Liquidity (Policies)

12 Months Ended

Dec. 31, 2017

Liquidity [Abstract]

Liquidity Policy

The Company has prepared its consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows.  These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

As of December 31, 2017, the Company had cash and cash equivalents of $5.1million. On January 12, 2018, the Company completed a registered public offering of common stock resulting in net proceeds to the Company of approximately $3.5 million (see Note 14). Management made operational changes in 2017 that have reduced cash expenditures and supported the Company’s strategic emphasis on precisely targeted bacteriophage therapies. Considering the Company’s current cash resources, including the net proceeds from the public offering in January 2018, management believes the Company’s existing resources will be sufficient to fund the Company’s planned operations into the third quarter of 2018. For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional capital.