Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”), and with the instructions to Form

10

-Q and Article

10

of Regulation S-

X

of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements of the Company include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the unaudited interim condensed consolidated financial statements) considered necessary to present fairly the Company’s financial position as of 

March 

31,

2019,

and its results of operations and cash flows for the

three

months ended

March 

31,

2019

and

2018.

Operating results for the

three

months ended 

March 

31,

2019

are

not

necessarily indicative of the results that

may

be expected for the year ending

December 

31,

2019.

The unaudited interim condensed consolidated financial statements presented herein do

not

contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended

December 

31,

2018

filed with the SEC on Form

10

-K on

March 19, 2019.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim condensed consolidated financial statements, actual results

may

materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim condensed consolidated financial statements in the period they are determined necessary.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible Asset

The Company's RES-

529

intangible asset is assessed for impairment annually on

October 1

of the Company’s fiscal year or more frequently if impairment indicators exist. There was

no

impairment to the Company’s RES-

529

intangible asset recognized during both the

three

months ended

March 31, 2019

and

2018.

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Major components of research and development costs include internal research and development (such as salaries and related employee benefits, equity-based compensation, supplies and allocated facility costs) and contracted services (research and development activities performed on the Company’s behalf). Costs incurred for research and development are expensed as incurred.

At the end of the reporting period, the Company compares payments made to

third

-party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the services provided, the Company

may

record net prepaid or accrued expenses relating to these costs. Upfront payments made to

third

parties who perform research and development services on the Company’s behalf are expensed as services are rendered.

Lessee, Leases [Policy Text Block]

Leases

In

February 2016,

the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of operating lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. See note

7

for further details.

Income Tax, Policy [Policy Text Block]

Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, convertible preferred stock, common stock warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of Common Stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are

not

included in the calculation as the impact is anti-dilutive.

The following potentially dilutive securities outstanding as of

March 

31,

2019

and

2018

have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive:

	March 31,
	2019		2018
Convertible debt		—		14,325
Common stock warrants		2,087,012		2,113,815
Stock options		256,057		203,586
Unvested restricted stock awards		—		102
		2,343,069		2,331,828

Amounts in the table reflect the Common Stock equivalents of the noted instruments.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued But

Not

Yet Adopted Accounting Pronouncements

In

August 2018,

the FASB issued ASU

2018

-

13,

Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements,

which changes the fair value measurement disclosure requirements of ASC

820.

The goal of the ASU is to improve the effectiveness of ASC

820's

disclosure requirements by providing users of the financial statements with better information about assets and liabilities measured at fair value in the financial statements and notes thereto. The guidance is applicable to public business entities for fiscal years beginning after

December 15, 2019

and interim periods within those years. The Company is currently evaluating the potential impact of the adoption of this standard on its related disclosures.

Recently Adopted Accounting Pronouncements

In

February 2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842

)

to increase transparency and comparability among organizations by requiring the recognition of operating lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under ASC

842,

disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

The Company adopted ASC

842,

effective

January 1, 2019

using a modified retrospective approach and elected to apply the available practical expedients. The standard had an impact on the Company’s unaudited interim condensed consolidated balance sheet but did

not

have an impact on the Company’s unaudited interim condensed consolidated statements of operations or consolidated statements of cash flows upon adoption. The most significant impact of ASC

842

was the recognition of a

$0.3

million ROU asset and corresponding lease liability for the Company's single operating lease.

On

January 1, 2019,

the Company adopted ASU

2018

-

07,

Compensation—Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting

(“ASU

No.

2018

-

07”

) which simplifies the accounting for share-based payments granted to nonemployees for goods and services. The ASU supersedes ASC

505

-

50

Equity-based Payments to Non-employees

and expands the scope of ASC

718

to include

all

share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The adoption of ASU

No.

2018

-

17

did

not

have an impact on the unaudited interim condensed consolidated financial statements of the Company.