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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Accrued Liabilities
Accrued expenses consisted of the following: 
December 31,
20202019
Accrued compensation and benefits$1,111,028 $574,332 
Accrued clinical expenses4,042,277 4,143,269 
Other accrued expenses 136,876 30,150 
Total$5,290,181 $4,747,751 
Fair Value Measurement Inputs and Valuation Techniques The table below summarizes the valuation inputs into the MCS model for the derivative liability associated with the Unsecured Convertible Note and the Additional Note on their respective dates of issuance as of March 8, 2019 and January 10, 2020, respectively, and December 31, 2020.
Derivative Liability
December 31,January 10,March 8,
202020202019
Discount rate21.8 %21.6 %29.3 %
Expected stock price volatility83.3 %103.9 %101.1 %
Risk-free interest rate0.1 %1.6 %2.5 %
Expected term1.0 year2.0 years2.0 years
Price of the underlying common stock$0.86 $0.65 $1.99 
The table below summarizes the valuation inputs into the MCS model for the Short-Term Warrants and Long-Term Warrants at their respective dates of issuance.
Short-Term WarrantsLong-Term Warrants
March 18, 2019March 18, 2019May 17, 2019
Conversion price$4.00 $2.56 $2.13 
Expected stock price volatility122.0 %85.2 %83.4 %
Risk-free interest rate2.5 %2.2 %2.2 %
Expected term1 year5 years5 years
Price of the underlying common stock$2.48 $2.48 $1.58 

The table below summarizes the range of valuation inputs into the Black-Scholes model for the Exchange Warrants on their date of issuance and immediately prior to the exchange.

Exchange Warrants
May 1, 2019January 6, 2020
Conversion price
$2.13 - $2.53
2.13 
Expected stock price volatility84.1 %87.3 %
Risk-free interest rate2.2 %1.7 %
Expected term
5 - 5.5 years
4.9 years
Price of the underlying common stock$1.54 $0.58 


The table below summarizes the range of valuation inputs into the Black-Scholes model for the warrant liabilities as of February 11, 2020, immediately prior to the reduction in exercise price pursuant to the Offer to Amend and Exercise.
Short-Term WarrantsLong-Term Warrants
February 11, 2020
Conversion price$4.00 
$2.13 - $2.56
Expected stock price volatility97.1 %
87.9% - 89.2%
Risk-free interest rate1.6 %1.7 %
Expected term7 months4 years, 2 months
Price of the underlying common stock$0.79 $0.79 
The table below summarizes the inputs for the Black Scholes option pricing model on the date of issuance:
May 4, 2020
Conversion price$0.5894 
Expected stock price volatility73.7 %
Risk-free interest rate0.4 %
Expected term5 years
Price of the underlying common stock$0.50 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation The table below summarizes the valuation inputs into the MCS model for the Short-Term Warrants and Long-Term Warrants at their respective dates of issuance.
Short-Term WarrantsLong-Term Warrants
March 18, 2019March 18, 2019May 17, 2019
Conversion price$4.00 $2.56 $2.13 
Expected stock price volatility122.0 %85.2 %83.4 %
Risk-free interest rate2.5 %2.2 %2.2 %
Expected term1 year5 years5 years
Price of the underlying common stock$2.48 $2.48 $1.58 

The table below summarizes the range of valuation inputs into the Black-Scholes model for the Exchange Warrants on their date of issuance and immediately prior to the exchange.

Exchange Warrants
May 1, 2019January 6, 2020
Conversion price
$2.13 - $2.53
2.13 
Expected stock price volatility84.1 %87.3 %
Risk-free interest rate2.2 %1.7 %
Expected term
5 - 5.5 years
4.9 years
Price of the underlying common stock$1.54 $0.58 


The table below summarizes the range of valuation inputs into the Black-Scholes model for the warrant liabilities as of February 11, 2020, immediately prior to the reduction in exercise price pursuant to the Offer to Amend and Exercise.
Short-Term WarrantsLong-Term Warrants
February 11, 2020
Conversion price$4.00 
$2.13 - $2.56
Expected stock price volatility97.1 %
87.9% - 89.2%
Risk-free interest rate1.6 %1.7 %
Expected term7 months4 years, 2 months
Price of the underlying common stock$0.79 $0.79 

The following table summarizes the fair value hierarchy of financial liabilities measured at fair value as of December 31, 2020 and 2019, respectively.
December 31, 2020
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Derivative liability$— $— $7,000 $7,000 
Warrant liabilities— — — — 
Total liabilities at fair value$— $— $7,000 $7,000 
December 31, 2019
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Derivative liability$— $— $408,000 $408,000 
Warrant liabilities— — 2,637,500 2,637,500 
Total liabilities at fair value$— $— $3,045,500 $3,045,500 

The following table summarizes the changes in fair value of the derivative liability and warrant liabilities classified in Level 3. Gains and losses reported in this table include changes in fair value that are attributable to unobservable inputs.

Year Ended
December 31, 2020December 31, 2019
Beginning balance$3,045,500 $370,000 
Issuance of warrant liabilities— 3,330,000 
Extinguishment of derivative liability (the Senior Convertible Note)— (370,000)
Issuance of derivative liability (the Additional Note)370,000 1,281,000 
Exchange of the April Warrants and Placement Agent Warrants(380,600)(746,700)
Change in fair value of warrant liabilities(1,198,200)54,200 
Change in fair value of derivative liability(771,000)(873,000)
Exercise of the Short-Term Warrants and Long-Term Warrants(1,058,700)— 
Ending balance$7,000 $3,045,500 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the fair value liabilities still held at the end of the period$771,000 $1,347,900 
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following table summarizes the fair value hierarchy of financial liabilities measured at fair value as of December 31, 2020 and 2019, respectively.
December 31, 2020
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Derivative liability$— $— $7,000 $7,000 
Warrant liabilities— — — — 
Total liabilities at fair value$— $— $7,000 $7,000 
December 31, 2019
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Derivative liability$— $— $408,000 $408,000 
Warrant liabilities— — 2,637,500 2,637,500 
Total liabilities at fair value$— $— $3,045,500 $3,045,500 
Schedule of Earnings Per Share, Basic and Diluted The potentially dilutive securities consisted of the following:
 Year Ended December 31,
 20202019
Options outstanding under the Private Innovate Plan6,028,781 6,063,745 
Options outstanding under the Omnibus Plan10,598,426 2,717,870 
Options outstanding under the Option Grant Agreements granted to RDD Employees1,014,173 — 
Warrants issued at a weighted-average exercise price of $55.31
154,403 154,403 
Warrants issued at an exercise price of $2.54
2,233 349,555 
Warrants issued at an exercise price of $3.18
113,980 1,410,358 
Warrants issued at an exercise price of $0.5894
38,457,000 — 
Short-term warrants issued at an exercise price of $4.00
— 4,181,068 
Long-term warrants issued at a weighted-average exercise price of $2.27
— 7,945,068 
  Total56,368,996 22,822,067