to be issued (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) and, in lieu of the issuance of fractional shares, the Company may make an adjustment in cash based on the market price of the Preferred Stock on the trading date immediately prior to the date of exercise. In the event that a person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right will thereafter have the right to receive, upon exercise, common stock (or, in certain circumstances, other securities, cash or other assets of the Company) having a value equal to two (2) times the exercise price of the Right. Notwithstanding any of the foregoing, following the occurrence of a person becoming an Acquiring Person, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, Beneficially Owned by any Acquiring Person (or by certain related parties) will be null and void and any holder of such Rights (including any purported transferee or subsequent holder) will be unable to exercise or transfer any such Rights. However, Rights are not exercisable following the occurrence of a person becoming an Acquiring Person until the Distribution Date. In the event that, after a person or a group of affiliated or associated persons has become an Acquiring Person, the Company is acquired in a merger or other business combination transaction, or 50% or more of the Company's assets or earning power are sold, proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise of a Right that number of shares of common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two (2) times the exercise price of the Right. At any time before any person or group of affiliated or associated persons becomes an Acquiring Person, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (subject to certain adjustments) (the "Redemption Price"). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. Immediately upon the action of the Board electing to redeem or exchange the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. The Board may, at its option, at any time after the first occurrence of a Flip-in Event (as defined in the Rights Agreement), exchange all or part of the then outstanding and exercisable Rights for shares of common stock at an exchange ratio of one share of common stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the effective date. However, the Board shall not effect such an exchange at any time after any person, together with all affiliates and associates of such person, becomes a beneficial owner of 50% or more of the outstanding shares of common stock. Immediately upon the action of the Board to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common equal to the number of Rights held by such holder multiplied by the exchange ratio. Until a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. The Board may amend or supplement the Rights Agreement without the approval of any holders of Rights at any time so long as the Rights are redeemable. At any time the Rights are no longer redeemable, no such supplement or amendment may (i) adversely affect the interests of the holders of Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person), (ii) cause the Rights Agreement to become amendable other than in accordance with Section 27 of the Rights Agreement, or (iii) cause the Rights again to become redeemable. | ||||||||||||||||||||||||
| Rights Agreement [Member] | Board of Directors [Member] | |||||||||||||||||||||||||
| Stockholders share description | The Company's board of directors (the "Board") declared a dividend of one preferred share purchase right (a "Right") for each of the Company's issued and outstanding shares of common stock. The dividend is payable to the stockholders of record on September 21, 2020 (the "Record Date"). Each Right entitles the registered holder, subject to the terms of the Rights Agreement (as defined below), to purchase from the Company one one-thousandth of a share of the Company's Series E Junior Participating Preferred Stock, no par value with a stated value of $0.001 (the "Preferred Stock") at $15.00 (the "Purchase Price"), subject to certain adjustments. The description and terms of the Rights are set forth in the Rights Agreement dated as of September 9, 2020 (the "Rights Agreement") between the Company and VStock Transfer, LLC, as Rights Agent (the "Rights Agent"). | ||||||||||||||||||||||||
| Securities Purchase Agreement [Member] | |||||||||||||||||||||||||
| Sale of stock | shares | 766,667 | ||||||||||||||||||||||||
| Sale of stock price per share | $ / shares | $ 5.67 | $ 6.00 | |||||||||||||||||||||||
| Proceeds from issuance of stock, gross | $ 6,847,908 | $ 4,600,002 | |||||||||||||||||||||||
| Proceeds from issuance of stock, net | $ 6,158,034 | $ 4,086,207 | |||||||||||||||||||||||
| Warrants to purchase shares | shares | 61,333 | ||||||||||||||||||||||||
| Warrants exercise price | $ / shares | $ 7.50 | ||||||||||||||||||||||||
| Aggregate number of shares of common stock issued during period | shares | 1,207,744 | ||||||||||||||||||||||||
| Securities Purchase Agreement [Member] | Placement Agent [Member] | |||||||||||||||||||||||||
| Warrants to purchase shares | shares | 109,348 | ||||||||||||||||||||||||
| Warrants exercise price | $ / shares | $ 4.4125 | ||||||||||||||||||||||||
| Securities Purchase Agreement [Member] | August Placement Agent Warrants [Member] | |||||||||||||||||||||||||
| Warrants to purchase shares | shares | 96,620 | ||||||||||||||||||||||||
| Warrants exercise price | $ / shares | $ 7.0875 | ||||||||||||||||||||||||