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Liquidity and Financial Condition
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity and Financial Condition
Liquidity and Financial Condition
 
The Company had net income of $11.6 million for the year ended December 31, 2019 and has an accumulated deficit of $62.8 million at December 31, 2019. The Company has $33.6 million of working capital at December 31, 2019. The Company has financed its operations from sale of common stock, and through non-equity cash investments by a number of investors, in exchange for an interest in any pre-tax profits received by the Company that was derived from the sale of the Opioid Overdose Reversal Treatment Product less any and all expenses incurred by and payments made by the Company in connection with the Opioid Overdose Reversal Treatment Product ("OORT") (see Note 8 – Deferred Revenue).

During the year ended December 31, 2019, the Company received net cash proceeds of approximately $2.7 million from the exercise of stock options and warrants.

On September 27, 2018, the Company completed a registered public offering with Cantor Fitzgerald as underwriter and sold 811,764 shares of its Common stock (including 105,882 shares purchased by Cantor Fitzgerald upon the exercise in full of its right to purchase up to an additional 105,882 shares to cover over-allotments) at a price of $17.00 per share. The Company received approximately $13.0 million of net proceeds from the offering after deducting sales commissions. In addition, during the year ended December 31, 2018, the Company sold 239,270 shares of Common Stock under the Sales Agreement entered into with Cantor Fitzgerald for gross proceeds of $4.31 million and received net proceeds of $4.18 million, after sales commissions.
 
The Company believes that it has sufficient capital resources to sustain operations through at least the next twelve months from the date of this filing.